Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Investments in real estate, net	$ 4,008,624	$ 2,996,309
Investments in unconsolidated real estate affiliates (includes $3,801,703 and $1,742,086 reported at fair value as of December 31, 2025 and 2024, respectively)	3,806,866	1,747,787
Investment in leases – Financing receivables, net	502,573	535,273
Investments in real estate debt (includes $1,705,886 and $619,476 reported at fair value as of December 31, 2025 and 2024, respectively)	2,101,147	696,052
Intangible assets, net	242,992	168,101
Cash and cash equivalents	119,444	112,718
Restricted cash	48,521	50,069
Other assets	85,242	71,279
Total assets	10,915,409	6,377,588
Liabilities and Equity
Unsecured senior notes, net	126,496	126,345
Other borrowings, net	753,947	0
Due to affiliates	227,968	140,091
Accounts payable and accrued expenses	148,117	100,564
Other liabilities	437,240	88,442
Total liabilities	3,526,765	2,083,190
Redeemable non-controlling interests	125,360	39,952
Redeemable common shares	7,885	56,948
Equity
Additional paid-in capital	7,118,409	4,149,362
Accumulated earnings and cumulative distributions	(108,056)	(187,297)
Accumulated other comprehensive loss	(755)	(18,118)
Total Shareholders' Equity	7,016,820	3,948,179
Non-controlling interests	238,579	249,319
Total equity	7,255,399	4,197,498
Total liabilities and equity	10,915,409	6,377,588
Class S Common Shares
Equity
Common shares	3,070	1,870
Class N Common Shares
Equity
Common shares	478	152
Class D Common Shares
Equity
Common shares	89	18
Class I Common Shares
Equity
Common shares	3,585	2,192
Mortgage notes & credit facilities:
Liabilities and Equity
Mortgage notes and credit facilities, net	$ 1,832,997	$ 1,627,748