Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	2 Months Ended	5 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Aug. 09, 2022
Cash flows from operating activities:
Net income (loss)		$ (881)	$ 173,085	$ (21,004)
Adjustments to reconcile net loss to cash provided by operating activities:
Management fee		3,050	45,383	22,224
Performance participation allocation		4,189	38,321	12,467
Depreciation and amortization		10,859	96,111	73,375
Amortization of tenant lease inducement		0	2,035	410
Straight-line rent adjustment		(2,480)	(19,398)	(20,958)
Accretion of tenant loan receivable		0	(11,792)	(10,440)
Amortization of below-market lease intangibles		(35)	(297)	(187)
Amortization of deferred financing costs		1,857	4,923	3,306
Capitalized interest on real estate under development		0	(1,546)	0
Impairment charges		0	24,053	9,033
Income from unconsolidated real estate affiliates		(300)	(221,916)	(13,965)
Net gain on dispositions		0	(43,620)	0
Lease right of use asset amortization		191	655	655
Net gain on derivative instruments not designated as hedges		0	(3,510)	0
Amortization of mortgage note premium/discount		45	0	407
Amortization of restricted shares		0	395	336
Amortization of off-market caps		0	5,621	11,021
Distribution of earnings from unconsolidated real estate affiliates		771	107,804	21,391
Non-cash interest expense on affiliate line of credit		1,336	4,693	16,589
Provision for current expected credit losses		0	6,296	9,481
Payments for other intangible assets		0	(20,988)	0
Other		0	(494)	(85)
Change in assets and liabilities:
(Increase) decrease in other assets		(3,383)	(12,675)	14,305
(Decrease) increase in due to affiliates		4,529	(1,102)	(3,345)
(Decrease) increase in accounts payable and accrued expenses		12,404	(14,787)	16,425
Increase in other liabilities		4,604	15,953	4,845
Net cash provided by operating activities		36,756	173,203	146,286
Cash flows from investing activities:
Acquisitions of real estate		(1,076,554)	(262,375)	(434,277)
Payments for real estate under development		(229,384)	(89,153)	0
Proceeds from disposition of real estate		0	8,094	0
Acquisitions of intangible assets		(119,268)	(26,963)	(8,939)
Payments for other intangible assets		0	0	(2,624)
Capital improvements to real estate		(45,965)	(1,787)	(78,809)
Investment in leases - financing receivable		(519,212)	(231,414)	(47,855)
Proceeds from dispositions of investments in leases - financing receivables		0	248,799	0
Pre-acquisition costs and deposits		(14,952)	0	0
Purchase of investments in real estate debt		(73,789)	(685,726)	(49,367)
Sale of investments in real estate debt		0	75,885	36,442
Investment in unconsolidated real estate affiliates		(6,986)	(656,568)	(738,013)
Return of capital from investment in unconsolidated real estate affiliates		0	13,804	31,486
Investment in off-market interest rate swaps and caps		(8,345)	0	(11,888)
Cash flows from off-market interest rate swaps and caps		0	7,090	12,044
Net cash used in investing activities		(2,094,455)	(1,600,314)	(1,291,800)
Cash flows from financing activities:
Proceeds from issuance of common shares		740,315	2,344,181	1,247,005
Payment of distributions to common shares		(3,208)	(112,110)	(47,056)
Proceeds from issuance of non-controlling interests		251	174	126
Payment of distributions to non-controlling interests		(2,979)	(20,059)	(19,846)
Redemption of non-controlling interests		0	(792)	(22,554)
Repurchase of common shares		(49,665)	(205,325)	(38,467)
Proceeds from DST Program		0	38,433	13,694
Proceeds from affiliate line of credit		250,000	0	0
Repayment of affiliate line of credit		0	(200,000)	(50,000)
Repayment of revolving credit facility		0	(1,584,592)	(391,659)
Borrowings under secured financings of investments in real estate debt		0	0	3,741
Proceeds from unsecured senior notes		0	130,000	0
Borrowings under mortgage notes		0	183,598	44,654
Repayment of mortgage notes		0	(494,902)	(27,242)
Payment of debt extinguishment fees		0	(3,327)	0
Repayment of other borrowings		0	(287,544)	0
Payment of deferred financing costs		(12,079)	(8,718)	(5,115)
Net cash provided by financing activities		2,191,635	1,459,217	1,154,463
Net change in cash and cash equivalents and restricted cash		133,936	32,106	8,949
Cash and cash equivalents and restricted cash, beginning of period			136,670	133,578
Effects of currency translation on cash, cash equivalents, and restricted cash		(358)	(5,989)	(5,857)
Cash and cash equivalents and restricted cash, end of period		133,578	162,787	136,670
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents		29,232	112,718	59,087
Restricted cash		104,346	50,069	77,583
Total cash and cash equivalents and restricted cash		133,578	162,787	136,670	$ 0
Supplemental disclosures:
Interest paid		12,650	117,379	87,850
Income taxes paid		0	1,774	0
Accrued unpaid amounts for real estate under development	$ 0		24,763	0
Accrued unpaid amounts for capital improvements to real estate		26,674	2,055	2,869
Accrued unpaid amounts for other intangible assets		0	26,824	28,027
Non-cash investing and financing activities:
Transfer to investments in real estate from investment in leases - financing receivable	$ 0		59,204	0
Assumption of mortgage notes in conjunction with acquisitions of real estate		520,970	0	0
Assumption of accounts payable in conjunction with acquisitions of real estate		34,950	0	0
Assumption of other borrowings in conjunction with investments in unconsolidated real estate affiliates		0	287,844	0
Acquisition of restricted cash in conjunction with acquisitions of real estate		152,849	0	0
Issuance of NLT OP units as consideration for acquisitions of real estate under development		351,034	0	0
Issuance of Class I Shares as consideration for acquisitions of real estate		27,772	0	0
Issuance of redeemable Class I Shares as interest payment for the affiliate line of credit		1,336	7,081	16,640
Issuance of redeemable Class I Shares as settlement of the management fee		1,014	40,508	19,426
Redeemable non-controlling interest issued as settlement of performance participation allocation		1,685	21,126	16,428
Offering costs due to affiliates		4,559	0	6,593
Accrued unpaid stockholder servicing fees		26,532	101,890	30,490
Allocation to redeemable non-controlling interest		42	862	586
Allocation to redeemable common shares		7	227	(4)
Distribution reinvestment		3,375	102,415	40,679
Accrued distributions for common shares		4,479	25,350	11,101
Accrued distributions for non-controlling interests		1,700	1,752	1,693
Borrowings of term loan credit facility
Cash flows from financing activities:
Proceeds from Lines of Credit		953,000	70,000	142,500
Borrowings under revolving credit facility
Cash flows from financing activities:
Proceeds from Lines of Credit		$ 316,000	$ 1,610,200	$ 304,682