CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate assets:
Land	$ 306,073	$ 311,000
Buildings, fixtures and improvements	776,701	794,637
Intangible lease assets	167,079	168,901
Condominium developments	12,023	11,964
Total real estate assets, at cost	1,261,876	1,286,502
Less: accumulated depreciation and amortization	(211,134)	(209,578)
Total real estate assets, net	1,050,742	1,076,924
Investment in unconsolidated entities	125,121	149,170
Real estate-related securities and other, at fair value, net of credit loss allowances of $182,299 and $182,104 as of March 31, 2026 and December 31, 2025, respectively	167,582	169,206
Loans held-for-investment and related receivables, net	3,379,068	3,752,467
Less: Current expected credit losses	(290,707)	(297,878)
Total loans held-for-investment and related receivables, net	3,088,361	3,454,589
Cash and cash equivalents	183,617	184,674
Restricted cash	22,423	4,598
Rents and tenant receivables, net	24,137	23,215
Prepaid expenses and other assets	34,490	10,000
Deferred costs, net	7,189	5,250
Accrued interest receivable	16,782	17,471
Assets held for sale	5,116	0
Total assets	4,725,560	5,095,097
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY
Repurchase facilities, notes payable and credit facilities, net	2,726,397	3,093,039
Accrued expenses and accounts payable	39,197	43,989
Due to affiliates	13,988	12,650
Intangible lease liabilities, net	13,745	14,293
Distributions payable	14,784	14,477
Deferred rental income and other liabilities	5,799	6,228
Total liabilities	2,813,910	3,184,676
Commitments and contingencies (Note 10)
Redeemable common stock	159,582	160,488
EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 436,734,553 and 436,908,325 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4,372	4,372
Capital in excess of par value	3,539,124	3,537,903
Accumulated distributions in excess of earnings	(1,769,053)	(1,774,685)
Accumulated other comprehensive loss	(24,236)	(19,428)
Total stockholders’ equity	1,750,207	1,748,162
Non-controlling interests	1,861	1,771
Total equity	1,752,068	1,749,933
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	$ 4,725,560	$ 5,095,097

The amounts at the balance sheet date that have been received by the entity that represent rents paid in advance, expected to be recognized in income, by the lessor, within one year of the balance sheet date; the aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet; and fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments.

No definition available.