Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Principal Contractual Obligations

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.