Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Investments in real estate, net	$ 4,100,522	$ 4,008,624
Investments in leases – Financing receivables, net	591,781	502,573
Investments in real estate debt (includes $1,955,970 and $1,705,886 reported at fair value as of March 31, 2026 and December 31, 2025, respectively)	2,250,418	2,101,147
Total unconsolidated real estate affiliates accounted for under the equity method	4,243,275	3,806,866
Intangible assets, net	251,047	242,992
Cash and cash equivalents	159,284	119,444
Restricted cash	47,080	48,521
Other assets	123,916	85,242
Total assets	11,767,323	10,915,409
Liabilities and Equity
Unsecured senior notes, net	126,649	126,496
Other borrowings, net	814,032	753,947
Due to affiliates	239,202	227,968
DST financing obligation	562,587	350,125
Accounts payable and accrued expenses	157,365	148,117
Other liabilities	87,806	87,115
Total liabilities	3,631,569	3,526,765
Redeemable non-controlling interests	156,992	125,360
Redeemable common shares	9,420	7,885
Equity
Additional paid-in capital	7,814,347	7,118,409
Accumulated earnings and cumulative distributions	(82,926)	(108,056)
Accumulated other comprehensive income (loss)	(7,810)	(755)
Total Shareholders' Equity	7,731,517	7,016,820
Non-controlling interests	237,825	238,579
Total equity	7,969,342	7,255,399
Total liabilities and equity	11,767,323	10,915,409
Class S Common Shares
Equity
Common shares	3,342	3,070
Class N Common Shares
Equity
Common shares	536	478
Class D Common Shares
Equity
Common shares	98	89
Class I Common Shares
Equity
Common shares	3,930	3,585
Mortgage notes and credit facilities, net
Liabilities and Equity
Mortgage notes and credit facilities, net	$ 1,643,928	$ 1,832,997