Investments in Unconsolidated Real Estate Affiliates (Tables)

6 Months Ended

Jun. 30, 2026

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 Properties	June 30, 2026	December 31, 2025	June 30, 2026		December 31, 2025
Unconsolidated real estate affiliates accounted for under the equity method
Net lease	1	2	49.1%	49.1%	$	5,068	$	5,163
Total unconsolidated real estate affiliates accounted for under the equity method	1	2			$	5,068	$	5,163
Unconsolidated real estate affiliates accounted for under the FVO
STORE (1)	1	3,590	22.6%	22.4%	$	2,613,175	$	2,452,660
Net lease	3	36	50.9%	50.90%	240,691		208,949
Investments in real estate debt	5	—	51.0% - 85.0%	51.0% - 60.0%	468,886		188,973
Net lease data centers	8	16	2.7% - 83.5%	10.6% - 65.5%	1,078,705		951,121
Total unconsolidated real estate affiliates accounted for under the FVO	17	3,642			$	4,401,457	$	3,801,703
Total unconsolidated real estate affiliates	18	3,644			$	4,406,525	$	3,806,866

(1)    The Company has determined that STORE is a significant subsidiary under SEC Regulation S-X Rule 10-01(b) as of June 30, 2026.

The following table details the Company’s income (loss) from unconsolidated entities:

	Three Months Ended				Six Months Ended
Investment	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Unconsolidated real estate affiliates accounted for under the equity method
Net lease	$	48	$	(25)	$	91	$	(95)
Total unconsolidated real estate affiliates accounted for under the equity method	$	48	$	(25)	$	91	$	(95)
Unconsolidated real estate affiliates accounted for under the FVO
STORE	$	64,691	$	51,631	$	201,297	$	141,002
Net lease	12,958		11,328		30,787		32,160
Investments in real estate debt	12,491		—		20,616		—
Net lease data centers	(49,563)		13,143		(7,315)		12,397
Total unconsolidated real estate affiliates accounted for under the FVO	$	40,577	$	76,102	$	245,385	$	185,559
Total unconsolidated real estate affiliates	$	40,625	$	76,077	$	245,476	$	185,464

The following table provides summarized income statement information of our significant unconsolidated real estate affiliates:

	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Total revenue	$	351,866	$	308,668	$	693,791	$	612,552
Net income	$	101,636	$	29,072	$	174,058	$	81,746