Consolidated Balance Sheets (Parenthetical) - shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Feb. 02, 2023 |
|---|---|---|---|---|
| Consolidated Balance Sheets | ||||
| Common shares, authorized shares | 1,000 | 1,000 | 1,000 | 375,000,000 |
| Common shares, issued shares | 1,000 | 1,000 | 1,000 | 282,684,998 |
| Common shares, outstanding shares | 1,000 | 1,000 | 1,000 | 282,684,998 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Revenues: | ||||
| Rental revenues | $ 75,008 | $ 870,707 | $ 1,027,337 | $ 989,869 |
| Interest income on loans and financing receivables | 5,326 | 76,467 | 201,963 | 141,432 |
| Other income | 850 | 4,726 | 10,039 | 21,115 |
| Total revenues | 81,184 | 951,900 | 1,239,339 | 1,152,416 |
| Expenses: | ||||
| Interest | 19,080 | 362,605 | 375,288 | 362,069 |
| Property costs | 1,348 | 16,873 | 21,555 | 24,878 |
| General and administrative | 5,679 | 55,035 | 70,136 | 68,468 |
| Merger-related | 895 | 0 | 0 | 0 |
| Depreciation and amortization | 27,789 | 533,637 | 590,574 | 587,575 |
| Provisions for impairment | 0 | 25,265 | 35,062 | 31,911 |
| Total expenses | 54,791 | 993,415 | 1,092,615 | 1,074,901 |
| Other income (loss): | ||||
| Net gain (loss) on dispositions of real estate | 97 | (6,680) | 10,740 | 48,525 |
| Loss on extinguishment of debt | 0 | (67,897) | 0 | 0 |
| Income (loss) before income taxes | 26,490 | (116,092) | 157,464 | 126,040 |
| Income tax (benefit) expense | 703 | 22,567 | (9,906) | 1,947 |
| Net income (loss) | 25,787 | (138,659) | 167,370 | 124,093 |
| Less: Net income (loss) attributable to noncontrolling interest | 0 | (60) | 1,598 | 900 |
| Net income (loss) attributable to controlling interest | $ 25,787 | $ (138,599) | $ 165,772 | $ 123,193 |
| Net income per share of common stock-basic | $ 0.09 | |||
| Net income per share of common stock-diluted | $ 0.09 | |||
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 282,238,151 | |||
| Diluted (in shares) | 282,338,405 | |||
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Consolidated Statements of Comprehensive Income (Loss) | ||||
| Net income (loss) | $ 25,787 | $ (138,659) | $ 167,370 | $ 124,093 |
| Other comprehensive (loss) income: | ||||
| Unrealized (losses) gains on cash flow hedges | (10,531) | 17,410 | (16,491) | 53,278 |
| Cash flow hedge gains reclassified to interest expense | (894) | (18,226) | (13,200) | (31,965) |
| Deferred loss on cash flow hedges | 0 | 0 | (337) | 0 |
| Total other comprehensive (loss) income | (11,425) | (816) | (30,028) | 21,313 |
| Total comprehensive income (loss) | 14,362 | (139,475) | 137,342 | 145,406 |
| Comprehensive income (loss) attributable to noncontrolling interest | 0 | (60) | 1,598 | 900 |
| Comprehensive income (loss) attributable to controlling interest | $ 14,362 | $ (139,415) | $ 135,744 | $ 144,506 |
Consolidated Statements of Stockholders' Equity - 1 months ended Feb. 02, 2023 - USD ($) $ in Thousands |
Total |
Common Stock |
Capital in Excess of Par Value |
Distributions in Excess of Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
|---|---|---|---|---|---|
| Balance at Dec. 31, 2022 | $ 5,426,318 | $ 2,827 | $ 6,003,331 | $ (609,361) | $ 29,521 |
| Balance (in shares) at Dec. 31, 2022 | 282,684,998 | ||||
| Increase (Decrease) in Stockholders' Equity | |||||
| Net income | 25,787 | 25,787 | |||
| Other comprehensive loss | (11,425) | (11,425) | |||
| Equity-based compensation | 975 | 975 | |||
| Balance at Feb. 02, 2023 | $ 5,441,655 | $ 2,827 | $ 6,004,306 | $ (583,574) | $ 18,096 |
| Balance (in shares) at Feb. 02, 2023 | 282,684,998 |
Consolidated Statements of Members' Equity (Parenthetical) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Consolidated Statements of Stockholders' Equity | |
| Stock issuance costs | $ 105 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ 25,787 | $ (138,599) | $ 165,772 | $ 123,193 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | false |
| Insider Trading Policies and Procedures Not Adopted | As such, the Company has not adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of securities by directors, officers, employees and the Company itself. |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity Our Board of Directors recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. Our Board of Directors is actively involved in oversight of our Company’s risk management, and cybersecurity represents an important component of our overall approach to risk management. Our cybersecurity policies, standards, processes and practices are fully integrated into our risk management approach and are based on recognized frameworks established by the Committee of Sponsoring Organizations of the Treadway Commission 2013 Framework. In general, our Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents if they occur. Risk Management and Strategy As one of the critical elements of our overall risk management approach, our cybersecurity program is focused on the following key areas: Governance: As discussed in more detail under the heading “Governance” below, our Board of Directors’ oversight of cybersecurity risk management is supported by our Senior Vice President of Information Technology, who leads our cybersecurity team, which is responsible for publishing cybersecurity policies and standards, conducting annual risk assessments and ensuring our compliance. Collaborative Approach: We have implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that would provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. Technical Safeguards: We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, antimalware functionality and access controls, which are evaluated and improved through vulnerability assessments, audits and cybersecurity threat intelligence. Incident Response and Recovery Planning: We have established and maintained comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis. Third-Party Risk Management: We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness: We provide regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. Further, we perform ongoing phishing simulations to help employees recognize, avoid and report potential threats that could compromise critical business data and systems. Additional mandatory training is provided to employees who engage in potentially compromising activities during these simulations. We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We may engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to those charged with governance by our Senior Vice President of Information Technology, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these activities. Governance Our Board of Directors oversees our risk management approach, including the management of risks arising from cybersecurity threats. Our Board of Directors receives periodic presentations and reports on cybersecurity risks, which address a wide range of topics, including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. Our Board of Directors also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On a periodic basis, our Board of Directors discusses our Company’s approach to cybersecurity risk management with management. Our Board of Directors, in connection with management led by our Senior Vice President of Information Technology, work collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout our Company are deployed to address cybersecurity threats and respond to cybersecurity incidents. Through ongoing communications with these teams, our Board of Directors monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real-time and report such threats and incidents to management when appropriate. Our Senior Vice President of Information Technology has served in his role since January of 2020 and has managed STORE’s Information Technology department since joining the Company in January of 2015. In these roles, he has been instrumental in the evolution and implementation of our business systems and technical infrastructure as well as the development and enforcement of Sarbanes-Oxley (SOX) compliance processes and reporting. Prior to joining STORE, he was the Chief Information Officer for Southwest Network, a non-profit organization for mental and behavioral health services serving the greater Phoenix, Arizona community. He has over 35 years of experience in the information technology industry serving in several technical and leadership positions. Cybersecurity Threats As of the date of this Annual Report on Form 10-K, we do not believe that any risks from cybersecurity threats have had or are reasonably likely to have a material effect on us, our business strategy, results of operations, or financial condition. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our cybersecurity policies, standards, processes and practices are fully integrated into our risk management approach and are based on recognized frameworks established by the Committee of Sponsoring Organizations of the Treadway Commission 2013 Framework. In general, our Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents if they occur. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board of Directors oversees our risk management approach, including the management of risks arising from cybersecurity threats. Our Board of Directors receives periodic presentations and reports on cybersecurity risks, which address a wide range of topics, including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. Our Board of Directors also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On a periodic basis, our Board of Directors discusses our Company’s approach to cybersecurity risk management with management. Our Board of Directors, in connection with management led by our Senior Vice President of Information Technology, work collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout our Company are deployed to address cybersecurity threats and respond to cybersecurity incidents. Through ongoing communications with these teams, our Board of Directors monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real-time and report such threats and incidents to management when appropriate. Our Senior Vice President of Information Technology has served in his role since January of 2020 and has managed STORE’s Information Technology department since joining the Company in January of 2015. In these roles, he has been instrumental in the evolution and implementation of our business systems and technical infrastructure as well as the development and enforcement of Sarbanes-Oxley (SOX) compliance processes and reporting. Prior to joining STORE, he was the Chief Information Officer for Southwest Network, a non-profit organization for mental and behavioral health services serving the greater Phoenix, Arizona community. He has over 35 years of experience in the information technology industry serving in several technical and leadership positions. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board of Directors oversees our risk management approach, including the management of risks arising from cybersecurity threats. Our Board of Directors receives periodic presentations and reports on cybersecurity risks, which address a wide range of topics, including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board of Directors also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On a periodic basis, our Board of Directors discusses our Company’s approach to cybersecurity risk management with management. |
| Cybersecurity Risk Role of Management [Text Block] | Our Board of Directors, in connection with management led by our Senior Vice President of Information Technology, work collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout our Company are deployed to address cybersecurity threats and respond to cybersecurity incidents. Through ongoing communications with these teams, our Board of Directors monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real-time and report such threats and incidents to management when appropriate. Our Senior Vice President of Information Technology has served in his role since January of 2020 and has managed STORE’s Information Technology department since joining the Company in January of 2015. In these roles, he has been instrumental in the evolution and implementation of our business systems and technical infrastructure as well as the development and enforcement of Sarbanes-Oxley (SOX) compliance processes and reporting. Prior to joining STORE, he was the Chief Information Officer for Southwest Network, a non-profit organization for mental and behavioral health services serving the greater Phoenix, Arizona community. He has over 35 years of experience in the information technology industry serving in several technical and leadership positions. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Board of Directors, in connection with management led by our Senior Vice President of Information Technology, work collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout our Company are deployed to address cybersecurity threats and respond to cybersecurity incidents. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Senior Vice President of Information Technology has served in his role since January of 2020 and has managed STORE’s Information Technology department since joining the Company in January of 2015. In these roles, he has been instrumental in the evolution and implementation of our business systems and technical infrastructure as well as the development and enforcement of Sarbanes-Oxley (SOX) compliance processes and reporting. Prior to joining STORE, he was the Chief Information Officer for Southwest Network, a non-profit organization for mental and behavioral health services serving the greater Phoenix, Arizona community. He has over 35 years of experience in the information technology industry serving in several technical and leadership positions. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Through ongoing communications with these teams, our Board of Directors monitors the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real-time and report such threats and incidents to management when appropriate. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization | |
| Organization | 1. Organization STORE Capital Corporation was incorporated under the laws of Maryland on May 17, 2011 to acquire single‑tenant operational real estate to be leased on a long‑term, net basis to companies that operate across a wide variety of industries within the service, service-oriented retail and manufacturing sectors of the United States economy. From time to time, it also provided mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering of its common stock. The shares traded on the New York Stock Exchange from November 18, 2014 through the Closing Date, as defined below, under the ticker symbol “STOR”. On September 15, 2022, STORE Capital Corporation, Ivory Parent, LLC, a Delaware limited liability company (“Parent”) and Ivory REIT, LLC, a Delaware limited liability company (“Merger Sub” and, together with Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Parent Parties are affiliates of GIC, a global institutional investor, and funds managed by Blue Owl Capital. On February 3, 2023 (the “Closing Date”), pursuant to the terms and subject to the conditions set forth in the Merger Agreement, STORE Capital Corporation merged with and into Merger Sub (the “Merger”) with Merger Sub surviving (the “Surviving Entity”), and the separate existence of STORE Capital Corporation ceased. Immediately following the completion of the Merger, the Surviving Entity changed its name to STORE Capital LLC. References herein to “we,” “us,” “our,” the “Company” or “STORE Capital” are references to STORE Capital Corporation prior to the Merger and to STORE Capital LLC upon and following the Merger. As of the Closing Date of the Merger, the common equity of the Company is no longer publicly traded. STORE Capital Corporation elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. STORE Capital LLC has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a REIT for federal income tax purposes beginning with its initial taxable year ended December 31, 2022. As a REIT, the Company will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its members and meets other specific requirements. |
Summary of Significant Accounting Principles |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Principles | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Principles | 2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The accompanying audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital Corporation and its wholly-owned subsidiaries and special purpose entities that it controlled through its voting interest for the periods prior to the Merger. For the periods after the Merger, these consolidated statements include the accounts of STORE Capital LLC, its wholly-owned subsidiaries, and special purpose entities, and variable interest entities (“VIEs”) that it controls through its voting interest and other means. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day‑to‑day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non‑recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest‑bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long‑term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At December 31, 2025 and 2024, these special purpose entities held assets totaling $13.6 billion and $13.2 billion, respectively, and had third‑party liabilities totaling $3.6 billion and $3.1 billion, respectively. At December 31, 2025 and 2024, these VIEs held assets totaling $440.8 million and $275.7 million, respectively, and had third-party liabilities totaling $1.4 million and $1.4 million, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, the variable interest holder’s form of ownership interest, the variable interest holder’s representation on the VIE’s governing body, the size and seniority of the variable interest holder’s investment, the variable interest holder’s ability and the rights of other investors to participate in policy making decisions, the variable interest holder’s ability to manage its ownership interest relative to the other interest holders, and the variable interest holder’s ability to replace the VIE manager and/or liquidate the entity. For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed. Consolidated VIE The Company holds a 95% ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest holder. The Company has provided a $170.8 million loan to the joint venture as of December 31, 2025. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements) and cash; its obligations primarily consist of debt service payments to the Company, which are eliminated in consolidation. Accounting for the Merger As further described in Note 10 to these consolidated financial statements, the Merger was accounted for using the asset acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC Topic 805”), which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets purchased and the liabilities assumed. Direct transaction costs incurred by STORE Capital LLC as the acquirer and amounts transferred to reimburse STORE Capital Corporation for costs incurred as the acquiree to sell the business are included in the consideration transferred and capitalized as a component of the cost of the assets acquired. An assembled workforce intangible asset is recorded at the acquisition date if it is part of the asset group acquired. Goodwill is not recognized in an asset acquisition and consideration transferred in excess over the fair value of the net assets acquired, if any, is allocated on a relative fair value basis to the identifiable assets and liabilities. As noted above, the consolidated financial statements of STORE Capital LLC reflect the recording of assets and liabilities at fair value as of the date of the Merger. The Merger resulted in the termination of the prior reporting entity and a corresponding creation of a new reporting entity. Accordingly, the Company’s consolidated financial statements and transactional records prior to the Closing Date, or February 3, 2023, reflect the historical accounting basis of assets and liabilities and are labeled “Predecessor” while such records subsequent to the Closing Date reflect the fair value of assets acquired and liabilities assumed in the Company’s consolidated financial statements and are labeled “Successor.” This change in reporting entity is represented in the consolidated financial statements by a black line that appears between “Predecessor” and “Successor” on the statements and in the relevant notes. The black line signifies that the amounts shown for the periods prior to and subsequent to the Merger are not comparable. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Reclassifications We reclassified $23.7 million of interest income receivables associated with certain financing arrangements previously included in other assets, net on the consolidated balance sheet as of December 31, 2024 to loans and financing receivables, net to conform to the presentation in this Annual Report on Form 10-K. This reclassification has no effect on total assets reported on the consolidated balance sheet as of December 31, 2024. Segment Reporting The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. We are engaged in the business of acquiring, investing in and managing Single Tenant Operational Real Estate across the U.S. The Company’s operating results depend primarily upon generating rental revenue and interest income from leasing its properties. The Company’s acts as the chief operating decision maker (“CODM”). Our CODM assesses entity-wide operating results and makes decisions on how to allocate resources based on consolidated net income, which is reported in the consolidated statements of operations. Additionally, the measure of segment assets is reported in the consolidated balance sheets as “Total assets.” Significant expense categories, including interest, property costs, general and administrative and depreciation and amortization, are included on the Company’s consolidated statements of operations. Asset information is included on the consolidated balance sheets and in Note 3. Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio. • Real Estate Investments – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are classified as operating or finance leases and, in both cases, the operators become the Company’s long‑term tenants (its customers). Real estate assets acquired may be subject to a lease contract that contains certain terms requiring the Company to account for the lease as a finance lease. Additionally, if the terms of a lease contract specifically associated with a sale leaseback transaction contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement, due to the Company’s adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating or finance lease. • Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. • Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre‑acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts contain terms that result in the lease being classified as a finance lease. Additionally, certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that contains certain terms, such as a purchase option, the Company accounts for such an acquisition as a financing arrangement. The Company records investments in financing arrangements and finance leases in loans and financing receivables, net on the consolidated balance sheets. For contracts accounted for as a financing arrangement due to the presence of a purchase option, should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In‑place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in‑place leases is amortized on a straight‑line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above‑market or below‑market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in‑place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above‑market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below‑market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight‑line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Revenue Recognition STORE Capital leases real estate to its tenants under long‑term net leases that are predominantly classified as operating leases, but in certain circumstances are classified as financing arrangements or finance leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases classified as operating leases that provide for specific contractual escalations, rental revenue is recognized on a straight‑line basis so as to produce a constant periodic rent over the term of the lease. When a lease, classified as a financing arrangement, provides the same specific contractual escalations, lease payments accounted for as interest income are recognized using the effective interest method. Accordingly, straight-line operating lease receivables and interest income receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis or interest income recognized using the effective interest method, respectively, and scheduled rents or interest, represent unbilled rent receivables that the Company will receive only if the tenants make all rent or interest payments required through the expiration of the leases. These straight-line operating lease receivables and interest income receivables are included in other assets, net and loans and financing receivables, net, respectively, on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables and interest income receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues or interest income, respectively. As of December 31, 2025 and 2024, the Company had $103.3 million and $63.1 million, respectively, of straight-line operating lease receivables and interest income receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple‑year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue and interest income, certain leases, including leases classified as financing arrangements, also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue and interest income when the threshold upon which the contingent lease payment is based is achieved. Approximately 3.4% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues and interest income. The Company reviews its revenue and interest receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write‑off of the receivable is made and any future rental revenue or interest income is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. These property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of operations. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. Depending on their nature, these factors are classified as Level 2 or Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. During the year ended December 31, 2025, the Company recognized an aggregate provision for the impairment of real estate of $25.4 million. For the assets impaired in 2025, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $76.3 million. The Company recognized aggregate provisions for the impairment of real estate of $23.6 million and $17.6 million for the year ended December 31, 2024 and the period from February 3, 2023 through December 31, 2023, respectively. No impairment of real estate was recognized during the period from January 1, 2023 through February 2, 2023. Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan‑by‑loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2025 and 2024, the Company had loans receivable with an aggregate outstanding principal balance of $26.9 million and $64.7 million, respectively, on nonaccrual status. Sale-Leaseback Transactions Accounted for as Financing Arrangements – Classification, Cost and Revenue Recognition Lease contracts accounted for as financing arrangements are initially recorded at an amount equal to the cost of the associated real estate, including acquisition and closing costs. Certain financing arrangements which include fixed rent escalations are subsequently accounted for using the effective interest method as discussed in Accounting for Real Estate Investments, Revenue Recognition above. The Company recognizes revenue from sale-leaseback transactions accounted for as financing arrangements as interest income on the consolidated statement of operations. Sales-Type Financing Receivables – Classification, Cost and Revenue Recognition Sales-type receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the assets. Rental payments received and the amortization of unearned income are recorded as interest income on the consolidated statement of operations. Impairment and Provision for Credit Losses The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan and financing receivables is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non‑investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. During the years ended December 31, 2025, December 31, 2024 and the period from February 3, 2023 through December 31, 2023, the Company recognized an estimated $9.7 million, $8.3 million and $7.7 million, respectively, of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of operations. For the period from January 1, 2023 through February 2, 2023, no provisions for credit losses were recognized. For the year ended December 31, 2025 there were $2.6 million of write-offs charged against the allowance. During the year ended December 31, 2024, the Company did not write off any credit losses associated with loans and financing receivables. For the period from February 3, 2023 through December 31, 2023, the net provision for credit losses included a reduction of $2.1 million associated with the sale of certain loans and financing receivables and the Company did not write off any loans receivable. For the period from January 1, 2023 through February 2, 2023, the Company did not write off any credit losses associated with loans and financing receivables. Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably certain the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money‑market funds of major financial institutions, consisting predominantly of U.S. Government obligations. Restricted Cash Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $13.3 million and $9.9 million of restricted cash at December 31, 2025 and 2024, respectively, which are included in , on the consolidated balance sheets. Deferred Financing and Other Debt Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Financing costs related to the Company’s credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. See Note 9 for a summary of net derivative balances recorded on the consolidated balance sheets and gross asset and liability balances as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2025, the Company had 21 interest rate swap agreements in place. Ten of the interest rate swap agreements have an aggregate notional value of $1.0 billion, with two maturing in February 2027, one maturing in April 2027, six maturing in May 2027 and one maturing in May 2029, and are designated cash flow hedges of the Company’s $1.0 billion variable-rate bank unsecured term loan which matures in September 2030 (Note 4). Six of the interest rate swap agreements with an aggregate notional value of $650.0 million, three with maturities of February 2027, one with a maturity of May 2027 and two with a maturity of July 2028 are designated cash flow hedges of the Company’s $650.0 million floating-rate bank unsecured term loan which matures in September 2028 (Note 4). Five interest rate swap agreements with an aggregate notional value of $373.6 million, with two maturing in May 2027 and three maturing in July 2028 are designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in September 2029 (Note 4). As of December 31, 2024, the Company had 21 derivative instruments in place. Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. • Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market‑corroborated inputs. • Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share‑based Compensation Historically, directors and employees of the Company had been granted long‑term incentive awards, including restricted stock awards (“RSAs”) and restricted stock unit awards (“RSUs’), which provided such directors and employees with equity interests as an incentive to remain in the Company’s service and aligned their interests with those of the Company’s stockholders. As of the closing of the Merger, the Company no longer has any equity incentives outstanding. Income Taxes As a REIT, the Company is generally not subject to federal income tax but is subject to certain state and local income taxes as well as federal income and excise tax on its undistributed income. STORE Investment Corporation, the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities, is subject to federal, state and local income taxes. The Company provides for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Related Party Transactions The Company has a service contract with PCSD Ivory Private Limited, an entity affiliated with GIC, one of the Company’s members, under which it has agreed to perform certain loan servicing and other administrative services on behalf of PCSD Ivory Private Limited in exchange for a servicing fee. During the years ended December 31, 2025 and 2024, the Company recognized $0.7 million and $0.8 million of fee income, respectively, which is recorded in other income on the consolidated statements of operations. No such amounts were recorded for the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023. In accordance with the terms of the service contract and related arrangements, during the year ended December 31, 2025, the Company agreed to dispose of certain real estate assets held on behalf of PCSD Ivory Private Limited and recorded a related party liability equal to the fair value of the real estate assets. Such related party liability balance was $27.0 million as of December 31, 2025, which is included in accrued expenses, deferred revenue and other liabilities, on the consolidated balance sheet. Net Income Per Common Share Net income per common share has been computed for STORE Capital Corporation pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non‑forfeitable dividends, as participating securities requiring the two‑class method of computing net income per common share. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):
