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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivabl e As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion across 57 loans receivable, and $800.1 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $732.3 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.1 years. Principal Debt Repayments Our contractual principal debt repayments as of September 30, 2025 were as follows ($ in thousands):
Year |  | Secured Debt(1) |  | Asset-Specific Debt(1) |  | Term Loans(2) |  | Senior Secured Notes |  | Convertible Notes(3) |  | Total(4)
2025 (remaining) |  | $199,342 |  | $— |  | $3,754 |  | $— |  | $— |  | $203,096
2026 |  | 2,313,383 |  | — |  | 324,282 |  | — |  | — |  | 2,637,665
2027 |  | 2,821,019 |  | 76,549 |  | 15,015 |  | 335,316 |  | 266,157 |  | 3,514,056
2028 |  | 1,320,197 |  | — |  | 15,015 |  | — |  | — |  | 1,335,212
2029 |  | 1,162,807 |  | 390,357 |  | 448,862 |  | 450,000 |  | — |  | 2,452,026
Thereafter |  | 1,731,584 |  | 162,984 |  | 1,001,199 |  | — |  | — |  | 2,895,767
Total obligation |  | $9,548,332 |  | $629,890 |  | $1,808,127 |  | $785,316 |  | $266,157 |  | $13,037,822
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 11 for further details on our Term Loans. (3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 13 for further details on our Convertible Notes. (4)Total does not include $2.5 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of September 30, 2025, our six non-employee directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. As of September 30, 2025, the other two board members, the chairperson of the board and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (iii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2025, we were not involved in any material legal proceedings.

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