Equity and Redeemable Non-controlling Interest (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Company's Authorized Capital

As of March 31, 2021, the Company had the authority to issue 10,100,000,000 shares, consisting of the following

Classification	Number of Shares (in thousands)		Par Value
Preferred Stock		100,000	$	0.01
Class S Shares		3,000,000	$	0.01
Class I Shares		6,000,000	$	0.01
Class T Shares		500,000	$	0.01
Class D Shares		500,000	$	0.01
Total		10,100,000

Schedule of Company's Outstanding Shares of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock (in thousands):

	Three Months Ended March 31, 2021
	Class S			Class I			Class T			Class D			Total
December 31, 2020		702,853			927,080			45,943			124,141			1,800,017
Common stock issued		81,771			145,218			1,383			22,621			250,993
Distribution reinvestment		5,696			5,835			337			1,001			12,869
Common stock repurchased		(6,799	)		(35,388	)		(548	)		(809	)		(43,544	)
Independent directors' restricted stock grant(1)		—			5		—			—				5
March 31, 2021		783,521			1,042,750			47,115			146,954			2,020,340

⁽¹⁾ The independent directors’ restricted stock grant represents $0.1 million of the annual compensation paid to a new independent director which has been prorated for the period from January 2021 through August 2021. The grant is amortized over the service period and the shares vest in August 2021.

Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock

The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2021:

	Three Months Ended March 31, 2021
	Class S			Class I		Class T			Class D
Aggregate gross distributions declared per share of common stock	$	0.1600		$	0.1600	$	0.1600		$	0.1600
Stockholder servicing fee per share of common stock		(0.0247	)		—		(0.0244	)		(0.0071	)
Net distributions declared per share of common stock	$	0.1353		$	0.1600	$	0.1356		$	0.1529

Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner

The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the three months ended March 31, 2021 and 2020 ($ in thousands):

	March 31, 2021			March 31, 2020
Balance at the beginning of the year	$	274		$	272
Settlement of performance participation allocation		192,648			141,396
Repurchases		(111,949	)		(83,625	)
Conversion to Class I and Class B units		(68,453	)		(48,543	)
Conversion to Class I shares		(12,246	)		(9,228	)
GAAP income allocation		—			(20	)
Distributions		(4	)		(2	)
Fair value allocation		14			—
Ending balance	$	284		$	250