Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):


		December 31, 2025				December 31, 2024
Building and building improvements		$	844,419			$	268,327
Land and land improvements			345,103				106,654
Furniture, fixtures and equipment			8,355				3,881
Total			1,197,877				378,862
Accumulated depreciation			(38,245	)			(13,792	)
Investments in real estate, net		$	1,159,632			$	365,070

Summary of Property Acquired

The following table details the properties acquired during the year ended December 31, 2025 ($ in thousands):


Property Type		Purchase Price(1)				Number of Transactions				Number of Properties				Sq. Ft. (in thousands)/Units
Industrial		$	320,228				8				36			4,950 sq. ft
Multifamily			484,683				9				13			2,285 units
Retail(2)			53,990				1				1			136 sq. ft
Total		$	858,901				18				50

(1) Purchase price is inclusive of acquisition-related costs.

(2) Excludes investment in a joint venture, of which the Company owns 98%, to originate construction loans that will be used to develop single-tenant net leased retail properties. The joint venture committed $50 million and secured a line of credit for $50 million to finance the loan originations. The joint venture held its first closing in July 2025 and the Company has contributed $10.0 million to the joint venture during the year ended December 31, 2025.

The following table details the properties acquired during the year ended December 31, 2024 ($ in thousands):


Property Type		Purchase Price(1)				Number of Transactions				Number of Properties				Sq. Ft. (in thousands)/Units
Industrial properties		$	26,212				1				2			154 sq. ft.
Single-family rental property(2)			32,768				4				1			90 units
Retail			48,878				1				1			100 sq. ft.
Total		$	107,858				6				4

(1) Purchase price is inclusive of acquisition-related costs.

(2) The 90 Fiore townhomes acquired in 2024 are included as a single property.

Schedule of Purchase Price Allocation of Properties Acquired

The following table details the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):


		For the Years Ended December 31,
		2025				2024
Building and building improvements		$	558,343			$	65,787
Land and land improvements			237,937				29,598
Furniture, fixtures and equipment			4,242				553
In-place lease and above market intangibles			57,581				13,249
Below-market lease intangibles			(8,363	)			(1,329	)
Lease inducement asset			11,279				—
Deferred rental income			(2,118	)			—
Total purchase price			858,901				107,858
Mortgage notes, net of discount and financing costs			(122,817	)			—
Net working capital assumed			(6,100	)			(459	)
Deposit applied			(5,755	)			(9,072	)
Contributions from non-controlling interests			(10,753	)			(2,422	)
Net purchase price		$	713,476			$	95,905