Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2026

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.