Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Property, Plant and Equipment

Description	Depreciable Life
Building	30-40 years
Building and site improvements	5-21 years
Furniture, fixtures and equipment	1-9 years
Tenant improvements	Amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements
In-place lease intangibles	Over lease term
Above and below market leases	Over lease term
Lease origination costs	Over lease term
Present value of tax abatement savings	Over tax abatement period

Derivatives Not Designated as Hedging Instruments

The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk ($ in thousands):

	December 31, 2025
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Price	Index	Weighted Average Maturity (Years)
Interest rate caps - property debt	6	$	618,111	5.20%	SOFR	0.4
Interest rate swap - property debt	1	100,000		3.70%	SOFR	0.7
Total	7	$	718,111	4.99%		0.5

	December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Price	Index	Weighted Average Maturity (Years)
Interest rate caps - property debt	5	$	498,310	5.65%	SOFR	0.3
Interest rate swap - property debt	1	100,000		3.70%	SOFR	1.7
Interest rate swaps - investments in real estate-related securities	2	24,000		4.40%	SOFR	1.7
Total	8	$	622,310	5.29%		0.6

Fair Value, Assets Measured on Recurring Basis

The following table details the Company’s assets and liabilities that are measured at fair value on a recurring basis ($ in thousands):

	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate-related loans and securities	$	—	$	50,863	$	5,170	$	56,033	$	—	$	51,578	$	6,238	$	57,816
Investments in unconsolidated entities	—		—		167,788		167,788		—		—		81,566		81,566
Trading securities	—		83,487		—		83,487		—		—		—		—
Derivatives	—		1,553		—		1,553		—		3,645		—		3,645
Interest rate swaps related to investments in real estate-related securities	—		—		—		—		—		102		—		102
Total	$	—	$	135,903	$	172,958	$	308,861	$	—	$	55,325	$	87,804	$	143,129
Liabilities:
Derivatives	$	—	$	2,342	$	—	$	2,342	$	—	$	—	$	—	$	—
Derivatives related to investments in real estate-related securities	—		3		—		3		—		—		—		—
Total liabilities	$	—	$	2,345	$	—	$	2,345	$	—	$	—	$	—	$	—

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

	Investments in real estate-related securities		Investment in unconsolidated entities		Total Assets
Balance as of December 31, 2023	$	—	$	78,569	$	78,569
Transfer into Level 3	10,774		—		10,774
Distributions of earnings from unconsolidated entities	—		(2,002)		(2,002)
Unrealized (loss) gain	(4,536)		6,416		1,880
Loss on foreign currency translation			(1,417)		(1,417)
Balance as of December 31, 2024	$	6,238	$	81,566	$	87,804
Purchases	99,914		—		99,914
Funding of real estate-related loan commitments	19,086		—		19,086
Repayments of real estate-related loans	(119,000)		—		(119,000)
Contributions of equity into unconsolidated entities	—		61,396		61,396
Distributions of earnings from unconsolidated entities	—		(1,839)		(1,839)
Unrealized (loss) gain	(1,068)		20,375		19,307
Gain on foreign currency translation	—		6,290		6,290
Balance as of December 31, 2025	$	5,170	$	167,788	$	172,958

The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average		Impact to Valuation from an Increase in Input
Investments in real estate-related securities	$	5,170	Discounted cash flow	Discount Rate	15.1	%	Decrease
Investments in unconsolidated entities	167,788		Discounted cash flow	Discount Rate	8.2	%	Decrease
				Exit Capitalization Rate	5.6	%	Decrease

	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average		Impact to Valuation from an Increase in Input
Investments in real estate-related securities	$	6,238	Discounted cash flow	Discount Rate	18.7	%	Decrease
Investments in unconsolidated entities	81,566		Discounted cash flow	Discount Rate	6.3	%	Decrease
				Exit Capitalization Rate	5.2	%	Decrease