Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2025

INVESTMENTS IN UNCONSOLIDATED ENTITIES

As of December 31, 2025, we hold certain investments in unconsolidated entities that are accounted for under the equity

method of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for

consolidation. Refer to Note 2 for further details.

The following tables detail our investments in unconsolidated entities ($ in thousands):


	December 31, 2025
Investments in Unconsolidated Entities	Number of Assets	Ownership Interest	Book Value
Unconsolidated entities carried at historical cost
Net Lease Joint Venture	178(1)	75%	$106,478
Total unconsolidated entities carried at historical cost	178		106,478
Unconsolidated entities carried at fair value
Bank Loan Portfolio Joint Venture	533(2)	35%(3)	111,010
Total unconsolidated entities carried at fair value	533		111,010
Total	711		$217,488

(1)The number of assets represents the number of commercial real estate properties.

(2)The number of assets represents the number of commercial mortgage loans.

(3)Represents our aggregate ownership interest in our Bank Loan Portfolio Joint Venture, which owns an initial

portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a

29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we

hold a 50% interest.


	December 31, 2024
Investments in Unconsolidated Entities	Number of Assets	Ownership Interest	Book Value
Unconsolidated entities carried at historical cost
Net Lease Joint Venture	–	75%	$4,452
Total unconsolidated entities carried at historical cost	–		4,452

The following tables detail the activity related to our investments in unconsolidated entities during the years ended

December 31, 2025 and 2024 ($ in thousands):


Investments in Unconsolidated Entities	December 31, 2024	Contributions	Distributions	(Loss) Income From Unconsolidated Entities(1)	Accumulated Other Comprehensive Loss	December 31, 2025
Net Lease Joint Venture	$4,452	$104,274	$—	$(1,367)	$(881)	$106,478
Bank Loan Portfolio Joint Venture	—	102,845	(1,509)	9,674	—	111,010
Total	$4,452	$207,119	$(1,509)	$8,307	$(881)	$217,488

Investments in Unconsolidated Entities	December 31, 2023	Contributions	Distributions	Loss From Unconsolidated Entities	Accumulated Other Comprehensive Income	December 31, 2024
Net Lease Joint Venture	$—	$7,200	$—	$(2,748)	$—	$4,452
Total	$—	$7,200	$—	$(2,748)	$—	$4,452

(1)Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by

unconsolidated entities.

There was no income or loss from unconsolidated entities for the year ended December 31, 2023.

During the year ended December 31, 2025, our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture each

entered into derivative agreements where we would be required to make payment for periodic or final settlement of

derivative contracts if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to

fulfill its respective obligations.