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Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
Schedule of Allowance for Credit Losses
The following tables detail the allowance for credit losses as of June 30, 2026 and December 31, 2025:
June 30, 2026
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases – sales-type$25,592,117 $(1,014,762)$24,577,355 3.97 %
Investments in leases – financing receivables20,049,009 (768,952)19,280,057 3.84 %
Investments in loans and securities3,009,430 (92,119)2,917,311 3.06 %
Other assets – sales-type sub-leases862,458 (27,042)835,416 3.14 %
Totals$49,513,014 $(1,902,875)$47,610,139 3.84 %
December 31, 2025
($ In thousands)Amortized Cost
Allowance (1)
Net InvestmentAllowance as a % of Amortized Cost
Investments in leases – sales-type$24,625,749 $(919,186)$23,706,563 3.73 %
Investments in leases – financing receivables19,467,011 (769,878)18,697,133 3.95 %
Investments in loans and securities2,581,839 (56,382)2,525,457 2.18 %
Other assets – sales-type sub-leases862,845 (23,909)838,936 2.77 %
Totals$47,537,444 $(1,769,355)$45,768,089 3.72 %
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(1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of June 30, 2026 and December 31, 2025, such allowance is $22.9 million and $6.4 million, respectively, and is recorded in Other liabilities.
The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Beginning Balance$1,656,093 $1,781,834 $1,775,753 $1,594,931 
Initial allowance from current period investments72,603 4,587 112,490 8,126 
Current period change in credit allowance197,127 (143,180)37,580 40,184 
Charge-offs— — — — 
Recoveries— — — — 
Ending Balance$1,925,823 $1,643,241 $1,925,823 $1,643,241 
Schedule of Financing Receivable Credit Quality Indicators
The following tables detail the amortized cost basis and year of origination of our Investments in leases - sales-type and financing receivables, Investments in loans and securities and Other assets by the credit quality indicator we assigned to each lease or loan guarantor as of June 30, 2026 and December 31, 2025:
Amortized Cost Basis by Year of Origination as of June 30, 2026 (1)
(In thousands)20262025202420232022PriorTotal
Ba3$— $— $— $— $12,505,437 $20,734,138 $33,239,575 
B1— — — — 2,418,378 928,917 3,347,295 
B21,151,715 — — — 4,913,388 — 6,065,103 
B3849,211 — — 733,486 301,674 894,739 2,779,110 
Caa1— — — 393,757 — 345,342 739,099 
N/A (2)
785,041 298,781 349,872 1,094,112 815,026 — 3,342,832 
Total$2,785,967 $298,781 $349,872 $2,221,355 $20,953,903 $22,903,136 $49,513,014 
Amortized Cost Basis by Year of Origination as of December 31, 2025 (1)
(In thousands)20252024202320222021PriorTotal
Ba2$— $— $— $4,873,999 $— $— $4,873,999 
Ba3— — — 13,095,110 2,194,863 18,458,589 33,748,562 
B1— — — 2,398,728 — 927,427 3,326,155 
B2— — 449,694 — — — 449,694 
B3— — 290,139 301,167 — 892,567 1,483,873 
Caa1— — 398,903 — — 344,104 743,007 
N/A (2)
671,696 350,183 1,089,558 800,717 — — 2,912,154 
Total$671,696 $350,183 $2,228,294 $21,469,721 $2,194,863 $20,622,687 $47,537,444 
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(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.
(2)We estimate the CECL allowance for our loan investments, and certain of our lease investments with similar credit characteristics, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.