Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity

Equity

Preferred Stock

We have 100,000,000 shares of preferred stock authorized with a par value of $0.01 per share. As of September 30, 2025 and December 31, 2024, we had zero shares of preferred stock issued and outstanding.

Common Stock

The following tables detail the movement in our outstanding shares of common stock for the nine months ended September 30, 2025 and 2024:

	Nine Months Ended September 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
Issuance of common stock	18,532	5,913	11,645	147,812	30,447	—	—	—	214,349
Common stock repurchased	(21,711)	—	(13,761)	(218,279)	(17,336)	—	—	—	(271,087)
Exchange of common stock	(1,852)	—	1,851	—	—	—	—	—	(1)
Cancellation of common stock	—	—	—	—	(770)	—	—	—	(770)
Distribution reinvestment	2,230	4,589	4,355	9,903	2,924	191,673	—	—	215,674
Balance at September 30, 2025	284,652	482,866	518,266	4,023,077	1,267,800	15,028,719	878,895	439,448	22,923,723

	Nine Months Ended September 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
Issuance of common stock	1,721	43,634	7,599	245,305	21,750	—	—	—	320,009
Common stock repurchased	(3,485)	(16,467)	(5,997)	(230,174)	(15,383)	—	—	—	(271,506)
Distribution reinvestment	2,047	3,166	3,839	7,443	2,522	172,736	—	—	191,753
Balance at September 30, 2024	628,551	711,547	870,916	4,623,637	1,213,198	14,289,603	—	—	22,337,452

Distributions

We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP.

For the three and nine months ended September 30, 2025, we declared distributions of $9.5 million and $28.3 million, respectively. For the three and nine months ended September 30, 2024, we declared distributions of $9.3 million and $27.5 million, respectively. We accrued $2.5 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. Additionally, as of September 30, 2025 and December 31, 2024, we accrued $0.7 million and $0.6 million, respectively, for distributions payable to third parties as a component of accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.

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

	Three Months Ended September 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	$	—	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170
Stockholder servicing fee per share(1)	—		(0.0558)		(0.0559)		(0.0164)		—		—		—		—		—
Net distributions declared per share	$	—	$	0.3612	$	0.3611	$	0.4006	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170

	Three Months Ended September 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	$	—	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	—	$	—
Stockholder servicing fee per share(1)	—		(0.0259)		(0.0295)		(0.0103)		—		—		—		—		—
Net distributions declared per share	$	—	$	0.3911	$	0.3875	$	0.4067	$	0.4170	$	0.4170	$	0.4170	$	—	$	—

	Nine Months Ended September 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	$	—	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	0.5550	$	0.5550
Stockholder servicing fee per share(1)	—		(0.1153)		(0.1246)		(0.0383)		—		—		—		—		—
Net distributions declared per share	$	—	$	1.1334	$	1.1241	$	1.2104	$	1.2487	$	1.2487	$	1.2487	$	0.5550	$	0.5550

	Nine Months Ended September 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	$	1.2507	$	1.2507	$	1.2507	$	1.2507	$	1.2507	$	1.2507	$	—	$	—
Stockholder servicing fee per share(1)	—		(0.0774)		(0.0806)		(0.0310)		—		—		—		—		—
Net distributions declared per share	$	31.2500	$	1.1733	$	1.1701	$	1.2197	$	1.2507	$	1.2507	$	1.2507	$	—	$	—

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

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.

Share Repurchase Plan

We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to limitations in the share repurchase plan. For the three and nine months ended September 30, 2025, we repurchased 253,751 and 833,185 shares of common stock for $6.6 million and $22.0 million, respectively, and fulfilled all repurchase requests that were made. For the three and nine months ended September 30, 2024, we repurchased 257,652 and 778,489 shares of common stock for $7.1 million and $21.8 million, respectively, and fulfilled all repurchase requests that were made.

Share-Based Compensation Plan

During the three and nine months ended September 30, 2025, we awarded independent members of our board of directors 787 restricted shares of Class E common stock under the terms of our 2019 Equity Incentive Plan (the “Incentive Plan”). The restricted shares vest on the first anniversary of the grant date unless forfeited prior to such date, subject to certain conditions that accelerate vesting. We did not award any restricted shares of Class E common stock during the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2025, we recognized approximately $51,000 and $0.2 million, respectively, of compensation expense. For three and nine months ended September 30, 2024, we recognized approximately $19,000 and $57,000, respectively, of compensation expense. As of September 30, 2025, we had 175,721 shares of common stock available for future issuance under the Incentive Plan, respectively.