(a) For the period from January 1, 2023 to February 2, 2023 excludes 197,026 shares related to unvested restricted shares as the effect would have been antidilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which, effective for annual periods in fiscal years beginning after December 15, 2024, requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. For the year ended December 31, 2025 (i) the Company adopted in accordance with the prospective transition method, and consequently, financial statements for prior periods have not been retrospectively adjusted and remain presented under the previous accounting guidance, and (ii) the adoption of ASU 2023-09 had no material impact on the Company's financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income statement (Subtopic 220-40) Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures. |
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 3. Investments At December 31, 2025, STORE Capital had investments in 3,576 property locations representing 3,400 owned properties (of which 240 are accounted for as financing arrangements and 138 are accounted for as sales-type leases), 22 properties where all the related land is subject to an operating ground lease and 154 properties which secure mortgage loans. The gross investment portfolio totaled $17.2 billion at December 31, 2025, and consisted of the gross acquisition cost of real estate investments totaling $14.0 billion, including an offset by intangible lease liabilities totaling $135.1 million, loans and financing receivables with an aggregate carrying amount of $3.1 billion and operating ground lease assets totaling $53.7 million. As of December 31, 2025, approximately 33% of these investments are assets of consolidated special purpose entity subsidiaries that are pledged as collateral under the non‑recourse obligations of such special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. For the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 to February 2, 2023, the Company had the following gross real estate and other investment activity (dollars in thousands):
a) For the period from January 1, 2023 through February 2, 2023, the period from February 3, 2023 through December 31, 2023 and the years ended December 31, 2024 and 2025, includes $0.2 million, $2.9 million, $2.6 million and $4.6 million, respectively, of interest capitalized to properties under construction. b) During the period from January 1, 2023 through February 2, 2023 and the period from February 3, 2023 through December 31, 2023, represents amortization recognized on operating ground lease assets; during the year ended December 31, 2024, includes new operating ground lease assets recognized net of amortization; during the year ended December 31, 2025, includes the disposal of operating ground lease assets net of amortization. c) Excludes $5.2 million of tenant improvement advances disbursed from January 1, 2023 to February 2, 2023 which were accrued as of December 31, 2022. d) Excludes $15.1 million of tenant improvement advances disbursed from February 3, 2023 to December 31, 2023 which were accrued as of February 2, 2023. e) Excludes $25.3 million of tenant improvement advances disbursed in 2024 which were accrued as of December 31, 2023. f) Excludes $26.2 million of tenant improvement advances disbursed in 2025 which were accrued as of December 31, 2024. g) Includes the sale of certain loans and financing receivables with an aggregate carrying value of $332.0 million to a related party. h) Includes $16.3 million of tenant funded improvements during 2024. i) Includes $2.0 million of tenant funded improvements during 2025. j) Includes the below-market lease liabilities ($135.1 million) and the accumulated amortization ($23.4 million) of the liabilities recorded on the consolidated balance sheet as intangible lease liabilities as of December 31, 2025. k) In connection with certain acquisitions completed during the year ended December 31, 2025, the Company modified existing operating leases in a manner which required them to be accounted for as finance leases in accordance with ASC Topic 842. As a result, the Company reclassified $121.1 million of net real estate investments to loans and financing receivables, net on the consolidated balance sheets. The Company also recognized a $10.9 million non-cash net loss in connection with these modifications which is included in net gain (loss) on dispositions of real estate in the consolidated statements of operations. Similarly, during the year ended December 31, 2024, the Company reclassified $156.5 million of net real estate investments to loans and financing receivables, net on the consolidated balance sheet and recognized a $16.0 million non-cash net gain. l) Includes $8.4 million of gross investments and $0.1 million of accumulated depreciation related to real estate investments held for sale at December 31, 2025. m) Includes non-cash acquisition of $18.4 million of real estate improvements. n) Includes $64.7 million of total non-cash real estate and financing receivables acquired in connection with holdback arrangements. o) Includes $27.3 million and $23.7 million of interest income receivables associated with certain financing arrangements as of December 31, 2025 and December 31, 2024, respectively. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands):
(a) For the years ended December 31, 2025, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, includes $4.1 million, $4.5 million, $3.3 million and $252,000, respectively, of property tax tenant reimbursement revenue and includes $1.1 million, $1.3 million, $1.0 million and $24,000, respectively, of variable lease revenue. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to 673 customers who operate their businesses across 143 industries geographically dispersed throughout 49 states. The primary sectors of the U.S. economy and their proportionate dollar amount of STORE Capital’s investment portfolio at December 31, 2025, are service at 61%, service-oriented retail at 12% and manufacturing at 27%. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2025. None of the Company’s customers represented more than 10% of the Company’s investment portfolio at December 31, 2025, with the largest customer representing 3.1% of the total investment portfolio. On an annualized basis, as of December 31, 2025, the largest customer represented approximately 3.2% of the Company’s total investment portfolio revenues. Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2025 was approximately 14.8 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At December 31, 2025, 24 of the Company’s properties were vacant and not subject to a lease. Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2025 are as follows (in thousands):
(a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements and sales-type financing receivables. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rental payments such as lease escalations based on future changes in CPI. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization at December 31 (in thousands):
(a) Includes the dollar amount of in-place lease intangibles ($39,000) and the related accumulated amortization ($6,000) associated with the real estate investments held for sale at December 31, 2025. Aggregate lease intangible asset amortization included in depreciation and amortization expense was $54.4 million, $54.5 million, $50.7 million and $0.3 million during the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, respectively. The amount amortized as a decrease to rental revenue for capitalized above‑market lease intangibles was $3.3 million during the year ended December 31, 2025 and $2.8 million during both the year ended December 31, 2024 and the period from February 3, 2023 through December 31, 2023. For the period from January 1, 2023 through February 2, 2023, there was no amortization of above-market lease intangibles. Based on the balance of the intangible lease assets as of December 31, 2025, the aggregate amortization expense is expected to be $44.7 million in 2026, $43.1 million in 2027, $41.0 million in 2028, $38.4 million in 2029, $35.6 million in 2030 and $187.4 million thereafter. The amount expected to be amortized as a decrease to rental revenue is expected to be $2.6 million in 2026, $2.6 million in 2027, $2.5 million in 2028, $2.4 million in 2029, $2.3 million in 2030 and $15.0 million thereafter. The weighted average remaining amortization period is approximately 10.9 years for the in‑place lease intangibles, and approximately 12.8 years for the above-market lease intangibles. Intangible Lease Liabilities The following details intangible lease liabilities and related accumulated amortization as of December 31 (in thousands):
(a) Includes the dollar amount of below-market lease intangibles ($14,000) and the related accumulated amortization ($2,000) associated with the real estate investments held for sale at December 31, 2025. Lease intangible liabilities are amortized as an increase to rental revenues. For the years ended December 31, 2025, December 31, 2024 and the period from February 3, 2023 through December 31, 2023, amortization was $9.6 million, $10.6 million and $8.3 million, respectively. There was no amortization of below-market lease intangibles for the period from January 1, 2023 through February 2, 2023. Based on the balance of the intangible liabilities at December 31, 2025, the amortization included in rental revenue is expected to be $7.9 million in 2026, $7.8 million in 2027, $7.6 million in 2028, $7.4 million in 2029, $6.8 million in 2030 and $74.2 million thereafter. The weighted average remaining amortization period, including extension periods, is approximately 22.3 years. Operating Ground Lease Assets As of December 31, 2025, STORE Capital had operating ground lease assets aggregating $53.7 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $3.9 million, $4.0 million, $3.2 million and $273,000 for the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $2.9 million, $3.0 million, $2.6 million and $234,000 for the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, respectively. The Company’s ground leases have remaining terms ranging from 3 to 86 years, some of which have one or more options to extend the lease for terms ranging from two years to ten years. The weighted average remaining non-cancelable lease term for the ground leases was 25 years at December 31, 2025. The weighted average discount rate used in calculating the operating lease liabilities was 5.6%. The future minimum lease payments to be paid under the operating ground leases as of December 31, 2025 were as follows (in thousands):
(a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $116.4 million commitment, $85.7 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under one lease where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales. Loans and Financing Receivables The Company’s loans and financing receivables include investments in real estate accounted for as financing arrangements and sales-type financing receivables as well as a smaller portion of investments made by issuing mortgage loans. Investments in real estate are recorded as loans and financing receivables on the balance sheet if the terms of a lease contract require the Company to account for the lease as a financing lease or if a lease specifically associated with a sale-leaseback transaction contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement. The Company’s loans and financing receivables are summarized below (dollars in thousands):
(a) Represents the weighted average interest rate as of the balance sheet date. (b) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2026 and 2073. (c) Includes $27.3 million and $23.7 million of interest income receivables associated with certain financing arrangements as of December 31, 2025 and December 31, 2024, respectively. (d) Ten of these mortgage loans allow for prepayment with a penalty ranging from 20% to 70% depending on the timing of the prepayment. Two of these mortgages may be prepaid in whole or in part, the remaining eight allow for prepayment only in full. (e) Balance shown is net of $2.6 million of loans that were written-off against previously established reserves. Loans Receivable At December 31, 2025, the Company held 35 loans receivable with an aggregate carrying amount of $589.0 million. Twenty‑two of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 15 of the mortgage loans are subject to increases over the term of the loans. The mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 15 to 40 year amortization period with a balloon payment, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly principal and interest payments with a balloon payment, if any, at maturity. The long-term mortgage loans receivable generally allow for prepayments without penalty or with penalties ranging from 1% to 15%, depending on the timing of the prepayment, except as noted in the table above. Equipment and other loans receivable allow for prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands):
Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2025 and 2024, the Company had $1.7 billion and $1.2 billion, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of December 31, 2025, were as follows (in thousands):
Sales-Type Financing Receivables As of December 31, 2025 and 2024, the Company had $814.3 million and $556.9 million, respectively, of investments accounted for as sales-type leases; the components of these investments were as follows (in thousands):
As of December 31, 2025, the future minimum lease payments to be received under the sales-type lease receivables are expected to be $67.5 million in 2026, $69.4 million in 2027, $70.7 million in 2028, $72.0 million in 2029, $73.7 million in 2030 and $1.9 billion thereafter. Provision for Credit Losses In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan or financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of December 31, 2025, $285.8 million of loans and financing receivables were categorized as investment grade and $2.8 billion were categorized as non-investment grade. During the year ended December 31, 2025, there were $9.7 million of net provisions for credit losses recognized. During the year ended December 31, 2025, there were $2.6 million of write-offs charged against the allowance and no recoveries of amounts previously written off. As of December 31, 2025, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was $60.4 million in 2025, $115.5 million in 2024, $85.2 million in 2023, none in 2022, none in 2021 and $24.7 million prior to 2021. The year of origination for loans and financing receivables with a credit quality indicator of non‑investment grade was $1.1 billion in 2025, $812.1 million in 2024, $545.5 million in 2023, $95.6 million in 2022, $72.5 million in 2021 and $245.3 million prior to 2021. |
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| Debt | 4. Debt Credit Facility The Company has a credit agreement, which was amended and restated in September 2025 (the “Unsecured Credit Agreement”), with a group of lenders which provides for an unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”) and senior unsecured, variable-rate term loans which are discussed in more detail in the section titled “Unsecured Notes and Term Loans Payable, net” below. The Unsecured Revolving Credit Facility has an increased borrowing capacity of $1.25 billion from the previous capacity of $753.9 million, matures in September 2029 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At December 31, 2025, the Company had $583.6 million of borrowings outstanding on the facility. Borrowings under the Unsecured Revolving Credit Facility require monthly payments of interest at a rate selected by the Company of either (1) Daily Simple SOFR plus a spread ranging from 0.70% to 1.40%, or (2) the Base Rate, as defined in the Unsecured Credit Agreement, plus a spread ranging from 0.00% to 0.40%. The spread used is based on the Company’s credit rating as defined in the Unsecured Credit Agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.10% to 0.30% based on the Company’s credit rating. As of December 31, 2025, the applicable spread for SOFR-based borrowings is 0.85% and the facility fee is 0.20%. As of December 31, 2025, the Company has five interest rate swap agreements with an aggregate notional value of $373.6 million that effectively convert a portion of the outstanding borrowings on the Unsecured Revolving Credit Facility to an all-in fixed rate of 4.7360%. Under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $11.5 billion at December 31, 2025. The facility is recourse to the Company and, as of December 31, 2025, the Company was in compliance with the covenants under the facility. The Unsecured Credit Agreement also includes capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, up to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of $3.9 billion as amended in September 2025. At December 31, 2025 and 2024, unamortized financing costs related to the Company’s credit facility totaled $11.7 million and $4.1 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net The Company has previously completed four public offerings of ten-year unsecured notes (“Public Notes”). In March 2018, February 2019 and November 2020, the Company completed public offerings of $350.0 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $375.0 million in aggregate principal amount. The Public Notes have coupon rates of 4.50%, 4.625%, 2.75% and 2.70%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes. In March 2025, the Company completed a private offering of $350.0 million in aggregate principal amount of five-year senior unsecured notes (the “2025 Notes”). The 2025 Notes have a coupon rate of 5.40% and interest is payable semi-annually in arrears in April and October of each year. The 2025 Notes were issued at 99.935% of their principal amount. In December 2025, the Company filed a registration statement with the SEC to offer to exchange these notes for a new issue of public notes registered under the Securities Act of 1933, as amended (the “Securities Act”). The exchange offer expired on February 5, 2026, and the tendered 2025 Notes were exchanged for new registered notes with substantially identical terms. In February 2026, the Company completed a private offering of $450.0 million in aggregate principal amount of five-year senior unsecured notes (the “2026 Notes”). The 2026 Notes have a coupon rate of 4.95% and interest is payable semi-annually in arrears in February and August of each year, commencing on August 11, 2026. The notes were issued at 99.952% of their principal amount. The supplemental indentures governing the Public Notes and 2025 Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of December 31, 2025, the Company was in compliance with these covenants. The Public Notes and 2025 Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes. The Company has entered into Note Purchase Agreements (“NPAs”) with institutional purchasers that provided for the private placement of three series of senior unsecured notes initially aggregating $375.0 million (the “Notes”). At December 31, 2025, the Company had $82.0 million of Notes outstanding. Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company. The NPAs contain a number of financial covenants that are similar to the covenants contained in the Company’s Unsecured Credit Agreement as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of December 31, 2025, the Company was in compliance with its covenants under the NPAs. The Company’s Unsecured Credit Agreement, provides for the Company’s Unsecured Revolving Credit Facility, as discussed above, and two senior unsecured variable-rate term loans which were amended and restated in September 2025 (collectively the “Unsecured Term Loans”). As of December 31, 2025, the Tranche A-1 Term Loan (“Tranche A-1 Term Loan”) had a balance of $1.0 billion and matures in September 2030. The Tranche A-2 Term Loan (“Tranche A-2 Term Loan”) had a balance of $650.0 million and matures in September 2028 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. The interest rate on each of the Unsecured Term Loans resets at Daily Simple plus a credit rating-based spread ranging from 0.75% to 1.60%. At December 31, 2025, the spread applicable to the Company was 0.95%. As of December 31, 2025, the Company had ten interest rate swap agreements, with an aggregate notional value of $1.0 billion, which effectively convert the Tranche A-1 Term Loan borrowings to an all-in fixed rate of 4.0263% and six interest rate swap agreements, with an aggregate notional value of $650.0 million, which effectively convert the Tranche A-2 Term Loan borrowings to an all-in fixed rate of 4.8878%. As noted above, under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. As of December 31, 2025, the Company was in compliance with these covenants. The Unsecured Term Loans are senior unsecured obligations of the Company, require monthly interest payments and may be prepaid without premium or penalty at any time. The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands):
(a) Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at December 31, 2025. The Company has six interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2025. (b) Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at December 31, 2025. The Company has ten interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2025. Non‑recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non‑recourse net‑lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non‑amortizing notes. The Company has retained the Class B notes which aggregate $230.0 million at December 31, 2025. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of December 31, 2025, the aggregate collateral pool securing the net‑lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $5.4 billion. Certain of the consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $233.5 million at December 31, 2025. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non‑recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands):
(a) Prepayable, without penalty, 24 months prior to maturity. (b) Prepayable, without penalty, 36 months prior to maturity. (c) Prepayable, without penalty, three months prior to maturity. (d) Prepayable, without penalty, four months prior to maturity. (e) Repaid in full at maturity, without penalty, in April 2025 using a portion of the proceeds from the $350.0 million 2025 Notes issued. Credit Risk Related Contingent Features The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness. As of December 31, 2025, the termination value of the Company’s interest rate swaps that were in a liability position was approximately $10.8 million, which includes but excludes any adjustment for nonperformance risk. Long Term Debt Maturity Schedule As of December 31, 2025, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands):
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| Income Taxes | 5. Income Taxes As a REIT, the Company is generally not subject to federal income tax but is subject to certain state and local income taxes as well as federal income and excise tax on its undistributed income. STORE Investment Corporation, the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities, is subject to federal, state and local income taxes, but these annual taxes have historically been and are currently estimated to be negligible and have not been nor will be impacted by the Merger transaction, the income tax implications of which (to the Company) are referenced hereinafter. Following the Merger, the Company’s ownership structure and status as a privately held REIT caused multiple state income tax jurisdictions to view the Company as a captive REIT, resulting in state income tax liabilities to which the Company was not previously subject when it was publicly traded. During the year ended December 31, 2025, the Company’s status as a captive REIT ceased in most states, which significantly reduced current and future state income tax liabilities resulting from the captive REIT status. As such, the Company expects its state effective income tax rate, with respect to most jurisdictions, to be zero for the foreseeable future. After applying the projected future effective income tax rate of approximately zero to the Company’s temporary differences, the $11.7 million balance in its net deferred tax liability recorded at December 31, 2024 was reversed in full during 2025, resulting in the recognition of a net tax benefit. The components of the Company's income tax provision are listed below (in thousands):
A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total provision (benefit) for income taxes is shown below (in thousands):
(a) The Company’s income tax expense was immaterial for the period from January 1, 2023 to February 2, 2023, therefore a reconciliation was not presented for such period. (b) State taxes in Illinois, Indiana and New York made up the majority (greater than 50%) of the tax effect in this category. (c) For the year ended December 31, 2025, income excluded from US taxation represents the effect of the dividends paid deduction. As required by ASC Topic 740, Income Taxes, management of the Company has evaluated the evidence bearing upon the realizability of its deferred tax assets, which is ultimately dependent upon the sources of future taxable income during the periods temporary differences become deductible. Based on the weight of available evidence, both positive and negative, during the year ended December 31, 2024, management determined that it was "more-likely-than-not" that the Company would not realize the benefits of some of its deferred tax assets. Accordingly, the Company recorded a valuation allowance of $24.2 million at December 31, 2024. Because the Company’s status as a captive REIT ceased in most states during the year ended December 31, 2025, the $24.2 million valuation allowance, in addition to all gross deferred tax assets and liabilities, was reversed in full during the same period. As a result, the Company had no gross or net deferred tax assets or liabilities recorded on its balance sheet, nor did it present a schedule of tax effected significant temporary differences as of and for the period ended December 31, 2025. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 were as follows (in thousands):
Certain state tax returns filed for 2021 and federal and state tax returns filed for 2022 through 2024 are subject to examination by these jurisdictions. As of December 31, 2025, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at December 31, 2025 or December 31, 2024. The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share for Predecessor periods):
(a) For the Successor periods ended December 31, 2025, 2024 and 2023, there were 1,000 common shares authorized, issued and . Successor preferred shares and distributions thereon are excluded from the table above. (b)
For the Predecessor period ended February 2, 2023, there were 375,000,000 common shares authorized and 282,684,998 shares issued and outstanding. |
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Equity |
12 Months Ended |
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Dec. 31, 2025 | |
| Stockholders' Equity | |
| Equity | 6. Equity Stockholders’ Equity (Predecessor) In November 2020, the Company established its fifth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it could offer and sell up to $900.0 million of registered shares of common stock through a group of banks acting as its sales agents (the “2020 ATM Program”). For the period from January 1, 2023 to February 2, 2023, there were no common stock issuances under the 2020 ATM Program. Upon closing of the Merger, on February 3, 2023, the 2020 ATM Program was terminated. Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the effective time of the Merger, each share of common stock of the Company, par value $0.01 per share (“Common Stock”), other than shares of Common Stock held by STORE Capital, the Parent Parties or any of their respective wholly-owned subsidiaries, issued and outstanding immediately prior to the merger effective time, was automatically cancelled and converted into the right to receive an amount in cash equal to the Merger Consideration, without interest. Members’ Equity (Successor) In connection with the Merger, the Company issued 1,000 common units (“Common Units”) to its members for an aggregate cash amount of $8.3 billion. Prior to the Merger, the Company issued 125 Series A Preferred Units (the “Preferred Units”) for an aggregate cash amount of $125,000. The issuance of the Preferred Units was made through a private placement in reliance on Section 4(a)(2) of the Securities Act, and the rules and regulations promulgated thereunder. Additionally, during the year ended December 31, 2025, one of the Company’s wholly-owned subsidiaries issued 125 Series B Preferred Units for an aggregate cash amount of $125,000. In accordance with the Company’s operating agreement, members holding Preferred Units (“Preferred Members”) receive distributions bi-annually and Members holding Common Units (“Common Members”) may receive distributions monthly. Common Members may be subject to capital calls. Except for their initial capital contribution, no Preferred Members may make any additional capital contributions. Additionally, no Preferred Members have the right to demand a withdrawal, reduction or return of their capital contributions or receive interest thereon. The Preferred Units rank senior to the Common Units of the Company and to all other membership interests and equity securities issued by the Company with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Company. |
Long-Term Incentive Plans |
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Incentive Plans | 7. Long‑Term Incentive Plans In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), which permitted the issuance of up to 6,903,076 shares of common stock, which represented 6% of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long‑Term Incentive Plan (the “2012 Plan”) which permitted the issuance of up to 1,035,400 shares of common stock. During 2022, the 2012 Plan expired. Both the 2015 and 2012 Plans allowed for awards to officers, directors and employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance‑based grants. The following table summarizes the restricted stock award (“RSA”) activity:
(a) In connection with the completion of the Merger on February 3, 2023, the 446,847 outstanding RSAs became fully vested. (b) Grant date fair value. The Company historically granted RSAs to its officers, directors and employees. Generally, restricted shares granted to the Company’s employees vested in 25% increments in February or May of each year. The independent directors received annual grants that vested at the end of each term served. The Company estimated the fair value of RSAs at the date of grant and recognized that amount in expense over the vesting period as the greater of the amount amortized on a straight‑line basis or the amount vested. The fair value of the RSAs were based on the closing price per share of the Company’s common stock on the date of the grant. Under the terms of the Merger Agreement, effective immediately prior to the merger effective time, each outstanding award of restricted stock automatically became fully vested and all restrictions and repurchase rights thereon lapsed, with the result that all shares of common stock represented thereby were considered outstanding for all purposes under the merger agreement and received an amount in cash equal to $32.25 per share (the ‘Merger Consideration”), less required withholding taxes. The Company had granted restricted stock unit awards (“RSUs”) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contained a service condition. The number of common shares to be earned from each grant ranged from zero to 100% of the total RSUs granted over a three-year performance period. As of December 31, 2022, the Company had 1,222,038 non-vested and outstanding RSUs. In connection with the completion of the Merger on February 3, 2023, 506,136 outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target as of the date of the Merger Agreement and 715,902 shares were forfeited. Under the terms of the Merger Agreement, effective immediately prior to the merger effective time, outstanding awards of performance-based RSUs automatically became earned and vested with (a) approximately 53% of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2020, (b) approximately 50% of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2021 and (c) approximately 33% of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2022, and thereafter were cancelled and, in exchange therefor, each holder of any such cancelled vested performance-based RSUs ceased to have any rights with respect thereto, except the right to receive as of the merger effective time, in consideration for the cancellation of such vested performance unit and in settlement therefore, an amount in cash equal to the product of (1) the Merger Consideration and (2) the number of so-determined earned performance shares subject to such vested performance-based RSUs, without interest, less required withholding taxes. In addition, on the Closing Date, each holder of performance-based RSUs received an amount equivalent to all cash dividends that would have been paid on the number of so-determined earned shares of the Company’s common stock subject to such performance-based RSUs as if they had been issued and outstanding from the date of grant up to, and including, the merger effective time, less required withholding taxes. The Company previously valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. No RSUs were granted during the period from January 1, 2023 to February 2, 2023. The estimated fair value was amortized to expense on a tranche-by-tranche basis ratably over the vesting periods.
