Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Note 12 - Equity

Authorized Capital

The Company is authorized to issue preferred stock and ten classes of common stock consisting of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The differences among the classes of common stock relate to upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, as well as varying management and performance participation allocations. See "Note 9 - Related Party Transactions" for additional information.

As of June 30, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding:

	June 30, 2023				December 31, 2022
Classification	Shares Authorized		Shares Issued and Outstanding		Shares Authorized		Shares Issued and Outstanding
Preferred Stock, $0.01 par value per share		100,000,000		—		100,000,000		—
Class S Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class D Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class I Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class F-S Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class F-D Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class F-I Shares, $0.01 par value per share		100,000,000		2,664,921		100,000,000		1,823,750
Class A-I Shares, $0.01 par value per share		100,000,000		7,530,050		100,000,000		—
Class A-II Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class A-III Shares, $0.01 par value per share		100,000,000		—		100,000,000		—
Class E Shares, $0.01 par value per share		100,000,000		26,201		100,000,000		—
Total		1,100,000,000		10,221,172		1,100,000,000		1,823,750

Common Stock

The following table details the movement in the Company's outstanding shares of common stock for the three and six months ended June 30, 2023:

	Class F-I			Class A-I		Class E
Beginning balance, December 31, 2022		1,823,750			—		—
Common stock issued		3,002,714			—		3,862
Ending Balance, March 31, 2023		4,826,464			—		3,862
Common stock issued		2,996,890			2,376,106		22,248
Share class transfer		(5,162,941	)		5,152,707		—
Dividend reinvestment		4,508			1,237		91
Ending Balance, June 30, 2023		2,664,921			7,530,050		26,201

The following table details the movement in the Company's outstanding shares of common stock for the period from February 18, 2022 (date of initial capitalization) to June 30, 2022:

	Class I
Beginning balance, February 18, 2022 (date of initial capitalization)		10,000
common stock issued		—
Ending balance, March 31, 2022		10,000
common stock issued		—
Ending balance, June 30, 2022		10,000

As of June 30, 2023, the Company had not issued any Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class A-II shares or Class A-III shares.

On April 4, 2023 (the "Exchange Date"), 5,162,941 Class F-I shares were exchanged for 5,152,707 Class A-I shares at an exchange rate based on the NAV per share/unit for the Company's Class F-I shares and Class A-I units of the Operating Partnership as of the Exchange Date.

Distributions

The Company generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Code, as amended. Taxable income does not necessarily equal net income calculated in accordance with GAAP.

Each class of common stock receives the same gross distribution per share. The net distribution per share varies for each share class based on differing fee structures. Additionally net distributions will vary based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

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

	Three Months Ended June 30, 2023
	Class F-I			Class A-I			Class E
Aggregate gross distribution declared per share of common stock	$	0.2590		$	0.2590		$	0.2590
Management fee per share of common stock		(0.0490	)		(0.0490	)		—
Net distribution declared per share of common stock	$	0.2100		$	0.2100		$	0.2590
	Six Months Ended June 30, 2023
	Class F-I			Class A-I			Class E
Aggregate gross distribution declared per share of common stock	$	0.2590		$	0.2590		$	0.2590
Management fee per share of common stock		(0.0490	)		(0.0490	)		—
Net distribution declared per share of common stock	$	0.2100		$	0.2100		$	0.2590

Non-Controlling Interests - Operating Partnership Unitholders

Units of the Operating Partnership are subject to the same fees as the corresponding classes of common stock and do not have any preferential rights relative to the Company's interest in the Operating Partnership.

On December 22, 2022, the Company issued 5,000,000 Class A-I units of the Operating Partnership to an affiliate of Apollo for the aggregate consideration of $100.0 million in a private placement.

During the three and six months ended June 30, 2023, the Company issued 12,515 and 20,315 Class E units of the Operating Partnership, respectively, to the Adviser for the management fee earned on the units of the Operating Partnership issued to an affiliate, mentioned above, and the related dividend reinvestments.

During the three months ended June 30, 2023, all Operating Partnership unitholders elected to reinvest their dividends. In connection with such dividend reinvestment, the Company issued 17,241 and 69 Class A-I units and Class E units of the Operating Partnership, respectively, in lieu of cash for the dividends declared during the three and six months ended June 30, 2023.