Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial position, results of operations or liquidity.

During the year ended December 31, 2024, the Company acquired 23 consolidated investments related to build-to-suit arrangements and placed one asset in service. During the year ended December 31, 2025, the Company placed seven of the assets in service and contributed two of the assets for interests in LV Petroleum JV. The Company has paid and/or accrued $77,917 in construction costs and estimates the total future commitments to complete the construction for the remaining 13 assets to be $8,921. As of December 31, 2025, the remaining maximum contractual funding is $49,748.

The Company has made direct and indirect investments into joint ventures, which were formed to construct assets in build-to-suit arrangements, including net lease data centers. As of December 31, 2025, the estimated future commitments of the Company to complete the construction of the build-to-suit assets is $1,887,302, which is to be funded through 2029. As of December 31, 2025, the investments subject to future fundings have a weighted average capitalization rate of 8.78%, a weighted average remaining lease term of 20.9 years, and a weighted average credit rating of A.

Additionally, as of December 31, 2025, the Company has commitments to fund up to $240,984 in additional future fundings related to our investments in commercial real estate loans, including those held through joint ventures.

During the year ended December 31, 2025, the Company assumed a leasehold interest in a ground lease ("Stadium Lease") with Stark County Port Authority for land related to the HOF Village Stadium, and entered into a sub-ground lease (“Sublease”) with HOF Village (the “Tenant”) related to this land. The Company’s obligations under the Stadium Lease remain in effect notwithstanding the Tenant’s agreement to make these Stadium Lease payments directly to the Port Authority. Accordingly, if the Tenant defaults under the Sublease, the Company may be required to make such payments directly to Stark County Port Authority as obligated under the Stadium Lease.