The 2015 and 2012 Plans each allowed the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. No shares were repurchased during the period from January 1, 2023 to February 2, 2023. Compensation expense for equity‑based payments totaled $1.0 million for period from January 1, 2023 through February 2, 2023 and is included in general and administrative expenses. In conjunction with the accelerated vesting of outstanding equity awards, the compensation expense for equity-based payments was $16.4 million which was presented “on-the-line” at the closing of the Merger. During 2023, the Company replaced the historical stock compensation program with a long-term cash incentive program. Certain members of management were granted long-term cash-based incentive awards that vest at the end of a three-year performance period ending December 31, 2025, based on the achievement of specified corporate performance metrics and are paid following certification of achievement of such metrics. Employees were granted time-based cash awards that vest and are paid out ratably over a three-year period. |
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| Commitments and Contingencies | |
| Commitments and Contingencies | 8. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2025, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $302.6 million, of which $290.1 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has entered into lease agreements with an unrelated third party for its corporate office space that will expire in July 2027 and July 2029; the leases each allow for one five-year renewal period at the option of the Company. For the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, total rent expense was $946,000, $946,000, $874,000 and $77,000, respectively, which is included in general and administrative expense on the consolidated statements of operations. At December 31, 2025, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $1.0 million in 2026, $701,000 in 2027, $188,000 in 2028 and $104,000 in 2029. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at December 31, 2025, the balance of the right-of-use asset was $1.7 million, which is included in other assets, net on the consolidated balance sheets, and the balance of the related lease liability was $1.9 million. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and cash incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives on an annual and multi-year basis. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, and continuation of healthcare benefits under the terms of the employee agreements. The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed 30 days of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. For the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, the matching contributions made by the Company totaled approximately $798,000, $746,000, $704,000 and $21,000, respectively. |
Fair Value of Financial Instruments |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. As discussed in Note 2, the Company has elected to present the fair value of derivative assets and liabilities within the consolidated balance sheets on a net basis by counterparty. The net derivative assets are included in other assets, and the net derivative liabilities, if any, are included in accrued expenses, deferred revenue and other liabilities on the consolidated balance sheets. The following table summarizes the net derivative balances recorded on the consolidated balance sheets and provides information as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties in accordance with the associated master International Swap and Derivatives Association agreement (in thousands):
In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2025 and 2024. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally, these assets and liabilities are short‑term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the current carrying values of its fixed‑rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Company’s aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At December 31, 2025, these debt obligations had an aggregate carrying value of $6.5 billion and an estimated fair value of $6.7 billion. At December 31, 2024, these debt obligations had an aggregate carrying value of $5.8 billion and an estimated fair value of $5.8 billion. |
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Merger |
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| Merger | 10. Merger On February 3, 2023, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, STORE Capital Corporation merged with and into Merger Sub and the separate existence of STORE Capital Corporation ceased. Immediately following the completion of the Merger, the Surviving Entity changed its name to STORE Capital LLC. As a result of the Merger and subsequent delisting of the Company’s Common Stock from the New York Stock Exchange, the common equity of the Company is no longer publicly traded. Consideration and Purchase Price Allocation The Merger was accounted for using the asset acquisition method of accounting in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the total consideration transferred in the purchase of STORE Capital Corporation (amounts in thousands):
The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed (amounts in thousands):
Fair Value Measurement The estimated fair values of assets acquired and liabilities assumed were primarily based on information that was available as of the Closing Date. The methodology used to estimate the fair values to apply purchase accounting and the ongoing financial statement impact, if any, are summarized below. • Real estate investments, including sale-leaseback transactions accounted for as financing arrangements, investments in sales-type leases and direct financing receivables – the Company engaged third party valuation specialists to calculate the fair value of the real estate acquired by the Company using standard valuation methodologies, including the cost and market approaches. The remaining useful lives for real estate assets, excluding land, were reset based on the effective age of an asset compared to its overall average life, as determined by the valuation specialists. • Intangible lease assets and liabilities – the Company engaged third party valuation specialists to calculate the fair value of in-place lease assets based on estimated costs the Company would incur to replace the lease. In-place lease assets are amortized to expense over the remaining life of the lease. Above-market lease assets and below-market lease liabilities were recorded at the discounted difference between the contractual cash flows and the market cash flows for each lease using a market-based, risk related discount rate. Above-market and below-market lease assets and liabilities are amortized as a decrease and increase to rental revenue, respectively, over the remaining life of the lease. • Operating ground lease assets and liabilities – the Company engaged third party valuation specialists to calculate the fair value of operating ground lease assets and liabilities based on the present value of future lease payments and an adjustment for the off-market component by comparing market to contract rent. • Loans receivable – the Company engaged third party valuation specialists to calculate the fair value of loans receivable based on the net present value of future payments to be received discounted at a market rate. The above-market value of the loans receivable is recorded as a loan premium and reported as an increase of the related loan balance on the consolidated balance sheets. The premium is amortized as a decrease to interest income over the remaining term of the loan receivable. • Assumed debt – the Company engaged third party valuation specialists to calculate the fair value of the outstanding debt assumed using standard valuation methodology, including the market approach. The below-market value of debt is recorded as a debt discount and reported as a reduction of the related debt balance on the consolidated balance sheets. The discount is amortized as an increase to interest expense over the remaining term of the related debt instrument. •
Other assets and liabilities – the carrying values of cash, restricted cash, accounts receivable, prepaids and other assets, accounts payable, accrued expenses and other liabilities represented the fair values. |
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Schedule III - Real Estate and Accumulated Depreciation |
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| Schedule III - Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Real Estate and Accumulated Depreciation | STORE Capital LLC Schedule III - Real Estate and Accumulated Depreciation (Dollars in Thousands)
(a) As of December 31, 2025, we had investments in 3,422 single-tenant real estate property locations including 3,400 owned properties and 22 ground lease interests; 240 of our owned properties and one ground lease interest are accounted for as financing arrangements and 138 are accounted for as sales-type leases and are excluded from the table above. In addition, four of the owned properties are considered to be held for sale at December 31, 2025 and are excluded from the table above. Initial costs exclude intangible lease assets totaling $559.7 million. (b) The unaudited aggregate cost for federal income tax purposes is approximately $16.8 billion. (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023:
(i) For the years ended December 31, 2025, December 31, 2024 and the period from February 3, 2023 through December 31, 2023, represents owned properties previously recorded as financing leases or financing arrangements that were transferred to an operating lease during the period due to a modification or, in the case of certain financing arrangements, a purchase option expiration. (ii) During the years ended December 31, 2025 and December 31, 2024, includes $131.7 million and $171.3 million, respectively, of gross land and building reclassified to loans and financing receivables as a result of certain acquisitions which modified existing operating leases in a manner which required them to be accounted for as finance leases in accordance with ASC Topic 842.
(d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023:
(e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 20 to 40 years for buildings and improvements and is 10 to 15 years for land improvements. (f) Property is collateral for debt obligations totaling $3.2 billion issued and outstanding under the Company’s STORE Master Funding debt program.
See report of independent registered public accounting firm. |
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Schedule IV - Mortgage Loans on Real Estate |
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| Schedule IV - Mortgage Loans on Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule IV - Mortgage Loans on Real Estate | Schedule IV - Mortgage Loans on Real Estate As of December 31, 2025 (Dollars in thousands)
The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023 (in thousands):
(a) Loan was on nonaccrual status as of December 31, 2025. (b) Loan matured prior to December 31, 2025 and the Company has been in negotiations with the borrower regarding a resolution. (c)
The unaudited aggregate cost for federal income tax purposes is $563.9 million. |
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Summary of Significant Accounting Principles (Policies) |
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| Summary of Significant Accounting Principles | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Accounting and Principles of Consolidation | Basis of Accounting and Principles of Consolidation The accompanying audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital Corporation and its wholly-owned subsidiaries and special purpose entities that it controlled through its voting interest for the periods prior to the Merger. For the periods after the Merger, these consolidated statements include the accounts of STORE Capital LLC, its wholly-owned subsidiaries, and special purpose entities, and variable interest entities (“VIEs”) that it controls through its voting interest and other means. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day‑to‑day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non‑recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest‑bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long‑term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At December 31, 2025 and 2024, these special purpose entities held assets totaling $13.6 billion and $13.2 billion, respectively, and had third‑party liabilities totaling $3.6 billion and $3.1 billion, respectively. At December 31, 2025 and 2024, these VIEs held assets totaling $440.8 million and $275.7 million, respectively, and had third-party liabilities totaling $1.4 million and $1.4 million, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, the variable interest holder’s form of ownership interest, the variable interest holder’s representation on the VIE’s governing body, the size and seniority of the variable interest holder’s investment, the variable interest holder’s ability and the rights of other investors to participate in policy making decisions, the variable interest holder’s ability to manage its ownership interest relative to the other interest holders, and the variable interest holder’s ability to replace the VIE manager and/or liquidate the entity. For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed. Consolidated VIE The Company holds a 95% ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest holder. The Company has provided a $170.8 million loan to the joint venture as of December 31, 2025. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements) and cash; its obligations primarily consist of debt service payments to the Company, which are eliminated in consolidation. Accounting for the Merger As further described in Note 10 to these consolidated financial statements, the Merger was accounted for using the asset acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC Topic 805”), which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets purchased and the liabilities assumed. Direct transaction costs incurred by STORE Capital LLC as the acquirer and amounts transferred to reimburse STORE Capital Corporation for costs incurred as the acquiree to sell the business are included in the consideration transferred and capitalized as a component of the cost of the assets acquired. An assembled workforce intangible asset is recorded at the acquisition date if it is part of the asset group acquired. Goodwill is not recognized in an asset acquisition and consideration transferred in excess over the fair value of the net assets acquired, if any, is allocated on a relative fair value basis to the identifiable assets and liabilities. As noted above, the consolidated financial statements of STORE Capital LLC reflect the recording of assets and liabilities at fair value as of the date of the Merger. The Merger resulted in the termination of the prior reporting entity and a corresponding creation of a new reporting entity. Accordingly, the Company’s consolidated financial statements and transactional records prior to the Closing Date, or February 3, 2023, reflect the historical accounting basis of assets and liabilities and are labeled “Predecessor” while such records subsequent to the Closing Date reflect the fair value of assets acquired and liabilities assumed in the Company’s consolidated financial statements and are labeled “Successor.” This change in reporting entity is represented in the consolidated financial statements by a black line that appears between “Predecessor” and “Successor” on the statements and in the relevant notes. The black line signifies that the amounts shown for the periods prior to and subsequent to the Merger are not comparable. |
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. |
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| Reclassifications | Reclassifications We reclassified $23.7 million of interest income receivables associated with certain financing arrangements previously included in other assets, net on the consolidated balance sheet as of December 31, 2024 to loans and financing receivables, net to conform to the presentation in this Annual Report on Form 10-K. This reclassification has no effect on total assets reported on the consolidated balance sheet as of December 31, 2024. |
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| Segment Reporting | Segment Reporting The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. We are engaged in the business of acquiring, investing in and managing Single Tenant Operational Real Estate across the U.S. The Company’s operating results depend primarily upon generating rental revenue and interest income from leasing its properties. The Company’s acts as the chief operating decision maker (“CODM”). Our CODM assesses entity-wide operating results and makes decisions on how to allocate resources based on consolidated net income, which is reported in the consolidated statements of operations. Additionally, the measure of segment assets is reported in the consolidated balance sheets as “Total assets.” Significant expense categories, including interest, property costs, general and administrative and depreciation and amortization, are included on the Company’s consolidated statements of operations. Asset information is included on the consolidated balance sheets and in Note 3. |
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| Investment Portfolio | Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio. • Real Estate Investments – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are classified as operating or finance leases and, in both cases, the operators become the Company’s long‑term tenants (its customers). Real estate assets acquired may be subject to a lease contract that contains certain terms requiring the Company to account for the lease as a finance lease. Additionally, if the terms of a lease contract specifically associated with a sale leaseback transaction contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement, due to the Company’s adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating or finance lease. • Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. •
Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. |
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| Accounting for Real Estate Investments | Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre‑acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts contain terms that result in the lease being classified as a finance lease. Additionally, certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that contains certain terms, such as a purchase option, the Company accounts for such an acquisition as a financing arrangement. The Company records investments in financing arrangements and finance leases in loans and financing receivables, net on the consolidated balance sheets. For contracts accounted for as a financing arrangement due to the presence of a purchase option, should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In‑place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in‑place leases is amortized on a straight‑line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above‑market or below‑market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in‑place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above‑market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below‑market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight‑line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. |
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| Revenue Recognition | Revenue Recognition STORE Capital leases real estate to its tenants under long‑term net leases that are predominantly classified as operating leases, but in certain circumstances are classified as financing arrangements or finance leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases classified as operating leases that provide for specific contractual escalations, rental revenue is recognized on a straight‑line basis so as to produce a constant periodic rent over the term of the lease. When a lease, classified as a financing arrangement, provides the same specific contractual escalations, lease payments accounted for as interest income are recognized using the effective interest method. Accordingly, straight-line operating lease receivables and interest income receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis or interest income recognized using the effective interest method, respectively, and scheduled rents or interest, represent unbilled rent receivables that the Company will receive only if the tenants make all rent or interest payments required through the expiration of the leases. These straight-line operating lease receivables and interest income receivables are included in other assets, net and loans and financing receivables, net, respectively, on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables and interest income receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues or interest income, respectively. As of December 31, 2025 and 2024, the Company had $103.3 million and $63.1 million, respectively, of straight-line operating lease receivables and interest income receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple‑year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue and interest income, certain leases, including leases classified as financing arrangements, also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue and interest income when the threshold upon which the contingent lease payment is based is achieved. Approximately 3.4% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues and interest income. The Company reviews its revenue and interest receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write‑off of the receivable is made and any future rental revenue or interest income is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. These property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of operations. |
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| Impairment | Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. Depending on their nature, these factors are classified as Level 2 or Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. During the year ended December 31, 2025, the Company recognized an aggregate provision for the impairment of real estate of $25.4 million. For the assets impaired in 2025, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $76.3 million. The Company recognized aggregate provisions for the impairment of real estate of $23.6 million and $17.6 million for the year ended December 31, 2024 and the period from February 3, 2023 through December 31, 2023, respectively. No impairment of real estate was recognized during the period from January 1, 2023 through February 2, 2023. |
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| Accounting for Loans and Financing Receivables | Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan‑by‑loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2025 and 2024, the Company had loans receivable with an aggregate outstanding principal balance of $26.9 million and $64.7 million, respectively, on nonaccrual status. Sale-Leaseback Transactions Accounted for as Financing Arrangements – Classification, Cost and Revenue Recognition Lease contracts accounted for as financing arrangements are initially recorded at an amount equal to the cost of the associated real estate, including acquisition and closing costs. Certain financing arrangements which include fixed rent escalations are subsequently accounted for using the effective interest method as discussed in Accounting for Real Estate Investments, Revenue Recognition above. The Company recognizes revenue from sale-leaseback transactions accounted for as financing arrangements as interest income on the consolidated statement of operations. Sales-Type Financing Receivables – Classification, Cost and Revenue Recognition Sales-type receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the assets. Rental payments received and the amortization of unearned income are recorded as interest income on the consolidated statement of operations. Impairment and Provision for Credit Losses The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan and financing receivables is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non‑investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. During the years ended December 31, 2025, December 31, 2024 and the period from February 3, 2023 through December 31, 2023, the Company recognized an estimated $9.7 million, $8.3 million and $7.7 million, respectively, of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of operations. For the period from January 1, 2023 through February 2, 2023, no provisions for credit losses were recognized. For the year ended December 31, 2025 there were $2.6 million of write-offs charged against the allowance. During the year ended December 31, 2024, the Company did not write off any credit losses associated with loans and financing receivables. For the period from February 3, 2023 through December 31, 2023, the net provision for credit losses included a reduction of $2.1 million associated with the sale of certain loans and financing receivables and the Company did not write off any loans receivable. For the period from January 1, 2023 through February 2, 2023, the Company did not write off any credit losses associated with loans and financing receivables. |
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| Accounting for Operating Ground Lease Assets | Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably certain the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money‑market funds of major financial institutions, consisting predominantly of U.S. Government obligations. |
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| Restricted Cash | Restricted Cash Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $13.3 million and $9.9 million of restricted cash at December 31, 2025 and 2024, respectively, which are included in , on the consolidated balance sheets. |
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| Deferred Financing and Other Debt Costs | Deferred Financing and Other Debt Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Financing costs related to the Company’s credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. |
