CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Real estate assets:
Land	$ 308,565	$ 290,275
Buildings, fixtures and improvements	772,253	737,829
Intangible lease assets	164,954	146,640
Condominium developments	17,662	64,927
Total real estate assets, at cost	1,263,434	1,239,671
Less: accumulated depreciation and amortization	(201,467)	(179,665)
Total real estate assets, net	1,061,967	1,060,006
Investment in unconsolidated entities	162,965	181,409
Real estate-related securities and other, at fair value, net of credit loss allowances of $182,989 and $110,062 as of September 30, 2025 and December 31, 2024, respectively	246,059	345,828
Loans held-for-investment and related receivables, net	3,495,982	3,763,013
Less: Current expected credit losses	(301,903)	(392,136)
Total loans held-for-investment and related receivables, net	3,194,079	3,370,877
Cash and cash equivalents	255,559	181,291
Restricted cash	3,646	3,919
Rents and tenant receivables, net	24,041	18,550
Prepaid expenses and other assets	10,285	8,242
Deferred costs, net	5,499	6,496
Accrued interest receivable	19,328	21,131
Total assets	4,983,428	5,197,749
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY
Repurchase facilities, notes payable and credit facilities, net	2,970,116	3,170,289
Accrued expenses and accounts payable	47,069	38,980
Intangible lease liabilities, net	14,380	11,812
Distributions payable	12,713	16,508
Deferred rental income and other liabilities	5,701	4,954
Total liabilities	3,062,883	3,256,212
Commitments and contingencies (Note 10)
Redeemable common stock	161,319	166,335
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, 436,630,417 and 437,313,001 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	4,371	4,374
Capital in excess of par value	3,536,611	3,533,329
Accumulated distributions in excess of earnings	(1,765,616)	(1,676,562)
Accumulated other comprehensive loss	(17,744)	(86,283)
Total stockholders’ equity	1,757,622	1,774,858
Non-controlling interests	1,604	344
Total equity	1,759,226	1,775,202
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity	4,983,428	5,197,749
Due to affiliates
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY
Due to affiliates	$ 12,904	$ 13,669

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.