Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

As of December 31, 2023, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.7 billion, of which we expect to fund $1.3 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions.

As of December 31, 2023, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $189.9 million, including $124.4 million under revolvers and letters of credit (“LCs”), and $65.5 million under delayed draw term loans. As of December 31, 2023, $5.2 million of revolvers and LCs were outstanding. Additionally, as of December 31, 2023, our Infrastructure Lending Segment had outstanding loan purchase commitments of $37.6 million.

Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower.

Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements.

Lease Commitment Disclosures

Our lease commitments consist of corporate office leases and ground leases for investment properties, all of which are classified as operating leases. We previously subleased some of the space within our corporate offices to third parties. Our lease costs and sublease income were as follows (in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Operating lease costs	$	6,864	$	4,646	$	4,100
Short-term lease costs	75		44		$	2,227
Sublease income	—		—		$	(766)
Total lease cost	$	6,940	$	4,690	$	5,560

Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2023 and 2022, is as follows (dollars in thousands):


	For the Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities —operating	$	5,025	$	2,129


	December 31, 2023	December 31, 2022
Weighted-average remaining lease term	12.0 years	13.0 years
Weighted-average discount rate	8.8%	8.7%


Future maturity of operating lease liabilities:
2024	$	5,145
2025	5,320
2026	5,275
2027	4,829
2028	4,868
Thereafter	41,543
Total	66,980
Less interest component	(29,325)
Operating lease liability	$	37,655