Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of the Change in the Carrying Value of all Noncontrolling Interests

The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2025 (in thousands):


	U.S. Private Fund Business		Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value as of December 31, 2023	$	—	$	114,072	$	51,430	$	165,502
Contributions	—		—		2,022		2,022
Distributions	—		(6,810)		(3,588)		(10,398)
Allocation of net income	—		5,898		671		6,569
Issuance of common partnership units	—		54,643		(7,390)		47,253
Carrying value as of December 31, 2024	$	—	$	167,803	$	43,145	$	210,948
Contributions	486,400		—		2,055		488,455
Distributions	—		(8,897)		(3,144)		(12,041)
Allocation of net income	3,963		6,757		473		11,193
Reallocation of equity (2)	(13,282)		—		—		(13,282)
Carrying value as of December 31, 2025	$	477,081	$	165,663	$	42,529	$	685,273

(1) 2,681,808 units were outstanding as of both December 31, 2025 and 2024. 1,795,167 units were outstanding as of December 31, 2023.

(2) Represents the difference between cash received from third-party investors and the resulting change in noncontrolling interests from equity transactions in which we retained control of the Fund.