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Investments in Unconsolidated Entities (Tables)

9 Months Ended

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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- References

No definition available.

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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

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