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Investments in Unconsolidated Entities | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | INVESTMENTS IN UNCONSOLIDATED ENTITIES As of September 30, 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):
|  | 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. There was no income or loss from unconsolidated entities for the three and nine months ended September 30, 2024. During the nine months ended September 30, 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.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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