CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Net investment in real estate properties	$ 6,852,623	$ 6,739,818
Investments in unconsolidated joint venture partnerships	19,647	23,526
Investments in real estate debt and securities, at fair value	693,861	528,074
Cash and cash equivalents	63,037	25,148
Restricted cash	13,281	3,649
Derivative instruments	24,992	69,739
DST Program Loans (includes $30,372 and $13,892 at fair value as of December 31, 2025 and December 31, 2024, respectively)	30,372	103,115
Other assets	100,614	87,942
Total assets	7,798,427	7,581,011
Liabilities
Accounts payable and accrued liabilities	76,407	86,762
Debt, net	4,709,322	4,183,480
Secured financings on investments in real estate debt securities	72,584	104,630
Intangible lease liabilities, net	52,230	61,407
Financing obligations, net (includes $494,109 and $239,982 at fair value as of December 31, 2025 and December 31, 2024, respectively)	494,109	875,842
Distribution fees payable to affiliates	142,465	110,088
Other liabilities	70,396	61,200
Total liabilities	5,617,513	5,483,409
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	102,373	105,492
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 9)	2,772	2,710
Additional paid-in capital	3,176,212	2,950,215
Accumulated deficit and distributions	(1,641,945)	(1,358,679)
Accumulated other comprehensive income	2,097	28,773
Total stockholders’ equity	1,539,136	1,623,019
Noncontrolling interests	539,405	369,091
Total equity	2,078,541	1,992,110
Total liabilities and equity	$ 7,798,427	$ 7,581,011