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


	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

(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


	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


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

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