INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, All Other Investments [Abstract] |
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| Schedule of Investment |
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 | |
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| Schedule of 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.
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| Schedule of Estimated Amortization Relating to the Intangible Lease Assets and Liabilities |
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
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| Schedule of Credit Investments - At Fair Value |
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)
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| Schedule of Loans Held-For-Investment |
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 | % |
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| Schedule of Equity-Method Investments |
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 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 | |
| | | | | | | | | | | | | | | | | 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) | | | |
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