Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Investments in real estate, net	$ 2,996,309	$ 2,715,832
Investments in unconsolidated real estate affiliates (includes $1,742,086 and $699,570 reported at fair value as of December 31, 2024 and December 31, 2023, respectively)	1,747,787	705,628
Investment in leases – Financing receivables, net	535,273	562,690
Investments in real estate debt (includes $619,476 and $87,209 reported at fair value as of December 31, 2024 and December 31, 2023, respectively)	696,052	87,209
Intangible assets, net	168,101	136,530
Cash and cash equivalents	112,718	59,087
Restricted cash	50,069	77,583
Other assets	71,279	49,209
Total assets	6,377,588	4,393,768
Liabilities and Equity
Unsecured senior notes, net	126,345	0
Affiliate line of credit	0	200,000
Due to affiliates	140,091	71,750
Accounts payable and accrued expenses	100,564	81,499
Other liabilities	88,442	47,071
Total liabilities	2,083,190	2,259,908
Redeemable non-controlling interests	39,952	17,976
Redeemable common shares	56,948	38,418
Equity
Additional paid-in capital	4,149,362	1,948,355
Accumulated deficit and cumulative distributions	(187,297)	(132,638)
Accumulated other comprehensive (loss) income	(18,118)	3,052
Total Shareholders' Equity	3,948,179	1,820,751
Non-controlling interests	249,319	256,715
Total equity	4,197,498	2,077,466
Total liabilities and equity	6,377,588	4,393,768
Mortgage notes & credit facilities:
Liabilities and Equity
Mortgage notes and credit facilities, net	1,627,748	1,859,588
Class S Common Shares
Equity
Common shares	1,870	921
Class N Common Shares
Equity
Common shares	152	0
Class D Common Shares
Equity
Common shares	18	45
Class I Common Shares
Equity
Common shares	$ 2,192	$ 1,016