v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Investments in real estate, net $ 2,618,437 $ 1,143,748
Intangible assets, net 468,200 207,574
Cash and cash equivalents 3,968 127,225
Restricted cash 43,917 87,737
Other assets 120,253 22,237
Total assets 3,254,775 1,588,521
Liabilities    
Subscriptions received in advance 40,227 80,573
Distribution payable 8,911 4,260
Total liabilities 1,890,281 812,716
Commitments and contingencies (Note 11)
Redeemable common stock (Note 8) 27,292 5,479
Redeemable non-controlling interests (Note 8) 5,714 0
Equity    
Additional paid-in capital 1,414,710 796,992
Accumulated other comprehensive income (loss) (790) 948
Accumulated deficit (83,861) (28,417)
Total equity 1,331,488 770,326
Total liabilities and equity 3,254,775 1,588,521
Revolving credit facility    
Liabilities    
Debt 1,010,100 562,500
Term loan, net    
Liabilities    
Debt 753,905 121,154
Affiliated Entity    
Liabilities    
Other Liabilities 49,005 17,868
Nonrelated Party    
Liabilities    
Other Liabilities 28,133 26,361
Class S    
Equity    
Common shares 0 0
Class I    
Equity    
Common shares 129 0
Class F-S    
Equity    
Common shares 243 30
Class F-I    
Equity    
Common shares 683 405
Class D-S    
Equity    
Common shares 374 355
Class D-X    
Equity    
Common shares 0 13
Redeemable Noncontrolling Interest    
Liabilities    
Redeemable non-controlling interests (Note 8) $ 5,714 $ 0