Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

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. As of June 30, 2026, the Company had five remaining loans receivable related to build-to-suit arrangements. The Company has obligations to fund the remaining development of the build-to-suit properties as well as tenant improvements for existing investments.

The following table details the Company’s payments to date and remaining funding as of June 30, 2026:


	June 30, 2026
Construction costs
Costs paid and/or accrued to date	$	82,185
Estimated costs remaining	$	11,689
Maximum contractual costs remaining	$	45,480
Estimated remaining tenant improvement costs	$	26,419

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 June 30, 2026, the estimated future commitments of the Company to complete the construction of the build-to-suit assets are $1,728,198, which is to be funded through 2029. As of June 30, 2026, the investments subject to future fundings have a weighted-average capitalization rate of 8.77%, a weighted average remaining lease term of 21.0 years, and a weighted average credit rating of AA-.

Additionally, as of June 30, 2026, the Company has commitments to fund up to $82,557 and $198,330 in additional future fundings related to our investments in commercial real estate loans and investments in real estate, respectively, 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.