Subsequent Events

9 Months Ended

Sep. 30, 2025

Distributions

In October 2025, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on November 25, 2025 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.

Offerings

In October 2025, the Company’s board of directors approved new per share offering prices for each share class in the Second Follow-On Public Offering. The new offering prices are effective as of October 30, 2025. The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Second Follow-On Public Offering:


	Class A		Class T		Class D		Class I
Effective October 30, 2025:
Offering Price, Per Share	$	40.99	$	39.33	$	37.24	$	37.96
Selling Commissions, Per Share	2.46		1.18		—		—
Dealer Manager Fees, Per Share	1.02		0.69		—		—

Capital Transactions

During the period October 1, 2025 through November 5, 2025, the Company received additional net proceeds from the Second Follow-On Public Offering and distribution reinvestment plan of the following (in thousands except per share data):


	Proceeds from Second Follow-On Public Offering							Distribution Reinvestment Plan			Total
Share Class	Shares	Gross Proceeds		Sales Load		Net Proceeds to Company		Shares	Gross Proceeds		Shares	Net Proceeds to Company		Average Net Proceeds per Share

Class A	—	$	—	$	—	$	—	17	$	634	17	$	634	$	37.51
Class T	50	1,973		(88)		1,885		3	128		53	2,013		37.46
Class D	13	487		—		487		5	173		18	660		37.24
Class I	431	16,372		—		16,372		25	931		456	17,303		37.96

	494	$	18,832	$	(88)	$	18,744	50	$	1,866	544	$	20,610	$	37.87