Equity and Redeemable Non-Controlling Interest (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Number of Shares Authorized and Par Value

As of March 31, 2026, 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 table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class S, Class T or Class X shares as of March 31, 2026:

	For The Three Months Ended March 31, 2026
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y			Total
Beginning balance		1,009			13,949			—		—		55,790			—		8,579			79,327
Common stock issued		5			865			—		—		2,106			—		1,239			4,215
Distribution reinvestment		10			82			—		—		334			—		58			484
Common stock repurchased		(11	)		(354	)		—		—		(147	)		—		(30	)		(542	)
Ending balance		1,013			14,542			—		—		58,083			—		9,846			83,484

The following table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class S, Class T or Class X shares as of March 31, 2025:

	For The Three Months Ended March 31, 2025
	Class D			Class I			Class S			Class T		Class E			Class X		Class Y		Total
Beginning balance		993			10,146			56			—		18,566			—		2,131		31,892
Common stock issued		60			1,662			—			—		24,171			—		1,426		27,319
Distribution reinvestment		—			—			—			—		—			—		—		—
Common stock repurchased		(3	)		(113	)		(56	)		—		(3	)		—		—		(175	)
Ending balance		1,050			11,695			—			—		42,734			—		3,557		59,036

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

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

	For The Three Months Ended March 31, 2026
	Class D		Class I		Class S(2)		Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1264	$	0.1264	$	—	$	—	$	0.1264	$	—	$	0.1264
Stockholder servicing fee per share of common stock(1)		—		—		—		—		—		—		(0.0235	)
Net distributions declared per share of common stock	$	0.1264	$	0.1264	$	—	$	—	$	0.1264	$	—	$	0.1029

	For The Three Months Ended March 31, 2025
	Class D		Class I		Class S(2)			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.0375		$	—	$	0.1125	$	—	$	0.1125
Stockholder servicing fee per share of common stock(1)		—		—		(0.0078	)		—		—		—		(0.0229	)
Net distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.0297		$	—	$	0.1125	$	—	$	0.0896

(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 incurred. Under GAAP, the Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class D, Class S, Class T and Class Y shares. The stockholder servicing fee on Class D shares was waived as of March 31, 2026, 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. The Company accrued stockholder servicing fees of $7.1 million and $6.3 million as of March 31, 2026 and December 31, 2025, respectively.

(2) All Class S shares were repurchased prior to the February 28, 2025 record date for distributions.