v3.26.1
Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities INVESTMENTS IN UNCONSOLIDATED ENTITIES
As of June 30, 2026, 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):
June 30, 2026
Investments in Unconsolidated Entities
Number of
Assets
Ownership
Interest
Book Value
Unconsolidated entities carried at historical cost
Net Lease Joint Venture
306(1)
75%
$185,902
Total unconsolidated entities carried at historical cost
306
185,902
Unconsolidated entities carried at fair value
Bank Loan Portfolio Joint Venture
457(2)
35%(3)
99,834
Homebuilder Finance Joint Venture
33(2)
45%
36,324
Total unconsolidated entities carried at fair value
490
136,158
Total
796
$322,060
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
$217,488
(1)The number of assets represents the number of commercial real estate properties.
(2)The number of assets represents the number of commercial mortgage loans held by each entity.
(3)Represents our aggregate ownership interest in our Bank Loan Portfolio Joint Venture, which owns an initial
portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a
29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we
hold a 50% interest.
The following table details the activity related to our investments in unconsolidated entities during the six months ended
June 30, 2026 ($ in thousands):
Net Lease Joint
Venture
Bank Loan
Portfolio Joint
Venture
Homebuilder
Finance Joint
Venture
Total
Balance as of December 31, 2025
$106,478
$111,010
$—
$217,488
Contributions
99,998
—
—
36,043
136,041
Distributions
(22,413)
(20,199)
—
(42,612)
Income from unconsolidated entities(1)
649
9,023
281
9,953
Accumulated other comprehensive income
1,190
—
—
1,190
Balance as of June 30, 2026
$185,902
$99,834
$36,324
$322,060
(1)Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains or losses
recorded by unconsolidated entities.
Our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture have each entered into and may continue to enter 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.