Management characterized 2025 as a transition year, achieving the second-largest investment volume in company history at $12.7 billion despite broader market volatility. Performance was impacted by temporary timing issues, including high cash balances from $4.4 billion in capital raises and the initial dilution from the $2.2 billion net lease acquisition. The company is intentionally avoiding forced liquidations of distressed assets, choosing to take over management and execute value-add plans to prot ...