Investments in Loans and Financing Receivables (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Loans Receivable and Financing Receivables

A.	Accounts receivable, net, consist of the following at:	June 30, 2026	December 31, 2025
	Straight-line rent receivables, net	$958,829	$880,341
	Client receivables, net	176,158	173,146
		$1,134,987	$1,053,487

The following table presents information about our loans as of June 30, 2026 and December 31, 2025 (dollars in

millions):

	June 30, 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 (5)	$1,629.6	$1,583.6	$190.9	4.11	8.4%
Construction Loans	127.3	128.4	136.8	1.52	8.2
Mortgage Loans	341.6	342.1	24.3	4.18	7.4
Unsecured and Mezzanine Loans (6)	1,261.0	1,243.5	23.4	3.22	9.1
Total	$3,359.5	$3,297.6	$375.4	3.69	8.6%
	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 $38.8 million and $27.8 million as of June 30, 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 June 30, 2026 and December

31, 2025.

(5)Represents loans that have senior ranking security interests in certain assets pledged by borrowers, including material bank accounts,

receivables, real property, or equity securities, or a combination of such assets.

(6)Our investments in unsecured and mezzanine loans represent loans whose proceeds are being used by borrowers to fund data center and

industrial investments.

The following table summarizes the activity within loans receivable, net for the three and six months ended June 30,

2026 (in millions):

Loans receivable, net as of March 31, 2026	$2,672.2
Principal fundings	628.7
Interest drawn on loans	4.6
Accretion of original issue cost	0.5
Change in allowance for credit losses	(8.0)
Foreign currency remeasurement	(0.4)
Loans receivable, net as of June 30, 2026	$3,297.6

Loans receivable, net as of December 31, 2025	$1,682.1
Principal fundings	1,660.2
Interest drawn on loans	8.6
Accretion of original issue cost	0.9
Change in allowance for credit losses	(26.7)
Foreign currency remeasurement	(27.5)
Loans receivable, net as of June 30, 2026	$3,297.6

The following table presents information about our investments in sales type and direct financing leases and sale-

leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases, as of June 30,

2026 and December 31, 2025 (dollars in millions):

		Carrying Value as of
	Maturity	June 30, 2026	December 31, 2025
Sale-leaseback transactions accounted for as financing receivables (1)	2027 - 2050	$1,577.0	$1,574.6
Net investment in sales type and direct financing leases	2027 - 2059	14.3	14.3
Total		$1,591.3	$1,588.9

(1)Amounts represent the portion of the purchase price allocated to above-market lease terms in sale-leaseback transactions, representing an

off-market adjustment, net of repayments. For further information, see note 1, Summary of Significant Accounting Policies.

Schedule of Allowance for Credit Losses Related to Loans and Financing Receivable

The following table summarizes the activity within the allowance for credit losses related to loans and financing

receivable for the three and six months ended June 30, 2026 and June 30, 2025 (in millions):

Three months ended June 30, 2026	Loans Receivable	Financing Receivable	Unfunded Loan Commitments	Total
Allowance for credit losses as of March 31, 2026	$49.2	$25.5	$2.9	$77.6
Provisions for credit losses (1)	8.0	(0.1)	(0.6)	7.3
Write-offs (2)	—	(5.0)	—	(5.0)
Foreign currency remeasurement	—	(0.1)	—	(0.1)
Allowance for credit losses as of June 30, 2026	$57.2	$20.3	$2.3	$79.8
Six months ended June 30, 2026
Allowance for credit losses as of December 31, 2025	$30.5	$78.4	$—	$108.9
Provisions for credit losses (1)	27.2	16.9	2.3	46.4
Write-offs (2)	—	(74.9)	—	(74.9)
Foreign currency remeasurement	(0.5)	(0.1)	—	(0.6)
Allowance for credit losses as of June 30, 2026	$57.2	$20.3	$2.3	$79.8

Three months ended June 30, 2025	Loans Receivable	Financing Receivable	Unfunded Loan Commitments	Total
Allowance for credit losses as of March 31, 2025	$14.1	$116.9	$—	$131.0
Provisions for credit losses	(0.1)	1.2	—	1.1
Write-offs	—	(31.1)	—	(31.1)
Foreign currency remeasurement	0.8	—	—	0.8
Allowance for credit losses as of June 30, 2025	$14.8	$87.0	$—	$101.8
Six months ended June 30, 2025
Allowance for credit losses as of December 31, 2024	$12.3	$99.2	$—	$111.5
Provisions for credit losses	1.4	18.9	—	20.3
Write-offs	—	(31.1)	—	(31.1)
Foreign currency remeasurement	1.1	—	—	1.1
Allowance for credit losses as of June 30, 2025	$14.8	$87.0	$—	$101.8

(1) The provisions for credit losses on loans receivable were primarily attributable to initial expected credit losses on loans acquired or originated

during the three and six months ended June 30, 2026. For the three months ended June 30, 2026, the increase was partially offset by

favorable changes in estimated credit losses for existing loans.

(2) For the three and six months ended June 30, 2026, write-offs were primarily related to fully reserved financing receivables written off during the

periods.