Equity and Non-Controlling Interest (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Company’s Outstanding Shares of Common Shares

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

	Three Months Ended June 30, 2024
	Class S	Class N	Class D	Class I	Total
March 31, 2024	117,157,624	—	301,228	133,100,327	250,559,179
Common shares issued	28,723,471	1,907,909	901,643	28,641,561	60,174,584
Distribution reinvestment	1,082,688	—	6,796	1,159,856	2,249,340
Common shares repurchased	(1,189,654)	—	—	(1,182,854)	(2,372,508)
June 30, 2024	145,774,129	1,907,909	1,209,667	161,718,890	310,610,595

	Six Months Ended June 30, 2024
	Class S	Class N	Class D	Class I	Total
December 31, 2023	92,068,163	—	4,488,818	101,651,731	198,208,712
Common shares issued	53,824,016	1,907,909	1,376,352	55,456,741	112,565,018
Distribution reinvestment	1,891,056	—	19,238	2,049,536	3,959,830
Common shares repurchased	(2,009,106)	—	—	(2,035,261)	(4,044,367)
Common shares converted(1)	—	—	(4,674,741)	4,596,143	(78,598)
June 30, 2024	145,774,129	1,907,909	1,209,667	161,718,890	310,610,595

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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.

Summary of 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 June 30, 2024 and 2023:

	Three Months Ended
	June 30, 2024								June 30, 2023
	Class S		Class N		Class D		Class I		Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.1751	$	0.0584	$	0.1751	$	0.1751	$	0.1750	$	—	$	0.1750	$	0.1750
Shareholder servicing fee per common share	(0.0215)		(0.0043)		(0.0064)		—		(0.0216)		—		(0.0063)		—
Net distributions declared per common share	$	0.1536	$	0.0541	$	0.1687	$	0.1751	$	0.1534	$	—	$	0.1687	$	0.1750

The following table details the aggregate distributions declared for each applicable class of common shares for the six months ended June 30, 2024 and 2023:

	Six Months Ended
	June 30, 2024								June 30, 2023
	Class S		Class N		Class D		Class I		Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.3500	$	0.0584	$	0.3500	$	0.3500	$	0.3500	$	—	$	0.3500	$	0.3500
Shareholder servicing fee per common share	(0.0428)		(0.0043)		(0.0125)		—		(0.0433)		—		(0.0126)		—
Net distributions declared per common share	$	0.3072	$	0.0541	$	0.3375	$	0.3500	$	0.3067	$	—	$	0.3374	$	0.3500

Summary of Redeemable Noncontrolling Interest

The following table details the redeemable non-controlling interest activity related to the Special Limited Partners for the six months ended June 30, 2024 and 2023:

	Six Months Ended
	June 30, 2024		June 30, 2023
Balance, beginning of period	$	17,976	$	1,657
Settlement of prior performance participation allocation	5,371		2,504
Repurchases	(208)		—
GAAP income allocation	188		64
Other comprehensive income	83		76
Distributions	(672)		(128)
Fair value allocation	437		5
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	512		54
Balance, end of period	$	23,687	$	4,232