Equity and Non-Controlling Interest (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
	Class S	Class N	Class D	Class I	Total
December 31, 2025	306,971,144	47,799,493	8,920,047	358,834,111	722,524,795
Common shares issued	28,911,384	5,906,299	826,778	36,663,521	72,307,982
Distribution reinvestment	2,974,560	398,355	91,407	3,033,212	6,497,534
Common shares repurchased	(4,362,866)	(455,901)	—	(5,466,517)	(10,285,284)
Common shares converted(1)	(286,337)	—	(6,805)	290,993	(2,149)
March 31, 2026	334,207,885	53,648,246	9,831,427	393,355,320	791,042,878

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(1)During the three months ended March 31, 2026, 286,337 Class S shares with a value of $3,016 and 6,805 Class D shares with a value of $71 were converted into 290,993 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 table details the aggregate distributions declared for each applicable class of common shares for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31, 2026								March 31, 2025
	Class S		Class N		Class D		Class I		Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.1875	$	0.1875	$	0.1875	$	0.1875	$	0.1750	$	0.1750	$	0.1750	$	0.1750
Shareholder servicing fee per common share	(0.0225)		(0.0133)		(0.0066)		—		(0.0214)		(0.0127)		(0.0064)		—
Net distributions declared per common share	$	0.1650	$	0.1742	$	0.1809	$	0.1875	$	0.1536	$	0.1623	$	0.1686	$	0.1750

Schedule of Redeemable Noncontrolling Interest

The following table details the activity for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31, 2026		March 31, 2025
Balance, beginning of period	$	125,360	$	39,952
Settlement of prior performance participation allocation	30,724		15,719
Repurchases	—		—
Net income allocation	2,830		983
Other comprehensive income allocation	(181)		(107)
Distributions	(2,560)		(845)
Fair value allocation	989		(36)
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	(170)		229
Balance, end of period	$	156,992	$	55,895