Segment Reporting

6 Months Ended

Jun. 30, 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 June 30, 2026. The Chief Operating Decision Maker (“CODM”) specifically reviews consolidated net income to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. In addition, the CODM regularly reviews the various expense and other line items excluding non-cash items, as presented in the table below.

The following table details our segment financial results for the three and six months ended June 30, 2026 and 2025:

	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Total segment revenues	$	102,003	$	66,097	$	198,928	$	132,150
Segment expenses
Fund level expenses (1)	9,925		4,451		17,378		10,360
Management fees	29,564		18,622		57,471		34,838
Performance participation allocation	30,040		18,331		60,497		30,896
Interest expense (2)	33,779		21,259		69,082		40,528
Other segment income, net (3)	(70,449)		(57,922)		(245,846)		(155,002)
Income tax expense	1,924		(198)		3,470		81
Consolidated segment net income	$	67,220	$	61,554	$	236,876	$	170,449

(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 income (expense), net.

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