Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

INVESTMENTS IN UNCONSOLIDATED ENTITIES

We hold a 75% ownership interest in the Net Lease Joint Venture, which is accounted for under the equity method of

accounting, as our ownership interest in the joint venture does not meet the requirements for consolidation. As of

March 31, 2025, the Net Lease Joint Venture held six investments. Refer to Note 2 for additional discussion of our Net

Lease Joint Venture.

During the three months ended March 31, 2025 we contributed $25.6 million to the joint venture, did not receive any

distributions, and recorded an $874,000 loss from unconsolidated entities in our consolidated statements of operations. As

of March 31, 2025 and December 31, 2024, our investment in unconsolidated entities totaled $29.0 million and

$4.5 million, respectively. There was no income or loss from unconsolidated entities for the three months ended March 31,

2024.

In the first quarter of 2025, the Net Lease Joint Venture entered into a derivative agreement where we would be required to

make payment for periodic or final settlement of derivative contracts if the Net Lease Joint Venture is unable to fulfill its

obligations.