Commitment and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial position, results of operations or liquidity.

The Company has certain land assets related to build-to-suit properties in sale-leaseback transactions which are being accounted for as an investment in loans receivable and held at amortized cost. The Company has paid and/or accrued $80,646 in construction costs and estimates the total future commitments to complete the construction for the remaining seven assets to be $18,174. As of March 31, 2026, the remaining maximum contractual funding is $47,018. Additionally, the Company has obligations to fund tenant improvements for existing investments. As of March 31, 2026, the Company has estimated future commitments related to these tenant improvements to be $24,226.

The Company has made direct and indirect investments into joint ventures, which were formed to construct assets in build-to-suit arrangements, including net lease data centers. As of March 31, 2026, the estimated future commitments of

the Company to complete the construction of the build-to-suit assets is $1,731,652, which is to be funded through 2029. As of March 31, 2026, the investments subject to future fundings have a weighted-average capitalization rate of 8.78%, a weighted average remaining lease term of 21.0 years, and a weighted average credit rating of AA-.

Additionally, as of March 31, 2026, the Company has commitments to fund up to $363,511 in additional future fundings related to our investments in commercial real estate loans, including those held through joint ventures.

During the year ended December 31, 2025, the Company assumed a leasehold interest in a ground lease (“Stadium Lease”) with Stark County Port Authority for land related to the HOF Village Stadium, and entered into a sub-ground lease (“Sublease”) with HOF Village (the “Tenant”) related to this land. The Company’s obligations under the Stadium Lease remain in effect notwithstanding the Tenant’s agreement to make these Stadium Lease payments directly to the Port Authority. Accordingly, if the Tenant defaults under the Sublease, the Company may be required to make such payments directly to Stark County Port Authority as obligated under the Stadium Lease.