Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Principal Contractual Obligations

Our contractual principal debt repayments as of March 31, 2025 were as follows ($ in thousands):

Year	Secured Debt(1)	Asset-Specific Debt(1)	Term Loans(2)	Senior Secured Notes	Convertible Notes(3)	Total(4)
2025 (remaining)	$986,557	$—	$11,069	$—	$—	$997,626
2026	3,392,946	—	324,026	—	—	3,716,972
2027	3,383,555	—	14,758	335,316	266,157	3,999,786
2028	735,303	—	638,758	—	—	1,374,061
2029	1,174,497	336,387	772,137	450,000	—	2,733,021
Thereafter	338,683	157,694	—	—	—	496,377
Total obligation	$10,011,541	$494,081	$1,760,748	$785,316	$266,157	$13,317,843

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity

date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the

maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

due in quarterly installments. Refer to Note 11 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

to Note 13 for further details on our Convertible Notes.

(4)Total does not include $2.6 billion of consolidated securitized debt obligations, $845.8 million of non-consolidated

senior interests, and $101.7 million of loan participations sold, as the satisfaction of these liabilities will not require

cash outlays from us.