Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 491,207	$ 173,085	$ (21,004)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Management fee	80,727	45,383	22,224
Performance participation allocation	97,760	38,321	12,467
Depreciation and amortization	107,531	96,111	73,375
Amortization of tenant lease inducement	3,035	2,035	410
Straight-line rent adjustment	(21,419)	(19,398)	(20,958)
Accretion of tenant loan receivable	(8,081)	(11,792)	(10,440)
Amortization of below-market lease intangibles	(358)	(297)	(187)
Amortization of deferred financing costs	7,876	4,923	3,306
Debt extinguishment expense	257	0	0
Capitalized interest on real estate under development	(2,774)	(1,546)	0
Impairment charges	0	24,053	9,033
Income from unconsolidated real estate affiliates	(549,415)	(221,916)	(13,965)
Distribution of earnings from unconsolidated real estate affiliates	179,474	107,804	21,391
Net loss (gain) on dispositions	2,180	(43,620)	0
Lease right of use asset amortization	655	655	655
Net loss (gain) on derivative instruments not designated as hedges	7,491	(3,510)	0
Net unrealized gain on investments in real estate debt	(7,624)	0	0
Net realized gain on investments in real estate debt	(4,320)	0	0
Net unrealized loss on fair value of DST financing obligation	1	0	0
Amortization of mortgage note premium/discount	0	0	407
Amortization of off-market caps	181	5,621	11,021
Amortization of restricted shares	447	395	336
Non-cash interest expense on affiliate line of credit	0	4,693	16,589
Provision for current expected credit losses	2,409	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	(11,389)	(12,675)	14,305
(Decrease) increase in due to affiliates	(40)	(1,102)	(3,345)
(Decrease) increase in accounts payable and accrued expenses	(1,729)	(14,787)	16,425
Increase in other liabilities	21,437	15,953	4,845
Net cash provided by operating activities	395,519	173,203	146,286
Cash flows from investing activities:
Acquisitions of real estate	(1,074,429)	(262,375)	(434,277)
Payments for real estate under development	(31,623)	(89,153)	0
Proceeds from disposition of real estate	137,322	8,094	0
Acquisitions of intangibles	(84,623)	(26,963)	(8,939)
Payments for other intangible assets	0	0	(2,624)
Capital improvements to real estate	(552)	(1,787)	(78,809)
Pre-acquisition costs and deposits	0	0	0
Investment in leases - Financing receivable	(218,021)	(231,414)	(47,855)
Proceeds from dispositions of investments in leases - financing receivables	0	248,799	0
Purchase of investments in real estate debt	(2,068,185)	(685,726)	(49,367)
Sale of investments in real estate debt	605,128	75,885	36,442
Investment in unconsolidated real estate affiliates	(2,350,779)	(656,568)	(738,013)
Sale of investment in unconsolidated real estate affiliates	636,234	0	0
Return of capital from investment in unconsolidated real estate affiliates	182,854	13,804	31,486
Investment in off-market interest rate swaps and caps	0	0	(11,888)
Cash flows from off-market interest rate swaps and caps	0	7,090	12,044
Net cash used in investing activities	(4,266,674)	(1,600,314)	(1,291,800)
Cash flows from financing activities:
Proceeds from issuance of common shares	3,174,063	2,344,181	1,247,005
Payment of distributions to common shares	(198,104)	(112,110)	(47,056)
Proceeds from issuance of non-controlling interests	297	174	126
Payment of distributions to non-controlling interests	(22,852)	(20,059)	(19,846)
Redemption of non-controlling interests	(1,163)	(792)	(22,554)
Repurchase of common shares	(454,219)	(205,325)	(38,467)
Proceeds from DST Program	299,033	38,433	13,694
Borrowings under secured financings of investments in real estate debt	845,686	0	3,741
Repayment of borrowings under secured financings of investments in real estate debt	(42,117)	0	0
Repayment of affiliate line of credit	0	(200,000)	(50,000)
Repayment of revolving credit facility	(1,544,950)	(1,584,592)	(391,659)
Proceeds from unsecured senior notes	0	130,000	0
Borrowings under mortgage notes	57,750	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	(40,627)	(8,718)	(5,115)
Net cash provided by financing activities	3,869,297	1,459,217	1,154,463
Net change in cash and cash equivalents and restricted cash	(1,858)	32,106	8,949
Cash and cash equivalents and restricted cash, beginning of period	162,787	136,670	133,578
Effects of currency translation on cash, cash equivalents, and restricted cash	7,036	(5,989)	(5,857)
Cash and cash equivalents and restricted cash, end of period	167,965	162,787	136,670
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	119,444	112,718	59,087
Restricted cash	48,521	50,069	77,583
Total cash and cash equivalents and restricted cash	167,965	162,787	136,670
Supplemental disclosures:
Interest paid	91,849	117,379	87,850
Income taxes paid	1,816	1,774	0
Accrued unpaid amounts for real estate under development	38,608	24,763	0
Accrued unpaid amounts for capital improvements to real estate	0	2,055	2,869
Accrued unpaid amounts for other intangible assets	30,719	26,824	28,027
Non-cash investing and financing activities:
Contribution of net real estate assets and investments for investment in unconsolidated real estate affiliate	157,385	0	0
Transfers between investments in real estate and investment in leases - Financing receivable	40,000	59,204	0
Assumption of other borrowings in conjunction with investments in unconsolidated real estate affiliates	0	287,844	0
Issuance of NLT OP Units as consideration for acquisitions of real estate	17,100	0	0
Issuance of redeemable Class I shares as interest payment for the affiliate line of credit	0	7,081	16,640
Issuance of redeemable Class I shares as settlement of the management fee	73,726	40,508	19,426
Redeemable non-controlling interest issued as settlement of performance participation allocation	82,756	21,126	16,428
Offering costs due to affiliates	0	0	6,593
Accrued unpaid stockholder servicing fees	167,835	101,890	30,490
Allocation to redeemable non-controlling interest	2,488	862	586
Allocation to redeemable common shares	268	227	(4)
Distribution reinvestment	194,234	102,415	40,679
Accrued distributions for common shares	41,814	25,350	11,101
Accrued distributions for non-controlling interests	0	1,752	1,693
Borrowings under term loan credit facility
Cash flows from financing activities:
Borrowings under credit facility	84,500	70,000	142,500
Borrowings under revolving credit facility
Cash flows from financing activities:
Borrowings under credit facility	$ 1,712,000	$ 1,610,200	$ 304,682