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Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In preparation of the accompanying Condensed Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after March 31, 2024 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from March 31, 2024 through the date the financial statements were issued.
Financings
On April 2, 2024, the Company repaid the remaining outstanding principal balance on the FIPA Loan of $153,394 through the use of proceeds from the issuance of common shares.
On April 4, 2024, the Company entered into a mortgage loan agreement on four wholly-owned Tenneco assets for a total principal amount of $43,000. The mortgage loan has a maturity date of April 6, 2029 and a fixed interest rate of 6.25%. The net proceeds were used to repay principal on the revolving credit facility.
On May 3, 2024, the Company repaid $93,400 on its outstanding affiliate line of credit, resulting in a remaining balance of $106,600. The payments was funded by proceeds from the issuance of common shares.
Common Shares
Effective April 19, 2024, the Company has designated a new class of Class N common shares, par value $0.01 per share (the “Class N shares”). The preferences, rights, voting powers, restrictions, qualifications, and terms and conditions of redemption for the Class N shares are substantially similar to the rights, preferences and terms of the Company’s Class S, Class D and Class I shares, including the same proportional rights to the Company’s assets.
In connection with the designation of the new Class N shares, the Company amended certain of its documents. On April 19, 2024, the Company, on behalf of itself as a general partner and on behalf of the limited partners thereto, entered into the Fourth Amended and Restated Limited Partnership Agreement (the “Amended Operating Partnership Agreement”)
of the Operating Partnership. The Amended Operating Partnership Agreement amends the prior version of the agreement to make certain updates to reflect the new Class N shares of the Company and to establish two new classes of OP Units, designated as Class N Units and Class N-1 Units. The preferences, rights, restrictions, qualifications, and terms and conditions of conversion and redemption for the Class N Units are substantially similar to the rights, preferences and terms of the Operating Partnership’s Class S Units, Class D Units and Class I Units. The preferences, rights, restrictions, qualifications, and terms and conditions of conversion and redemption for the Class N-1 Units are substantially similar to the rights, preferences and terms of the Operating Partnership’s Class S-1 Units and Class D-1 Units, except that the investor servicing fee for a Class N-1 Unit shall equal 0.50% per annum of the net asset value of each Class N-1 Unit.
On April 19, 2024, the Company, Blue Owl Real Estate Capital LLC and Blue Owl Securities LLC entered into the Amended and Restated Dealer Manager Agreement (the “Amended Dealer Manager Agreement”), including a revised form of Participating Broker-Dealer Agreement (the “Amended Form of Participating Broker-Dealer Agreement”) to be entered into with certain broker-dealers and Blue Owl Securities LLC. The Amended Dealer Manager Agreement and the Amended Form of Participating Broker-Dealer Agreement amend and restate the prior versions of the agreements to make certain updates to reflect the designation of the new Class N shares of the Company.
On April 19, 2024, the Company adopted the Third Amended and Restated Declaration of Trust (the “Amended Declaration of Trust”) pursuant to which the Company designated the new Class N shares.
Effective April 19, 2024, the Board amended the Company’s distribution reinvestment plan (the “DRIP”) to incorporate Class N shares in the DRIP.
Effective April 19, 2024, the Company adopted an amended and restated share repurchase plan (the “Fourth Amended Share Repurchase Plan”) to incorporate the Class N shares.
Proceeds from the Issuance of Common Shares
From April 1, 2024 through the date the financial statements were issued, the Company sold an aggregate of 30,792,621 shares of its common shares (consisting of 16,228,178 Class S shares, — Class N shares, 299,991 Class D shares, and 14,264,451 Class I shares) resulting in net proceeds of $311,999 to the Company as payment for such shares.