CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Net investment in real estate properties	$ 6,815,627	$ 6,852,623
Investments in unconsolidated joint venture partnerships	19,698	19,647
Investments in real estate debt and securities, at fair value	660,517	693,861
Cash and cash equivalents	70,622	63,037
Restricted cash	12,788	13,281
Derivative instruments	41,837	24,992
DST Program Loans, at fair value	40,098	30,372
Other assets	103,947	100,614
Total assets	7,765,134	7,798,427
Liabilities
Accounts payable and accrued liabilities	85,174	76,407
Debt, net	4,599,040	4,709,322
Secured financings on investments in real estate debt securities	70,001	72,584
Intangible lease liabilities, net	49,209	52,230
Financing obligations, at fair value	662,461	494,109
Distribution fees payable to affiliates	141,766	142,465
Other liabilities	70,690	70,396
Total liabilities	5,678,341	5,617,513
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	103,256	102,373
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)	2,795	2,772
Additional paid-in capital	3,193,639	3,176,212
Accumulated deficit and distributions	(1,729,659)	(1,641,945)
Accumulated other comprehensive income	6,773	2,097
Total stockholders’ equity	1,473,548	1,539,136
Noncontrolling interests	509,989	539,405
Total equity	1,983,537	2,078,541
Total liabilities and equity	$ 7,765,134	$ 7,798,427