CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Net investment in real estate properties	$ 6,210,266	$ 4,731,403
Investments in real estate debt and securities (includes $259,378 and $165,401 at fair value as of December 31, 2025 and December 31, 2024, respectively)	303,798	353,258
Debt-related investments, held for sale	0	193,902
Investments in unconsolidated joint venture partnerships (includes $77,703 and $38,386 at fair value as of December 31, 2025 and December 31, 2024, respectively)	438,997	212,296
Cash and cash equivalents	40,059	19,554
Restricted cash	5,693	7,865
DST Program Loans (includes $170,865 and $71,068 at fair value as of December 31, 2025 and December 31, 2024, respectively)	191,502	120,853
Other assets	78,209	92,118
Total assets	7,268,524	5,731,249
Liabilities
Accounts payable and accrued expenses	92,572	71,196
Debt, net	2,971,842	2,700,468
Intangible lease liabilities, net	187,051	46,098
Financing obligations, net (includes $2,126,267 and $878,386 at fair value as of December 31, 2025 and December 31, 2024, respectively)	2,350,050	1,385,620
Distribution fees payable to affiliates	72,974	69,922
Other liabilities	71,515	42,593
Total liabilities	5,746,004	4,315,897
Commitments and contingencies (Note 17)
Redeemable equity (Note 11 and 12)	211,540	9,381
Stockholders’ equity:
Preferred stock, $0.01 par value per share—200,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share (Note 10)	1,819	1,803
Additional paid-in capital	2,004,947	1,956,646
Distributions in excess of earnings	(1,351,087)	(1,216,344)
Accumulated other comprehensive (loss) income	(232)	3,719
Total stockholders’ equity	655,447	745,824
Noncontrolling interests	655,533	660,147
Total equity	1,310,980	1,405,971
Total liabilities and equity	$ 7,268,524	$ 5,731,249