Investments in Loans and Financing Receivables

3 Months Ended

Mar. 31, 2026

Investments in Loans and Financing Receivables

A. Loans

The following table presents information about our loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026
Loan Type	Principal Balance		Total Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Term (Years) (3)	Weighted Average Interest Rate (4)
Secured Loans	$	1,602.9	$	1,554.1	$	72.3	4.3	8.5	%
Construction Loans	87.5		88.7		177.1		1.6	8.3
Mortgage Loans	256.8		256.9		109.2		4.9	7.6
Unsecured and Mezzanine Loans	783.2		772.5		31.5		3.0	8.6
Total	$	2,730.4	$	2,672.2	$	390.1	3.9	8.4	%

	December 31, 2025
Loan Type	Principal Balance		Total Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Term (Years) (3)	Weighted Average Interest Rate (4)
Secured Loans	$	1,250.4	$	1,214.1	$	—	4.6	8.8	%

Mortgage Loans	256.2		256.2		34.0		5.1	7.6
Unsecured and Mezzanine Loans	214.7		211.8		—		2.9	10.3
Total	$	1,721.3	$	1,682.1	$	34.0	4.5	8.8	%

(1)Total carrying value includes unamortized loan origination costs and allowances for credit losses. Total carrying amount excludes interest receivable of $40.3 million and $27.8 million as of March 31, 2026 and December 31, 2025, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets.

(2)Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3)Based on original contractual maturity date assuming no extension options are exercised.

(4)The weighted average interest rate is based on outstanding principal balances and interest rates in place as of March 31, 2026 and December 31, 2025.

The following table summarizes the activity within loans receivable, net for the three months ended March 31, 2026 (in millions):


Loans receivable, net as of December 31, 2025	$	1,682.1
Principal fundings	1,031.5
Interest drawn on loans	4.0
Accretion of original issue cost	0.4
Change in allowance for credit losses	(18.7)
Foreign currency remeasurement	(27.1)
Loans receivable, net as of March 31, 2026	$	2,672.2

B. Financing Receivables

The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases, as of March 31, 2026 and December 31, 2025 (dollars in millions):


		Carrying Value as of
	Maturity	March 31, 2026		December 31, 2025
Financing receivables, net	2026 - 2050	$	1,544.1	$	1,574.6
Total		$	1,544.1	$	1,574.6

C. Allowance for Credit Losses

The following table summarizes the activity within the allowance for credit losses related to loans and financing receivable for the three months ended March 31, 2026 and March 31, 2025 (in millions):


Three months ended March 31, 2026	Loans Receivable		Financing Receivable		Unfunded Loan Commitments		Total
Allowance for credit losses as of December 31, 2025	$	30.5	$	78.4	$	—	$	108.9
Provisions for credit losses (1)	19.2		17.0		2.9		39.1
Write-offs (2)	—		(69.9)		—		(69.9)
Foreign currency remeasurement	(0.5)		—		—		(0.5)
Allowance for credit losses as of March 31, 2026	$	49.2	$	25.5	$	2.9	$	77.6


Three Months Ended March 31, 2025	Loans Receivable		Financing Receivable		Unfunded Loan Commitments		Total
Allowance for credit losses as of December 31, 2024	$	12.3	$	99.2	$	—	$	111.5
Provisions for credit losses	1.5		17.7		—		19.2

Foreign currency remeasurement	0.3		—		—		0.3
Allowance for credit losses as of March 31, 2025	$	14.1	$	116.9	$	—	$	131.0

(1) For the three months ended March 31, 2026, the provisions for credit losses on loans receivable were primarily attributable to initial expected credit losses on loans acquired during the three months ended March 31, 2026.

(2) For the three months ended March 31, 2026, write-offs were related to fully reserved financing receivables written off during the period.