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| Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. See Note 9 for a summary of net derivative balances recorded on the consolidated balance sheets and gross asset and liability balances as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2025, the Company had 21 interest rate swap agreements in place. Ten of the interest rate swap agreements have an aggregate notional value of $1.0 billion, with two maturing in February 2027, one maturing in April 2027, six maturing in May 2027 and one maturing in May 2029, and are designated cash flow hedges of the Company’s $1.0 billion variable-rate bank unsecured term loan which matures in September 2030 (Note 4). Six of the interest rate swap agreements with an aggregate notional value of $650.0 million, three with maturities of February 2027, one with a maturity of May 2027 and two with a maturity of July 2028 are designated cash flow hedges of the Company’s $650.0 million floating-rate bank unsecured term loan which matures in September 2028 (Note 4). Five interest rate swap agreements with an aggregate notional value of $373.6 million, with two maturing in May 2027 and three maturing in July 2028 are designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in September 2029 (Note 4). As of December 31, 2024, the Company had 21 derivative instruments in place. |
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| Fair Value Measurement | Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. • Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market‑corroborated inputs. •
Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. |
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| Share-based Compensation | Share‑based Compensation Historically, directors and employees of the Company had been granted long‑term incentive awards, including restricted stock awards (“RSAs”) and restricted stock unit awards (“RSUs’), which provided such directors and employees with equity interests as an incentive to remain in the Company’s service and aligned their interests with those of the Company’s stockholders. As of the closing of the Merger, the Company no longer has any equity incentives outstanding. |
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| Income Taxes | Income Taxes As a REIT, the Company is generally not subject to federal income tax but is subject to certain state and local income taxes as well as federal income and excise tax on its undistributed income. STORE Investment Corporation, the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities, is subject to federal, state and local income taxes. The Company provides for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. |
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| Related Party Transactions | Related Party Transactions The Company has a service contract with PCSD Ivory Private Limited, an entity affiliated with GIC, one of the Company’s members, under which it has agreed to perform certain loan servicing and other administrative services on behalf of PCSD Ivory Private Limited in exchange for a servicing fee. During the years ended December 31, 2025 and 2024, the Company recognized $0.7 million and $0.8 million of fee income, respectively, which is recorded in other income on the consolidated statements of operations. No such amounts were recorded for the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023. In accordance with the terms of the service contract and related arrangements, during the year ended December 31, 2025, the Company agreed to dispose of certain real estate assets held on behalf of PCSD Ivory Private Limited and recorded a related party liability equal to the fair value of the real estate assets. Such related party liability balance was $27.0 million as of December 31, 2025, which is included in accrued expenses, deferred revenue and other liabilities, on the consolidated balance sheet. |
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| Net Income Per Common Share | Net Income Per Common Share Net income per common share has been computed for STORE Capital Corporation pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non‑forfeitable dividends, as participating securities requiring the two‑class method of computing net income per common share. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):
(a) For the period from January 1, 2023 to February 2, 2023 excludes 197,026 shares related to unvested restricted shares as the effect would have been antidilutive. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which, effective for annual periods in fiscal years beginning after December 15, 2024, requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. For the year ended December 31, 2025 (i) the Company adopted in accordance with the prospective transition method, and consequently, financial statements for prior periods have not been retrospectively adjusted and remain presented under the previous accounting guidance, and (ii) the adoption of ASU 2023-09 had no material impact on the Company's financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income statement (Subtopic 220-40) Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures. |
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Summary of Significant Accounting Principles (Tables) |
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| Summary of Significant Accounting Principles | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share | The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):
(a)
For the period from January 1, 2023 to February 2, 2023 excludes 197,026 shares related to unvested restricted shares as the effect would have been antidilutive. |
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Investments (Tables) |
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Gross Real Estate and Loan Activity | For the years ended December 31, 2025, December 31, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 to February 2, 2023, the Company had the following gross real estate and other investment activity (dollars in thousands):
a) For the period from January 1, 2023 through February 2, 2023, the period from February 3, 2023 through December 31, 2023 and the years ended December 31, 2024 and 2025, includes $0.2 million, $2.9 million, $2.6 million and $4.6 million, respectively, of interest capitalized to properties under construction. b) During the period from January 1, 2023 through February 2, 2023 and the period from February 3, 2023 through December 31, 2023, represents amortization recognized on operating ground lease assets; during the year ended December 31, 2024, includes new operating ground lease assets recognized net of amortization; during the year ended December 31, 2025, includes the disposal of operating ground lease assets net of amortization. c) Excludes $5.2 million of tenant improvement advances disbursed from January 1, 2023 to February 2, 2023 which were accrued as of December 31, 2022. d) Excludes $15.1 million of tenant improvement advances disbursed from February 3, 2023 to December 31, 2023 which were accrued as of February 2, 2023. e) Excludes $25.3 million of tenant improvement advances disbursed in 2024 which were accrued as of December 31, 2023. f) Excludes $26.2 million of tenant improvement advances disbursed in 2025 which were accrued as of December 31, 2024. g) Includes the sale of certain loans and financing receivables with an aggregate carrying value of $332.0 million to a related party. h) Includes $16.3 million of tenant funded improvements during 2024. i) Includes $2.0 million of tenant funded improvements during 2025. j) Includes the below-market lease liabilities ($135.1 million) and the accumulated amortization ($23.4 million) of the liabilities recorded on the consolidated balance sheet as intangible lease liabilities as of December 31, 2025. k) In connection with certain acquisitions completed during the year ended December 31, 2025, the Company modified existing operating leases in a manner which required them to be accounted for as finance leases in accordance with ASC Topic 842. As a result, the Company reclassified $121.1 million of net real estate investments to loans and financing receivables, net on the consolidated balance sheets. The Company also recognized a $10.9 million non-cash net loss in connection with these modifications which is included in net gain (loss) on dispositions of real estate in the consolidated statements of operations. Similarly, during the year ended December 31, 2024, the Company reclassified $156.5 million of net real estate investments to loans and financing receivables, net on the consolidated balance sheet and recognized a $16.0 million non-cash net gain. l) Includes $8.4 million of gross investments and $0.1 million of accumulated depreciation related to real estate investments held for sale at December 31, 2025. m) Includes non-cash acquisition of $18.4 million of real estate improvements. n) Includes $64.7 million of total non-cash real estate and financing receivables acquired in connection with holdback arrangements. o)
Includes $27.3 million and $23.7 million of interest income receivables associated with certain financing arrangements as of December 31, 2025 and December 31, 2024, respectively. |
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| Schedule of Revenue Recognized from Investment Portfolio | The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands):
(a) For the years ended December 31, 2025, 2024, the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023, includes $4.1 million, $4.5 million, $3.3 million and $252,000, respectively, of property tax tenant reimbursement revenue and includes $1.1 million, $1.3 million, $1.0 million and $24,000, respectively, of variable lease revenue. (b)
Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. |
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| Schedule of Future Minimum Rentals to be Received under Operating Leases | Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2025 are as follows (in thousands):
(a)
Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements and sales-type financing receivables. See Loans and Financing Receivables section below. |
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| Schedule Detailing Intangible Lease Assets and Related Accumulated Amortization | The following details intangible lease assets and related accumulated amortization at December 31 (in thousands):
(a)
Includes the dollar amount of in-place lease intangibles ($39,000) and the related accumulated amortization ($6,000) associated with the real estate investments held for sale at December 31, 2025. |
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| Schedule of Intangible Lease Liabilities | The following details intangible lease liabilities and related accumulated amortization as of December 31 (in thousands):
(a)
Includes the dollar amount of below-market lease intangibles ($14,000) and the related accumulated amortization ($2,000) associated with the real estate investments held for sale at December 31, 2025. |
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| Summary of Future Minimum Lease Payments | The future minimum lease payments to be paid under the operating ground leases as of December 31, 2025 were as follows (in thousands):
(a)
STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $116.4 million commitment, $85.7 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under one lease where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales. |
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| Schedule Summarizing Loans and Direct Financing Receivables | The Company’s loans and financing receivables include investments in real estate accounted for as financing arrangements and sales-type financing receivables as well as a smaller portion of investments made by issuing mortgage loans. Investments in real estate are recorded as loans and financing receivables on the balance sheet if the terms of a lease contract require the Company to account for the lease as a financing lease or if a lease specifically associated with a sale-leaseback transaction contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement. The Company’s loans and financing receivables are summarized below (dollars in thousands):
(a) Represents the weighted average interest rate as of the balance sheet date. (b) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2026 and 2073. (c) Includes $27.3 million and $23.7 million of interest income receivables associated with certain financing arrangements as of December 31, 2025 and December 31, 2024, respectively. (d) Ten of these mortgage loans allow for prepayment with a penalty ranging from 20% to 70% depending on the timing of the prepayment. Two of these mortgages may be prepaid in whole or in part, the remaining eight allow for prepayment only in full. (e)
Balance shown is net of $2.6 million of loans that were written-off against previously established reserves. |
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| Schedule of Maturities of Loans Receivable |
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| Schedule of Sale-Leaseback Transactions |
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| Schedule of Investments Accounted as Sales-Type Leases and as Direct Financing Leases | As of December 31, 2025 and 2024, the Company had $814.3 million and $556.9 million, respectively, of investments accounted for as sales-type leases; the components of these investments were as follows (in thousands):
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Debt (Tables) |
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| Schedule of Maturities of Long-Term Debt | As of December 31, 2025, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands):
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| Senior Unsecured Notes and Term Loans Payable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands):
(a) Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at December 31, 2025. The Company has six interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2025. (b)
Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at December 31, 2025. The Company has ten interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2025. |
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| Non-recourse Debt Obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands):
(a) Prepayable, without penalty, 24 months prior to maturity. (b) Prepayable, without penalty, 36 months prior to maturity. (c) Prepayable, without penalty, three months prior to maturity. (d) Prepayable, without penalty, four months prior to maturity. (e)
Repaid in full at maturity, without penalty, in April 2025 using a portion of the proceeds from the $350.0 million 2025 Notes issued. |
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Provision | The components of the Company's income tax provision are listed below (in thousands):
|
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| Reconciliation of Expected Tax Computed at U.S. Statutory Federal Income Tax Rate to Total Provision (Benefit) for Income Taxes | A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total provision (benefit) for income taxes is shown below (in thousands):
(a) The Company’s income tax expense was immaterial for the period from January 1, 2023 to February 2, 2023, therefore a reconciliation was not presented for such period. (b) State taxes in Illinois, Indiana and New York made up the majority (greater than 50%) of the tax effect in this category. (c)
For the year ended December 31, 2025, income excluded from US taxation represents the effect of the dividends paid deduction. |
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| Schedule of Significant Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 were as follows (in thousands):
|
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| Stock Distributions Declared Characterized for Tax | The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share for Predecessor periods):
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Long-Term Incentive Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Award Activity | The following table summarizes the restricted stock award (“RSA”) activity:
(a) In connection with the completion of the Merger on February 3, 2023, the 446,847 outstanding RSAs became fully vested. (b)
Grant date fair value. |
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Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Asset and Liability Balances of Derivative Instrument | The following table summarizes the net derivative balances recorded on the consolidated balance sheets and provides information as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties in accordance with the associated master International Swap and Derivatives Association agreement (in thousands):
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Merger (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Asset Acquisition Consideration | The Merger was accounted for using the asset acquisition method of accounting in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the total consideration transferred in the purchase of STORE Capital Corporation (amounts in thousands):
|
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| Schedule of Assets Acquired and Liabilities Assumed under Asset Acquisition | The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed (amounts in thousands):
|
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Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Numerator: | ||||
| Net income | $ 25,787 | $ (138,599) | $ 165,772 | $ 123,193 |
| Less: Earnings attributable to unvested restricted shares | (41) | |||
| Net income used in basic and diluted income per share | $ 25,746 | |||
| Denominator: | ||||
| Weighted average common shares outstanding | 282,684,998 | |||
| Less: Weighted average number of shares of unvested restricted stock (in shares) | (446,847) | |||
| Weighted average shares outstanding used in basic income per share (in shares) | 282,238,151 | |||
| Effects of dilutive securities: | ||||
| Add: Treasury stock method impact of potentially dilutive securities (in shares) | 100,254 | |||
| Weighted average shares outstanding used in diluted income per share (in shares) | 282,338,405 | |||
Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share (Parenthetical) (Details) |
1 Months Ended |
|---|---|
|
Feb. 02, 2023
shares
| |
| Net Income Per Common Share | |
| Antidilutive unvested restricted shares (in shares) | 197,026 |
Investments - Locations - Additional Information (Details) $ in Thousands |
12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
Property
|
Dec. 31, 2023
USD ($)
Property
|
Feb. 03, 2023
USD ($)
Property
|
Feb. 02, 2023
USD ($)
Property
|
Dec. 31, 2022
USD ($)
Property
|
|||||||||||
| Investments [Abstract] | ||||||||||||||||
| Number of property locations of investments (in locations) | 3,576 | [1] | 3,312 | [2] | 3,206 | 3,101 | 3,101 | 3,084 | ||||||||
| Number of owned properties (in properties) | 3,400 | |||||||||||||||
| Number of properties accounted as financing arrangements | 240 | |||||||||||||||
| Number of properties accounted as sales-type leases | 138 | |||||||||||||||
| Number of ground lease interests (in properties) | 22 | |||||||||||||||
| Number of properties which secure certain mortgage loans (in properties) | 154 | |||||||||||||||
| Gross acquisition cost of real estate investments | $ | $ 14,000,000 | |||||||||||||||
| Loans and financing receivables | $ | 3,090,326 | $ 1,964,710 | ||||||||||||||
| Operating ground lease assets | $ | $ 53,707 | 57,245 | ||||||||||||||
| Investments assets, percentage attributable to consolidated special purpose entity subsidiaries that are pledged as collateral under the non-recourse obligations of such special purpose entities | 33.00% | |||||||||||||||
| Gross investments | $ | $ 17,169,924 | [2],[3],[4] | 15,816,145 | [2] | $ 14,801,634 | $ 14,201,731 | $ 12,207,484 | $ 12,079,843 | ||||||||
| Intangible lease liabilities | $ | $ 135,140 | $ 141,262 | ||||||||||||||
| ||||||||||||||||
Investments - Schedule of Gross Real Estate and Loan Activity (Details) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 02, 2023
USD ($)
Property
|
Dec. 31, 2023
USD ($)
Property
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
Property
|
|||||||||||||||||||||||||||||||||||
| Number of Investment Locations | ||||||||||||||||||||||||||||||||||||||
| Number of gross investments | Property | 3,084 | 3,101 | 3,312 | [1] | 3,206 | |||||||||||||||||||||||||||||||||
| Number of real estate properties acquired | Property | [3] | 19 | [2] | 112 | [4] | 172 | [5],[6],[7],[8] | 122 | [9],[10] | |||||||||||||||||||||||||||||
| Number of properties securing additions to financing receivables | Property | 1 | 40 | 201 | [3],[7] | 88 | [3] | ||||||||||||||||||||||||||||||||
| Number of real estate properties sold | Property | (1) | (40) | [11] | (109) | (104) | |||||||||||||||||||||||||||||||||
| Principal collections on loans and direct financing receivables | Property | (2) | (7) | ||||||||||||||||||||||||||||||||||||
| Number of properties, Gross investments | Property | 3,101 | 3,206 | 3,576 | [12] | 3,312 | [1] | ||||||||||||||||||||||||||||||||
| Dollar Amount of Investments | ||||||||||||||||||||||||||||||||||||||
| Gross investments | $ 12,079,843 | $ 12,207,484 | $ 15,816,145 | [1] | $ 14,801,634 | |||||||||||||||||||||||||||||||||
| Acquisition of and additions to real estate | [3] | 42,452 | [2] | 517,624 | [4] | 822,445 | [5],[6],[7],[8] | 687,307 | [9],[10] | |||||||||||||||||||||||||||||
| Investment in loans and financing receivables | 82,112 | 598,990 | 1,043,951 | [3],[7] | 673,322 | [3] | ||||||||||||||||||||||||||||||||
| Sales of real estate | (760) | (404,939) | [11] | (442,335) | (340,247) | |||||||||||||||||||||||||||||||||
| Principal collections on loans and direct financing receivables | (468) | (74,408) | (8,251) | (1,636) | ||||||||||||||||||||||||||||||||||
| Provisions for impairment | 0 | (25,265) | (35,062) | (31,911) | ||||||||||||||||||||||||||||||||||
| Other | 4,430 | (11,362) | (23,431) | 22,498 | ||||||||||||||||||||||||||||||||||
| Gross investments | 12,207,484 | 14,801,634 | 17,169,924 | [1],[13],[14] | 15,816,145 | [1] | ||||||||||||||||||||||||||||||||
| Less accumulated depreciation and amortization | [13],[14] | (1,579,782) | ||||||||||||||||||||||||||||||||||||
| Net investments | [12] | 15,590,142 | ||||||||||||||||||||||||||||||||||||
| Ground leases | ||||||||||||||||||||||||||||||||||||||
| Dollar Amount of Investments | ||||||||||||||||||||||||||||||||||||||
| Net change in operating ground lease assets | [15] | $ (125) | $ (737) | $ (3,538) | $ 5,178 | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|||||
| Rental revenues: | ||||||||
| Operating leases | [1] | $ 75,005 | $ 862,891 | $ 1,019,023 | $ 982,847 | |||
| Sublease income - operating ground lease assets | [2] | 234 | 2,577 | 2,935 | 2,966 | |||
| Amortization of lease related intangibles and costs | (231) | 5,239 | 5,379 | 4,056 | ||||
| Total rental revenues | 75,008 | 870,707 | 1,027,337 | 989,869 | ||||
| Interest income on loans and financing receivables: | ||||||||
| Mortgage and other loans receivable | 2,434 | 33,885 | 29,747 | 33,434 | ||||
| Sale-leaseback transactions accounted for as financing arrangements | 2,444 | 31,760 | 117,263 | 79,182 | ||||
| Sales-type and financing receivables | 448 | 10,822 | 54,953 | 28,816 | ||||
| Total interest income on loans and financing receivables | $ 5,326 | $ 76,467 | $ 201,963 | $ 141,432 | ||||
| ||||||||
Investments - Revenue Recognized from Investment Portfolio (Parenthetical) (Details) - USD ($) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Financing Receivable, Modified [Line Items] | ||||
| Property tax tenant reimbursement revenue | $ 252,000 | $ 3,300,000 | $ 4,100,000 | $ 4,500,000 |
| Variable lease revenue | $ 24,000 | $ 1,000,000 | $ 1,100,000 | $ 1,300,000 |
Investments - Real Estate Investments - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Options
Item
Property
| |
| Real Estate [Line Items] | |
| Remaining noncancelable lease term | 14 years 9 months 18 days |
| Number of real estate properties vacant not subject to lease | Property | 24 |
| Term of renewal options | 5 years |
| Option to extend | true |
| Maximum | |
| Real Estate [Line Items] | |
| Number of renewal periods at the option of the Company | 4 |
| Minimum | |
| Real Estate [Line Items] | |
| Typical number of renewal options | Item | 1 |
| Number of renewal periods at the option of the Company | 2 |
Investments - Real Estate Investments - Schedule of future minimum rentals to be received under the remaining noncancelable term of the operating leases (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |
| 2026 | $ 1,017,163 |
| 2027 | 1,013,442 |
| 2028 | 1,000,940 |
| 2029 | 981,005 |
| 2030 | 959,963 |
| Thereafter | 8,938,195 |
| Total future minimum rentals | $ 13,910,708 |
Investments - Intangible Lease Assets - Schedule detailing intangible lease assets and related accumulated amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Intangible Lease Assets | ||
| Intangible lease assets | $ 559,717 | $ 588,635 |
| Accumulated amortization | (142,081) | (99,007) |
| Net intangible lease assets | 417,636 | 489,628 |
| In -place leases | ||
| Intangible Lease Assets | ||
| Intangible lease assets | 524,648 | 551,442 |
| Ground lease interests | ||
| Intangible Lease Assets | ||
| Intangible lease assets | 54,400 | |
| Above-market leases | ||
| Intangible Lease Assets | ||
| Intangible lease assets | $ 35,069 | $ 37,193 |
Investments - Intangible Lease Assets - Schedule detailing intangible lease assets and related accumulated amortization (Parenthetical) (Details) - In -place leases |
Dec. 31, 2025
USD ($)
|
|---|---|
| Intangible Lease Assets | |
| Real estate investments held for sale gross | $ 39,000 |
| Accumulated amortization of real estate investments held for sale | $ 6,000 |
Investments - Intangible Lease Assets - Additional Information (Details) - USD ($) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Intangible Lease Assets | ||||
| 2026 | $ 44,700,000 | |||
| 2027 | 43,100,000 | |||
| 2028 | 41,000,000 | |||
| 2029 | 38,400,000 | |||
| 2030 | 35,600,000 | |||
| Thereafter | $ 187,400,000 | |||
| In -place leases | ||||
| Intangible Lease Assets | ||||
| Weighted average remaining amortization period | 10 years 10 months 24 days | |||
| Above-market leases | ||||
| Intangible Lease Assets | ||||
| Amount amortized | $ 2,800,000 | $ 3,300,000 | $ 2,800,000 | |
| 2026 | 2,600,000 | |||
| 2027 | 2,600,000 | |||
| 2028 | 2,500,000 | |||
| 2029 | 2,400,000 | |||
