Equity and Non-Controlling Interest (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stock by Class

The following table details the movement in the Company’s outstanding shares of common shares:

	Three Months Ended March 31, 2024
	Class S	Class D	Class I	Total
December 31, 2023	92,068,163	4,488,818	101,651,731	198,208,712
Common shares issued	25,100,545	474,709	26,815,180	52,390,434
Distribution reinvestment	808,368	12,442	889,680	1,710,490
Common shares repurchased	(819,452)	—	(852,407)	(1,671,859)
Common shares converted(1)	—	(4,674,741)	4,596,143	(78,598)
March 31, 2024	117,157,624	301,228	133,100,327	250,559,179

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(1)On January 29, 2024, 4,674,741 Class D Shares with a value of $46,636 were converted into 4,596,143 Class I shares based on the NAV per share as of December 31, 2023.

Aggregate Distributions Declared for Each Applicable Class of Common Shares

The following table details the aggregate distributions declared for each applicable class of common shares for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended
	March 31, 2024						March 31, 2023
	Class S		Class D		Class I		Class S		Class D		Class I
Aggregate gross distributions declared per common share	$	0.1749	$	0.1749	$	0.1749	$	0.1750	$	0.1750	$	0.1750
Shareholder servicing fee per common share	(0.0213)		(0.0061)		0.0000		(0.0217)		(0.0063)		—
Net distributions declared per common share	$	0.1536	$	0.1688	$	0.1749	$	0.1533	$	0.1687	$	0.1750

Redeemable Noncontrolling Interest

The following table details the redeemable non-controlling interest activity related to the Special Limited Partners for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Balance, beginning of period	$	17,976	$	1,657
Settlement of prior performance participation allocation	—		2,504
Repurchases	(41)		—
GAAP income allocation	103		36
Other comprehensive income	95		(1)
Distributions	(305)		(58)
Fair value allocation	125		15
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	312		38
Balance, end of period	$	18,265	$	4,191