Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	2 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (2,094)	$ 2,267
Adjustments to reconcile net income to cash provided by operating activities:
Management fee	432	15,103
Performance participation allocation	1,685	13,925
Depreciation and amortization	1,152	50,377
Straight-line rent adjustment	(527)	(13,539)
Accretion of tenant loan receivable	0	(7,791)
Amortization of below-market lease intangibles	(3)	(126)
Amortization of deferred financing costs	231	10,511
Impairment of intangibles	0	9,033
Income from unconsolidated real estate affiliates	(293)	(29,926)
Lease right of use asset amortization	27	491
Amortization of mortgage note premium/discount	0	388
Distribution of earnings from unconsolidated real estate affiliates	0	12,502
Non-cash interest expense on affiliate line of credit	733	12,841
Provision for CECL	0	11,792
Other	0	(333)
Change in assets and liabilities:
Decrease in tenant and other receivables	(155)	(753)
Decrease in due to affiliates	1,641	1,342
Increase in accounts payable and accrued expenses	(12,972)	17,428
Increase in other liabilities	0	5,667
Net cash provided by operating activities	(10,143)	111,199
Cash flows from investing activities:
Acquisitions of real estate	(644,221)	(433,049)
Acquisitions of real estate under development	(243,176)	0
Acquisitions of intangible assets	(51,627)	(10,830)
Capital improvements to real estate	0	(70,104)
Investment in leases - financing receivable	(119,973)	(47,855)
Purchase of investments in real estate debt	0	(42,583)
Sale of investments in real estate debt	0	29,560
Investment in unconsolidated real estate affiliates	(6,986)	(447,821)
Investment in interest rate swap	0	(11,888)
Cash flows from off-market interest rate swaps and caps	0	8,248
Net cash used in investing activities	(1,065,983)	(1,026,322)
Cash flows from financing activities:
Proceeds from issuance of common shares	274,670	891,563
Payment of distributions to common shares	0	(31,479)
Payment of distributions to non-controlling interests	0	(14,765)
Repurchase of common share	0	(19,385)
Redemption of non-controlling interests	0	(21,992)
Proceeds from affiliate line of credit	150,000	0
Repayment of affiliate line of credit	0	(25,000)
Borrowings under mortgage notes	0	44,654
Repayment of mortgage notes	0	(25,027)
Payment of deferred financing costs	(11,479)	(5,389)
Net cash provided by financing activities	1,137,191	900,703
Net change in cash and cash equivalents and restricted cash	61,065	(14,420)
Cash and cash equivalents and restricted cash, beginning of period		133,578
Effects of currency translation on cash, cash equivalents, and restricted cash	0	(1,551)
Cash and cash equivalents and restricted cash, end of period	61,065	117,607
Cash and cash equivalents	13,067	35,581
Restricted cash	47,998	82,026
Total cash and cash equivalents and restricted cash	61,065	117,607
Supplemental disclosures:
Interest paid	406	78,384
Accrued unpaid amounts for capital improvements to real estate	18,710	37,257
Non-cash investing and financing activities:
Issuance of NLT OP units as consideration for acquisitions of real estate under development	57,256	0
Issuance of Class I Shares as consideration for acquisitions of real estate	27,773	0
Issuance of redeemable Class I Shares as interest payment for the affiliate line of credit	0	12,403
Issuance of redeemable Class I Shares as settlement of the management fee	0	13,003
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	10,638
Allocation to redeemable non-controlling interest	0	346
Allocation to redeemable common shares	0	269
Distribution reinvestment	0	26,723
Accrued distributions	2,073	10,789
Unsecured term loan credit facility
Cash flows from financing activities:
Proceeds from line of credit	700,000	142,500
Unsecured revolving credit facility
Cash flows from financing activities:
Proceeds from line of credit	24,000	278,419
Repayment of revolving credit facility	$ 0	$ (313,396)