| 2030 | 2,300,000 | |||
| Thereafter | $ 15,000,000 | |||
| Weighted average remaining amortization period | 12 years 9 months 18 days | |||
| Decrease to rental revenue | Above-market leases | ||||
| Intangible Lease Assets | ||||
| Amount amortized | $ 0 | |||
| Depreciation and amortization expense | ||||
| Intangible Lease Assets | ||||
| Amount amortized | $ 300,000 | $ 50,700,000 | $ 54,500,000 | |
Investments - Intangible Lease Liabilities - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Investments [Abstract] | ||||
| Intangible lease liabilities, net | $ 111,706 | $ 125,095 | ||
| Lease intangible liabilities amortization | $ 0 | $ 8,300 | 9,600 | $ 10,600 |
| 2026 | 7,900 | |||
| 2027 | 7,800 | |||
| 2028 | 7,600 | |||
| 2029 | 7,400 | |||
| 2030 | 6,800 | |||
| Thereafter | $ 74,200 | |||
| Weighted average remaining amortization period | 22 years 3 months 18 days | |||
Investments - Intangible Lease Liabilities - Schedule of intangible lease liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Investments [Abstract] | ||||
| Below Market Lease, Gross | $ 135,140 | $ 141,262 | ||
| Accumulated amortization | (23,422) | (16,167) | ||
| Net intangible lease liabilities | [1] | $ 111,718 | $ 125,095 | |
| ||||
Investments - Intangible Lease Liabilities - Schedule of intangible lease liabilities (Parenthetical) (Details) - Below-Market Leases |
Dec. 31, 2025
USD ($)
|
|---|---|
| Intangible Lease Assets | |
| Real estate investments Liabilities held for sale net | $ 14,000 |
| Accumulated amortization of real estate investments liabilities held for sale | $ 2,000 |
Investments - Operating Lease Asset - Additional Information (Details) - USD ($) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
| Operating ground lease assets | $ 53,707,000 | $ 57,245,000 | ||||
| Rental revenue | [1] | $ 234,000 | $ 2,577,000 | $ 2,935,000 | 2,966,000 | |
| Option to extend | true | |||||
| Renewal period | 5 years | |||||
| Ground leases | ||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
| Operating ground lease assets | $ 53,700,000 | |||||
| Lease costs | 273,000 | 3,200,000 | 3,900,000 | 4,000,000 | ||
| Rental revenue | $ 234,000 | $ 2,600,000 | $ 2,900,000 | $ 3,000,000 | ||
| Option to extend | true | |||||
| Weighted average remaining non-cancelable lease term | 25 years | |||||
| Weighted average discount rate | 5.60% | |||||
| Ground leases | Minimum | ||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
| Ground lease remaining terms | 3 years | |||||
| Renewal period | 2 years | |||||
| Ground leases | Maximum | ||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
| Ground lease remaining terms | 86 years | |||||
| Renewal period | 10 years | |||||
| ||||||
Investments - Operating Lease Asset - Summary of future minimum lease payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Future minimum lease payments | ||||
| Total operating lease liabilities - ground leases | $ 49,498 | $ 54,501 | ||
| Ground leases | ||||
| Future minimum lease payments | ||||
| 2026 | 2,619 | |||
| 2027 | 2,619 | |||
| 2028 | 2,649 | |||
| 2029 | 2,738 | |||
| 2030 | 2,760 | |||
| Thereafter | 106,515 | |||
| Total lease payments | 119,900 | |||
| Less imputed interest | (72,309) | |||
| Total operating lease liabilities - ground leases | 47,591 | |||
| Ground leases | Ground lease by STORE capital | ||||
| Future minimum lease payments | ||||
| 2026 | 57 | |||
| 2027 | 57 | |||
| 2028 | 57 | |||
| 2029 | 58 | |||
| 2030 | 60 | |||
| Thereafter | 3,198 | |||
| Total lease payments | 3,487 | |||
| Less imputed interest | (2,870) | |||
| Total operating lease liabilities - ground leases | 617 | |||
| Ground leases | Ground lease by STORE capital tenants | ||||
| Future minimum lease payments | ||||
| 2026 | [1] | 2,562 | ||
| 2027 | [1] | 2,562 | ||
| 2028 | [1] | 2,592 | ||
| 2029 | [1] | 2,680 | ||
| 2030 | [1] | 2,700 | ||
| Thereafter | [1] | 103,317 | ||
| Total lease payments | [1] | 116,413 | ||
| Less imputed interest | [1] | (69,439) | ||
| Total operating lease liabilities - ground leases | [1] | $ 46,974 | ||
| ||||
Investments - Operating Lease Asset - Summary of future minimum lease payments (Parenthetical) (Details) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
Lease
| ||||
| Ground lease by STORE capital | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Long-term lease commitment | $ 85,700 | |||
| Ground lease by STORE capital tenants | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Number of ground lease payments based on level of tenant's sales | Lease | 1 | |||
| Ground leases | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Total lease payments | $ 119,900 | |||
| Ground leases | Ground lease by STORE capital | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Total lease payments | 3,487 | |||
| Ground leases | Ground lease by STORE capital tenants | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Total lease payments | $ 116,413 | [1] | ||
| ||||
Investments - Schedule Summarizing Loans and Direct Financing Receivables (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2022 |
|||||||||||
| Investments in real estate included in loans and financing receivables | |||||||||||||||
| Sale-leaseback transactions accounted for as financing arrangements | $ 1,700,000 | $ 1,200,000 | |||||||||||||
| Sales-type and financing receivables | $ 448 | $ 10,822 | 54,953 | 28,816 | |||||||||||
| Total investments in real estate included in loans and financing receivables | 2,521,851 | 1,719,997 | |||||||||||||
| Principal amount outstanding-loans receivable: | |||||||||||||||
| Mortgage loans receivable | $ 350,118 | $ 124,783 | 561,444 | 230,966 | $ 342,420 | ||||||||||
| Total principal payments | 588,873 | ||||||||||||||
| Unamortized loan origination costs | 2,152 | 686 | |||||||||||||
| Unamortized loan premium | 522 | 642 | |||||||||||||
| Allowance for credit and loan losses | [1] | (23,072) | (15,979) | ||||||||||||
| Total loans and financing receivables | $ 3,090,326 | 1,964,710 | |||||||||||||
| Mortgage Loans Receivable with Maturity Range 2034 To 2122 | |||||||||||||||
| Investments in real estate included in loans and financing receivables | |||||||||||||||
| Interest rate of Sale-leaseback transactions accounted for as financing arrangements | [2],[3],[4] | 8.59% | |||||||||||||
| Sale-leaseback transactions accounted for as financing arrangements | [2],[3] | $ 1,707,510 | 1,163,118 | ||||||||||||
| Mortgage Loans Receivable | Mortgage Loans Receivable with Maturity Range 2026 To 2066 | |||||||||||||||
| Principal amount outstanding-loans receivable: | |||||||||||||||
| Interest Rate | [4],[5] | 8.87% | |||||||||||||
| Mortgage loans receivable | [5] | $ 561,206 | 231,536 | ||||||||||||
| Equipment And Other Loans Receivable | Mortgage Loans Receivable with Maturity Range 2026 To 2038 | |||||||||||||||
| Principal amount outstanding-loans receivable: | |||||||||||||||
| Interest rate of equipment and other loans receivable | [4] | 10.19% | |||||||||||||
| Equipment and other loans receivable | $ 27,667 | 27,828 | |||||||||||||
| Loans receivable | |||||||||||||||
| Principal amount outstanding-loans receivable: | |||||||||||||||
| Total principal payments | $ 588,873 | 259,364 | |||||||||||||
| Sales-Type and Direct Financing Receivables | Mortgage Loans Receivable With Maturity Range 2032 To 2056 | |||||||||||||||
| Investments in real estate included in loans and financing receivables | |||||||||||||||
| Interest rate of Sale-leaseback transactions accounted for as financing arrangements | [4] | 8.85% | |||||||||||||
| Sales-type and financing receivables | $ 814,341 | $ 556,879 | |||||||||||||
| |||||||||||||||
Investments - Schedule Summarizing Loans and Direct Financing Receivables (Parenthetical) (Details) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
|
Feb. 02, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2025
USD ($)
Loan
|
Dec. 31, 2024
USD ($)
|
|
| Loans and direct financing receivables | ||||
| Interest income receivable | $ | $ 27,300,000 | $ 23,700,000 | ||
| Loan reserves written off | $ | $ 0 | $ 0 | $ 2,600,000 | $ 0 |
| Mortgage Loans Receivable with Maturity Range 2026 To 2066 | ||||
| Loans and direct financing receivables | ||||
| Number of mortgage loans | Loan | 22 | |||
| Number of mortgage loans allowing for prepayment in whole | Loan | 10 | |||
| Mortgage Loans Receivable with Maturity Range 2026 To 2066 | Maximum | ||||
| Loans and direct financing receivables | ||||
| Prepayment penalties (as a percent) | 70.00% | |||
| Mortgage Loans Receivable with Maturity Range 2026 To 2066 | Minimum | ||||
| Loans and direct financing receivables | ||||
| Prepayment penalties (as a percent) | 20.00% | |||
Investments - Loans Receivable (Additional Information) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
Loan
| |
| Scheduled loan receivable maturities | |
| Number of loans receivable | 35 |
| Gross carrying amount of loans receivable | $ | $ 589.0 |
| Number of mortgage loans | 22 |
| Number of mortgage loans subject to interest rate increases | 15 |
| Minimum | |
| Scheduled loan receivable maturities | |
| Amortization period of long-term mortgage loans | 15 years |
| Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 1.00% |
| Maximum | |
| Scheduled loan receivable maturities | |
| Amortization period of long-term mortgage loans | 40 years |
| Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 15.00% |
Investments - Scheduled Loan Receivable Maturities (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Scheduled loan receivable maturities | |
| 2026 | $ 27,022 |
| 2027 | 9,261 |
| 2028 | 11,896 |
| 2029 | 12,950 |
| 2030 | 203,862 |
| Thereafter | 323,882 |
| Total principal payments | 588,873 |
| Scheduled Principal Payments | |
| Scheduled loan receivable maturities | |
| 2026 | 5,960 |
| 2027 | 9,261 |
| 2028 | 10,447 |
| 2029 | 11,450 |
| 2030 | 8,298 |
| Thereafter | 84,786 |
| Total principal payments | 130,202 |
| Balloon Payments | |
| Scheduled loan receivable maturities | |
| 2026 | 21,062 |
| 2027 | 0 |
| 2028 | 1,449 |
| 2029 | 1,500 |
| 2030 | 195,564 |
| Thereafter | 239,096 |
| Total principal payments | $ 458,671 |
Investments - Sale-Leaseback Transactions Accounted for as Financing Arrangements - Additional Information (Details) - USD ($) $ in Billions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Investments [Abstract] | ||
| Sale-leaseback transactions accounted for as financing arrangements | $ 1.7 | $ 1.2 |
Investments - Sale-Leaseback Transactions Accounted for as Financing Arrangements (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Investments [Abstract] | |
| 2026 | $ 145,297 |
| 2027 | 147,918 |
| 2028 | 150,608 |
| 2029 | 153,479 |
| 2030 | 156,432 |
| Thereafter | 4,540,114 |
| Total future scheduled payments | $ 5,293,848 |
Investments - Sales-Type and Direct Financing Receivables - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Investments [Abstract] | ||
| Direct Financing Lease, Net Investment in Lease, Sale | $ 814.3 | $ 556.9 |
| 2026 | 67.5 | |
| 2027 | 69.4 | |
| 2028 | 70.7 | |
| 2029 | 72.0 | |
| 2030 | 73.7 | |
| Thereafter | $ 1,900.0 | |
Investments - Schedule of Investments Accounted as Sales-Type Leases and as Direct Financing Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Investments [Abstract] | ||
| Minimum lease payments receivable | $ 2,282,291 | $ 1,580,222 |
| Estimated residual value of leased assets | 12,661 | 9,229 |
| Unearned income | (1,480,611) | (1,032,572) |
| Net investment | $ 814,341 | $ 556,879 |
Debt - Schedule of Senior Unsecured Notes and Term Loans Payable (Parenthetical) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Agreement
| |
| Unsecured Five Year Term Loan | |
| Debt Instrument [Line Items] | |
| Credit spread (as a percent) | 0.95% |
| Number of agreements | 10 |
| Unsecured Three Year Term Loan | |
| Debt Instrument [Line Items] | |
| Credit spread (as a percent) | 0.95% |
| Number of agreements | 6 |
Debt - Non-recourse Debt Obligations of Consolidated Special Purpose Entities, Net - Additional Information (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Minimum | |
| Debt | |
| Maximum number of months | 24 months |
| Maximum | |
| Debt | |
| Maximum number of months | 36 months |
| Non-Recourse Net-Lease Mortgage Notes: | |
| Debt | |
| Retained non-amortizing notes | $ 230.0 |
| Non-Recourse Net-Lease Mortgage Notes: | Consolidated Special Purpose Entities | |
| Debt | |
| Aggregate investment amount | 5,400.0 |
| Nonrecourse Mortgage Notes Payable: | Consolidated Special Purpose Entities | |
| Debt | |
| Aggregate investment amount | $ 233.5 |
Debt - Credit Risk Related Contingent Features - Additional Information (Details) - Interest Rate Swaps $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Credit facilities | |
| Derivative liabilities | $ 10.8 |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities |
Debt - Schedule of Aggregate of Long-Term Debt Obligations (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| 2026 | $ 439,885 |
| 2027 | 477,709 |
| 2028 | 1,774,581 |
| 2029 | 492,068 |
| 2030 | 1,829,947 |
| Thereafter | 1,801,680 |
| Long-term Debt | 6,815,870 |
| Scheduled Principal Payments | |
| Debt Instrument [Line Items] | |
| 2026 | 25,743 |
| 2027 | 17,237 |
| 2028 | 10,966 |
| 2029 | 8,483 |
| 2030 | 8,019 |
| Thereafter | 22,678 |
| Long-term Debt | 93,126 |
| Balloon Payments | |
| Debt Instrument [Line Items] | |
| 2026 | 414,142 |
| 2027 | 460,472 |
| 2028 | 1,763,615 |
| 2029 | 483,585 |
| 2030 | 1,821,928 |
| Thereafter | 1,779,002 |
| Long-term Debt | $ 6,722,744 |
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Taxes | ||||
| Current state income tax expense | $ 703 | $ 6,776 | $ 1,753 | $ 6,079 |
| Deferred state income tax (benefit) expense | 0 | 15,791 | (11,659) | (4,132) |
| Total income tax (benefit) expense | $ 703 | $ 22,567 | $ (9,906) | $ 1,947 |
Income Taxes - Additional Information (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Income Taxes | ||
| Deferred tax asset, valuation allowance | $ 24,200,000 | $ 24,173,000 |
| Liability relating to uncertain income tax positions | 0 | |
| Accrual for interest or penalties | 0 | 0 |
| Deferred tax liabilities | 0 | 11,659,000 |
| Deferred tax assets | $ 0 | $ 691,000 |
Income Taxes - Schedule of Significant Deferred Tax Assets and Liabilities (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets: | ||
| Property and equipment, net | $ 22,538,000 | |
| Other deferred tax asset | 2,326,000 | |
| Total deferred tax assets | 24,864,000 | |
| Less valuation allowance | $ (24,200,000) | (24,173,000) |
| Net deferred tax asset | 0 | 691,000 |
| Deferred tax liabilities: | ||
| Intangible assets | (6,437,000) | |
| Ground lease assets | (965,000) | |
| Debt discount and deferred financing costs | (4,827,000) | |
| Other deferred tax liabilities | (121,000) | |
| Total deferred tax liabilities | (12,350,000) | |
| Net deferred tax liability | $ 0 | $ (11,659,000) |
Income Taxes - Schedule Of Stock Distributions Declared Characterized For Tax (Details) - $ / shares |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Taxes | ||||
| Ordinary income dividends | $ 0 | $ 284,026,090 | $ 383,938,534 | $ 352,856,002 |
| Return of capital | 0 | 225,973,910 | 416,261,466 | 386,143,998 |
| Cash liquidation distributions | 32.25 | 0 | 0 | 0 |
| Total | $ 32.25 | $ 510,000,000 | $ 800,200,000 | $ 739,000,000 |
Income Taxes - Schedule Of Stock Distributions Declared Characterized For Tax (Parenthetical) (Details) - shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Feb. 02, 2023 |
|---|---|---|---|---|
| Income Taxes | ||||
| Common shares, authorized shares | 1,000 | 1,000 | 1,000 | 375,000,000 |
| Common shares, issued shares | 1,000 | 1,000 | 1,000 | 282,684,998 |
| Common shares, outstanding shares | 1,000 | 1,000 | 1,000 | 282,684,998 |
Equity - Additional Information (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Feb. 03, 2023 |
Feb. 02, 2023 |
Feb. 02, 2023 |
Dec. 31, 2025 |
Nov. 30, 2020 |
|
| Common stock | |||||
| Proceeds from issuance of common units | $ 8,300,000,000 | ||||
| Common Units, Issued (in shares) | 1,000 | ||||
| Affiliates of GIC and Oak Street Real Estate Capital | STORE Capital | |||||
| Common stock | |||||
| Common stock, par value per share | $ 0.01 | ||||
| Series A Preferred Units | Series A Preferred Units | |||||
| Common stock | |||||
| Preferred Units Issued | 125 | ||||
| Issuance of preferred units. | $ 125,000 | ||||
| Series B Preferred Units | Series B Preferred Units | |||||
| Common stock | |||||
| Preferred Units Issued | 125 | ||||
| Issuance of preferred units. | $ 125,000 | ||||
| 2020 ATM Program | |||||
| Common stock | |||||
| Shares Sold | 0 | ||||
| Maximum value of shares that can be offered and sold | $ 900,000,000 |
Long-Term Incentive Plans - Summary of Restricted Stock Award Activity (Details) - Restricted Stock |
1 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Feb. 02, 2023
$ / shares
shares
| ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
| Outstanding non-vested shares, beginning of year | shares | 446,847 | |||||
| Vested (in shares) | shares | 0 | |||||
| Outstanding nonvested shares, end of year | shares | 446,847 | [1] | ||||
| Weighted Average Share Price | ||||||
| Outstanding nonvested shares, beginning of year | $ / shares | $ 27.79 | [2] | ||||
| Shares vested | $ / shares | 32.25 | [2] | ||||
| Outstanding nonvested shares, end of year | $ / shares | $ 0 | [1],[2] | ||||
| ||||||
Long-Term Incentive Plans - Summary of Restricted Stock Award Activity (Parenthetical) (Details) - Restricted Stock - shares |
1 Months Ended | |
|---|---|---|
Feb. 03, 2023 |
Feb. 02, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares vested | 0 | |
| Merger Agreement | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares vested | 446,847 |
Commitments and Contingencies - Additional Information (Details) - USD ($) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Commitments and Contingencies | ||||
| Renewal period | 5 years | |||
| Rent expense | $ 77,000 | $ 874,000 | $ 946,000 | $ 946,000 |
| Right-of-use asset | 53,707,000 | 57,245,000 | ||
| Operating lease liabilities | $ 49,498,000 | 54,501,000 | ||
| Matching contribution (in percentage) | 4.00% | |||
| Matching contribution made by the company (in value) | $ 21,000 | $ 704,000 | $ 798,000 | $ 746,000 |
| Commitments to Fund Improvements to Real Estate Properties | ||||
| Commitments and Contingencies | ||||
| Real estate property improvement commitments | 302,600,000 | |||
| Real estate property improvement commitments, in next twelve months | 290,100,000 | |||
| Corporate Office Space | ||||
| Commitments and Contingencies | ||||
| 2026 | 1,000,000 | |||
| 2027 | 701,000 | |||
| 2028 | 188,000 | |||
| 2029 | 104,000 | |||
| Right-of-use asset | 1,700,000 | |||
| Operating lease liabilities | $ 1,900,000 | |||
Fair Value of Financial Instruments - Additional Information (Details) - Level 2 Fair Value - USD ($) $ in Billions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying value | ||
| Derivatives [Line items] | ||
| Long-term debt obligations | $ 6.5 | $ 5.8 |
| Fair value | ||
| Derivatives [Line items] | ||
| Long-term debt obligations | $ 6.7 | $ 5.8 |
Fair Value of Financial Instruments - Summary of Asset and Liability Balances of Derivative Instrument (Details) - International Swap and Derivatives Association - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative Asset [Abstract] | ||
| Gross amount of derivative assets | $ 9,173 | $ 35,191 |
| Net derivative assets presented in the consolidated balance sheets | 5,676 | 32,535 |
| Gross amount of eligible offsetting recognized derivative assets | 3,497 | 2,656 |
| Derivative Liability [Abstract] | ||
| Gross amount of derivative liabilities | (10,639) | (2,656) |
| Gross amount of eligible offsetting recognized derivative liabilities | (3,497) | (2,656) |
| Net derivative liabilities presented in the consolidated balance sheets | $ (7,142) | $ 0 |
Merger - Schedule of Asset Acquisition Consideration (Details) - Store Capital Corporation $ in Thousands |
Feb. 03, 2023
USD ($)
|
|---|---|
| Consideration Type | |
| Cash paid to former shareholders and equity award holders | $ 9,142,744 |
| Extinguishment of historical debt | 1,331,698 |
| Capitalized transaction costs | 110,924 |
| Total consideration | $ 10,585,366 |
Merger - Schedule of Assets Acquired and Liabilities Assumed under Asset Acquisition (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Feb. 03, 2023 |
Feb. 02, 2023 |
|---|---|---|---|---|---|
| Assets acquired: | |||||
| Land and improvements | $ 3,915,220 | $ 3,840,415 | |||
| Buildings and improvements | 9,677,738 | 9,506,402 | |||
| Intangible lease assets | 559,678 | 588,635 | |||
| Operating ground lease assets | 53,707 | 57,245 | |||
| Loans and financing receivables | 3,090,326 | 1,964,710 | |||
| Cash and cash equivalents | 39,119 | 162,188 | $ 239,477 | $ 33,096 | |
| Other assets | 151,033 | 126,671 | |||
| Total assets | 15,892,000 | 15,162,573 | |||
| Liabilities assumed: | |||||
| Unsecured notes and term loans payable | 3,348,911 | 2,977,100 | |||
| Non-recourse debt obligations of consolidated special purpose entities | 3,199,027 | 2,831,007 | |||
| Intangible lease liabilities | 111,706 | 125,095 | |||
| Operating lease liabilities | 49,498 | 54,501 | |||
| Total liabilities | $ 7,616,375 | $ 6,577,804 | |||
| Store Capital Corporation | |||||
| Assets acquired: | |||||
| Land and improvements | $ 3,620,509 | ||||
| Buildings and improvements | 9,105,004 | ||||
| Intangible lease assets | 620,034 | ||||
| Operating ground lease assets | 52,805 | ||||
| Loans and financing receivables | 952,039 | ||||
| Cash and cash equivalents | 28,005 | ||||
| Other assets | 71,209 | ||||
| Total assets | 14,449,605 | ||||
| Liabilities assumed: | |||||
| Unsecured notes and term loans payable | 1,725,000 | ||||
| Non-recourse debt obligations of consolidated special purpose entities | 2,243,323 | ||||
| Below market value of debt | (430,908) | ||||
| Intangible lease liabilities | 148,660 | ||||
| Operating lease liabilities | 50,516 | ||||
| Other liabilities | 127,648 | ||||
| Total liabilities | 3,864,239 | ||||
| Fair value of net assets acquired | $ 10,585,366 |
Subsequent Events - Completion of Acquisition (Details) |
Feb. 03, 2023
$ / shares
|
|---|---|
| Affiliates of GIC and Oak Street Real Estate Capital | STORE Capital | |
| Subsequent Events | |
| Common stock, par value per share | $ 0.01 |
Subsequent Events - Debt Repayments and Termination of Agreements (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Subsequent Events | ||
| Outstanding balance | $ 583,600 | $ 375,000 |
| Amount outstanding | 3,200,000 | |
| Senior Unsecured Notes | ||
| Subsequent Events | ||
| Principal amount | 375,000 | |
| Merger Agreement | Term Loan Agreement | ||
| Subsequent Events | ||
| Amount outstanding | $ 82,000 |
Subsequent Events - Unsecured Revolving Credit Facility and Term Loan (Details) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Feb. 03, 2023
Options
|
Feb. 02, 2023 |
Dec. 31, 2025
Instrument
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2025
Agreement
|
Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
Instrument
|
|
| Interest rate swaps | |||||||
| Subsequent Events | |||||||
| Notional amount of interest rate swap agreements | $ 373.6 | ||||||
| Number of agreements | 21 | 5 | 21 | ||||
| Unsecured Term Loan | |||||||
| Subsequent Events | |||||||
| Credit spread (as a percent) | 0.95% | ||||||
| Revolving Credit Facility | |||||||
| Subsequent Events | |||||||
| Unsecured loan facility | 1,250.0 | $ 753.9 | |||||
| Number of extension options | Options | 2 | ||||||
| Extension option term | 6 months | ||||||
| Extension fee (as a percent) | 0.075% | ||||||
| Unsecured Credit Agreement | |||||||
| Subsequent Events | |||||||
| Potential maximum amount of the revolving commitments and term loans | $ 3,900.0 | ||||||
Subsequent Events - Secured Term Loan Facility (Details) - Interest rate swaps $ in Millions |
Dec. 31, 2025
Instrument
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2025
Agreement
|
Dec. 31, 2024
Instrument
|
|---|---|---|---|---|
| Subsequent Events | ||||
| Number of agreements | 21 | 5 | 21 | |
| Notional amount of interest rate swap agreements | $ 373.6 |
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Feb. 03, 2023
USD ($)
|
Feb. 02, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3,044 | |||||
| Encumbrances | $ 98,080 | |||||
| Land & Improvements, Initial Cost to Company | 3,839,772 | |||||
| Building & improvements, Initial Cost to Company | 9,332,031 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 75,448 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 345,707 | |||||
| Land & Improvements, Gross | 3,915,220 | |||||
| Building & Improvements, Gross | 9,677,738 | |||||
| Total real estate investments | 13,592,958 | $ 13,346,817 | $ 13,178,994 | $ 11,236,730 | $ 11,198,897 | |
| Accumulated Depreciation | (1,460,980) | (984,685) | $ (479,243) | $ 0 | $ (1,438,138) | $ (1,410,829) |
| Nonrecourse debt obligations of consolidated special purpose entities, net | $ 3,200,000 | |||||
| Long-Term Debt, Recourse Status [Extensible Enumeration] | us-gaap:NonrecourseMember | |||||
| Number of single-tenant properties | Property | 3,422 | |||||
| Number of properties owned | Property | 3,400 | |||||
| Number of ground lease interests (in properties) | Property | 22 | |||||
| Number of properties accounted as financing arrangements | Property | 240 | |||||
| Number of real estate properties sales-type leases | Property | 138 | |||||
| Intangible lease assets | $ 559,678 | 588,635 | ||||
| Aggregate cost for federal income tax purposes | 16,800,000 | |||||
| Reclassification of gross land and building to loans and financing receivables | $ 131,700 | $ 171,300 | ||||
| Alabama | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 43 | |||||
| Land & Improvements, Initial Cost to Company | $ 47,413 | |||||
| Building & improvements, Initial Cost to Company | 93,608 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,697 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,716 | |||||
| Land & Improvements, Gross | 50,110 | |||||
| Building & Improvements, Gross | 104,324 | |||||
| Total real estate investments | 154,434 | |||||
| Accumulated Depreciation | $ (14,662) | |||||
| Alabama | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 19 | |||||
| Land & Improvements, Initial Cost to Company | $ 14,533 | |||||
| Building & improvements, Initial Cost to Company | 28,545 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9 | |||||
| Land & Improvements, Gross | 14,533 | |||||
