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Investments in Unconsolidated Entities (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investment in Unconsolidated Entities | The following tables detail our investments in unconsolidated entities ($ in thousands):
|  | September 30, 2025
Investments in Unconsolidated Entities |  | Number of Assets |  | Ownership Interest |  | Book Value
Unconsolidated entities carried at historical cost |  |  |  |  |  |
Net Lease Joint Venture |  | 115(1) |  | 75% |  | $77,731
Total unconsolidated entities carried at historical cost |  | 115 |  |  |  | 77,731
Unconsolidated entities carried at fair value |  |  |  |  |  |
Bank Loan Portfolio Joint Venture |  | 571(2) |  | 35%(3) |  | 104,867
Total unconsolidated entities carried at fair value |  | 571 |  |  |  | 104,867
Total |  | 686 |  |  |  | $182,598
(1)The number of assets represents the number of real estate properties held. (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
Total |  | – |  |  |  | $4,452
The following tables detail the activity related to our investments in unconsolidated entities during the three and nine months ended September 30, 2025 ($ in thousands):
Investments in Unconsolidated Entities |  | June 30, 2025 |  | Contributions |  | Distributions |  | (Loss) Income From Unconsolidated Entities(1) |  | Accumulated Other Comprehensive Loss |  | September 30, 2025
Net Lease Joint Venture |  | $52,181 |  | $26,281 |  | $— |  | $(367) |  | $(364) |  | $77,731
Bank Loan Portfolio Joint Venture |  | 55,906 |  | 44,670 |  | — |  | 4,291 |  | — |  | 104,867
Total |  | $108,087 |  | $70,951 |  | $— |  | $3,924 |  | $(364) |  | $182,598
Investments in Unconsolidated Entities |  | December 31, 2024 |  | Contributions |  | Distributions |  | (Loss) Income From Unconsolidated Entities(1) |  | Accumulated Other Comprehensive Loss |  | September 30, 2025
Net Lease Joint Venture |  | $4,452 |  | $76,391 |  | $— |  | $(1,559) |  | $(1,553) |  | $77,731
Bank Loan Portfolio Joint Venture |  | — |  | 102,273 |  | — |  | 2,594 |  | — |  | 104,867
Total |  | $4,452 |  | $178,664 |  | $— |  | $1,035 |  | $(1,553) |  | $182,598
(1)Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by unconsolidated entities.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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