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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2025, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.0 billion, of which we expect to fund $1.6 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. As of December 31, 2025, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $418.5 million, including $253.9 million under revolvers and letters of credit (“LCs”) and $164.6 million under delayed draw term loans. Additionally, as of December 31, 2025, our Infrastructure Lending Segment had outstanding loan purchase commitments of $173.6 million. As of December 31, 2025, our Property Segment had future construction funding commitments of $56.6 million related to development projects which have estimated rental revenue commencement dates between January 2026 and December 2027. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements. Lease Commitment Disclosures Our lease commitments consist of corporate office leases and ground leases for investment properties. One of the ground leases is classified as a finance lease and all the other leases are classified as operating leases. Our lease costs and related sublease income, which is recognized on certain of the ground leases, were as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Operating lease costs |  | $ | 7,796 |  |  | $ | 6,566 |  |  | $ | 6,864 |
Finance lease costs: |  |  |  |  |  |
Amortization of right-of-use asset |  | 160 |  |  | — |  |  | — |
Interest on lease liability |  | 431 |  |  | — |  |  | — |
Short-term lease costs |  | 146 |  |  | 134 |  |  | 75 |
Sublease income |  | (1,009) |  |  | — |  |  | $ | — |
Total lease cost |  | $ | 7,524 |  |  | $ | 6,700 |  |  | $ | 6,939 |
Information concerning our operating and finance lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2025 and 2024, is as follows (dollars in thousands):
|  | Cash Paid for Amounts Included in the Measurement of Lease Liabilities for the Year Ended December 31,
|  | 2025 |  | 2024
Operating leases |  | $ | 5,284 |  | $ | 5,074
Finance lease |  | 313 |  | —
| Weighted-Average Remaining Lease Term (1) as of December 31, |  | Weighted-Average Discount Rate as of December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating leases | 22.5 years |  | 11.0 years |  | 8.1% |  | 9.0%
Finance lease | 37.9 years |  | N/A |  | 6.4% |  | N/A
______________________________________________________________________________________________________________________ (1)Includes renewal option periods considered reasonably certain to be exercised.
Future maturity of lease liabilities: |  | Operating Leases |  | Finance Lease
2026 |  | $ | 5,857 |  |  | $ | 750 |
2027 |  | 6,126 |  |  | 750 |
2028 |  | 6,165 |  |  | 763 |
2029 |  | 6,282 |  |  | 825 |
2030 |  | 5,708 |  |  | 825 |
Thereafter |  | 93,224 |  |  | 37,347 |
Total |  | $ | 123,362 |  |  | $ | 41,260 |
Less interest component |  | (68,350) |  |  | (27,262) |
Lease liabilities (classified within accounts payable, accrued expenses and other liabilities) |  | $ | 55,012 |  |  | $ | 13,998 |
Memo: Right-of-use assets (classified within other assets) |  | $ | 54,287 |  |  | $ | 13,719 |

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