INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense

The table below summarizes our income tax expense for the year ended December 31, 2025:


	For the Year Ended
($ in thousands)	December 31, 2025
Federal	$	14,540
State and local	2,162
Foreign	1,251
	$	17,953

Schedule of Income Taxes Paid

The table below summarizes our income taxes paid for the year ended December 31, 2025:


	For the Year Ended
($ in thousands)	December 31, 2025
Federal	$	12,710
State and local	1,980
Foreign	330
	$	15,020

Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows:


	For the Year Ended December 31,
(in thousands)	2025		2024		2023
Supplemental disclosure of cash activities:
Interest paid related to consolidated indebtedness	$	132,449	$	99,434	$	78,260
Interest paid related to DST Program	81,339		62,618		55,586
Interest paid related to secured financings	2,602		—		—
Cash paid for income taxes	15,020		8,225		—
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	31,596		32,112		32,618
Increase in distribution fees payable to affiliates	3,052		3,266		5,737
Increase in DST Program Loans through sale of DST Interests	99,780		63,332		51,360
Issuances of OP Units for DST Interests	220,738		639,102		228,301
Changes in assets, liabilities and noncontrolling interests from consolidation of joint venture partnership:
Net investment in real estate properties	—		75,506		—
Other assets	—		1,052		—
Accounts payable and accrued expenses	—		(550)		—
Debt, net	—		(51,471)		—
Other liabilities	—		(297)		—
Noncontrolling interests	—		(4,033)		—

Schedule of Preliminary Taxability of Distributions on Common Shares

The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2025, 2024 and 2023. This information assumes that an investor owned shares of our common stock for the full calendar years.


	For the Year Ended December 31,
	2025		2024		2023
Ordinary income	12.68	%	5.79	%	—	%
Non-taxable return of capital	87.32		94.21		100.00
Capital gain	—		—		—
Total distributions	100.00	%	100.00	%	100.00	%