Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Number of Shares Authorized and Par Value

As of June 30, 2024, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):

Classification	Number of Shares		Par Value
Class D Shares		600,000	$	0.01
Class I Shares		1,500,000		0.01
Class S Shares		1,000,000		0.01
Class T Shares		600,000		0.01
Class E Shares		600,000		0.01
Class X Shares		500,000		0.01
Class Y Shares		600,000		0.01
Preferred Stock		100,000		0.01
Total		5,500,000

Schedule of Outstanding Shares of Common Stock

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T or Class X shares as of June 30, 2024:

	Three Months Ended June 30, 2024
	Class D			Class I			Class S		Class T		Class E		Class X		Class Y		Total
Beginning balance, March 31, 2024:		620			6,568			55		—		6,878		—		536		14,657
Common stock issued		191			1,176			—		—		991		—		408		2,766
Common stock repurchased		(5	)		(18	)		—		—		—		—		—		(23	)
Ending balance, June 30, 2024		806			7,726			55		—		7,869		—		944		17,400

	Six Months Ended June 30, 2024
	Class D			Class I			Class S		Class T		Class E		Class X		Class Y		Total
Beginning balance, December 31, 2023:		504			5,397			54		—		6,407		—		—		12,362
Common stock issued		307			2,347			1		—		1,462		—		944		5,061
Common stock repurchased		(5	)		(18	)		—		—		—		—		—		(23	)
Ending balance, June 30, 2024		806			7,726			55		—		7,869		—		944		17,400

Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock

The following tables detail the aggregate distributions declared for shares of each applicable class of common stock:

	Three Months Ended June 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.1125		$	—	$	0.1125	$	—	$	0.1125
Stockholder servicing fee per share of common stock(1)		—		—		(0.0223	)		—		—		—		(0.0225	)
Net distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.0902		$	—	$	0.1125	$	—	$	0.0900

	Six Months Ended June 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.2250	$	0.2250	$	0.2250		$	—	$	0.2250	$	—	$	0.2250
Stockholder servicing fee per share of common stock(1)		—		—		(0.0452	)		—		—		—		(0.0455	)
Net distributions declared per share of common stock	$	0.2250	$	0.2250	$	0.1798		$	—	$	0.2250	$	—	$	0.1795

(1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the stockholder servicing fee as an offering cost at the time Class D, Class S, Class T and Class Y shares are sold. The stockholder servicing fee on Class D shares was waived as of June 30, 2024, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of June 30, 2024, the Company had accrued stockholder servicing fees of $0.7 million.