Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company’s principal business is the acquisition, ownership, financing and leasing of single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors.

The Company has one operating segment and one reportable segment as of March 31, 2026. The CODM specifically reviews consolidated net income and certain significant expenses excluding non-cash items at the consolidated entity level to allocate resources accordingly. The following table details our segment financial results for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31, 2026		March 31, 2025
Total segment revenues	$	96,925	$	66,053
Segment expenses
Fund level expenses (1)	7,453		5,909
Management fees	27,907		16,216
Performance participation allocation	30,457		12,565
Interest expense (2)	35,303		19,269
Other segment income, net (3)	(175,397)		(97,080)
Income tax expense	1,546		279
Consolidated segment net income	$	169,656	$	108,895

(1)    Fund level expenses are equal to total general and administrative expenses adjusted to exclude the CECL allowance.

(2)    Interest expense excludes non-cash items such as amortization expense related to our deferred financing fees.

(3)     Other segment income, net includes rental property operating expenses, CECL allowance, impairment charges, depreciation and amortization, income from unconsolidated real estate affiliates, net gain (loss) on dispositions, interest income, and other expense, net.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.