CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Real estate investments, net	$ 3,271,982	$ 2,226,740
Financing receivable, at fair value (including accrued interest of $2,331 as of September 30, 2025 and $281000 as of December 31, 2024)	98,054	96,004
Other real estate related investments (including accrued interest of $5,097 as of September 30, 2025 and $4,725 as of December 31, 2024)	871,295	795,203
Assets held for sale, net	28,143	57,261
Cash and cash equivalents	712,480	213,822
Accounts and other receivables	7,389	1,174
Prepaid expenses and other assets, net	90,314	35,608
Deferred financing costs, net	9,263	11,204
Total assets	5,088,920	3,437,016
Liabilities and Equity:
Secured notes payable	397,594	396,927
Senior unsecured term loan, net	496,201	0
Accounts payable, accrued liabilities and deferred rent liabilities	103,109	56,318
Dividends payable	74,806	54,388
Total liabilities	1,071,710	507,633
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	18,472	18,243
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 222,746,343 and 186,993,010 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	2,227	1,870
Additional paid-in capital	4,516,509	3,439,117
Cumulative distributions in excess of earnings	(528,281)	(532,570)
Accumulated other comprehensive income	3,711	0
Total stockholders’ equity	3,994,166	2,908,417
Noncontrolling interests	4,572	2,723
Total equity	3,998,738	2,911,140
Total liabilities and equity	$ 5,088,920	$ 3,437,016