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v3.25.1

Net Investment in Sales-type Leases and Ground Lease Receivables - Joint Venture (Details) $ in Thousands |  | 1 Months Ended | 3 Months Ended | 16 Months Ended
--- | --- | --- | --- | ---
Aug. 30, 2024 USD ($) lease | Jan. 31, 2024 USD ($) lease | May 31, 2023 USD ($) | Mar. 31, 2025 USD ($) | Mar. 31, 2024 USD ($) | Aug. 30, 2024 USD ($) lease
Joint venture |  |  |  |  |  |
Ground Lease acquisition purchase price |  |  |  | $ 13,972 | $ 32,158 |
Carrying value of noncontrolling interest acquired | $ 46,000 |  |  |  |  | $ 46,000
Sovereign wealth fund |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Purchase of joint venture partner share of Ground Leases | $ 48,300 |  |  |  |  |
Ground Lease Plus Fund |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Number of Ground Leases acquired | lease |  | 1 |  |  |  |
Ground Lease acquisition purchase price |  | $ 38,300 |  |  |  |
Sovereign wealth fund | Joint venture for new acquisitions of Ground Leases |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Ownership percentage |  |  | 45.00% |  |  |
Joint Venture for New Acquisitions of Ground Leases |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Joint venture commitments |  |  | $ 275,000 |  |  |
Controlling interest in joint venture |  |  | 55.00% |  |  |
Percent of Promote fee |  |  |  | 15.00% |  |
Internal Rate of Return |  |  |  | 9.00% |  |
Promote fee cap percent |  |  |  | 1.275 |  |
Number of Ground Leases acquired | lease | 9 |  |  |  |  | 9
Ground Lease acquisition purchase price |  |  |  |  |  | $ 170,400
Funded amount of Ground Lease acquisition | $ 101,200 |  |  |  |  | $ 101,200
Joint Venture for New Acquisitions of Ground Leases | First five year following acquisition |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Percent of management fee |  |  |  | 0.25% |  |
Management fee term |  |  |  | 5 years |  |
Joint Venture for New Acquisitions of Ground Leases | After five years of acquisition |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Percent of management fee |  |  |  | 0.15% |  |
Joint Venture for New Acquisitions of Ground Leases | Sovereign wealth fund |  |  |  |  |  |
Joint venture |  |  |  |  |  |
Joint venture commitments |  |  | $ 225,000 |  |  |

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