Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Investments in real estate, net	$ 4,173,396	$ 4,008,624
Investments in leases – Financing receivables, net	597,642	502,573
Investments in real estate debt (includes $1,540,287 and $1,705,886 reported at fair value as of June 30, 2026 and December 31, 2025, respectively)	1,831,813	2,101,147
Investments in unconsolidated real estate affiliates (includes $4,401,457 and $3,801,703 reported at fair value as of June 30, 2026 and December 31, 2025, respectively)	4,406,525	3,806,866
Intangible assets, net	248,674	242,992
Cash and cash equivalents	614,145	119,444
Restricted cash	53,566	48,521
Other assets	144,478	85,242
Total assets	12,070,239	10,915,409
Liabilities and Equity
Unsecured senior notes, net	126,791	126,496
Other borrowings, net	440,587	753,947
Due to affiliates	244,133	227,968
DST financing obligation	714,785	350,125
Accounts payable and accrued expenses	189,422	148,117
Other liabilities	84,772	87,115
Total liabilities	3,500,454	3,526,765
Redeemable non-controlling interests	150,799	125,360
Redeemable common shares	39,081	7,885
Equity
Additional paid-in capital	8,306,778	7,118,409
Accumulated earnings and cumulative distributions	(165,801)	(108,056)
Accumulated other comprehensive income (loss)	(3,765)	(755)
Total Shareholders' Equity	8,145,601	7,016,820
Non-controlling interests	234,304	238,579
Total equity	8,379,905	7,255,399
Total liabilities and equity	12,070,239	10,915,409
Class S Common Shares
Equity
Common shares	3,520	3,070
Class N Common Shares
Equity
Common shares	562	478
Class D Common Shares
Equity
Common shares	115	89
Class I Common Shares
Equity
Common shares	4,192	3,585
Mortgage notes and credit facilities, net
Liabilities and Equity
Mortgage notes and credit facilities, net	$ 1,699,964	$ 1,832,997