Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

The following is a summary of our investments in unconsolidated entities for the periods indicated below (dollars in

thousands):


	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of		Equity in earnings of unconsolidated entities
	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of		Six months ended June 30,
	As of June 30, 2026		June 30, 2026	December 31, 2025	2026	2025
Data Center Joint Venture (2)	80.0%	2	$348,861	$293,073	$3,794	$6,547
Bellagio Las Vegas Joint Venture - Common Equity Interest (3)	21.9%	1	242,877	253,625	1,085	1,079
Bellagio Las Vegas Joint Venture - Preferred Equity Interest (3)	n/a	n/a	650,000	650,000	—	—
Passport Park Joint Venture (4)	95.0%	3	106,715	59,758	(6)	—
Total investment in unconsolidated entities			$1,348,453	$1,256,456	$4,873	$7,626

(1)As of June 30, 2026, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $9.9

million. This basis difference is primarily due to the capitalized interest related to the data center and Passport Park development joint

ventures.

(2)The joint venture with Digital Realty Trust, Inc. is expanding the capacity of its two data centers for the existing client, and our pro-rata share of

the estimated costs for this second phase of the development was $177.7 million as of June 30, 2026.

(3)During each of the six-month periods ended June 30, 2026 and 2025, we recognized interest income of $26.1 million for 8.1% preferential

cumulative distributions, included within 'Interest and dividend income on loans and preferred equity investments' in our consolidated

statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of June 30, 2026, all

of which was non-recourse to us with limited customary exceptions.

(4)As of June 30, 2026, we held a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $70.4 million in

preferred equity. We have committed to investing an additional $60.1 million for development of three industrial facilities. We have determined

that we are not the primary beneficiary of this VIE because significant activities affecting economic performance are shared. TCC is the

managing member, and we do not have substantive kick-out rights. We will continuously evaluate whether we are the primary beneficiary as

power to direct significant activities can change during the joint venture's life. Our maximum loss exposure is limited to our common and

preferred equity investments and committed funding.