Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of June 30, 2025, we had aggregate unfunded commitments of $1.4 billion across 58 loans receivable, and

$666.1 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

$746.0 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,

and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without

limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact

timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of

the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,

which have a weighted-average future funding period of 2.6 years.

Principal Debt Repayments

Our contractual principal debt repayments as of June 30, 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)	$698,295	$—	$5,242	$—	$—	$703,537
2026	3,257,370	—	319,751	—	—	3,577,121
2027	2,802,337	—	10,484	335,316	266,157	3,414,294
2028	1,102,227	—	10,484	—	—	1,112,711
2029	1,159,022	363,146	413,588	450,000	—	2,385,756
Thereafter	1,674,345	166,721	1,001,199	—	—	2,842,265
Total obligation	$10,693,596	$529,867	$1,760,748	$785,316	$266,157	$14,035,684

(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 $2.5 billion of consolidated securitized debt obligations and $50.0 million of loan

participations sold, as the satisfaction of these liabilities will not require cash outlays from us.

Board of Directors’ Compensation

As of June 30, 2025, our six non-employee directors are entitled to annual compensation of $210,000 each, of which

$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted

common stock. As of June 30, 2025, the other two board members, the chairperson of the board and our chief executive

officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director receives

additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate governance

committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (iii) the

members of our audit and investment risk management committees receive additional annual cash compensation of

$10,000 and $7,500, respectively.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of

June 30, 2025, we were not involved in any material legal proceedings.