Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Balance Sheet Fair Values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:

	June 30, 2026				December 31, 2025
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	32,421		32,435	$	31,987		32,173
Financial liabilities:
Notes payable, net	$	4,873,182		4,751,276	$	4,619,301		4,554,628
Unsecured credit facilities (1)	$	30,000		30,000	$	120,000		120,000

(1)The carrying amount approximates its fair value due to the variable nature of the terms.

Schedule of Net Investment (Income) Expense Consolidated Statements of Operations

Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Unrealized Gain (Loss)		2,566		62		1,071		(2,385	)

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the placement in the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of June 30, 2026
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	40,346			40,346		—			—
Available-for-sale debt securities		11,182			—		11,182			—
Interest rate derivatives		7,304			—		7,304			—
Total	$	58,832			40,346		18,486			—
Liabilities:
Interest rate derivatives	$	(459	)		—		(459	)		—

	Fair Value Measurements as of December 31, 2025
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	39,887			39,887		—			—
Available-for-sale debt securities		11,486			—		11,486			—
Interest rate derivatives		6,778			—		6,778			—
Total	$	58,151			39,887		18,264			—
Liabilities:
Interest rate derivatives	$	(1,606	)		—		(1,606	)		—