As of June 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

The following tables detail our investments in unconsolidated entities ($ in thousands):


	June 30, 2025
Investments in Unconsolidated Entities	Number of Assets	Ownership Interest	Book Value
Unconsolidated entities carried at historical cost
Net Lease Joint Venture(1)	53	75%	$52,181
Total unconsolidated entities carried at historical cost	53		52,181
Unconsolidated entities carried at fair value
Bank Loan Portfolio Joint Venture(2)	171	29%	55,906
Total unconsolidated entities carried at fair value	171		55,906
Total	224		$108,087


	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

During the three months ended June 30, 2025, we contributed $24.5 million to our Net Lease Joint Venture, did not receive

any distributions, recorded a $318,000 loss from unconsolidated entities in our consolidated statements of operations, and

recorded an unrealized loss of $1.0 million as a component of accumulated other comprehensive income on our

consolidated balance sheets. During the six months ended June 30, 2025, we contributed $50.1 million to our Net Lease

Joint Venture, did not receive any distributions, recorded a $1.2 million loss from unconsolidated entities in our

consolidated statements of operations, and recorded an unrealized loss of $1.2 million as a component of accumulated other

During the three and six months ended June 30, 2025, we contributed $57.6 million to the Bank Loan Portfolio Joint

Venture, did not receive any distributions, and recorded a $1.7 million loss from unconsolidated entities in our consolidated

statements of operations, primarily resulting from transaction costs related to the portfolio acquisition in June 2025.

There was no income or loss from unconsolidated entities for the three and six months ended June 30, 2024.

During the six months ended June 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