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Investments in Unconsolidated Real Estate Affiliates
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Affiliates Investments in Unconsolidated Real Estate Affiliates
The Company owns interests in unconsolidated real estate investments with third parties. As of December 31, 2023 and December 31, 2022, investments in unconsolidated real estate affiliates were $705,628 and $6,514, respectively.
STORE
On February 3, 2023, the Company made an indirect investment through Ivory OSREC OS Aggregator LLC (“OS Aggregator”) in STORE Capital LLC (“STORE”), a publicly traded REIT invested in net-lease real estate, in an all-cash, take-private transaction. The Company has elected to account for the investment using the FVO under ASC 825.
In connection with closing of the initial investment, OS Aggregator signed a Forward Interest Purchase Agreement (the “FIPA”) pursuant to which it agreed to purchase additional indirect interests in STORE such that OS Aggregator owns, in aggregate, an indirect 25% membership interest in STORE prior to the first anniversary of the closing of the initial investment, representing an aggregate additional investment of approximately $1,063,000 as of the signing date. Pursuant to the FIPA, the Company agreed to use available fundraising proceeds, subject to certain deductions for Company operations and previously committed acquisitions, to make purchases under the FIPA, although the FIPA contains no mandatory fundraising minimums directly from the Company. As a result, the Company may purchase an additional $775,871 of interests as that represents the maximum commitment by OS Aggregator as of December 31, 2023. The Company guaranteed the foregoing obligations under the FIPA, and it agreed to pay an aggregate amount equal to $500,000 if it were to divert available proceeds in violation of the FIPA or fail to pursue fundraising in good faith.
During the year ended December 31, 2023, the Company made incremental investments in OS Aggregator of $385,773, including $385,651 under the terms of the FIPA. The Company’s additional investment did not result in a change in control and therefore, no gain or loss was recognized in the Consolidated Statement of Operations. During the year ended December 31, 2023, the Company contributed an additional $141,034 to fund capital calls initiated by STORE to OS Aggregator. Additionally, the OS Aggregator made distributions of $70,769 for the year ended December 31, 2023, of which the Company received $19,508.
As of December 31, 2023, the Company owns a 44.7% interest in OS Aggregator. The initial and incremental investments made by the Company and affiliates of the Company in OS Aggregator was $1,536,988, representing 16.6% ownership percentage of interest in STORE. As of December 31, 2023, the fair value of the Company’s investment in STORE was $675,944, representing a 7.4% ownership percentage of interest in STORE.
The Company has determined that STORE is considered a significant subsidiary under SEC Regulation S-X Rule 3-09 as of December 31, 2023. Accordingly, the Company is required to include STORE’s audited consolidated financial statements as of and for the year ended December 31, 2023, prepared by STORE and audited by its independent registered public accounting firm, as Exhibit 99.1 to this Form 10-K. No comparable financial information has been presented for the year ended December 31, 2022, as the Company acquired its interest in STORE in February 2023.
The following table details the Company’s investments in unconsolidated real estate affiliates (dollars in thousands):
Carrying Amount of InvestmentORENT's Share of Unconsolidated Entities' Income
InvestmentOwnership PercentageDecember 31, 2023December 31, 2022December 31, 2023December 31, 2022
STORE Capital LLC ("STORE") (1)
7.4 %$675,944 $— $8,644 $— 
Blue Owl NL Opportunity Credit REIT E LLC ("Fleet Farm JV") (2)
49.1 %6,058 6,514 (12)300 
Blue Owl NL Opportunity Credit Holdings REIT LLC ("Tenneco JV") (3)
50.9 %23,626 — 5,333 — 
Total$705,628 $6,514 $13,965 $300 
(1)    The Company’s share of STORE’s net income includes our portion of STORE’s income and unrealized gains/losses based on our varying ownership percentage, which increased throughout the period, as well as our pro-rata share of OS Aggregator’s expenses.
(2) On August 12, 2022, the Company formed Oak Street NL Opportunity Credit REIT E LLC (“Fleet Farm JV”), a joint venture which the Company holds a 49.1% ownership in and accounts for under the equity method of accounting. The Company’s initial contribution into the joint venture was $6,986. The joint venture acquired two properties, which are leased on a triple net basis to the tenant. On September 18, 2023, Fleet Farm JV changed its legal name to Blue Owl NL Opportunity Credit REIT E LLC pursuant to a certificate of amendment to its Certificate of Formation filed with the Secretary of State of Delaware on September 18, 2023.
(3)    On June 5, 2023, the Company formed Blue Owl NL Opportunity Credit Holdings REIT LLC (“Tenneco JV”), a joint venture which the Company holds a 50.9% ownership in and accounts for under the equity method of accounting. The Company has elected to account for the investment using the FVO under ASC 825. The Company’s initial contribution into the joint venture was $41,738. The joint venture acquired four properties, which are leased on a triple net basis to the tenant. On July 7, 2023, the Company contributed an additional $9,467 into the joint venture. The additional capital contributed pro rata by each partner was used to acquire two additional properties, which are leased on a triple net basis to the tenant.

The following tables provide summarized financial information of our unconsolidated real estate affiliates as of the dates and periods set forth below (dollars in thousands):
Balance Sheets (unaudited)December 31, 2023December 31, 2022
STOREFleet FarmTennecoSTOREFleet FarmTenneco
Total assets$15,382,298 $30,815 $109,070 $— $31,554 $— 
Total liabilities$6,086,983 $18,369 $61,660 $— $18,508 $— 
Total equity$9,295,315 $12,446 $47,410 $— $13,046 $— 

Income Statements (unaudited)For the Year Ended December 31, 2023For the Period from Inception through December 31, 2022
STOREFleet FarmTennecoSTOREFleet FarmTenneco
Total revenue$940,114 $2,550 $4,918 $— $987 $— 
Net income (loss)$508,050 $(25)$2,757 $— $(274)$—