v3.26.3
Variable Interest Entities - Schedule of Assets and Liabilities of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Assets      
Investments in real estate, net $ 1,694,122 $ 1,294,008  
Intangible assets, net 74,716 43,892  
Cash and cash equivalents 10,190 629 $ 559
Other assets 103,144 82,463  
Total assets [1] 1,911,987 1,440,980  
Liabilities      
Mortgages payable, net 1,067,610 932,120  
Accounts payable and accrued expenses 4,176 11,242  
Intangible liabilities 23,654 6,394  
Total liabilities [1] 1,292,418 984,935  
Related party      
Liabilities      
Other liabilities 12,694 6,246  
Non related party      
Liabilities      
Other liabilities 6,102 4,613  
VIEs      
Assets      
Investments in real estate, net 605,743 652,242  
Intangible assets, net 25,693 27,442  
Cash and cash equivalents 335 264  
Other assets 40,964 53,781  
Total assets 672,735 733,729  
Liabilities      
Mortgages payable, net 467,005 496,975  
Accounts payable and accrued expenses 1,370 14,089  
Intangible liabilities 417 468  
Total liabilities 469,813 512,993  
VIEs | Related party      
Liabilities      
Other liabilities 73    
VIEs | Non related party      
Liabilities      
Other liabilities $ 948 $ 1,461  
[1] Total assets includes assets of consolidated variable interest entities (“VIEs”) of $672,735 and $733,729 as of September 30, 2026 and December 31, 2025, respectively, that can only be used to settle the obligations of the VIEs; Total liabilities includes liabilities of consolidated VIEs of $469,813 and $512,993 as of September 30, 2026 and December 31, 2025, respectively, including third-party liabilities for which the creditors or beneficial interest holders do not have recourse to the general credit of the Company.