Investments in real estate debt and securities (includes xx and 259,378 at fair value as of march 31, 2026 and december 31, 2025, respectively)
362,770
307,168
Debt-related investments, held for sale
-
166,415
Investments in unconsolidated joint venture partnerships (includes xx and 77,703 at fair value as of march 31, 2026 and december 31, 2025, respectively)
532,900
474,000
Cash and cash equivalents
41,129
50,922
Restricted cash
14,697
8,852
Dst program loans (includes xx and 170,865 at fair value as of march 31, 2026 and december 31, 2025, respectively)
208,776
199,559
Other assets
109,081
94,216
Total assets
7,677,545
7,480,613
Accounts payable and accrued expenses
103,398
92,590
Total borrowings
2,570,746
2,815,301
Less unamortized debt issuance costs
32,424
31,461
Add unamortized mark-to-market adjustment on assumed debt
4,638
4,872
Debt, net
2,542,960
2,788,712
Secured financings on debt-related investments
-
134,581
Intangible lease liabilities, net
197,115
182,475
Financing obligations, net (includes xx and 2,126,267 at fair value as of march 31, 2026 and december 31, 2025, respectively)
2,597,161
2,470,167
Distribution fees payable to affiliates
104,618
82,668
Other liabilities
98,329
70,388
Total liabilities
5,643,581
5,821,581
Redeemable equity (notes 9 and 10)
423,218
220,644
Common stock, 0.01 par value per share (note 8)
1,969
1,878
Additional paid-in capital
2,161,966
2,075,661
Distributions in excess of earnings
1,418,395
1,387,899
Accumulated other comprehensive income (loss)
4,647
2,000
Total stockholders equity
750,187
691,640
Noncontrolling interests
860,559
746,748
Total equity
1,610,746
1,438,388
Total liabilities and equity
7,677,545
7,480,613
Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.
Time Plot
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