Summary of Significant Accounting Policies and Estimates (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table details the Company’s assets measured at fair value on a recurring basis:


	March 31, 2026						December 31, 2025
	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Investments in unconsolidated real estate affiliates	$	—	$	4,238,148	$	4,238,148	$	—	$	3,801,703	$	3,801,703
Investments in real estate debt	993,119		962,851		1,955,970		853,531		852,355		1,705,886
Derivative assets (1)	38,990		—		38,990		8,899		—		8,899
Total	$	1,032,109	$	5,200,999	$	6,233,108	$	862,430	$	4,654,058	$	5,516,488

Liabilities:
Derivative liabilities (2)	$	10,992	$	—	$	10,992	$	25,205	$	—	$	25,205
DST financing obligation	—		562,587		562,587		—		350,125		350,125
Total	$	10,992	$	562,587	$	573,579	$	25,205	$	350,125	$	375,330

(1) Included within Other assets within the Condensed Consolidated Balance Sheets.

(2) Included within Other liabilities within the Condensed Consolidated Balance Sheets.

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:


	Investments in real estate debt		Investments in unconsolidated real estate affiliates		Total Assets		DST Financing Obligation
Balance as of December 31, 2025	$	852,355	$	3,801,703	$	4,654,058	$	350,125
Purchases	174,519		359,436		533,955		—
Sales	(65,395)		—		(65,395)		—
Distributions received	—		(127,799)		(127,799)		—
Interest income	1,108		—		1,108		—
DST Program proceeds	—		—		—		211,125
Included in net income
Net gain on fair value of DST financing obligation	—		—		—		1,337
Gain on fair value of investments in real estate debt	264		—		264		—
Income from unconsolidated real estate affiliates measured at fair value	—		204,808		204,808		—
Balance as of March 31, 2026	$	962,851	$	4,238,148	$	5,200,999	$	562,587

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details