Equity and Redeemable Non-controlling Interests (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Company's Authorized Capital

As of June 30, 2025, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following:

Classification	Number of Shares		Par Value
Preferred Stock		100,000,000	$	0.01
Class T Shares		500,000,000	$	0.01
Class S Shares		1,000,000,000	$	0.01
Class D Shares		500,000,000	$	0.01
Class I Shares		1,000,000,000	$	0.01
Total		3,100,000,000

Schedule of Common Stock Outstanding shares

The following tables detail the movement in the Company’s outstanding shares of common stock:

	Three Months Ended June 30, 2025
	Class T			Class S			Class D			Class I			Total
March 31, 2025		5,039,393			180,683,234			25,448,375			189,735,122			400,906,124
Common stock shares issued (1)		(70,744	)		(267,710	)		(70,403	)		2,295,246			1,886,389
Distribution reinvestment plan shares issued		34,588			854,629			72,575			753,287			1,715,079
Common stock shares repurchased		(10,771	)		(1,685,622	)		(204,804	)		(3,495,120	)		(5,396,317	)
June 30, 2025		4,992,466			179,584,531			25,245,743			189,288,535			399,111,275
	Three Months Ended June 30, 2024
	Class T			Class S			Class D			Class I			Total
March 31, 2024		5,181,829			187,328,914			26,474,013			195,582,276			414,567,032
Common stock shares issued (1)		(38,823	)		328,578			104,165			2,603,105			2,997,025
Distribution reinvestment plan shares issued		35,642			924,771			174,108			834,199			1,968,720
Common stock shares repurchased		(49,233	)		(5,468,865	)		(587,825	)		(8,850,318	)		(14,956,241	)
June 30, 2024		5,129,415			183,113,398			26,164,461			190,169,262			404,576,536

__________

(1)Includes exchanges between share classes.

	Six Months Ended June 30, 2025
	Class T			Class S			Class D			Class I			Total
December 31, 2024		5,055,645			181,391,241			25,928,114			189,397,713			401,772,713
Common stock shares issued (1)		(109,762	)		(227,049	)		(423,944	)		4,082,177			3,321,422
Distribution reinvestment plan shares issued		69,376			1,722,501			147,292			1,492,292			3,431,461
Common stock shares repurchased		(22,793	)		(3,302,162	)		(405,719	)		(5,683,647	)		(9,414,321	)
June 30, 2025		4,992,466			179,584,531			25,245,743			189,288,535			399,111,275
	Six Months Ended June 30, 2024
	Class T			Class S			Class D			Class I			Total
December 31, 2023		5,282,025			195,023,616			27,512,551			202,990,052			430,808,244
Common stock shares issued (1)		(117,343	)		674,803			328,116			5,949,942			6,835,518
Distribution reinvestment plan shares issued		72,823			1,906,252			343,350			1,734,955			4,057,380
Common stock shares repurchased		(108,090	)		(14,491,273	)		(2,019,556	)		(20,505,687	)		(37,124,606	)
June 30, 2024		5,129,415			183,113,398			26,164,461			190,169,262			404,576,536

__________

(1)Includes exchanges between share classes.

Schedule of Aggregate Distributions Declared for Each Class of Common Stock

The following table details the aggregate distributions declared for each applicable class of common stock:

	Three Months Ended June 30, 2025
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	0.3105		$	0.3105		$	0.3105		$	0.3105
Stockholder servicing fee per share of common stock		(0.0448	)		(0.0449	)		(0.0129	)		—
Net distributions declared per share of common stock	$	0.2657		$	0.2656		$	0.2976		$	0.3105
	Six Months Ended June 30, 2025
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	0.6210		$	0.6210		$	0.6210		$	0.6210
Stockholder servicing fee per share of common stock		(0.0904	)		(0.0905	)		(0.0261	)		—
Net distributions declared per share of common stock	$	0.5306		$	0.5305		$	0.5949		$	0.6210

Schedule of Redeemable Noncontrolling Interest Activity

The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the six months ended June 30, 2025 and 2024 ($ in thousands):

	Special Limited Partner(1)			Third-party Operating Partnership unitholders			Total
Balance at December 31, 2024	$	280,872		$	154,006		$	434,878
Settlement of performance participation allocation		—			—			—
GAAP loss allocation		(12,623	)		(6,921	)		(19,544	)
Distributions		(8,033	)		(4,404	)		(12,437	)
Fair value allocation		10,356			5,678			16,034
Balance at June 30, 2025	$	270,572		$	148,359		$	418,931

	Special Limited Partner(1)			Third-party Operating Partnership unitholders			Total
Balance at December 31, 2023	$	295,692		$	164,170		$	459,862
Settlement of performance participation allocation		—			—			—
Conversion to Class I shares		—			(1,144	)		(1,144	)
GAAP loss allocation		(7,851	)		(4,317	)		(12,168	)
Distributions		(8,033	)		(4,430	)		(12,463	)
Fair value allocation		11,146			5,255			16,401
Balance at June 30, 2024	$	290,954		$	159,534		$	450,488

(1)Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht.