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Equity and Non-Controlling Interest (Tables)

6 Months Ended

Jun. 30, 2026

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


	Three Months Ended June 30, 2026
	Class S	Class N	Class D	Class I	Total
March 31, 2026	334,207,885	53,648,246	9,831,427	393,355,320	791,042,878
Common shares issued	17,752,094	2,699,666	2,051,562	32,094,142	54,597,464
Distribution reinvestment	3,224,976	435,918	88,589	3,357,462	7,106,945
Common shares repurchased	(2,635,396)	(548,937)	(453,466)	(9,871,254)	(13,509,053)
Common shares converted(1)	(599,580)	—	—	595,320	(4,260)
June 30, 2026	351,949,979	56,234,893	11,518,112	419,530,990	839,233,974

(1)During the three months ended June 30, 2026, 599,580 Class S shares with a value of $6,351 were converted into 595,320 Class I shares based on the period’s NAV per share.


	Six Months Ended June 30, 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	46,663,478	8,605,965	2,878,340	68,757,663	126,905,446
Distribution reinvestment	6,199,536	834,273	179,996	6,390,674	13,604,479
Common shares repurchased	(6,998,262)	(1,004,838)	(453,466)	(15,337,771)	(23,794,337)
Common shares converted(1)	(885,917)	—	(6,805)	886,313	(6,409)
June 30, 2026	351,949,979	56,234,893	11,518,112	419,530,990	839,233,974

__________________

(1)During the six months ended June 30, 2026, 885,917 Class S shares with a value of $9,367 and 6,805 Class D shares with a value of $71 were converted into 886,313 Class I shares based on the period’s NAV per share.

Schedule of the Number and Value of Repurchases and Conversions for Common Shares and OP Units

The table below details the number and value of repurchases and conversions for common shares and OP Units:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Number of common shares repurchased	13,509,053		11,371,529		23,794,337		17,393,355
Value of common shares repurchased	$	143,542	$	116,228	$	252,448	$	177,359
Number of Class I OP Units converted to Class I shares	145,974		523,138		217,117		584,422
Value of Class I OP Units converted to Class I shares	$	1,548	$	5,336	$	2,295	$	5,961
Number of Class I OP Units repurchased	—		—		—		—
Value of Class I OP Units repurchased	$	—	$	—	$	—	$	—

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 three and six months ended June 30, 2026 and 2025:


	Three Months Ended
	June 30, 2026								June 30, 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	(0.0224)		(0.0133)		(0.0065)		—		(0.0216)		(0.0127)		(0.0064)		—
Net distributions declared per common share	$	0.1651	$	0.1742	$	0.1810	$	0.1875	$	0.1534	$	0.1623	$	0.1686	$	0.1750


	Six Months Ended
	June 30, 2026								June 30, 2025
	Class S		Class N		Class D		Class I		Class S		Class N		Class D		Class I
Aggregate gross distributions declared per common share	$	0.3750	$	0.3750	$	0.3750	$	0.3750	$	0.3500	$	0.3500	$	0.3500	$	0.3500
Shareholder servicing fee per common share	(0.0449)		(0.0266)		(0.0131)		—		(0.0430)		(0.0254)		(0.0128)		—
Net distributions declared per common share	$	0.3301	$	0.3484	$	0.3619	$	0.3750	$	0.3070	$	0.3246	$	0.3372	$	0.3500

Schedule of Redeemable Common Shares Issued and Outstanding

The following table details the activity for the six months ended June 30, 2026 and 2025:


	Six Months Ended
	June 30, 2026		June 30, 2025
Balance, beginning of period	$	7,885	$	56,948
Issuance of Class I redeemable common shares (1)	54,274		31,874
Repurchases (2)	(24,741)		(46,044)
Conversions (3)	1,266		—
Fair value allocation (4)	397		19
Balance, end of period	$	39,081	$	42,797

(1) During the six months ended June 30, 2026 and 2025, the Company issued 5,120,069 and 3,124,371 Class I redeemable common shares, respectively, to the Adviser, as payment of management fees at the respective NAV per share.

(2) Includes 2,332,559 and 4,511,171 Class I redeemable common shares redeemed for cash during the six months ended June 30, 2026 and 2025, respectively.

(3) Includes 119,352 and — Class I redeemable common shares converted from redeemable Class I OP Units during the six months ended June 30, 2026 and 2025, respectively.

(4) The Redeemable common shares are recorded at the greater of (i) their issuance amount, or (ii) their redemption value, which is equivalent to the fair value of the shares at the end of each measurement period.

Schedule of Redeemable Non-controlling Interests Activity Related to the Special Limited Partners

The following table details the activity related to the Special Limited Partners for the six months ended June 30, 2026 and 2025:


	Six Months Ended
	June 30, 2026		June 30, 2025
Balance, beginning of period	$	125,360	$	39,952
Settlement of prior performance participation allocation (1)	61,181		28,284
Repurchases (2)	(36,239)		(1,163)
Conversions (3)	(1,266)		—
Net income allocation	3,896		1,568
Other comprehensive income allocation	(103)		182
Distributions	(5,183)		(1,906)
Fair value allocation (4)	3,204		462
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	(51)		460
Balance, end of period	$	150,799	$	67,839

(1) During the six months ended June 30, 2026 and 2025, the Company issued 5,767,892 and 2,773,439 Class I OP Units, respectively, to the Special Limited Partners, as payment of performance participation allocation at the respective NAV per unit.

(2) Includes 3,406,357 and 113,979 Class I OP Units redeemed for cash, and 119,352 and — Class I OP Units exchanged for Class I shares accounted for as redeemable common shares for the six months ended June 30, 2026 and 2025, respectively.

(3) Includes 119,352 and — Class I OP Units converted to Class I redeemable common shares during the six months ended June 30, 2026 and 2025, respectively.

(4) The redeemable non-controlling interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period.

Schedule for Shares Awarded to Independent Members of Board

The following table details the restricted Class I shares awarded to independent members of the Board of Trustees during the six months ended June 30, 2026 and 2025:

Six Months Ended

June 30, 2026

June 30, 2025

Number of restricted Class I shares awarded (1)

47,652

39,255

(1) The restricted Class I shares are subject to a vesting period of 13.5 months.

Schedule of Share-Based Compensation Expense

The following table details the total share-based compensation expense incurred by the Company for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Share-based compensation expense (1)	$	118	$	106	$	259	$	235

(1) Included within General and administrative expenses in the Condensed Consolidated Statement of Operations.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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