v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
INVESTMENTS
NOTE 4 — INVESTMENTS
Investments consist of the following (in thousands):
June 30, 2026
December 31, 2025
Real estate assets, net
$
1,419,326 
$
25,413 
Credit investments
3,288,069 
71,683 
Investments in managed funds and unconsolidated joint ventures
608,109 
525,184 
Investments in other owner-operators of real assets
17,549 
18,301 
Total investments
$
5,333,053 
$
640,581 
Real Estate Assets, Net
Real estate assets, net consist of the following (in thousands):
June 30, 2026
December 31, 2025
Land
$
317,189 
$
18,077 
Buildings, fixtures and improvements
946,775 
3,144 
In-place leases and other intangibles (1)
129,410 
— 
Above-market leases (2)
16,895 
— 
Real estate assets held for sale
3,778 
— 
Other real estate assets
5,487 
4,269 
Less: accumulated depreciation and amortization
(208)
(77)
Total real estate assets, net
$
1,419,326 
$
25,413 
____________________________________
(1)Weighted average life remaining of 7.5 years as of June 30, 2026. Amortization expense is included in other income (loss) in the accompanying condensed combined and consolidated statements of operations. No amounts were recorded during the three and six months ended June 30, 2026 and 2025.
(2)Weighted average life remaining of 5.5 years as of June 30, 2026. Amortization expense is recorded as a reduction to revenues from consolidated investments in the accompanying condensed combined and consolidated statements of operations. No amounts were recorded during the three and six months ended June 30, 2026 and 2025.
As of June 30, 2026, the estimated amortization relating to the Company’s intangible lease assets and liabilities is as follows (in thousands):
Amortization
In-Place Leases and Other Intangibles
Above-Market Leases
Below-Market Leases (1)
Remainder of 2026
$
8,381 
$
1,369 
$
(2,915)
2027
16,407 
2,635 
(5,819)
2028
13,918 
1,914 
(5,750)
2029
13,139 
1,914 
(5,704)
2030
12,113 
1,914 
(5,622)
Thereafter
65,452 
7,149 
(38,727)
Total
$
129,410 
$
16,895 
$
(64,537)
____________________________________
(1)Below-market leases are included in accrued expenses and other liabilities on the condensed combined and consolidated balance sheets as of June 30, 2026
Credit Investments
The following is a summary of the carrying value of the Company’s credit investments as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
December 31, 2025
First mortgage loans (1)
$
2,646,427 
$
— 
Corporate senior loans and liquid corporate senior loans (1)
440,746 
— 
CMBS and CLO Subordinated note (1)
114,474 
— 
Loans to other owner-operators of real assets (2)
30,992 
28,244 
Equity securities (1)
54,349 
22,766 
Loans to Funds
1,081 
20,673 
Total
$
3,288,069 
$
71,683 
____________________________________
(1)
As of June 30, 2026, the Company’s first mortgage loans had the following characteristics based on carrying value (dollar amounts in thousands):
Collateral Property Type
June 30, 2026
Office
$
1,537,008 
58.1 
%
Multifamily
406,813 
15.4 
%
Industrial
135,116 
5.1 
%
Other
567,490 
21.4 
%
Total first mortgage loans
$
2,646,427 
100.0 
%
Equity-method investments
Investments in Managed Funds and Unconsolidated Joint Ventures
Investments in Managed Funds and Unconsolidated Joint Ventures consist of the following (in thousands):
June 30, 2026
December 31, 2025
Investments in managed funds — at fair value
$
397,323 
$
447,262 
Investments in managed funds — at cost
13,925 
21,366 
Investments in unconsolidated joint ventures — at fair value
196,861 
56,556 
Total investments in managed funds and unconsolidated joint ventures
$
608,109 
$
525,184 
Investments in managed funds consist primarily of general partner interests, co-investments and other interests in Funds sponsored or managed by the Company. Investments in unconsolidated joint ventures primarily include the Company’s indirect interest in NewPoint JV, LLC (“NewPoint JV”), and other strategic joint ventures. These investments are accounted for under the equity method, including certain eligible investments for which the Company elected the fair value option.
Investments in Other Owner-Operators of Real Estate
Investments in other owner-operators of real assets represent equity-method interests in joint ventures that own and operate real assets platforms. These investments consisted of the following (in thousands):
June 30, 2026
December 31, 2025
Owner-operator of real assets in Europe
$
5,826 
$
8,602 
Owner-operator of real assets in Latin America
11,723 
9,699 
Investments in owner-operators of real assets
$
17,549 
$
18,301 
The Company has a lending agreement with one of its owner-operator investments. As of June 30, 2026 and December 31, 2025, outstanding principal balance of $30.8 million and $28.1 million, respectively, and accrued interest of $192,000 and $144,000 respectively, were included in loans to other owner-operators of real assets.
Summarized Financial Information
The Company evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the SEC. As of June 30, 2026, no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments. The following table shows summarized financial information relating to the condensed combined and consolidated balance sheets as of June 30, 2026 and December 31, 2025, and the condensed combined and consolidated statements of operations for the three and six months ended June 30, 2026 and 2025, for all the Company’s equity method investments on an aggregate basis (in thousands):
June 30, 2026
December 31, 2025
Assets:
Investments
$
13,241,056 
$
14,219,095 
Other assets
1,503,693 
4,898,492 
Total assets
$
14,744,749 
$
19,117,587 
Liabilities and equity:
Debt, net
$
2,952,344 
$
5,840,024 
Other liabilities
577,809 
576,981 
Total liabilities
$
3,530,153 
$
6,417,005 
Total equity
$
11,214,596 
$
12,700,582 
Total liabilities and equity
$
14,744,749 
$
19,117,587 
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net investment income (loss)
$
(58,951)
$
(80,456)
$
(97,639)
$
(67,097)
Realized and unrealized gain (loss) on investments
(2,323)
80,960 
92,638 
(16,935)
Net income (loss)
$
(61,274)
$
504 
$
(5,001)
$
(84,032)