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Investments in Unconsolidated Real Estate Affiliates (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Real Estate Affiliates
The following table details the Company’s investments in unconsolidated real estate affiliates:
Ownership Percentage
Carrying Amount of Investment
Investment
Number of Investments
Number of PropertiesDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Unconsolidated real estate affiliates accounted for under the equity method
Net lease
1249.1%49.1%$5,163 $5,701 
Total unconsolidated real estate affiliates accounted for under the equity method
12$5,163 $5,701 
Unconsolidated real estate affiliates accounted for under the FVO
STORE (1)
13,57622.4%16.4%$2,452,660 $1,704,458 
Net lease
32450.9%50.9%208,949 28,808 
Investment in real estate debt
3N/A
51.0% - 60.0%
N/A188,973 — 
Net lease data centers (2)
815
10.6% - 65.5%
14.3%951,121 8,820 
Total unconsolidated real estate affiliates accounted for under the FVO
143,615$3,801,703 $1,742,086 
Total unconsolidated real estate affiliates
153,617$3,806,866 $1,747,787 
__________________
(1)    The Company has an indirect investment in STORE through Ivory OSREC OS Aggregator LLC. The Company has determined that STORE is considered a significant subsidiary under SEC Regulation S-X Rule 3-09 and Rule 4-08(g) as of December 31, 2025 and 2024. Accordingly, the Company is required to include Ivory Parent LLC’s and STORE’s audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024, prepared by STORE and audited by its independent registered public accounting firm, as Exhibits 99.1 and 99.2 to this Annual Report on Form 10-K.
(2)    Includes the Company’s investment in Longhorn JV LLC (“Longhorn 1.0 JV”). The Company has determined that Longhorn 1.0 JV is considered a significant subsidiary under SEC Regulation S-X Rule 3-09 and Rule 4-08(g) as of December 31, 2025. The sole investment of Longhorn 1.0 JV is Abilene DC 1, LLC. Accordingly, the Company is required to include Abilene DC 1, LLC’s audited consolidated financial statements as of and for the year ended December 31, 2025, as Exhibit 99.3 to this Annual Report on Form 10-K.

The following tables detail the Company’s income (loss) from unconsolidated entities:
For the year ended December 31,
Investment202520242023
Unconsolidated real estate affiliates accounted for under the equity method
$(82)$115 $(12)
Net lease
$(82)$115 $(12)
Total unconsolidated real estate affiliates accounted for under the equity method
Unconsolidated real estate affiliates accounted for under the FVO
STORE (1)
$223,827 $215,264 $8,644 
Net lease
67,737 7,140 5,333 
Investment in real estate debt
9,930 — — 
Net lease data centers (2)
248,003 (603)— 
Total unconsolidated real estate affiliates accounted for under the FVO
$549,497 $221,801 $13,977 
Total unconsolidated real estate affiliates
$549,415 $221,916 $13,965 
________________
(1)    The Company has an indirect investment in STORE through Ivory OSREC OS Aggregator LLC. The Company has determined that STORE is considered a significant subsidiary under SEC Regulation S-X Rule 3-09 and Rule 4-08(g) as of December 31, 2025 and 2024. Accordingly, the Company is required to include Ivory Parent LLC’s and STORE’s audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024, prepared by STORE and audited by its independent registered public accounting firm, as Exhibits 99.1 and 99.2 to this Annual Report on Form 10-K.
(2)    Includes the Company’s investment in Longhorn 1.0 JV. The Company has determined that Longhorn 1.0 JV is considered a significant subsidiary under SEC Regulation S-X Rule 3-09 and Rule 4-08(g) as of December 31, 2025. The sole investment of Longhorn 1.0 JV is Abilene DC 1, LLC. Accordingly, the Company is required to include Abilene DC 1, LLC’s audited consolidated financial statements as of and for the year ended December 31, 2025, as Exhibit 99.3 to this Annual Report on Form 10-K.

The following tables provide summarized financial information of our unconsolidated real estate affiliates as of the dates and periods set forth below:
Balance Sheets
December 31, 2025December 31, 2024
Investment
Total assets
Total liabilities
Total equity
Total assets
Total liabilities
Total equity
Total$41,429,255 $18,547,133 $22,882,122 $15,539,055 $6,823,181 $8,715,874 

Income Statements For the Year Ended December 31,
202520242023
InvestmentTotal revenue
Net income
Total revenueNet IncomeTotal revenueNet Income
Total$1,480,311 $1,177,153 $1,163,867 $140,254 $947,582 $510,782