Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis

The following table details the Company’s assets and liabilities that are measured at fair value on a recurring basis ($ in thousands):


		March 31, 2026																December 31, 2025
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets:
Investment in real estate debt		$	—			$	—			$	940,286			$	940,286			$	—			$	—			$	915,431			$	915,431
Derivatives			—				61,969				—				61,969				—				83,223				—				83,223
Total		$	—			$	61,969			$	940,286			$	1,002,255			$	—			$	83,223			$	915,431			$	998,654

Liabilities:
Derivatives		$	—			$	56,422			$	—			$	56,422			$	—			$	59,520			$	—			$	59,520
Total		$	—			$	56,422			$	—			$	56,422			$	—			$	59,520			$	—			$	59,520

Summary of Assets Measured At Fair Value On Recurring Basis

The following table details the Company’s assets that are measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


		Investments in Real Estate Debt
Balance as of December 31, 2025		$	915,431
Included in net loss
Foreign currency exchange gain			24,855
Balance as of March 31, 2026		$	940,286

Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value

he following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

            
           March 31, 2026

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Weighted Average

           Impact to Valuation from a Decrease in Input

           Financial Assets:

Investment in real estate debt

$

940,286

Discounted Cash Flow

Discount Rate

8.8%

Increase

            
           December 31, 2025

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Weighted Average

           Impact to Valuation from a Decrease in Input

           Financial Assets:

Investment in real estate debt

$

915,431

Discounted Cash Flow

Discount Rate

8.8%

Increase