v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
May 20, 2025
Assets    
Investments in real estate, net $ 3,265,308 $ 0
Debt investments 28,574 0
Intangible assets, net 512,783 0
Cash and cash equivalents 186,005 1
Restricted cash 9,972 0
Other assets 23,596 0
Total assets 4,026,238 1
Liabilities and Equity    
Intangible liabilities, net 514,404 0
Secured mortgage loans and notes, net 1,801,413 0
Accounts payable and accrued expenses 40,730 0
Other liabilities 16,118 0
Total liabilities 2,427,525 0
Redeemable common shares 1 1
Equity    
Additional paid-in capital 1,574,566 0
Accumulated deficit (12,725) 0
Accumulated other comprehensive income 2,845 0
Total Shareholders' Equity 1,566,303 0
Non-controlling interests 32,409 0
Total equity 1,598,712 0
Total liabilities and equity 4,026,238 1
Class S Common Shares    
Equity    
Common shares, value 568 0
Class D Common Shares    
Equity    
Common shares, value 22 0
Class I Common Shares    
Equity    
Common shares, value 327 0
Class E Common Shares    
Equity    
Common shares, value 700 0
Affiliated Entity    
Liabilities and Equity    
Due to affiliates $ 54,860 $ 0