Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Segment NOI to Net Income

The following table presents a reconciliation of segment NOI and net income for the years ended December 31, 2025, 2024, and 2023 as follows:

	Year Ended December 31,
	2025		2024		2023
Industrial
Total Industrial revenues	$	100,204	$	64,750	$	57,304
Less:
Industrial property operating expense (1)	5,793		3,916		3,424
Industrial property tax expense (1)	8,193		5,156		4,231
Industrial NOI	86,218		55,678		49,649
Office
Total Office revenues	5,777		20,825		32,288
Less:
Office property operating expense (1)	213		1,909		2,804
Office property tax expense (1)	96		654		1,815
Office NOI	5,468		18,262		27,669
Other
Total Other revenues	—		30,782		54,246
Less:
Other property operating expense (1)	—		7,839		13,085
Other property tax expense (1)	—		4,108		7,391
Other NOI	—		18,835		33,770
Total NOI	$	91,686	$	92,775	$	111,088
Unallocated amounts:
Depreciation and amortization (2)	(52,182)		(47,503)		(61,169)
Real estate impairment provision (2)	(18,195)		(53,313)		(283,804)
General and administrative expenses (3)	(34,918)		(36,973)		(42,843)
Income before other income (expenses)	196,981		230,564		498,904
Less:
Other income (expenses):
Interest expense	(56,565)		(55,978)		(59,371)
Other income, net	7,351		14,479		13,107
Net loss from investment in unconsolidated entity	—		—		(176,767)
Gain from disposition of assets	6,407		38,368		29,164
(Loss) gain on extinguishment of debt	(2,482)		10,466		—
Goodwill impairment provision	—		(10,274)		(16,031)
Corporate operating expenses to related parties	(570)		(617)		(1,154)
Transaction expenses	(555)		(821)		(24,961)
(Loss) income from discontinued operations	(272,610)		38,028		(92,361)
Net loss	$	(332,633)	$	(11,363)	$	(605,102)

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Asset value information by segment are not reported because the CODM does not use these measures to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense and asset impairment are not allocated among segments. Refer to Segment Reporting sections below, for allocation of real estate assets and goodwill presented for each segment.

(3)General and administrative expenses are not reported by segment because the CODM evaluates these expenses at the corporate level and does not use this measure on a segment-by-segment basis for performance assessment or resource allocation decisions; therefore, general and administrative expenses are not allocated among segments.

A reconciliation of net loss to total NOI for the years ended December 31, 2025, 2024, and 2023 is as follows:

	Year Ended December 31,
	2025		2024		2023
Reconciliation of Net Loss to Total NOI
Net loss	$	(332,633)	$	(11,363)	$	(605,102)
General and administrative expenses	34,918		36,973		42,843
Corporate operating expenses to related parties	570		617		1,154
Real estate impairment provision	18,195		53,313		283,804
Depreciation and amortization	52,182		47,503		61,169
Interest expense	56,565		55,978		59,371
Other income, net	(7,351)		(14,479)		(13,107)
Net loss from investment in unconsolidated entity	—		—		176,767
Loss (gain) on extinguishment of debt	2,482		(10,466)		—
Gain from disposition of assets	(6,407)		(38,368)		(29,164)
Goodwill impairment provision	—		10,274		16,031
Transaction expenses	555		821		24,961
Net loss (income) from discontinued operations	272,610		(38,028)		92,361
Total NOI	$	91,686	$	92,775	$	111,088

Schedule of Segment Information

The following table presents the Company’s goodwill for each of the segments as of December 31, 2025 and 2024:

	Year Ended December 31,
	2025		2024
Goodwill
Industrial	$	68,373	$	68,373
Total Goodwill	$	68,373	$	68,373

The following table presents the Company’s total real estate assets, net, for each segment as of December 31, 2025 and 2024:

	Year Ended December 31,
	2025		2024
Industrial Real Estate, net
Total real estate	$	1,306,021	$	1,281,815
Accumulated depreciation and amortization	(211,099)		(180,879)
Industrial real estate, net	1,094,922		1,100,936
Office Real Estate, net
Total real estate	—		211,328
Accumulated depreciation and amortization	—		(43,368)
Office real estate, net	—		167,960
Total Real Estate, net	$	1,094,922	$	1,268,896

	Year Ended December 31,
Discontinued Operations	2025		2024
Total Real Estate related to Discontinued Operations, net
Total real estate	$	—	$	1,291,432
Accumulated depreciation and amortization	—		(296,280)
Real estate related to Discontinued Operations, net	$	—	$	995,152