Equity and Non-Controlling Interest (Tables)

9 Months Ended

Sep. 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 September 30, 2024
	Class S	Class N	Class D	Class I	Total
June 30, 2024	145,774,129	1,907,909	1,209,667	161,718,890	310,610,595
Common shares issued	21,115,577	6,368,494	—	32,258,035	59,742,106
Distribution reinvestment	1,355,685	28,533	20,594	1,419,586	2,824,398
Common shares repurchased	(3,233,726)	—	—	(4,146,465)	(7,380,191)
September 30, 2024	165,011,665	8,304,936	1,230,261	191,250,046	365,796,908

	Nine Months Ended September 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	74,939,593	8,276,403	1,376,352	87,714,776	172,307,124
Distribution reinvestment	3,246,741	28,533	39,832	3,469,122	6,784,228
Common shares repurchased	(5,242,832)	—	—	(6,181,726)	(11,424,558)
Common shares converted(1)	—	—	(4,674,741)	4,596,143	(78,598)
September 30, 2024	165,011,665	8,304,936	1,230,261	191,250,046	365,796,908

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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 September 30, 2024 and 2023:

	Three Months Ended
	September 30, 2024								September 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	$	0.1750	$	0.1750	$	0.1750	$	0.1750	$	0.1750	$	—	$	0.1750	$	0.1750
Shareholder servicing fee per common share	(0.0214)		(0.0127)		(0.0061)		—		(0.0218)		—		(0.0063)		—
Net distributions declared per common share	$	0.1536	$	0.1623	$	0.1689	$	0.1750	$	0.1532	$	—	$	0.1687	$	0.1750

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

	Nine Months Ended
	September 30, 2024								September 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	$	0.5250	$	0.2334	$	0.5250	$	0.5250	$	0.5250	$	—	$	0.5250	$	0.5250
Shareholder servicing fee per common share	(0.0642)		(0.0170)		(0.0186)		—		(0.0651)		—		(0.0189)		—
Net distributions declared per common share	$	0.4608	$	0.2164	$	0.5064	$	0.5250	$	0.4599	$	—	$	0.5061	$	0.5250

Summary of Redeemable Noncontrolling Interest

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

	Nine Months Ended
	September 30, 2024		September 30, 2023
Balance, beginning of period	$	17,976	$	1,657
Settlement of prior performance participation allocation	13,685		10,638
Repurchases	(251)		—
GAAP income allocation	579		(68)
Other comprehensive income	(103)		75
Distributions	(1,161)		(292)
Fair value allocation	598		346
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	748		82
Balance, end of period	$	32,071	$	12,438