Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Investments in Real Estate, Net

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


	June 30, 2026		December 31, 2025
Building and building improvements	$	904,135	$	844,419
Land and land improvements	364,140		345,103
Furniture, fixtures and equipment	8,805		8,355
Total	1,277,080		1,197,877
Accumulated depreciation	(57,999)		(38,245)
Investments in real estate, net	$	1,219,081	$	1,159,632

Asset Acquisition

The following table provides details of the properties acquired during the six months ended June 30, 2026 ($ and square feet in thousands):


Property Type(1)	Purchase Price(2)		Number of Transactions	Number of Properties	Sq. Ft./Units
Multifamily	$	28,982	1	1	114 units
Office(3)	61,571		1	7	958 sq. ft
Total	$	90,553	2	8

(1) Excludes investment in a joint venture, of which the Company owns 98%, to originate construction loans to develop single-tenant, net leased, retail properties. During the six months ended June 30, 2026, the Company contributed $13.3 million, net of distributions, to the joint venture.

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

(3) Includes $8.5 million related to certain sales-type leases that were recorded as investments in real estate, net and subsequently reclassified to other assets, net on the Company’s Condensed Consolidated Balance Sheets.

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2026 ($ in thousands):


	For the six months ended June 30, 2026
Building and building improvements	$	41,211
Land and land improvements	19,786
Furniture, fixtures and equipment	197
In-place lease and above market intangibles	29,412
Below-market lease intangibles	(53)
Total purchase price	90,553

Net working capital assumed	(1,365)
Deposit applied	(1,000)
Contributions from non-controlling interests	(1,544)
Net purchase price	$	86,644