Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2025

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.