Summary of Significant Accounting Policies and Estimates - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) $ in Thousands	12 Months Ended
Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,856,025
Purchases	3,446,843
Sales	(847,614)
Distributions received	(362,102)
Capitalized interest income	3,786
DST Program proceeds	0
Net gain on fair value of DST financing obligation	0
Gain on fair value of investments in real estate debt	7,624
Income from unconsolidated real estate affiliates at fair value	549,496
Ending balance	4,654,058
DST Financing Obligation
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	52,123
Purchases	0
Sales	0
Distributions received	0
Capitalized interest income	0
DST Program proceeds	298,001
Net gain on fair value of DST financing obligation	1
Gain on fair value of investments in real estate debt	0
Income from unconsolidated real estate affiliates at fair value	0
Ending balance	350,125
Investments in real estate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	113,939
Purchases	938,386
Sales	(211,380)
Distributions received	0
Capitalized interest income	3,786
DST Program proceeds	0
Net gain on fair value of DST financing obligation	0
Gain on fair value of investments in real estate debt	7,624
Income from unconsolidated real estate affiliates at fair value	0
Ending balance	852,355
Investments in unconsolidated real estate affiliates
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,742,086
Purchases	2,508,457
Sales	(636,234)
Distributions received	(362,102)
Capitalized interest income	0
DST Program proceeds	0
Net gain on fair value of DST financing obligation	0
Gain on fair value of investments in real estate debt	0
Income from unconsolidated real estate affiliates at fair value	549,496
Ending balance	$ 3,801,703

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