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.

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

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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