v3.25.4
Owned Real Estate, Net - Owned Real Estate Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Building and building improvements $ 708,097 $ 410,546
Land and land improvements 461,585 181,083
Total 1,169,682 591,629
Less: accumulated depreciation (34,707) (3,444)
Owned real estate, net 1,134,975 588,185
Intangible real estate assets 161,690 83,253
Less: accumulated amortization (44,601) (5,964)
Intangible real estate assets, net 117,089 77,289
Liabilities    
Intangible real estate liabilities 3,985 1,422
Less: accumulated amortization (570) (1)
Intangible real estate liabilities, net $ 3,415 $ 1,421