Equity (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Outstanding Shares of Common Stock

The following tables detail the movement in our outstanding shares of common stock:


	Six Months Ended June 30, 2025
	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total
Balance at December 31, 2024	630,722	726,730	877,190	4,675,460	1,228,798	14,466,761	—	—	22,605,661
Issuance of common stock	1,910	55,399	7,134	90,685	20,327	—	—	—	175,455
Exchange of common stock	—	—	(8,680)	8,636	—	—	—	—	(44)
Common stock repurchased	(2,607)	(3,599)	(3,778)	(326,951)	(18,180)	—	—	—	(355,115)
Distribution reinvestment	2,206	3,967	4,203	8,300	2,672	182,884	—	—	204,232
Balance at March 31, 2025	632,231	782,497	876,069	4,456,130	1,233,617	14,649,645	—	—	22,630,189
Issuance of common stock	5,061	36,937	3,586	149,612	30,011	—	—	—	225,207
Common stock repurchased	(340)	—	(14,501)	(223,330)	(13,853)	—	—	—	(252,024)
Exchange of common stock	(351,765)	(351,765)	(355,231)	(307,836)	—	—	878,895	439,448	(48,254)
Distribution reinvestment	2,266	4,695	4,253	9,065	2,760	187,401	—	—	210,440
Balance at June 30, 2025	287,453	472,364	514,176	4,083,641	1,252,535	14,837,046	878,895	439,448	22,765,558


	Six Months Ended June 30, 2024
	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total
Balance at December 31, 2023	613,405	528,268	832,598	4,332,740	1,190,589	13,783,204	—	—	21,280,804
Issuance of common stock	7,631	115,782	32,613	371,514	15,742	—	—	—	543,282
Common stock repurchased	(226)	—	(262)	(242,673)	(15,463)	—	—	—	(258,624)
Distribution reinvestment	1,985	1,615	3,677	5,690	2,506	164,658	—	—	180,131
Balance at March 31, 2024	622,795	645,665	868,626	4,467,271	1,193,374	13,947,862	—	—	21,745,593
Issuance of common stock	3,665	32,743	11,187	379,827	16,418	—	—	—	443,840
Common stock repurchased	(257)	—	(18,190)	(252,147)	(8,542)	—	—	—	(279,136)
Exchange of common stock	—	—	—	(574)	547	—	—	—	(27)
Distribution reinvestment	2,065	2,806	3,852	6,686	2,512	169,005	—	—	186,926
Balance at June 30, 2024	628,268	681,214	865,475	4,601,063	1,204,309	14,116,867	—	—	22,097,196

Schedule of Aggregate Distributions Declared

The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	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		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	—	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	0.1380	$	0.1380
Stockholder servicing fee per share(1)	—		(0.0349)		(0.0391)		(0.0119)		—		—		—		—		—
Net distributions declared per share	$	—	$	0.3806	$	0.3764	$	0.4036	$	0.4155	$	0.4155	$	0.4155	$	0.1380	$	0.1380


	Three Months Ended June 30, 2024
	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		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	31.2500	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	0.4155	$	—	$	—
Stockholder servicing fee per share(1)	—		(0.0258)		(0.0284)		(0.0103)		—		—		—		—		—
Net distributions declared per share	$	31.2500	$	0.3897	$	0.3871	$	0.4052	$	0.4155	$	0.4155	$	0.4155	$	—	$	—


	Six Months Ended June 30, 2025
	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		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	—	$	0.8317	$	0.8317	$	0.8317	$	0.8317	$	0.8317	$	0.8317	$	0.1380	$	0.1380
Stockholder servicing fee per share(1)	—		(0.0595)		(0.0687)		(0.0219)		—		—		—		—		—
Net distributions declared per share	$	—	$	0.7722	$	0.7630	$	0.8098	$	0.8317	$	0.8317	$	0.8317	$	0.1380	$	0.1380


	Six Months Ended June 30, 2024
	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		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	31.2500	$	0.8337	$	0.8337	$	0.8337	$	0.8337	$	0.8337	$	0.8337	$	—	$	—
Stockholder servicing fee per share(1)	—		(0.0516)		(0.0512)		(0.0207)		—		—		—		—		—
Net distributions declared per share	$	31.2500	$	0.7821	$	0.7825	$	0.8130	$	0.8337	$	0.8337	$	0.8337	$	—	$	—

(1)See Note 18 — “Related Party Transactions” for a discussion of our stockholder servicing fee.