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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments in real estate:    
Land, buildings and improvements $ 226,533 $ 218,799
Net investments in finance leases 0 41,878
In-place lease intangible assets and other 41,519 45,160
Above-market rent intangible assets 7,314 10,760
Investments in real estate 275,366 316,597
Accumulated depreciation and amortization (97,425) (102,926)
Assets held for sale, net 0 96,269
Net investments in real estate 177,941 309,940
Cash and cash equivalents 70,609 119,621
Other assets, net 9,432 23,810
Total assets [1] 257,982 453,371
Liabilities and Equity    
Non-recourse mortgage 21,900 21,900
Accounts payable, accrued expenses and other liabilities 11,157 56,104
Below-market rent intangible liabilities, net 2,055 1,990
Dividends payable 48,886 75,552
Total liabilities [1] 83,998 155,546
Commitments and contingencies (Note 9)
Preferred stock, $0.001 par value, $5,000,000 shares authorized; none issued 0 0
Common stock, $0.001 par value, $45,000,000 shares authorized; $14,814,075 shares issued and outstanding 15 15
Additional paid-in capital 855,813 855,813
Distributions in excess of accumulated earnings (685,801) (561,917)
Total shareholders’ equity 170,027 293,911
Noncontrolling interests 3,957 3,914
Total equity 173,984 297,825
Total liabilities and equity $ 257,982 $ 453,371
[1] See Note 2 for details related to variable interest entities (“VIEs”).