v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets and all of the Company’s consolidated revenues and property expenses are from these real estate properties.

Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into five reportable segments: office investments, industrial investments, residential/living investments, retail investments, and other investments. The Company considers the operating activities and economic characteristics of the properties to determine how to aggregate its reportable segments. The Company believes that revenues in excess of property operating expenses is the key performance metric that captures the unique operating characteristics of each segment to enable its chief operating decision maker to assess performance and allocate resources. The Company’s chief operating decision maker (“CODM”) is a group consisting of its Chief Investment Officer and Chief Operating Officer.
The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues
Office investments$23,922 $20,201 $48,903 $41,585 
Industrial investments34,693 30,050 69,668 54,035 
Residential/Living investments38,976 30,855 78,487 60,478 
Retail investments23,823 10,837 49,222 20,232 
Other investments8,393 9,207 16,371 18,419 
Total revenues$129,807 $101,150 $262,651 $194,749 

For the three and six months ended June 30, 2026 and 2025, the Company’s total revenues were attributable to the following countries:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenues
United States73 %74 %74 %76 %
United Kingdom11 %9 %11 %8 %
The Netherlands9 %11 %9 %10 %
Poland2 %2 %2 %2 %
Italy2 %2 %2 %2 %
Czech Republic1 %1 %1 %1 %
Ireland1 %1 %1 %1 %
Spain1 %— %*— %*— %*
* Amount is less than 1%

The CODM is regularly provided Property operating expenses, as disclosed in the Company’s consolidated statements of operations and comprehensive income (loss), for review in evaluating the expenses of Company’s operating segments. Property operating expenses include the ongoing costs of maintaining our properties. These essential, routine expenses are necessary to ensure the property remains functional and in good condition. Examples of property operating expenses include property taxes, property management fees, insurance, utilities, repairs and maintenance, legal and professional fees, salaries and wages of property management personnel, advertising costs and other miscellaneous services and costs.

For the three and six months ended June 30, 2026 and 2025, the Company’s property revenues in excess of property operating expenses by segment were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues in excess of property operating expenses
Office investments$15,557 $14,250 $32,338 $28,520 
Industrial investments23,869 19,951 46,827 34,785 
Residential/Living investments20,836 16,605 42,891 32,499 
Retail investments13,551 7,528 28,288 13,266 
Other investments5,099 6,910 10,187 13,188 
Total revenues in excess of property operating expenses$78,912 $65,244 $160,531 $122,258 

As of June 30, 2026 and December 31, 2025, the Company’s total assets by segment were as follows (in thousands):
June 30, 2026December 31, 2025
Assets
Office investments$951,809 $963,858 
Industrial investments1,612,508 1,575,273 
Residential/Living investments1,608,963 1,715,405 
Retail investments1,170,208 1,043,724 
Other investments404,601 409,265 
Corporate-level accounts392,467 285,063 
Total assets$6,140,556 $5,992,588 

As of June 30, 2026 and December 31, 2025, the Company’s total assets were attributable to the following countries:
June 30, 2026December 31, 2025
Total assets
United States73 %74 %
United Kingdom13 %12 %
The Netherlands6 %7 %
Italy3 %2 %
Spain2 %2 %
Poland1 %1 %
Czech Republic1 %1 %
Ireland1 %1 %
For the three and six months ended June 30, 2026 and 2025 the Company’s reconciliation of the Company’s property revenue in excess of property operating expenses is as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Reconciliation to revenues in excess of property operating expenses
Net income (loss)$(9,507)$(26,258)$30,271 $89,001 
Depreciation and amortization50,958 35,738 106,122 69,449 
Asset management fees13,425 9,058 24,466 17,829 
Performance participation allocation5,673 12,700 11,774 12,700 
General and administrative expenses2,183 1,428 4,062 3,377 
Gain (loss) on extinguishment of financing obligations, net(8,277)— (8,277)— 
(Gain) loss on derivative instruments1,535 929 (6,776)1,807 
(Gain) loss on investments in real estate-related securities(17,210)2,810 (19,269)5,267 
(Gain) loss on sale of real estate1,813 1,603 (61,877)(149,639)
Foreign currency (gains) losses(1,422)(4,332)(4,448)(11,670)
Interest expense46,265 37,229 98,870 70,433 
Other income and expenses(6,537)(5,053)(14,574)(10,515)
(Benefit) provision for income taxes13 (608)187 886 
Provision for income taxes related to sale of real estate— — — 23,333 
Total revenues in excess of property operating expenses$78,912 $65,244 $160,531 $122,258