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Capital Transactions
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Capital Transactions Capital Transactions
Public Offerings
Under the Second Follow-On Public Offering, the Company has offered and continues to offer up to $1.0 billion of shares, on a best efforts basis, which means that CNL Securities Corp., as the Managing Dealer of the Second Follow-On Public Offering, uses its best effort but is not required to sell any specific amount of shares. The Company is offering, in any combination, four classes of shares in the Second Follow-On Public Offering: Class A shares, Class T shares, Class D shares and Class I shares. The initial minimum permitted purchase amount is $5,000 in shares. There are differing selling fees and commissions for each share class. The Company also pays distribution and shareholder servicing fees, subject to certain limits, on the Class T and Class D shares sold in the Public Offerings (excluding sales pursuant to the Company’s distribution reinvestment plan). The public offering price, selling commissions and dealer manager fees per share class are determined monthly as approved by the Company’s board of directors. As of September 30, 2025, the public offering price was $40.96 per Class A share, $39.23 per Class T share, $37.19 per Class D share and $37.98 per Class I share.
The Company is also offering, in any combination, up to $100.0 million of Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan.
See Note 13. “Subsequent Events” for additional information related to the Public Offerings.
The following tables summarize the total shares issued and proceeds received by share class in connection with the Public Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the nine months ended September 30, 2025 and 2024 (in thousands except per share data):
Nine Months Ended September 30, 2025
Proceeds from Public OfferingsDistributions ReinvestedTotal
Share ClassShares IssuedGross Proceeds
Sales
Load(1)
Net Proceeds to CompanyShares IssuedProceeds to CompanyShares IssuedNet Proceeds to CompanyAverage Net Proceeds per Share
Class A15 $576 $(45)$531 152 $5,547 167 $6,078 $36.35 
Class T395 15,103 (686)14,417 33 1,204 428 15,621 36.48 
Class D65 2,343 — 2,343 42 1,545 107 3,888 36.14 
Class I2,309 85,187 — 85,187 210 7,733 2,519 92,920 36.89 
2,784 $103,209 $(731)$102,478 437 $16,029 3,221 $118,507 $36.78 
Nine Months Ended September 30, 2024
Proceeds from Public OfferingsDistributions ReinvestedTotal
Share ClassShares IssuedGross Proceeds
Sales
Load(1)
Net Proceeds to CompanyShares IssuedProceeds to CompanyShares IssuedNet Proceeds to CompanyAverage Net Proceeds per Share
Class A2,013 $69,980 $(1,542)$68,438 115 $3,920 2,128 $72,358 $34.00 
Class T282 10,061 (458)9,603 39 1,320 321 10,923 34.05 
Class D476 16,070 — 16,070 42 1,415 518 17,485 33.76 
Class I2,177 75,022 — 75,022 187 6,438 2,364 81,460 34.46 
4,948 $171,133 $(2,000)$169,133 383 $13,093 5,331 $182,226 $34.18 
FOOTNOTE:
(1)The Company incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Public Offerings. See Note 5. “Related Party Transactions” for additional information regarding up-front selling commissions and dealer manager fees.
Share Repurchase Program
In accordance with the Share Repurchase Program, the total amount of aggregate repurchases of Class FA, Class A, Class T, Class D, Class I and Class S shares is limited to up to 2.5% of the aggregate net asset value per calendar quarter (based on the aggregate net asset value as of the last date of the month immediately prior to the repurchase date) and up to 10% of the aggregate net asset value per year (based on the average aggregate net asset value as of the end of each of the Company’s trailing four quarters). At the sole discretion of the Company’s board of directors, the Company may use sources, including, but not limited to, offering proceeds and borrowings to repurchase shares. 
During the nine months ended September 30, 2025 and 2024, the Company received requests for the repurchase of approximately $46.2 million and $38.3 million, respectively, of the Company’s common shares. The Company’s board of directors approved the repurchase requests.
The following table summarizes the shares repurchased during the nine months ended September 30, 2025 and 2024 (in thousands except per share data):
Shares RepurchasedTotal ConsiderationAverage Price Paid per Share
Class FA146 $5,891 $40.32 
Class A146 5,342 36.66 
Class T57 2,081 36.75 
Class D125 4,491 35.90 
Class I749 27,844 37.13 
Class S13 527 41.12 
Nine Months Ended September 30, 20251,236 $46,176 $37.35 
Shares RepurchasedTotal ConsiderationAverage Price Paid per Share
Class FA139 $5,199 $37.19 
Class A114 3,890 34.01 
Class T134 4,505 33.86 
Class D61 2,051 33.70 
Class I627 21,675 34.53 
Class S27 1,003 38.03 
Nine Months Ended September 30, 20241,102 $38,323 $34.77 
As of September 30, 2025 and December 31, 2024, the Company had a payable for shares repurchased of approximately $16.5 million and $19.2 million, respectively, which were paid in October and January 2025, respectively.
Share Conversions
Class T and Class D shares are converted into Class A shares once the maximum amount of distribution and shareholder servicing fees for those particular shares has been met. The shares to be converted are multiplied by the applicable conversion rate, the numerator of which is the net asset value per share of the share class being converted and the denominator of which is the net asset value per Class A share.
During the nine months ended September 30, 2025, approximately 638,000 Class T shares were converted to approximately 638,000 Class A shares at an average conversion rate of 1.00. During the nine months ended September 30, 2024, approximately 247,000 Class T shares were converted to approximately 247,000 Class A shares at an average conversion rate of 1.00.