Equity and Non-Controlling Interest (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Shares of Common Shares

The following details the selling commissions, dealer manager fees, and shareholder servicing fees for each applicable share class as of December 31, 2025:

	Class S	Class N	Class D	Class I
Transaction fees (% of transaction price)	up to 3.50%	up to 2.00%	up to 1.50%	—%
Shareholder servicing fees (% of NAV)	0.85%	0.50%	0.25%	—%

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

	Class S	Class N	Class D	Class I	Total
December 31, 2022	43,401,686	–	1,385,421	31,668,259	76,455,366
Common shares issued	48,158,608	–	3,247,573	70,130,943	121,537,124
Distribution reinvestment	1,982,704	–	93,689	1,886,855	3,963,248
Common shares repurchased	(1,474,835)	—	(237,865)	(2,034,326)	(3,747,026)
December 31, 2023	92,068,163	–	4,488,818	101,651,731	198,208,712
Common shares issued	96,583,427	15,060,527	1,877,083	118,794,817	232,315,854
Distribution reinvestment	4,816,166	95,100	60,745	5,143,515	10,115,526
Common shares repurchased	(6,435,036)	–	—	(10,984,757)	(17,419,793)
Common shares converted (1)	(65,954)	–	(4,674,741)	4,661,712	(78,983)
December 31, 2024	186,966,766	15,155,627	1,751,905	219,267,018	423,141,316
Common shares issued	123,170,264	32,167,870	6,040,720	151,257,759	312,636,613
Distribution reinvestment	8,720,501	980,502	224,324	8,960,003	18,885,330
Common shares repurchased	(9,362,693)	(504,506)	(266,950)	(22,009,884)	(32,144,033)
Common shares converted (2)	(2,523,694)	–	1,170,048	1,359,215	5,569
December 31, 2025	306,971,144	47,799,493	8,920,047	358,834,111	722,524,795

(1)     During the year ended December 31, 2024, 65,954 Class S shares with a value of $664 and 4,674,741 Class D shares with a value of $46,636 were converted into 4,661,712 Class I shares based on the respective period’s NAV per share.

(2)    During the year ended December 31, 2025, 2,523,694 Class S shares with a value of $25,763 were converted into 1,170,048 Class D shares and 1,359,215 Class I shares based on the respective period’s NAV per share.

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

The following tables detail the aggregate distributions declared for each applicable class of common shares for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025
	Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.7000	$	0.7000	$	0.7000	$	0.7000
Stockholder servicing fee per common share	(0.0869)		(0.0514)		(0.0256)		—
Net distributions declared per common share	$	0.6131	$	0.6486	$	0.6744	$	0.7000

	Year Ended December 31, 2024
	Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.7000	$	0.4083	$	0.7000	$	0.7000
Stockholder servicing fee per common share	(0.0856)		(0.0296)		(0.0248)		—
Net distributions declared per common share	$	0.6144	$	0.3787	$	0.6752	$	0.7000

	Year Ended December 31, 2023
	Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.7000	$	—	$	0.7000	$	0.7000
Stockholder servicing fee per common share	(0.0870)		—		(0.0253)		—
Net distributions declared per common share	$	0.6130	$	—	$	0.6747	$	0.7000

Schedule of Redeemable Noncontrolling Interest

The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the year ended December 31, 2023 through the year ended December 31, 2025:

Balance as of December 31, 2022	$	1,657
Settlement of current year performance participation allocation	16,428
Net income (loss) allocation	(210)
Other comprehensive income (loss) allocation	(121)
Distributions	(561)
Fair value allocation	586
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	197
Balance as of December 31, 2023	$	17,976
Settlement of current year performance participation allocation	21,126
Repurchases	(276)
Net income (loss) allocation	1,301
Other comprehensive income (loss) allocation	(183)
Distributions	(1,787)
Fair value allocation	862
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	933
Balance as of December 31, 2024	$	39,952
Settlement of current year performance participation allocation	82,755
Repurchases	(1,163)
Net income (loss) allocation	5,679
Other comprehensive income (loss) allocation	310
Distributions	(5,096)
Fair value allocation	2,488
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	435
Balance as of December 31, 2025	$	125,360