| Building & Improvements, Gross | 28,554 | |||||
| Total real estate investments | 43,087 | |||||
| Accumulated Depreciation | $ (4,388) | |||||
| Alaska | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 9 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,996 | |||||
| Building & improvements, Initial Cost to Company | 25,117 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,996 | |||||
| Building & Improvements, Gross | 25,117 | |||||
| Total real estate investments | 35,113 | |||||
| Accumulated Depreciation | $ (3,101) | |||||
| Alaska | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 738 | |||||
| Building & improvements, Initial Cost to Company | 1,105 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 330 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,766 | |||||
| Land & Improvements, Gross | 1,068 | |||||
| Building & Improvements, Gross | 3,871 | |||||
| Total real estate investments | 4,939 | |||||
| Accumulated Depreciation | $ (552) | |||||
| Arizona | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 51 | |||||
| Land & Improvements, Initial Cost to Company | $ 78,840 | |||||
| Building & improvements, Initial Cost to Company | 192,310 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,994 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 19,971 | |||||
| Land & Improvements, Gross | 82,834 | |||||
| Building & Improvements, Gross | 212,281 | |||||
| Total real estate investments | 295,115 | |||||
| Accumulated Depreciation | $ (28,612) | |||||
| Arizona | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 61 | |||||
| Land & Improvements, Initial Cost to Company | $ 89,662 | |||||
| Building & improvements, Initial Cost to Company | 214,786 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,600 | |||||
| Land & Improvements, Gross | 89,662 | |||||
| Building & Improvements, Gross | 216,386 | |||||
| Total real estate investments | 306,048 | |||||
| Accumulated Depreciation | $ (26,226) | |||||
| Arkansas | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 30 | |||||
| Land & Improvements, Initial Cost to Company | $ 38,310 | |||||
| Building & improvements, Initial Cost to Company | 70,504 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 90 | |||||
| Land & Improvements, Gross | 38,310 | |||||
| Building & Improvements, Gross | 70,594 | |||||
| Total real estate investments | 108,904 | |||||
| Accumulated Depreciation | $ (11,909) | |||||
| Arkansas | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 20 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,318 | |||||
| Building & improvements, Initial Cost to Company | 35,552 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 15,318 | |||||
| Building & Improvements, Gross | 35,552 | |||||
| Total real estate investments | 50,870 | |||||
| Accumulated Depreciation | $ (6,057) | |||||
| California | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 32 | |||||
| Land & Improvements, Initial Cost to Company | $ 127,516 | |||||
| Building & improvements, Initial Cost to Company | 296,005 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 759 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,872 | |||||
| Land & Improvements, Gross | 128,275 | |||||
| Building & Improvements, Gross | 302,877 | |||||
| Total real estate investments | 431,152 | |||||
| Accumulated Depreciation | $ (43,648) | |||||
| California | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 41 | |||||
| Land & Improvements, Initial Cost to Company | $ 72,881 | |||||
| Building & improvements, Initial Cost to Company | 89,428 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,883 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 37,804 | |||||
| Land & Improvements, Gross | 81,764 | |||||
| Building & Improvements, Gross | 127,232 | |||||
| Total real estate investments | 208,996 | |||||
| Accumulated Depreciation | $ (14,946) | |||||
| Colorado | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 28 | |||||
| Land & Improvements, Initial Cost to Company | $ 59,206 | |||||
| Building & improvements, Initial Cost to Company | 203,799 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,413 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,987 | |||||
| Land & Improvements, Gross | 60,619 | |||||
| Building & Improvements, Gross | 213,786 | |||||
| Total real estate investments | 274,405 | |||||
| Accumulated Depreciation | $ (34,381) | |||||
| Colorado | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 13 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,180 | |||||
| Building & improvements, Initial Cost to Company | 35,008 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,255 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,213 | |||||
| Land & Improvements, Gross | 16,435 | |||||
| Building & Improvements, Gross | 39,221 | |||||
| Total real estate investments | 55,656 | |||||
| Accumulated Depreciation | $ (5,061) | |||||
| Connecticut | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 17 | |||||
| Land & Improvements, Initial Cost to Company | $ 14,571 | |||||
| Building & improvements, Initial Cost to Company | 48,671 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 14,571 | |||||
| Building & Improvements, Gross | 48,671 | |||||
| Total real estate investments | 63,242 | |||||
| Accumulated Depreciation | $ (7,993) | |||||
| Connecticut | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,755 | |||||
| Building & improvements, Initial Cost to Company | 16,367 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 5,755 | |||||
| Building & Improvements, Gross | 16,367 | |||||
| Total real estate investments | 22,122 | |||||
| Accumulated Depreciation | $ (2,849) | |||||
| Delaware | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,179 | |||||
| Building & improvements, Initial Cost to Company | 5,059 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,179 | |||||
| Building & Improvements, Gross | 5,059 | |||||
| Total real estate investments | 9,238 | |||||
| Accumulated Depreciation | $ (1,258) | |||||
| District of Columbia | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,514 | |||||
| Building & improvements, Initial Cost to Company | 315 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,514 | |||||
| Building & Improvements, Gross | 315 | |||||
| Total real estate investments | 1,829 | |||||
| Accumulated Depreciation | $ (120) | |||||
| Florida | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 85 | |||||
| Land & Improvements, Initial Cost to Company | $ 115,076 | |||||
| Building & improvements, Initial Cost to Company | 224,212 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,426 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,843 | |||||
| Land & Improvements, Gross | 117,502 | |||||
| Building & Improvements, Gross | 234,055 | |||||
| Total real estate investments | 351,557 | |||||
| Accumulated Depreciation | $ (33,333) | |||||
| Florida | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 49 | |||||
| Land & Improvements, Initial Cost to Company | $ 59,751 | |||||
| Building & improvements, Initial Cost to Company | 145,540 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,617 | |||||
| Land & Improvements, Gross | 59,751 | |||||
| Building & Improvements, Gross | 148,157 | |||||
| Total real estate investments | 207,908 | |||||
| Accumulated Depreciation | $ (21,798) | |||||
| Georgia - Fitzgerlad | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,564 | |||||
| Building & improvements, Initial Cost to Company | 36,442 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 7,564 | |||||
| Building & Improvements, Gross | 36,442 | |||||
| Total real estate investments | 44,006 | |||||
| Accumulated Depreciation | $ (5,273) | |||||
| Georgia - Augusta | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,817 | |||||
| Building & improvements, Initial Cost to Company | 24,507 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 288 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,449 | |||||
| Land & Improvements, Gross | 16,105 | |||||
| Building & Improvements, Gross | 25,956 | |||||
| Total real estate investments | 42,061 | |||||
| Accumulated Depreciation | $ (4,086) | |||||
| Georgia - Buford | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,552 | |||||
| Building & improvements, Initial Cost to Company | 31,156 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 6,552 | |||||
| Building & Improvements, Gross | 31,156 | |||||
| Total real estate investments | 37,708 | |||||
| Accumulated Depreciation | $ (5,305) | |||||
| Georgia - Buford | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,132 | |||||
| Building & improvements, Initial Cost to Company | 2,386 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,132 | |||||
| Building & Improvements, Gross | 2,386 | |||||
| Total real estate investments | 3,518 | |||||
| Accumulated Depreciation | $ (384) | |||||
| Georgia - Other | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 65 | |||||
| Land & Improvements, Initial Cost to Company | $ 84,548 | |||||
| Building & improvements, Initial Cost to Company | 163,269 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,595 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 18,545 | |||||
| Land & Improvements, Gross | 87,143 | |||||
| Building & Improvements, Gross | 181,814 | |||||
| Total real estate investments | 268,957 | |||||
| Accumulated Depreciation | $ (25,057) | |||||
| Georgia - Other | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 106 | |||||
| Land & Improvements, Initial Cost to Company | $ 112,890 | |||||
| Building & improvements, Initial Cost to Company | 264,984 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,658 | |||||
| Land & Improvements, Gross | 112,890 | |||||
| Building & Improvements, Gross | 268,642 | |||||
| Total real estate investments | 381,532 | |||||
| Accumulated Depreciation | $ (43,446) | |||||
| Idaho | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 13 | |||||
| Land & Improvements, Initial Cost to Company | $ 14,584 | |||||
| Building & improvements, Initial Cost to Company | 17,443 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 432 | |||||
| Land & Improvements, Gross | 14,584 | |||||
| Building & Improvements, Gross | 17,875 | |||||
| Total real estate investments | 32,459 | |||||
| Accumulated Depreciation | $ (3,408) | |||||
| Idaho | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 9 | |||||
| Land & Improvements, Initial Cost to Company | $ 24,758 | |||||
| Building & improvements, Initial Cost to Company | 75,335 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 24,758 | |||||
| Building & Improvements, Gross | 75,335 | |||||
| Total real estate investments | 100,093 | |||||
| Accumulated Depreciation | $ (9,649) | |||||
| Illinois - Chicago | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 13,464 | |||||
| Building & improvements, Initial Cost to Company | 12,068 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 13,464 | |||||
| Building & Improvements, Gross | 12,068 | |||||
| Total real estate investments | 25,532 | |||||
| Accumulated Depreciation | $ (2,250) | |||||
| Illinois - Chicago | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 6 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,864 | |||||
| Building & improvements, Initial Cost to Company | 29,707 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,620 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,625 | |||||
| Land & Improvements, Gross | 11,484 | |||||
| Building & Improvements, Gross | 36,332 | |||||
| Total real estate investments | 47,816 | |||||
| Accumulated Depreciation | $ (4,609) | |||||
| Illinois - Albion | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 11,358 | |||||
| Building & improvements, Initial Cost to Company | 38,145 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 11,358 | |||||
| Building & Improvements, Gross | 38,145 | |||||
| Total real estate investments | 49,503 | |||||
| Accumulated Depreciation | $ (6,774) | |||||
| Illinois - Other | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 141 | |||||
| Land & Improvements, Initial Cost to Company | $ 106,715 | |||||
| Building & improvements, Initial Cost to Company | 306,412 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,602 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,079 | |||||
| Land & Improvements, Gross | 108,317 | |||||
| Building & Improvements, Gross | 308,491 | |||||
| Total real estate investments | 416,808 | |||||
| Accumulated Depreciation | $ (47,149) | |||||
| Illinois - Other | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 43 | |||||
| Land & Improvements, Initial Cost to Company | $ 69,796 | |||||
| Building & improvements, Initial Cost to Company | 162,810 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 379 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,947 | |||||
| Land & Improvements, Gross | 70,175 | |||||
| Building & Improvements, Gross | 168,757 | |||||
| Total real estate investments | 238,932 | |||||
| Accumulated Depreciation | $ (25,118) | |||||
| Indiana | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 64 | |||||
| Land & Improvements, Initial Cost to Company | $ 85,107 | |||||
| Building & improvements, Initial Cost to Company | 188,198 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 515 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,159 | |||||
| Land & Improvements, Gross | 85,622 | |||||
| Building & Improvements, Gross | 189,357 | |||||
| Total real estate investments | 274,979 | |||||
| Accumulated Depreciation | $ (29,533) | |||||
| Indiana | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 75 | |||||
| Land & Improvements, Initial Cost to Company | $ 37,724 | |||||
| Building & improvements, Initial Cost to Company | 98,218 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 37,724 | |||||
| Building & Improvements, Gross | 98,218 | |||||
| Total real estate investments | 135,942 | |||||
| Accumulated Depreciation | $ (12,625) | |||||
| Iowa | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 17 | |||||
| Land & Improvements, Initial Cost to Company | $ 22,368 | |||||
| Building & improvements, Initial Cost to Company | 45,794 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 719 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,335 | |||||
| Land & Improvements, Gross | 23,087 | |||||
| Building & Improvements, Gross | 51,129 | |||||
| Total real estate investments | 74,216 | |||||
| Accumulated Depreciation | $ (8,398) | |||||
| Iowa | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 19 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,378 | |||||
| Building & improvements, Initial Cost to Company | 48,477 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 15,378 | |||||
| Building & Improvements, Gross | 48,477 | |||||
| Total real estate investments | 63,855 | |||||
| Accumulated Depreciation | $ (7,307) | |||||
| Kansas | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 19 | |||||
| Land & Improvements, Initial Cost to Company | $ 10,144 | |||||
| Building & improvements, Initial Cost to Company | 46,902 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 10,144 | |||||
| Building & Improvements, Gross | 46,902 | |||||
| Total real estate investments | 57,046 | |||||
| Accumulated Depreciation | $ (7,699) | |||||
| Kansas | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 8,283 | |||||
| Building & improvements, Initial Cost to Company | 25,220 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 8,283 | |||||
| Building & Improvements, Gross | 25,220 | |||||
| Total real estate investments | 33,503 | |||||
| Accumulated Depreciation | $ (2,190) | |||||
| Kentucky | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 35 | |||||
| Land & Improvements, Initial Cost to Company | $ 43,371 | |||||
| Building & improvements, Initial Cost to Company | 120,347 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 397 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,344 | |||||
| Land & Improvements, Gross | 43,768 | |||||
| Building & Improvements, Gross | 124,691 | |||||
| Total real estate investments | 168,459 | |||||
| Accumulated Depreciation | $ (14,836) | |||||
| Kentucky | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 34 | |||||
| Land & Improvements, Initial Cost to Company | $ 22,434 | |||||
| Building & improvements, Initial Cost to Company | 55,497 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 22,434 | |||||
| Building & Improvements, Gross | 55,497 | |||||
| Total real estate investments | 77,931 | |||||
| Accumulated Depreciation | $ (9,140) | |||||
| Louisiana | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 9 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,518 | |||||
| Building & improvements, Initial Cost to Company | 14,157 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,518 | |||||
| Building & Improvements, Gross | 14,157 | |||||
| Total real estate investments | 18,675 | |||||
| Accumulated Depreciation | $ (2,154) | |||||
| Louisiana | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 29 | |||||
| Land & Improvements, Initial Cost to Company | $ 31,858 | |||||
| Building & improvements, Initial Cost to Company | 48,410 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,525 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,501 | |||||
| Land & Improvements, Gross | 34,383 | |||||
| Building & Improvements, Gross | 54,911 | |||||
| Total real estate investments | 89,294 | |||||
| Accumulated Depreciation | $ (9,683) | |||||
| Maine | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 17 | |||||
| Land & Improvements, Initial Cost to Company | $ 20,448 | |||||
| Building & improvements, Initial Cost to Company | 59,130 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 20,448 | |||||
| Building & Improvements, Gross | 59,130 | |||||
| Total real estate investments | 79,578 | |||||
| Accumulated Depreciation | $ (11,836) | |||||
| Maine | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,234 | |||||
| Building & improvements, Initial Cost to Company | 2,096 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,234 | |||||
| Building & Improvements, Gross | 2,096 | |||||
| Total real estate investments | 3,330 | |||||
| Accumulated Depreciation | $ (525) | |||||
| Maryland | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,613 | |||||
| Building & improvements, Initial Cost to Company | 11,901 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,613 | |||||
| Building & Improvements, Gross | 11,901 | |||||
| Total real estate investments | 21,514 | |||||
| Accumulated Depreciation | $ (2,047) | |||||
| Maryland | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,657 | |||||
| Building & improvements, Initial Cost to Company | 18,403 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 499 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,132 | |||||
| Land & Improvements, Gross | 8,156 | |||||
| Building & Improvements, Gross | 20,535 | |||||
| Total real estate investments | 28,691 | |||||
| Accumulated Depreciation | $ (3,276) | |||||
| Massachusetts | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 34 | |||||
| Land & Improvements, Initial Cost to Company | $ 72,832 | |||||
| Building & improvements, Initial Cost to Company | 146,059 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,525 | |||||
| Land & Improvements, Gross | 72,832 | |||||
| Building & Improvements, Gross | 156,584 | |||||
| Total real estate investments | 229,416 | |||||
| Accumulated Depreciation | $ (22,786) | |||||
| Massachusetts | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 12 | |||||
| Land & Improvements, Initial Cost to Company | $ 28,292 | |||||
| Building & improvements, Initial Cost to Company | 31,264 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,213 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 34,243 | |||||
| Land & Improvements, Gross | 34,505 | |||||
| Building & Improvements, Gross | 65,507 | |||||
| Total real estate investments | 100,012 | |||||
| Accumulated Depreciation | $ (6,037) | |||||
| Michigan | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 92 | |||||
| Land & Improvements, Initial Cost to Company | $ 115,433 | |||||
| Building & improvements, Initial Cost to Company | 313,809 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,290 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 14,315 | |||||
| Land & Improvements, Gross | 120,723 | |||||
| Building & Improvements, Gross | 328,124 | |||||
| Total real estate investments | 448,847 | |||||
| Accumulated Depreciation | $ (53,335) | |||||
| Michigan | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 19 | |||||
| Land & Improvements, Initial Cost to Company | $ 24,701 | |||||
| Building & improvements, Initial Cost to Company | 71,749 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,812 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,965 | |||||
| Land & Improvements, Gross | 27,513 | |||||
| Building & Improvements, Gross | 77,714 | |||||
| Total real estate investments | 105,227 | |||||
| Accumulated Depreciation | $ (14,317) | |||||
| Minnesota | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 49 | |||||
| Land & Improvements, Initial Cost to Company | $ 90,212 | |||||
| Building & improvements, Initial Cost to Company | 189,197 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 783 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,453 | |||||
| Land & Improvements, Gross | 90,995 | |||||
| Building & Improvements, Gross | 197,650 | |||||
| Total real estate investments | 288,645 | |||||
| Accumulated Depreciation | $ (31,711) | |||||
| Minnesota | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 42 | |||||
| Land & Improvements, Initial Cost to Company | $ 50,319 | |||||
| Building & improvements, Initial Cost to Company | 116,296 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,110 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,192 | |||||
| Land & Improvements, Gross | 51,429 | |||||
| Building & Improvements, Gross | 125,488 | |||||
| Total real estate investments | 176,917 | |||||
| Accumulated Depreciation | $ (20,152) | |||||
| Minnesota | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Encumbrances | $ 10,913 | |||||
| Land & Improvements, Initial Cost to Company | 7,058 | |||||
| Building & improvements, Initial Cost to Company | 17,075 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 7,058 | |||||
| Building & Improvements, Gross | 17,075 | |||||
| Total real estate investments | 24,133 | |||||
| Accumulated Depreciation | $ (2,962) | |||||
| Mississippi | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 31 | |||||
| Land & Improvements, Initial Cost to Company | $ 25,863 | |||||
| Building & improvements, Initial Cost to Company | 73,152 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 25,863 | |||||
| Building & Improvements, Gross | 73,152 | |||||
| Total real estate investments | 99,015 | |||||
| Accumulated Depreciation | $ (13,131) | |||||
| Mississippi | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 15 | |||||
| Land & Improvements, Initial Cost to Company | $ 18,460 | |||||
| Building & improvements, Initial Cost to Company | 53,286 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 370 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,801 | |||||
| Land & Improvements, Gross | 18,830 | |||||
| Building & Improvements, Gross | 56,087 | |||||
| Total real estate investments | 74,917 | |||||
| Accumulated Depreciation | $ (9,353) | |||||
| Mississippi | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 6 | |||||
| Encumbrances | $ 38,585 | |||||
| Land & Improvements, Initial Cost to Company | 17,132 | |||||
| Building & improvements, Initial Cost to Company | 67,651 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 17,132 | |||||
| Building & Improvements, Gross | 67,651 | |||||
| Total real estate investments | 84,783 | |||||
| Accumulated Depreciation | $ (12,220) | |||||
| Missouri | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 61 | |||||
| Land & Improvements, Initial Cost to Company | $ 51,150 | |||||
| Building & improvements, Initial Cost to Company | 155,557 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,435 | |||||
| Land & Improvements, Gross | 51,150 | |||||
| Building & Improvements, Gross | 156,992 | |||||
| Total real estate investments | 208,142 | |||||
| Accumulated Depreciation | $ (24,008) | |||||
| Missouri | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 26 | |||||
| Land & Improvements, Initial Cost to Company | $ 29,544 | |||||
| Building & improvements, Initial Cost to Company | 56,500 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 29,544 | |||||
| Building & Improvements, Gross | 56,500 | |||||
| Total real estate investments | 86,044 | |||||
| Accumulated Depreciation | $ (8,582) | |||||
| Montana | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,344 | |||||
| Building & improvements, Initial Cost to Company | 16,881 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,738 | |||||
| Land & Improvements, Gross | 6,344 | |||||
| Building & Improvements, Gross | 21,619 | |||||
| Total real estate investments | 27,963 | |||||
| Accumulated Depreciation | $ (2,115) | |||||
| Montana | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,318 | |||||
| Building & improvements, Initial Cost to Company | 11,882 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 5,318 | |||||
| Building & Improvements, Gross | 11,882 | |||||
| Total real estate investments | 17,200 | |||||
| Accumulated Depreciation | $ (2,651) | |||||
| Nebraska | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 11,350 | |||||
| Building & improvements, Initial Cost to Company | 15,072 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 11,350 | |||||
| Building & Improvements, Gross | 15,072 | |||||
| Total real estate investments | 26,422 | |||||
| Accumulated Depreciation | $ (2,100) | |||||
| Nebraska | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 14 | |||||
| Land & Improvements, Initial Cost to Company | $ 8,037 | |||||
| Building & improvements, Initial Cost to Company | 28,964 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 931 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 996 | |||||
| Land & Improvements, Gross | 8,968 | |||||
| Building & Improvements, Gross | 29,960 | |||||
| Total real estate investments | 38,928 | |||||
| Accumulated Depreciation | $ (3,828) | |||||
| Nevada | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 8 | |||||
| Land & Improvements, Initial Cost to Company | $ 14,103 | |||||
| Building & improvements, Initial Cost to Company | 19,370 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 677 | |||||
