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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
We hold investments in unconsolidated joint venture partnerships that are accounted for under the equity method of accounting or the fair value option. We made our first investment in unconsolidated joint venture partnerships for which we elected the fair value option during the first quarter of 2024. We account for these investments at fair value with the associated unrealized gains and losses recorded as a component of income from unconsolidated joint venture partnerships on our consolidated statements of operations.
The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2025 and 2024:
Number of Joint Venture
Partnerships as of		Ownership Percentage as ofInvestments in Unconsolidated
Joint Venture Partnerships as of
($ in thousands)December 31,
2025		December 31,
2024		December 31,
2025		December 31,
2024		December 31,
2025		December 31,
2024
Investments in unconsolidated joint venture partnerships, carried at cost:
Credit Lease joint venture partnerships3350.0 %50.0 %$97,311 $101,569 
Data Center joint venture partnerships22
10.0 - 11.3%
10.0 - 10.2%
76,840 42,663 
Real Estate Debt joint venture partnerships (1)22
19.9 - 20.0%
19.9 - 20.0%
187,143 29,678 
Total investments in unconsolidated joint venture partnerships, carried at cost361,294 173,910 
Investments in unconsolidated joint venture partnerships, carried at fair value:
Industrial joint venture partnerships (1)21
11.9 - 27.4%
27.4 %77,703 38,386 
Total investments in unconsolidated joint venture partnerships, carried at fair value77,703 38,386 
Total$438,997 $212,296 
____________________________________________________
(1)Includes joint venture partnerships that invest in assets and properties in Europe.
As of December 31, 2025, we had unfunded commitments of $396.5 million, in aggregate, related to our investments in unconsolidated joint venture partnerships.
The following table summarizes income (loss) in unconsolidated joint venture partnerships for the years ended December 31, 2025, 2024 and 2023:
For the Year Ended December 31,
(in thousands)202520242023
Income (loss) from unconsolidated joint venture partnerships, carried at cost:
Equity in income (loss) from unconsolidated joint venture partnerships$46,287 $9,621 $(3,578)
Total income (loss) from unconsolidated joint venture partnerships, carried at cost46,287 9,621 (3,578)
Income (loss) from unconsolidated joint venture partnerships, carried at fair value:
Gain on investment2,097 5,220 — 
Foreign currency gain (loss) on investment3,151 (658)— 
Total income from unconsolidated joint venture partnerships, carried at fair value5,248 4,562 — 
Other foreign currency gain (loss):
Foreign currency (loss) gain on debt held in foreign currencies(3,104)327 — 
Foreign currency gain on remeasurement of cash and cash equivalents137 21 — 
Total other foreign currency (loss) gain(2,967)348 — 
Total$48,568 $14,531 $(3,578)
    
The following is a summary of certain balance sheet and operating data of our unconsolidated joint venture partnerships:
As of December 31,
(in thousands)20252024
Investments$7,839,166 $2,416,243 
Total assets7,981,620 2,488,346 
Total liabilities(5,669,738)(1,559,796)
Total equity2,311,882 928,550 
For the Year Ended December 31,
(in thousands)202520242023
Revenues$352,418 $126,283 $34,233 
Expenses(31,456)(20,291)(19,060)
Other income (expenses)29,634 (9,200)(11,850)
Net income350,596 96,792 3,323