v3.26.1
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Common Stock Class T
Common Stock
Common Stock Class S
Common Stock
Common Stock Class D
Common Stock
Common Stock Class I
Additional Paid-in Capital
Accumulated Other Comprehensive Income Loss
Accumulated Deficit and Cumulative Distributions
Total Stockholders' Equity
Non-Controlling Interests
Balance at Dec. 31, 2024 $ 5,258,727 $ 51 $ 1,814 $ 259 $ 1,894 $ 8,932,123 $ (50,756) $ (3,691,379) $ 5,194,006 $ 64,721
Common stock issued (transferred) 31,148 (1)   (4) 18 31,135     31,148  
Offering costs, net (295)         71     71 (366)
Distribution reinvestments 37,344   9 1 7 37,327     37,344  
Amortization of restricted stock grants 210         210     210  
Common stock repurchased (87,328)   (16) (2) (22) (87,288)     (87,328)  
Net loss (allocated to redeemable non-controlling interest) (178,259)             (177,180) (177,180) (1,079)
Contributions from non-controlling interests 11,361                 11,361
Distributions to non-controlling interests (3,239)                 (3,239)
Distributions declared on common stock (see Note 11) (115,760)             (115,760) (115,760)  
Other comprehensive income (loss) 22,208           22,208   22,208  
Allocation to redeemable non-controlling interest (4,102)         (4,102)     (4,102)  
Balance at Mar. 31, 2025 4,972,015 50 1,807 254 1,897 8,909,476 (28,548) (3,984,319) 4,900,617 71,398
Balance at Dec. 31, 2025 3,968,490 48 1,756 247 1,869 8,702,558 22,499 (4,842,847) 3,886,130 82,360
Common stock issued (transferred) 23,987 (1) (4)   18 23,974     23,987  
Offering costs, net 415         542     542 (127)
Distribution reinvestments 32,874   8 1 7 32,858     32,874  
Amortization of restricted stock grants 210         210     210  
Common stock repurchased (120,313)   (26) (3) (31) (120,253)     (120,313)  
Net loss (allocated to redeemable non-controlling interest) (113,765)             (112,854) (112,854) (911)
Contributions from non-controlling interests 8,320                 8,320
Distributions to non-controlling interests (837)                 (837)
Distributions declared on common stock (see Note 11) (113,255)             (113,255) (113,255)  
Other comprehensive income (loss) (8,702)           (8,702)   (8,702)  
Allocation to redeemable non-controlling interest (5,926)         (5,926)     (5,926)  
Balance at Mar. 31, 2026 $ 3,671,498 $ 47 $ 1,734 $ 245 $ 1,863 $ 8,633,963 $ 13,797 $ (5,068,956) $ 3,582,693 $ 88,805