| Land & Improvements, Gross | 14,103 | |||||
| Building & Improvements, Gross | 20,047 | |||||
| Total real estate investments | 34,150 | |||||
| Accumulated Depreciation | $ (2,528) | |||||
| Nevada | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,063 | |||||
| Building & improvements, Initial Cost to Company | 20,653 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,417 | |||||
| Land & Improvements, Gross | 9,063 | |||||
| Building & Improvements, Gross | 22,070 | |||||
| Total real estate investments | 31,133 | |||||
| Accumulated Depreciation | $ (3,570) | |||||
| Nevada | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Encumbrances | $ 5,618 | |||||
| Land & Improvements, Initial Cost to Company | 3,347 | |||||
| Building & improvements, Initial Cost to Company | 9,570 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (1) | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (94) | |||||
| Land & Improvements, Gross | 3,346 | |||||
| Building & Improvements, Gross | 9,476 | |||||
| Total real estate investments | 12,822 | |||||
| Accumulated Depreciation | $ (1,894) | |||||
| New Hampshire | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 8 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,196 | |||||
| Building & improvements, Initial Cost to Company | 25,556 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,196 | |||||
| Building & Improvements, Gross | 25,556 | |||||
| Total real estate investments | 34,752 | |||||
| Accumulated Depreciation | $ (4,769) | |||||
| New Hampshire | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,278 | |||||
| Building & improvements, Initial Cost to Company | 8,118 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,278 | |||||
| Building & Improvements, Gross | 8,118 | |||||
| Total real estate investments | 9,396 | |||||
| Accumulated Depreciation | $ (980) | |||||
| New Jersey | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,728 | |||||
| Building & improvements, Initial Cost to Company | 13,885 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 7,728 | |||||
| Building & Improvements, Gross | 13,885 | |||||
| Total real estate investments | 21,613 | |||||
| Accumulated Depreciation | $ (891) | |||||
| New Jersey | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 9 | |||||
| Land & Improvements, Initial Cost to Company | $ 11,325 | |||||
| Building & improvements, Initial Cost to Company | 42,360 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 11,325 | |||||
| Building & Improvements, Gross | 42,360 | |||||
| Total real estate investments | 53,685 | |||||
| Accumulated Depreciation | $ (7,674) | |||||
| New Mexico | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,443 | |||||
| Building & improvements, Initial Cost to Company | 37,917 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 685 | |||||
| Land & Improvements, Gross | 15,443 | |||||
| Building & Improvements, Gross | 38,602 | |||||
| Total real estate investments | 54,045 | |||||
| Accumulated Depreciation | $ (4,795) | |||||
| New Mexico | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,751 | |||||
| Building & improvements, Initial Cost to Company | 3,790 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,751 | |||||
| Building & Improvements, Gross | 3,790 | |||||
| Total real estate investments | 7,541 | |||||
| Accumulated Depreciation | $ (690) | |||||
| New York | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 19 | |||||
| Land & Improvements, Initial Cost to Company | $ 30,313 | |||||
| Building & improvements, Initial Cost to Company | 130,925 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 30,313 | |||||
| Building & Improvements, Gross | 130,925 | |||||
| Total real estate investments | 161,238 | |||||
| Accumulated Depreciation | $ (15,444) | |||||
| New York | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 15 | |||||
| Land & Improvements, Initial Cost to Company | $ 14,328 | |||||
| Building & improvements, Initial Cost to Company | 34,808 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 14,328 | |||||
| Building & Improvements, Gross | 34,808 | |||||
| Total real estate investments | 49,136 | |||||
| Accumulated Depreciation | $ (7,406) | |||||
| North Carolina | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 86 | |||||
| Land & Improvements, Initial Cost to Company | $ 80,172 | |||||
| Building & improvements, Initial Cost to Company | 155,950 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,118 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,312 | |||||
| Land & Improvements, Gross | 84,290 | |||||
| Building & Improvements, Gross | 167,262 | |||||
| Total real estate investments | 251,552 | |||||
| Accumulated Depreciation | $ (22,796) | |||||
| North Carolina | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 64 | |||||
| Land & Improvements, Initial Cost to Company | $ 45,721 | |||||
| Building & improvements, Initial Cost to Company | 100,887 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 45,721 | |||||
| Building & Improvements, Gross | 100,887 | |||||
| Total real estate investments | 146,608 | |||||
| Accumulated Depreciation | $ (15,222) | |||||
| North Dakota | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,176 | |||||
| Building & improvements, Initial Cost to Company | 32,387 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 89 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 413 | |||||
| Land & Improvements, Gross | 5,087 | |||||
| Building & Improvements, Gross | 31,974 | |||||
| Total real estate investments | 37,061 | |||||
| Accumulated Depreciation | $ (3,700) | |||||
| North Dakota | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,823 | |||||
| Building & improvements, Initial Cost to Company | 13,596 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,823 | |||||
| Building & Improvements, Gross | 13,596 | |||||
| Total real estate investments | 16,419 | |||||
| Accumulated Depreciation | $ (1,936) | |||||
| North Dakota | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Encumbrances | $ 12,947 | |||||
| Land & Improvements, Initial Cost to Company | 6,711 | |||||
| Building & improvements, Initial Cost to Company | 23,927 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 6,711 | |||||
| Building & Improvements, Gross | 23,927 | |||||
| Total real estate investments | 30,638 | |||||
| Accumulated Depreciation | $ (4,693) | |||||
| Ohio | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 81 | |||||
| Land & Improvements, Initial Cost to Company | $ 92,118 | |||||
| Building & improvements, Initial Cost to Company | 285,683 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 342 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,385 | |||||
| Land & Improvements, Gross | 92,460 | |||||
| Building & Improvements, Gross | 287,068 | |||||
| Total real estate investments | 379,528 | |||||
| Accumulated Depreciation | $ (48,293) | |||||
| Ohio | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 66 | |||||
| Land & Improvements, Initial Cost to Company | $ 62,894 | |||||
| Building & improvements, Initial Cost to Company | 180,694 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 62,894 | |||||
| Building & Improvements, Gross | 180,694 | |||||
| Total real estate investments | 243,588 | |||||
| Accumulated Depreciation | $ (35,777) | |||||
| Oklahoma | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 31 | |||||
| Land & Improvements, Initial Cost to Company | $ 30,854 | |||||
| Building & improvements, Initial Cost to Company | 67,490 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,778 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,859 | |||||
| Land & Improvements, Gross | 33,632 | |||||
| Building & Improvements, Gross | 71,349 | |||||
| Total real estate investments | 104,981 | |||||
| Accumulated Depreciation | $ (9,634) | |||||
| Oklahoma | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 35 | |||||
| Land & Improvements, Initial Cost to Company | $ 45,368 | |||||
| Building & improvements, Initial Cost to Company | 74,894 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 45,368 | |||||
| Building & Improvements, Gross | 74,894 | |||||
| Total real estate investments | 120,262 | |||||
| Accumulated Depreciation | $ (13,354) | |||||
| Oregon | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 6 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,252 | |||||
| Building & improvements, Initial Cost to Company | 14,460 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 5,252 | |||||
| Building & Improvements, Gross | 14,460 | |||||
| Total real estate investments | 19,712 | |||||
| Accumulated Depreciation | $ (2,438) | |||||
| Oregon | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 11,252 | |||||
| Building & improvements, Initial Cost to Company | 17,466 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 11,252 | |||||
| Building & Improvements, Gross | 17,466 | |||||
| Total real estate investments | 28,718 | |||||
| Accumulated Depreciation | $ (4,170) | |||||
| Pennsylvania | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 62 | |||||
| Land & Improvements, Initial Cost to Company | $ 78,223 | |||||
| Building & improvements, Initial Cost to Company | 241,029 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,220 | |||||
| Land & Improvements, Gross | 78,223 | |||||
| Building & Improvements, Gross | 243,249 | |||||
| Total real estate investments | 321,472 | |||||
| Accumulated Depreciation | $ (39,063) | |||||
| Pennsylvania | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 45 | |||||
| Land & Improvements, Initial Cost to Company | $ 43,352 | |||||
| Building & improvements, Initial Cost to Company | 110,377 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 43,352 | |||||
| Building & Improvements, Gross | 110,377 | |||||
| Total real estate investments | 153,729 | |||||
| Accumulated Depreciation | $ (17,849) | |||||
| Rhode Island | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,269 | |||||
| Building & improvements, Initial Cost to Company | 8,762 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,269 | |||||
| Building & Improvements, Gross | 8,762 | |||||
| Total real estate investments | 11,031 | |||||
| Accumulated Depreciation | $ (1,214) | |||||
| Rhode Island | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 6 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,093 | |||||
| Building & improvements, Initial Cost to Company | 13,369 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 6,093 | |||||
| Building & Improvements, Gross | 13,369 | |||||
| Total real estate investments | 19,462 | |||||
| Accumulated Depreciation | $ (2,230) | |||||
| South Carolina | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 52 | |||||
| Land & Improvements, Initial Cost to Company | $ 54,616 | |||||
| Building & improvements, Initial Cost to Company | 151,738 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,755 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,295 | |||||
| Land & Improvements, Gross | 59,371 | |||||
| Building & Improvements, Gross | 164,033 | |||||
| Total real estate investments | 223,404 | |||||
| Accumulated Depreciation | $ (25,858) | |||||
| South Carolina | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 30 | |||||
| Land & Improvements, Initial Cost to Company | $ 22,351 | |||||
| Building & improvements, Initial Cost to Company | 58,981 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 22,351 | |||||
| Building & Improvements, Gross | 58,981 | |||||
| Total real estate investments | 81,332 | |||||
| Accumulated Depreciation | $ (7,515) | |||||
| South Dakota | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 12 | |||||
| Land & Improvements, Initial Cost to Company | $ 24,600 | |||||
| Building & improvements, Initial Cost to Company | 69,945 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 24,600 | |||||
| Building & Improvements, Gross | 69,945 | |||||
| Total real estate investments | 94,545 | |||||
| Accumulated Depreciation | $ (9,341) | |||||
| South Dakota | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 13,236 | |||||
| Building & improvements, Initial Cost to Company | 33,123 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 13,236 | |||||
| Building & Improvements, Gross | 33,123 | |||||
| Total real estate investments | 46,359 | |||||
| Accumulated Depreciation | $ (4,990) | |||||
| Tennessee | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 48 | |||||
| Land & Improvements, Initial Cost to Company | $ 62,661 | |||||
| Building & improvements, Initial Cost to Company | 171,940 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,183 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,026 | |||||
| Land & Improvements, Gross | 65,844 | |||||
| Building & Improvements, Gross | 181,966 | |||||
| Total real estate investments | 247,810 | |||||
| Accumulated Depreciation | $ (26,425) | |||||
| Tennessee | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 62 | |||||
| Land & Improvements, Initial Cost to Company | $ 69,942 | |||||
| Building & improvements, Initial Cost to Company | 152,080 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,046 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,792 | |||||
| Land & Improvements, Gross | 70,988 | |||||
| Building & Improvements, Gross | 155,872 | |||||
| Total real estate investments | 226,860 | |||||
| Accumulated Depreciation | $ (27,550) | |||||
| Texas - Abilene | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,065 | |||||
| Building & improvements, Initial Cost to Company | 36,904 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 7,065 | |||||
| Building & Improvements, Gross | 36,904 | |||||
| Total real estate investments | 43,969 | |||||
| Accumulated Depreciation | $ (3,592) | |||||
| Texas - Abilene | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 792 | |||||
| Building & improvements, Initial Cost to Company | 2,793 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 792 | |||||
| Building & Improvements, Gross | 2,793 | |||||
| Total real estate investments | 3,585 | |||||
| Accumulated Depreciation | $ (618) | |||||
| Texas - Amarillo | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,425 | |||||
| Building & improvements, Initial Cost to Company | 17,573 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 320 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,175 | |||||
| Land & Improvements, Gross | 5,745 | |||||
| Building & Improvements, Gross | 22,748 | |||||
| Total real estate investments | 28,493 | |||||
| Accumulated Depreciation | $ (3,009) | |||||
| Texas - Amarillo | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 379 | |||||
| Building & improvements, Initial Cost to Company | 389 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 379 | |||||
| Building & Improvements, Gross | 389 | |||||
| Total real estate investments | 768 | |||||
| Accumulated Depreciation | $ (56) | |||||
| Texas - Arlington | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,031 | |||||
| Building & improvements, Initial Cost to Company | 5,975 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,031 | |||||
| Building & Improvements, Gross | 5,975 | |||||
| Total real estate investments | 8,006 | |||||
| Accumulated Depreciation | $ (1,108) | |||||
| Texas - Arlington | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,816 | |||||
| Building & improvements, Initial Cost to Company | 13,367 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,816 | |||||
| Building & Improvements, Gross | 13,367 | |||||
| Total real estate investments | 17,183 | |||||
| Accumulated Depreciation | $ (2,097) | |||||
| Texas - Austin | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,932 | |||||
| Building & improvements, Initial Cost to Company | 14,733 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 6,932 | |||||
| Building & Improvements, Gross | 14,733 | |||||
| Total real estate investments | 21,665 | |||||
| Accumulated Depreciation | $ (1,821) | |||||
| Texas - Austin | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,461 | |||||
| Building & improvements, Initial Cost to Company | 5,388 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,461 | |||||
| Building & Improvements, Gross | 5,388 | |||||
| Total real estate investments | 7,849 | |||||
| Accumulated Depreciation | $ (734) | |||||
| Texas-Beaumont | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,612 | |||||
| Building & improvements, Initial Cost to Company | 11,690 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,612 | |||||
| Building & Improvements, Gross | 11,690 | |||||
| Total real estate investments | 14,302 | |||||
| Accumulated Depreciation | $ (1,598) | |||||
| Texas-Beaumont | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 884 | |||||
| Building & improvements, Initial Cost to Company | 2,065 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 884 | |||||
| Building & Improvements, Gross | 2,065 | |||||
| Total real estate investments | 2,949 | |||||
| Accumulated Depreciation | $ (392) | |||||
| Texas-Cedar Park | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,398 | |||||
| Building & improvements, Initial Cost to Company | 8,692 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,398 | |||||
| Building & Improvements, Gross | 8,692 | |||||
| Total real estate investments | 12,090 | |||||
| Accumulated Depreciation | $ (1,024) | |||||
| Texas-Cedar Park | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,518 | |||||
| Building & improvements, Initial Cost to Company | 2,888 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,518 | |||||
| Building & Improvements, Gross | 2,888 | |||||
| Total real estate investments | 4,406 | |||||
| Accumulated Depreciation | $ (299) | |||||
| Texas - Baytown | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,697 | |||||
| Building & improvements, Initial Cost to Company | 16,328 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 161 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 39 | |||||
| Land & Improvements, Gross | 1,858 | |||||
| Building & Improvements, Gross | 16,367 | |||||
| Total real estate investments | 18,225 | |||||
| Accumulated Depreciation | $ (1,090) | |||||
| Texas - Corpus Christi | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,968 | |||||
| Building & improvements, Initial Cost to Company | 20,928 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,968 | |||||
| Building & Improvements, Gross | 20,928 | |||||
| Total real estate investments | 30,896 | |||||
| Accumulated Depreciation | $ (4,046) | |||||
| Texas - Corpus Christi | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,835 | |||||
| Building & improvements, Initial Cost to Company | 2,685 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,835 | |||||
| Building & Improvements, Gross | 2,685 | |||||
| Total real estate investments | 4,520 | |||||
| Accumulated Depreciation | $ (408) | |||||
| Texas - Cypress | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,168 | |||||
| Building & improvements, Initial Cost to Company | 5,110 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 248 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11 | |||||
| Land & Improvements, Gross | 2,416 | |||||
| Building & Improvements, Gross | 5,121 | |||||
| Total real estate investments | 7,537 | |||||
| Accumulated Depreciation | $ (647) | |||||
| Texas - Cypress | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,335 | |||||
| Building & improvements, Initial Cost to Company | 8,688 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,335 | |||||
| Building & Improvements, Gross | 8,688 | |||||
| Total real estate investments | 13,023 | |||||
| Accumulated Depreciation | $ (878) | |||||
| Texas-Dripping Springs | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,653 | |||||
| Building & improvements, Initial Cost to Company | 6,897 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,653 | |||||
| Building & Improvements, Gross | 6,897 | |||||
| Total real estate investments | 8,550 | |||||
| Accumulated Depreciation | $ (890) | |||||
| Texas-Dripping Springs | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,218 | |||||
| Building & improvements, Initial Cost to Company | 4,751 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,218 | |||||
| Building & Improvements, Gross | 4,751 | |||||
| Total real estate investments | 8,969 | |||||
| Accumulated Depreciation | $ (267) | |||||
| Texas - Forney | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,372 | |||||
| Building & improvements, Initial Cost to Company | 8,885 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,372 | |||||
| Building & Improvements, Gross | 8,885 | |||||
| Total real estate investments | 13,257 | |||||
| Accumulated Depreciation | $ (1,059) | |||||
| Texas - Forney | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,091 | |||||
| Building & improvements, Initial Cost to Company | 2,921 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,091 | |||||
| Building & Improvements, Gross | 2,921 | |||||
| Total real estate investments | 4,012 | |||||
| Accumulated Depreciation | $ (404) | |||||
| Texas - Fort Worth | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,619 | |||||
| Building & improvements, Initial Cost to Company | 22,361 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,619 | |||||
| Building & Improvements, Gross | 22,361 | |||||
| Total real estate investments | 31,980 | |||||
| Accumulated Depreciation | $ (2,901) | |||||
| Texas - Fort Worth | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,090 | |||||
| Building & improvements, Initial Cost to Company | 23,394 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,090 | |||||
| Building & Improvements, Gross | 23,394 | |||||
| Total real estate investments | 32,484 | |||||
| Accumulated Depreciation | $ (2,321) | |||||
| Texas - Frisco | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,408 | |||||
| Building & improvements, Initial Cost to Company | 13,316 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 6,408 | |||||
| Building & Improvements, Gross | 13,316 | |||||
| Total real estate investments | 19,724 | |||||
| Accumulated Depreciation | $ (1,686) | |||||
| Texas - Frisco | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,272 | |||||
| Building & improvements, Initial Cost to Company | 6,679 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 161 | |||||
| Land & Improvements, Gross | 5,272 | |||||
| Building & Improvements, Gross | 6,840 | |||||
| Total real estate investments | 12,112 | |||||
| Accumulated Depreciation | $ (964) | |||||
| Texas - Harlingen | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,078 | |||||
| Building & improvements, Initial Cost to Company | 11,812 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,078 | |||||
| Building & Improvements, Gross | 11,812 | |||||
| Total real estate investments | 15,890 | |||||
| Accumulated Depreciation | $ (2,060) | |||||
| Texas - Harlingen | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,184 | |||||
| Building & improvements, Initial Cost to Company | 3,798 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,184 | |||||
| Building & Improvements, Gross | 3,798 | |||||
| Total real estate investments | 4,982 | |||||
| Accumulated Depreciation | $ (377) | |||||
| Texas - Highlands | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,093 | |||||
| Building & improvements, Initial Cost to Company | 22,938 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 7,093 | |||||
| Building & Improvements, Gross | 22,938 | |||||
| Total real estate investments | 30,031 | |||||
| Accumulated Depreciation | $ (1,635) | |||||
| Texas - Houston | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 21 | |||||
| Land & Improvements, Initial Cost to Company | $ 33,103 | |||||
| Building & improvements, Initial Cost to Company | 51,216 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 33,103 | |||||
| Building & Improvements, Gross | 51,216 | |||||
| Total real estate investments | 84,319 | |||||
| Accumulated Depreciation | $ (7,934) | |||||
| Texas - Houston | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 7 | |||||
| Land & Improvements, Initial Cost to Company | $ 20,964 | |||||
| Building & improvements, Initial Cost to Company | 34,006 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 20,964 | |||||
| Building & Improvements, Gross | 34,006 | |||||
| Total real estate investments | 54,970 | |||||
| Accumulated Depreciation | $ (5,818) | |||||
| Texas - Humble | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,464 | |||||
| Building & improvements, Initial Cost to Company | 14,206 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 112 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 344 | |||||
| Land & Improvements, Gross | 5,576 | |||||
| Building & Improvements, Gross | 14,550 | |||||
| Total real estate investments | 20,126 | |||||
| Accumulated Depreciation | $ (1,605) | |||||
| Texas - Humble | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,170 | |||||
| Building & improvements, Initial Cost to Company | 4,937 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,170 | |||||
| Building & Improvements, Gross | 4,937 | |||||
| Total real estate investments | 7,107 | |||||
| Accumulated Depreciation | $ (671) | |||||
| Texas - Katy | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,030 | |||||
| Building & improvements, Initial Cost to Company | 7,154 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 264 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (51) | |||||
| Land & Improvements, Gross | 5,294 | |||||
| Building & Improvements, Gross | 7,103 | |||||
| Total real estate investments | 12,397 | |||||
| Accumulated Depreciation | $ (1,423) | |||||
| Texas - Katy | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,844 | |||||
| Building & improvements, Initial Cost to Company | 4,121 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,844 | |||||
| Building & Improvements, Gross | 4,121 | |||||
| Total real estate investments | 5,965 | |||||
| Accumulated Depreciation | $ (785) | |||||
| Texas-Kileen | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,771 | |||||
| Building & improvements, Initial Cost to Company | 14,831 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,771 | |||||
| Building & Improvements, Gross | 14,831 | |||||
| Total real estate investments | 17,602 | |||||
| Accumulated Depreciation | $ (216) | |||||
| Texas - League City | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 7,428 | |||||
| Building & improvements, Initial Cost to Company | 15,930 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 266 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,834 | |||||
