Equity and Redeemable Non-controlling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Common Stock Outstanding Roll Forward

The following tables detail the movement in our outstanding shares of common stock for the years ended December 31, 2023, 2022 and 2021:


	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Total




Balance at December 31, 2020	—	—	—	—	—	3,608,831	3,608,831
Issuance of common stock	91	91	91	—	2,085,807	8,230,589	10,316,669
Common stock repurchased(1)	—	—	—	—	—	(2,388,175)	(2,388,175)
Exchange of common stock	186,730	186,730	186,730	186,208	156,066	(894,768)	7,696
Distribution reinvestment	—	—	—	507	2,708	32	3,247
Balance at December 31, 2021	186,821	186,821	186,821	186,715	2,244,581	8,556,509	11,548,268
Issuance of common stock	262,766	165,035	417,403	1,832,650	48,771	7,108,654	9,835,279
Common stock repurchased(1)	—	—	—	(291,818)	(474,907)	(149,615)	(916,340)
Exchange of common stock	—	—	—	2,028,086	—	(1,992,224)	35,862
Distribution reinvestment	93	—	314	8,872	8,573	—	17,852
Balance at December 31, 2022	449,680	351,856	604,538	3,764,505	1,827,018	13,523,324	20,520,921
Issuance of common stock	159,258	174,949	224,961	1,156,356	56,812	—	1,772,336
Issuance of director awards	—	—	—	—	5,247	—	5,247
Common stock repurchased	(503)	—	(5,503)	(606,857)	(708,700)	—	(1,321,563)

Distribution reinvestment	4,970	1,463	8,602	18,736	10,212	259,880	303,863
Balance at December 31, 2023	613,405	528,268	832,598	4,332,740	1,190,589	13,783,204	21,280,804

(1)In accordance with MassMutual’s Subscription Agreement, during the years ended December 31, 2022 and 2021 we repurchased 149,615 and 2,388,175 of MassMutual’s Class N shares for $4.8 million and $70.0 million, respectively. We did not repurchase any of MassMutual’s Class N shares during the year ended December 31, 2023.

Schedule of Aggregate Distributions Declared

The following tables detail the aggregate distributions declared per share for each applicable class of stock for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31, 2023
	Series A Preferred Stock		Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock
Aggregate distributions declared per share	$	62.5000	$	1.6657	$	1.6657	$	1.6657	$	1.6657	$	1.6657	$	1.6657
Stockholder servicing fee per share(1)	—		(0.0940)		(0.0308)		(0.0389)		—		—		—
Net distributions declared per share	$	62.5000	$	1.5717	$	1.6349	$	1.6268	$	1.6657	$	1.6657	$	1.6657


	Year Ended December 31, 2022
	Series A Preferred Stock		Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock
Aggregate distributions declared per share	$	62.5000	$	1.6807	$	1.6807	$	1.6807	$	1.6807	$	1.6807	$	1.6807
Stockholder servicing fee per share(1)(2)	—		(0.0046)		0.0115		(0.0093)		—		—		—
Net distributions declared per share	$	62.5000	$	1.6761	$	1.6922	$	1.6714	$	1.6807	$	1.6807	$	1.6807


	Year Ended December 31, 2021
	Series A Preferred Stock		Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock
Aggregate distributions declared per share	$	62.5000	$	0.9688	$	0.9688	$	0.9688	$	1.0990	$	1.0990	$	1.6890
Stockholder servicing fee per share(1)	—		(0.1435)		(0.1435)		(0.0423)		—		—		—
Net distributions declared per share	$	62.5000	$	0.8253	$	0.8253	$	0.9265	$	1.0990	$	1.0990	$	1.6890

(1)See Note 16 — “ Related Party Transactions” for a discussion of our stockholder servicing fee.

(2)For the year ended December 31, 2022, the stockholder servicing fee for Class S Common Stock results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions.

Schedule of Redeemable Noncontrolling Interest

The following table details the redeemable non-controlling interest in INREIT OP activity held by the Special Limited Partner:


	Years Ended December 31,
$ in thousands	2023		2022		2021
Net loss allocated	$	(82)	$	(502)	$	—
Distributions	$	350	$	163	$	—
Adjustment to carrying value	$	503	$	182	$	—