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Other Assets | 9 Months Ended
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Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | Note 6 – Other Assets The following table details the components of our other assets at the dates indicated ($ in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Interest receivable |  | $ | 65,482 |  |  | $ | 58,470 |
Collateral deposited under derivative agreements |  |  | 29,950 |  |  |  | — |
Loan proceeds held by servicer(1) |  |  | 12,777 |  |  |  | 50,843 |
Equity method investment(2) |  |  | 23,390 |  |  |  | 20,073 |
Other(3) |  |  | 10,273 |  |  |  | 8,641 |
Total |  | $ | 141,872 |  |  | $ | 138,027 |
(1) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Relates to our former Massachusetts Healthcare Loan as discussed below (see "Massachusetts Healthcare"). (3) Includes $9.4 million and $7.7 million of other assets from Real Estate Owned, Held for Investment as of September 30, 2025 and December 31, 2024, respectively. Refer to "Note 5 – Real Estate Owned" for additional information. Massachusetts Healthcare In 2022, we and other Apollo-managed entities ("Apollo Co-Lenders") co-originated a first mortgage loan ("Massachusetts Healthcare Loan") secured by eight hospitals in Massachusetts. During the third quarter of 2024, we and the Apollo Co-Lenders, through a joint venture ("Massachusetts Healthcare JV"), acquired title to one of the eight hospitals (St. Elizabeth’s Medical Center) that previously secured the Massachusetts Healthcare Loan. During the same period, the hospital was taken by eminent domain by the Commonwealth of Massachusetts (the "Commonwealth"). Refer to "Note 16 - Commitments and Contingencies" for additional information regarding the Commonwealth's taking of the hospital and the associated lawsuit against the Commonwealth. Additionally in the third quarter of 2024, guarantors made a guaranty payment on the Massachusetts Healthcare Loan, and the Borrowers transferred the deeds of the remaining seven hospitals into escrow, thereby releasing the borrowers from their obligation under the loan agreement. As a result, during the third quarter of 2024, we recorded a $127.5 million realized loss on investments in relation to the Massachusetts Healthcare Loan. During the fourth quarter of 2024, five of the seven hospitals were sold to third parties and the proceeds were allocated among us and other Apollo Co-Lenders based on our pro-rata interests in the Massachusetts Healthcare Loan. As of December 31, 2024, $20.1 million remained in other assets on our consolidated balance sheet related to our allocation of fair value of the two unsold hospitals. During the first quarter of 2025, the Massachusetts Healthcare JV took title of the two unsold hospitals. For the three and nine months ended September 30, 2025, we contributed $1.2 million and $5.4 million, respectively, to the Massachusetts Healthcare JV. Additionally, our allocation of income from the Massachusetts Healthcare JV for the three and nine months ended September 30, 2025 was $17.1 million and $15.7 million, respectively, recorded within income from equity method investment, net on our condensed consolidated statement of operations. Our allocation of income from the Massachusetts Healthcare JV for the quarter ended September 30, 2025 includes a $17.4 million gain on litigation settlement representing $18.1 million of additional proceeds received from the Commonwealth net of associated legal expenses. Refer to "Note 16 - Commitments and Contingencies" for additional information. As of September 30, 2025, our equity method investment in the Massachusetts Healthcare JV was $23.4 million, and recorded in other assets on our consolidated balance sheet.

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