| Land & Improvements, Gross | 7,694 | |||||
| Building & Improvements, Gross | 18,764 | |||||
| Total real estate investments | 26,458 | |||||
| Accumulated Depreciation | $ (2,005) | |||||
| Texas - Lubbock | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 6 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,011 | |||||
| Building & improvements, Initial Cost to Company | 22,231 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,011 | |||||
| Building & Improvements, Gross | 22,231 | |||||
| Total real estate investments | 31,242 | |||||
| Accumulated Depreciation | $ (2,055) | |||||
| Texas - Lubbock | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 10,065 | |||||
| Building & improvements, Initial Cost to Company | 19,371 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 116 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,640 | |||||
| Land & Improvements, Gross | 10,181 | |||||
| Building & Improvements, Gross | 21,011 | |||||
| Total real estate investments | 31,192 | |||||
| Accumulated Depreciation | $ (3,388) | |||||
| Texas - Lumberton | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 896 | |||||
| Building & improvements, Initial Cost to Company | 16,853 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 896 | |||||
| Building & Improvements, Gross | 16,853 | |||||
| Total real estate investments | 17,749 | |||||
| Accumulated Depreciation | $ (1,015) | |||||
| Texas - McAllen | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,771 | |||||
| Building & improvements, Initial Cost to Company | 8,496 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,771 | |||||
| Building & Improvements, Gross | 8,496 | |||||
| Total real estate investments | 13,267 | |||||
| Accumulated Depreciation | $ (1,423) | |||||
| Texas - McAllen | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,100 | |||||
| Building & improvements, Initial Cost to Company | 9,626 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 171 | |||||
| Land & Improvements, Gross | 6,100 | |||||
| Building & Improvements, Gross | 9,797 | |||||
| Total real estate investments | 15,897 | |||||
| Accumulated Depreciation | $ (1,495) | |||||
| Texas - Mesquite | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,540 | |||||
| Building & improvements, Initial Cost to Company | 13,908 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 182 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,722 | |||||
| Building & Improvements, Gross | 13,908 | |||||
| Total real estate investments | 18,630 | |||||
| Accumulated Depreciation | $ (1,784) | |||||
| Texas - Pearland | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,532 | |||||
| Building & improvements, Initial Cost to Company | 9,324 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,532 | |||||
| Building & Improvements, Gross | 9,324 | |||||
| Total real estate investments | 10,856 | |||||
| Accumulated Depreciation | $ (564) | |||||
| Texas - Pearland | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,133 | |||||
| Building & improvements, Initial Cost to Company | 5,150 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,133 | |||||
| Building & Improvements, Gross | 5,150 | |||||
| Total real estate investments | 8,283 | |||||
| Accumulated Depreciation | $ (620) | |||||
| Texas - San Antonio | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,448 | |||||
| Building & improvements, Initial Cost to Company | 18,660 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 15,448 | |||||
| Building & Improvements, Gross | 18,660 | |||||
| Total real estate investments | 34,108 | |||||
| Accumulated Depreciation | $ (3,633) | |||||
| Texas - San Antonio | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,476 | |||||
| Building & improvements, Initial Cost to Company | 14,337 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 522 | |||||
| Land & Improvements, Gross | 9,487 | |||||
| Building & Improvements, Gross | 14,859 | |||||
| Total real estate investments | 24,346 | |||||
| Accumulated Depreciation | $ (2,375) | |||||
| Texas-Spring | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 669 | |||||
| Building & improvements, Initial Cost to Company | 2,817 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 669 | |||||
| Building & Improvements, Gross | 2,817 | |||||
| Total real estate investments | 3,486 | |||||
| Accumulated Depreciation | $ (648) | |||||
| Texas-Spring | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,130 | |||||
| Building & improvements, Initial Cost to Company | 9,981 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 5,130 | |||||
| Building & Improvements, Gross | 9,981 | |||||
| Total real estate investments | 15,111 | |||||
| Accumulated Depreciation | $ (156) | |||||
| Texas-Weslaco | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,454 | |||||
| Building & improvements, Initial Cost to Company | 6,299 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,454 | |||||
| Building & Improvements, Gross | 6,299 | |||||
| Total real estate investments | 8,753 | |||||
| Accumulated Depreciation | $ (1,024) | |||||
| Texas-Weslaco | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 2,757 | |||||
| Building & improvements, Initial Cost to Company | 5,002 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 2,757 | |||||
| Building & Improvements, Gross | 5,002 | |||||
| Total real estate investments | 7,759 | |||||
| Accumulated Depreciation | $ (609) | |||||
| Texas - Yoakum | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,665 | |||||
| Building & improvements, Initial Cost to Company | 20,107 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,665 | |||||
| Building & Improvements, Gross | 20,107 | |||||
| Total real estate investments | 23,772 | |||||
| Accumulated Depreciation | $ (2,467) | |||||
| Texas - Other | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 134 | |||||
| Land & Improvements, Initial Cost to Company | $ 142,021 | |||||
| Building & improvements, Initial Cost to Company | 282,311 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,901 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,501 | |||||
| Land & Improvements, Gross | 145,922 | |||||
| Building & Improvements, Gross | 294,812 | |||||
| Total real estate investments | 440,734 | |||||
| Accumulated Depreciation | $ (41,870) | |||||
| Texas - Other | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 63 | |||||
| Land & Improvements, Initial Cost to Company | $ 66,663 | |||||
| Building & improvements, Initial Cost to Company | 151,885 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 115 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,753 | |||||
| Land & Improvements, Gross | 66,778 | |||||
| Building & Improvements, Gross | 155,638 | |||||
| Total real estate investments | 222,416 | |||||
| Accumulated Depreciation | $ (23,327) | |||||
| Utah | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 24,887 | |||||
| Building & improvements, Initial Cost to Company | 41,572 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 24,887 | |||||
| Building & Improvements, Gross | 41,572 | |||||
| Total real estate investments | 66,459 | |||||
| Accumulated Depreciation | $ (7,129) | |||||
| Utah | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 4 | |||||
| Land & Improvements, Initial Cost to Company | $ 4,751 | |||||
| Building & improvements, Initial Cost to Company | 11,404 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 4,751 | |||||
| Building & Improvements, Gross | 11,404 | |||||
| Total real estate investments | 16,155 | |||||
| Accumulated Depreciation | $ (1,974) | |||||
| Vermont | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 5 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,754 | |||||
| Building & improvements, Initial Cost to Company | 3,015 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,754 | |||||
| Total real estate investments | 4,769 | |||||
| Accumulated Depreciation | $ (632) | |||||
| Vermont | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 565 | |||||
| Building & improvements, Initial Cost to Company | 1,024 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 565 | |||||
| Building & Improvements, Gross | 1,024 | |||||
| Total real estate investments | 1,589 | |||||
| Accumulated Depreciation | $ (267) | |||||
| Virginia | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 31 | |||||
| Building & improvements, Initial Cost to Company | $ 111,670 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,895 | |||||
| Land & Improvements, Gross | 49,548 | |||||
| Building & Improvements, Gross | 117,565 | |||||
| Total real estate investments | 167,113 | |||||
| Accumulated Depreciation | $ (18,906) | |||||
| Virginia | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 14 | |||||
| Land & Improvements, Initial Cost to Company | $ 12,010 | |||||
| Building & improvements, Initial Cost to Company | 36,372 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 12,010 | |||||
| Building & Improvements, Gross | 36,372 | |||||
| Total real estate investments | 48,382 | |||||
| Accumulated Depreciation | $ (5,501) | |||||
| Washington | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 15,277 | |||||
| Building & improvements, Initial Cost to Company | 31,882 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,003 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,449 | |||||
| Land & Improvements, Gross | 17,280 | |||||
| Building & Improvements, Gross | 34,331 | |||||
| Total real estate investments | 51,611 | |||||
| Accumulated Depreciation | $ (5,569) | |||||
| Washington | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 10 | |||||
| Land & Improvements, Initial Cost to Company | $ 28,659 | |||||
| Building & improvements, Initial Cost to Company | 32,815 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 108 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,954 | |||||
| Land & Improvements, Gross | 28,767 | |||||
| Building & Improvements, Gross | 37,769 | |||||
| Total real estate investments | 66,536 | |||||
| Accumulated Depreciation | $ (7,204) | |||||
| West Virginia | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 13 | |||||
| Land & Improvements, Initial Cost to Company | $ 12,924 | |||||
| Building & improvements, Initial Cost to Company | 29,158 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 404 | |||||
| Land & Improvements, Gross | 12,924 | |||||
| Building & Improvements, Gross | 29,562 | |||||
| Total real estate investments | 42,486 | |||||
| Accumulated Depreciation | $ (4,349) | |||||
| West Virginia | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 12 | |||||
| Land & Improvements, Initial Cost to Company | $ 9,428 | |||||
| Building & improvements, Initial Cost to Company | 21,339 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 9,428 | |||||
| Building & Improvements, Gross | 21,339 | |||||
| Total real estate investments | 30,767 | |||||
| Accumulated Depreciation | $ (2,547) | |||||
| Wisconsin - Colby | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Land & Improvements, Initial Cost to Company | $ 5,261 | |||||
| Building & improvements, Initial Cost to Company | 34,573 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 5,261 | |||||
| Building & Improvements, Gross | 34,573 | |||||
| Total real estate investments | 39,834 | |||||
| Accumulated Depreciation | $ (6,815) | |||||
| Wisconsin - Other | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 66 | |||||
| Land & Improvements, Initial Cost to Company | $ 111,615 | |||||
| Building & improvements, Initial Cost to Company | 356,291 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,104 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 625 | |||||
| Land & Improvements, Gross | 112,719 | |||||
| Building & Improvements, Gross | 356,916 | |||||
| Total real estate investments | 469,635 | |||||
| Accumulated Depreciation | $ (52,386) | |||||
| Wisconsin - Other | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 37 | |||||
| Land & Improvements, Initial Cost to Company | $ 38,268 | |||||
| Building & improvements, Initial Cost to Company | 111,481 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 38,268 | |||||
| Building & Improvements, Gross | 111,481 | |||||
| Total real estate investments | 149,749 | |||||
| Accumulated Depreciation | $ (18,429) | |||||
| Wisconsin - Other | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Encumbrances | $ 17,123 | |||||
| Land & Improvements, Initial Cost to Company | 10,344 | |||||
| Building & improvements, Initial Cost to Company | 29,642 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 10,344 | |||||
| Building & Improvements, Gross | 29,642 | |||||
| Total real estate investments | 39,986 | |||||
| Accumulated Depreciation | $ (5,916) | |||||
| Wisconsin-Green Bay | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 2 | |||||
| Land & Improvements, Initial Cost to Company | $ 3,120 | |||||
| Building & improvements, Initial Cost to Company | 6,909 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 3,120 | |||||
| Building & Improvements, Gross | 6,909 | |||||
| Total real estate investments | 10,029 | |||||
| Accumulated Depreciation | $ (921) | |||||
| Wisconsin-Green Bay | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 1 | |||||
| Wisconsin-Green Bay | Collateral For CMBS Debt Dollar value | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Encumbrances | $ 12,894 | |||||
| Land & Improvements, Initial Cost to Company | 8,153 | |||||
| Building & improvements, Initial Cost to Company | 23,768 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 8,153 | |||||
| Building & Improvements, Gross | 23,768 | |||||
| Total real estate investments | 31,921 | |||||
| Accumulated Depreciation | $ (4,723) | |||||
| Wyoming | Unencumbered | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 1,446 | |||||
| Building & improvements, Initial Cost to Company | 3,558 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Land & Improvements, Gross | 1,446 | |||||
| Building & Improvements, Gross | 3,558 | |||||
| Total real estate investments | 5,004 | |||||
| Accumulated Depreciation | $ (405) | |||||
| Wyoming | (f) | ||||||
| SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
| Number of Properties | Property | 3 | |||||
| Land & Improvements, Initial Cost to Company | $ 6,041 | |||||
| Building & improvements, Initial Cost to Company | 15,382 | |||||
| Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
| Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (238) | |||||
| Land & Improvements, Gross | 6,041 | |||||
| Building & Improvements, Gross | 15,144 | |||||
| Total real estate investments | 21,185 | |||||
| Accumulated Depreciation | $ (1,788) | |||||
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Feb. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Reconciliation of total real estate carrying value | ||||
| Balance, beginning of year | $ 11,198,897 | $ 11,236,730 | $ 13,346,817 | $ 13,178,994 |
| Balance, beginning of year | 12,725,295 | 13,346,817 | 13,178,994 | |
| Acquisitions | 39,920 | 386,842 | 623,781 | 584,366 |
| Improvements | 2,532 | 130,787 | 197,599 | 102,933 |
| Other | 0 | 29,078 | 11,294 | 8,716 |
| Provision for impairment of real estate | 0 | (17,853) | (24,433) | (21,862) |
| Other | (3,859) | 0 | (137,144) | (176,008) |
| Cost of real estate sold | (760) | (75,155) | (416,600) | (330,322) |
| Reclasses to held for sale | 0 | 0 | (8,356) | 0 |
| Balance, end of year | 11,236,730 | 13,178,994 | 13,592,958 | 13,346,817 |
| Balance, end of year | 12,725,295 | 13,178,994 | 13,346,817 | |
| Reconciliation of accumulated depreciation for the years ended: | ||||
| Balance, beginning of year | (1,410,829) | (1,438,138) | (984,685) | (479,243) |
| Depreciation expense | (27,482) | (482,246) | (535,793) | (533,299) |
| Accumulated depreciation associated with real estate sold | 173 | 3,003 | 39,131 | 15,779 |
| Other | 0 | 0 | 20,255 | 12,078 |
| Reclasses to held for sale | 0 | (112) | 0 | |
| Balance, end of year | $ (1,438,138) | $ (479,243) | $ (1,460,980) | $ (984,685) |
| Buildings | Minimum | ||||
| Reconciliation of accumulated depreciation for the years ended: | ||||
| Estimated useful life | 20 years | |||
| Buildings | Maximum | ||||
| Reconciliation of accumulated depreciation for the years ended: | ||||
| Estimated useful life | 40 years | |||
| Land improvements | Minimum | ||||
| Reconciliation of accumulated depreciation for the years ended: | ||||
| Estimated useful life | 10 years | |||
| Land improvements | Maximum | ||||
| Reconciliation of accumulated depreciation for the years ended: | ||||
| Estimated useful life | 15 years | |||
Schedule IV - Mortgage Loans on Real Estate (Details) |
1 Months Ended | 11 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
|
Feb. 02, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2025
USD ($)
Property
|
Dec. 31, 2024
USD ($)
|
|
| Mortgage Loans on Real Estate | ||||
| Outstanding face amount of mortgages | $ 561,206,000 | |||
| Carrying amount of mortgages | $ 350,118,000 | $ 124,783,000 | 561,444,000 | $ 230,966,000 |
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, beginning of period | 342,420,000 | 350,118,000 | 230,966,000 | 124,783,000 |
| Balance, beginning of period | 359,124,000 | 124,783,000 | ||
| New and additions to mortgage loans | 7,703,000 | 92,699,000 | 335,013,000 | 109,518,000 |
| Other capitalized loan origination costs | 0 | 220,000 | 1,606,000 | 593,000 |
| Collections of principal | 0 | (26,489,000) | (5,343,000) | (753,000) |
| Sale of loans to related party | 0 | (299,142,000) | 0 | 0 |
| Other: Amortization of premiums on notes receivable | 0 | (619,000) | (119,000) | (22,000) |
| Other: (Provisions for) reduction in loan losses | 0 | (1,006,000) | (575,000) | (826,000) |
| Other: Amortization of loan origination costs | (5,000) | (4,000) | (104,000) | (5,000) |
| Other: Non-cash principal reduction | 0 | 0 | 0 | (2,322,000) |
| Balance, end of period | 350,118,000 | 124,783,000 | $ 561,444,000 | $ 230,966,000 |
| Balance, end of period | $ 359,124,000 | $ 124,783,000 | ||
| Movie Theater Properties, North Carolina | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.35% | |||
| Final Payment Terms, Balloon payment | $ 9,700,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 9,723,000 | |||
| Carrying amount of mortgages | 9,705,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 9,705,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 2 | |||
| Restaurant, Indiana | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 7.50% | |||
| Prior Liens | $ 0 | |||
| Outstanding face amount of mortgages | 3,062,000 | |||
| Carrying amount of mortgages | 3,050,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 3,050,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 4 | |||
| Restaurant Secured By Properties In Montana | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 9.72% | |||
| Final Payment Terms, Balloon payment | $ 2,100,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 2,340,000 | |||
| Carrying amount of mortgages | 2,340,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 2,340,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Manufacturing properties In Illinois, Michigan, Oklahoma, and Texas | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 7.96% | |||
| Final Payment Terms, Balloon payment | $ 22,200,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 32,001,000 | |||
| Carrying amount of mortgages | 31,702,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 31,702,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 6 | |||
| Restaurant, Ohio | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.96% | |||
| Prior Liens | $ 0 | |||
| Outstanding face amount of mortgages | 2,945,000 | |||
| Carrying amount of mortgages | 2,946,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 2,946,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 3 | |||
| Athletic Club Secured By Properties In Chicago, IL | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 7.60% | |||
| Prior Liens | $ 0 | |||
| Outstanding face amount of mortgages | 14,840,000 | |||
| Carrying amount of mortgages | 15,161,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 15,161,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Restaurants Located Across Fourteen States | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.80% | |||
| Final Payment Terms, Balloon payment | $ 191,800,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 223,875,000 | |||
| Carrying amount of mortgages | 224,607,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 224,607,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 125 | |||
| Leasehold interest in an amusement park in Ontario, Canada | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 11.39% | |||
| Prior Liens | $ 0 | |||
| Outstanding face amount of mortgages | 24,710,000 | |||
| Carrying amount of mortgages | 24,474,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 24,474,000 | |||
| Manufacturing Property In New Jersey | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 10.87% | |||
| Final Payment Terms, Balloon payment | $ 27,500,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 29,884,000 | |||
| Carrying amount of mortgages | 29,583,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 29,583,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Specialized Improvements Within Properties In Iowa, Illinois, Indiana, Kansas, Missouri and Nebraska | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 9.18% | |||
| Final Payment Terms, Balloon payment | $ 5,100,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 10,686,000 | |||
| Carrying amount of mortgages | 10,611,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 10,611,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 12 | |||
| Rehabilitation Property In California | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.75% | |||
| Final Payment Terms, Balloon payment | $ 46,700,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 49,042,000 | |||
| Carrying amount of mortgages | 49,355,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 49,355,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Manufacturing Properties In Kansas, Washington and Canada | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.75% | |||
| Final Payment Terms, Balloon payment | $ 53,000,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 56,041,000 | |||
| Carrying amount of mortgages | 55,881,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 55,881,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 3 | |||
| Entertainment Facility in Texas | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.05% | |||
| Final Payment Terms, Balloon payment | $ 14,300,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 19,472,000 | |||
| Carrying amount of mortgages | 19,467,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 19,467,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Medical Offices In SC, NC And VA | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 7.50% | |||
| Final Payment Terms, Balloon payment | $ 6,700,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 8,424,000 | |||
| Carrying amount of mortgages | 8,422,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 8,422,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 5 | |||
| Entertainment Facility In Utah | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 9.75% | |||
| Final Payment Terms, Balloon payment | $ 5,400,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 5,784,000 | |||
| Carrying amount of mortgages | 5,834,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 5,834,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Ski Resort Located In Nevada | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.50% | |||
| Final Payment Terms, Balloon payment | $ 7,100,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 7,990,000 | |||
| Carrying amount of mortgages | 7,958,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 7,958,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Piece Of Land In Texas | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 9.00% | |||
| Final Payment Terms, Balloon payment | $ 4,300,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 4,996,000 | |||
| Carrying amount of mortgages | 5,090,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 5,090,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Car Dealership In Escondido, CA | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.50% | |||
| Final Payment Terms, Balloon payment | $ 20,500,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 25,000,000 | |||
| Carrying amount of mortgages | 24,923,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 24,923,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Car Dealership In Lake Elsinore, CA | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.50% | |||
| Final Payment Terms, Balloon payment | $ 13,900,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 17,000,000 | |||
| Carrying amount of mortgages | 16,983,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 16,983,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Bowling Alley in Washington | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 10.00% | |||
| Final Payment Terms, Balloon payment | $ 3,800,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 3,752,000 | |||
| Carrying amount of mortgages | 3,751,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 3,751,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Medical Facility in North Carolina | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.50% | |||
| Final Payment Terms, Balloon payment | $ 700,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 650,000 | |||
| Carrying amount of mortgages | 650,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 650,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
| Entertainment Facility In Illinois | ||||
| Mortgage Loans on Real Estate | ||||
| Interest Rate | 8.50% | |||
| Final Payment Terms, Balloon payment | $ 8,000,000 | |||
| Prior Liens | 0 | |||
| Outstanding face amount of mortgages | 8,989,000 | |||
| Carrying amount of mortgages | 8,951,000 | |||
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance, end of period | $ 8,951,000 | |||
| Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ||||
| Number of property locations of investments (in properties) | Property | 1 | |||
Schedule IV - Mortgage Loans on Real Estate (Parenthetical) (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Mortgage Loans on Real Estate [Line Items] | |
| Mortgages held for federal income tax purposes | $ 563.9 |