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Investments in Unconsolidated Real Estate Affiliates (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Income Statement Information of STORE and Investments in Unconsolidated Real Estate Affiliates The following table provides summarized income statement information of STORE for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Total revenue$277,253 $254,255 $819,576 $668,878 
Net income $185,160 $151,706 $530,267 $404,928 
The following tables detail the Company’s investments in unconsolidated real estate affiliates:
Carrying Amount of Investment
InvestmentOwnership PercentageSeptember 30, 2024December 31, 2023
STORE
16.1 %$1,536,699 $675,944 
Blue Owl NL Opportunity Credit REIT E LLC ("Fleet Farm JV")
49.1 %5,646 6,058 
Blue Owl NL Opportunity Credit Holdings REIT LLC ("Tenneco JV")
50.9 %28,092 23,626 
CoreWeave JV
14.3 %11,510 — 
Total$1,581,947 $705,628 
ORENT's Share of Unconsolidated Entities' Income
Three Months Ended Nine Months Ended
InvestmentSeptember 30, 2024September 30, 2023September 30, 2024September 30, 2023
STORE (1)
$22,655 $10,100 $90,897 $25,352 
Blue Owl NL Opportunity Credit REIT E LLC ("Fleet Farm JV") (2)
(232)127 (58)215 
Blue Owl NL Opportunity Credit Holdings REIT LLC ("Tenneco JV") (3)
691 2,925 5,669 4,359 
CoreWeave JV (4)
(303)— (303)— 
Total$22,811 $13,152 $96,205 $29,926 
(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 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 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. In July 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 Company received return of capital distributions of $999 and $30,487 in September and November 2023, respectively, primarily funded by a mortgage loan entered into by wholly owned subsidiaries of the Tenneco JV for its six assets in November 2023.
(4)    The Company’s share of CoreWeave JV’s net income includes our portion of CoreWeave JV’s income based on our ownership percentage, as well as our pro-rata share of BOREC Spider Member LLC’s expenses.