Related Party Transactions - Narrative (Details) $ in Thousands		12 Months Ended
	Aug. 31, 2023	Dec. 31, 2025 USD ($) property class shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Sep. 01, 2023
Related Party Transaction [Line Items]
Class of stock, issued | class		3
Management fee | $		$ 80,727	$ 45,383	$ 22,224
Performance participation allocation | $		97,760	38,321	12,467
Total equity | $		$ 7,255,399	$ 4,197,498
Class S Common Shares
Related Party Transaction [Line Items]
Shares issued (in shares)		306,971,144	186,966,766
Shares owned (in shares)		306,971,144	186,966,766
Class N Common Shares
Related Party Transaction [Line Items]
Shares issued (in shares)		47,799,493	15,155,627
Shares owned (in shares)		47,799,493	15,155,627
Class D Common Shares
Related Party Transaction [Line Items]
Shares issued (in shares)		8,920,047	1,751,905
Shares owned (in shares)		8,920,047	1,751,905
Common Class I Units
Related Party Transaction [Line Items]
Common stock, redeemed (in shares)		134,418
Common stock redeemed (in shares)		6,718
Class I Common Shares
Related Party Transaction [Line Items]
Shares issued (in shares)		358,834,111	219,267,018
Shares owned (in shares)		358,834,111	219,267,018
Affiliated Entity
Related Party Transaction [Line Items]
Management fee | $		$ 80,727	$ 45,383	$ 22,224
Shares issued (in shares)			695,189	1,618,680
Accrued management fee | $		16,710	$ 9,710
Performance participation allocation | $		$ 97,760	$ 38,321	$ 12,467
Reimbursement window					60 months
Annual development fee percentage		3.00%
Affiliated Entity | Special Limited Partner
Related Party Transaction [Line Items]
Incentive fee		0.125
Affiliated Entity | Other Unit Holders
Related Party Transaction [Line Items]
Incentive fee		0.05
Affiliated Entity | Common Class I Units
Related Party Transaction [Line Items]
Common stock, redeemed (in shares)		113,979	27,517	0
Shares owned (in shares)		11,713,777	3,809,153
Common shares repurchased (in shares)		11,980,447	2,854,246	0
Common shares repurchases | $		$ 123,471	$ 29,000
Common stock redeemed (in shares)		2,777,242
Common stock redeemed | $		$ 28,402
Affiliated Entity | Common Class I Units | Special Limited Partner
Related Party Transaction [Line Items]
Shares issued (in shares)		8,018,603	2,081,534	1,590,696
Affiliated Entity | Class I Common Shares
Related Party Transaction [Line Items]
Shares owned (in shares)		5,977,092	13,109,016
Total equity | $		$ 63,181	$ 133,696
Related Party
Related Party Transaction [Line Items]
Number of properties acquired | property		5
Payments to acquire real estate | $		$ 273,644
Ongoing Servicing Fees | Affiliated Entity | Class S Common Shares
Related Party Transaction [Line Items]
Ongoing servicing fee		0.85%
Ongoing Servicing Fees | Affiliated Entity | Class N Common Shares
Related Party Transaction [Line Items]
Ongoing servicing fee		0.50%
Ongoing Servicing Fees | Affiliated Entity | Class D Common Shares
Related Party Transaction [Line Items]
Ongoing servicing fee		0.25%
Ongoing Servicing Fees | Affiliated Entity | Common Class S-1
Related Party Transaction [Line Items]
Ongoing servicing fee		0.85%
Ongoing Servicing Fees | Affiliated Entity | Common Class N-1
Related Party Transaction [Line Items]
Ongoing servicing fee		0.50%
Ongoing Servicing Fees | Affiliated Entity | Common Class D-1
Related Party Transaction [Line Items]
Ongoing servicing fee		0.25%
Ongoing Servicing Fees | Affiliated Entity | Interests
Related Party Transaction [Line Items]
Ongoing servicing fee		0.25%
Management Fee | Affiliated Entity
Related Party Transaction [Line Items]
Ongoing servicing fee		1.25%
2022 Management Fees | Affiliated Entity
Related Party Transaction [Line Items]
Shares issued (in shares)		7,162,527	3,987,057	1,887,887
DST Program-Management Fee | Affiliated Entity
Related Party Transaction [Line Items]
Ongoing servicing fee	1.25%