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Mortgage Notes Payable, Net | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net Mortgage notes payable, net as of June 30, 2026 and December 31, 2025 consisted of the following:
|  |  |  | Encumbered Properties |  | Outstanding Loan Amount (1), (2) |  | Effective Interest Rate |  | Interest Rate |  |  |  |
Country |  | Portfolio |  |  | June 30, 2026 |  | December 31, 2025 |  |  |  | Maturity |  | Anticipated Repayment (3)
|  |  |  |  |  | (In thousands) |  | (In thousands) |  |  |  |  |  |  |  |
Finland: |  | Finland Properties (4) |  | 5 |  | $ | 84,418 |  |  | $ | 86,878 |  |  | 4.7% |  | Fixed/Variable |  | Jan. 2029 |  | Jan. 2029
|  | Total Euro denominated |  | 5 |  | 84,418 |  |  | 86,878 |  |  |  |  |  |  |  |  |
United States: |  | Penske Logistics |  | 1 |  | 70,000 |  |  | 70,000 |  |  | 4.7% |  | Fixed |  | Nov. 2028 |  | Nov. 2028
|  | Multi-Tenant Mortgage Loan I |  | 6 |  | 94,132 |  |  | 129,949 |  |  | 4.4% |  | Fixed |  | Nov. 2027 |  | Nov. 2027
|  | Multi-Tenant Mortgage Loan II |  | 8 |  | 32,750 |  |  | 32,750 |  |  | 4.4% |  | Fixed |  | Feb. 2028 |  | Feb. 2028
|  | Multi-Tenant Mortgage Loan III |  | 6 |  | 53,910 |  |  | 98,500 |  |  | 4.9% |  | Fixed |  | Dec. 2028 |  | Dec. 2028
|  | Multi-Tenant Mortgage Loan IV |  | 14 |  | 77,798 |  |  | 77,798 |  |  | 4.6% |  | Fixed |  | May 2029 |  | May 2029
|  | Multi-Tenant Mortgage Loan V |  | 10 |  | 128,780 |  |  | 128,780 |  |  | 3.7% |  | Fixed |  | Oct. 2029 |  | Oct. 2029
|  | 2019 Class A-1 Net-Lease Mortgage Notes (5) |  | — |  | — |  |  | 94,202 |  |  | N/A |  | Fixed |  | N/A |  | N/A
|  | 2019 Class A-2 Net-Lease Mortgage Notes (5) |  | — |  | — |  |  | 118,187 |  |  | N/A |  | Fixed |  | N/A |  | N/A
|  | 2021 Class A-1 Net-Lease Mortgage Notes |  | 32 |  | 44,742 |  |  | 45,267 |  |  | 2.2% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-2 Net-Lease Mortgage Notes |  | 70 |  | 77,281 |  |  | 78,189 |  |  | 2.8% |  | Fixed |  | May 2051 |  | May 2031
|  | 2021 Class A-3 Net-Lease Mortgage Notes |  | 25 |  | 34,997 |  |  | 34,997 |  |  | 3.1% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-4 Net-Lease Mortgage Notes |  | 43 |  | 54,995 |  |  | 54,995 |  |  | 3.7% |  | Fixed |  | May 2051 |  | May 2031
|  | Mortgage Loan III |  | 22 |  | 33,400 |  |  | 33,400 |  |  | 4.1% |  | Fixed |  | Jan. 2028 |  | Jan. 2028
|  | CMBS Loan II |  | 20 |  | 237,000 |  |  | 237,000 |  |  | 5.8% |  | Fixed |  | Apr. 2029 |  | Apr. 2029
|  | Total USD denominated |  | 257 |  | 939,785 |  |  | 1,234,014 |  |  |  |  |  |  |  |  |
|  | Gross mortgage notes payable |  | 262 |  | 1,024,203 |  |  | 1,320,892 |  |  | 4.4% |  |  |  |  |  |
|  | Mortgage discounts |  |  |  | (30,344) |  |  | (47,807) |  |  |  |  |  |  |  |  |
|  | Deferred financing costs, net of accumulated amortization (6) |  |  |  | (6,979) |  |  | (8,481) |  |  |  |  |  |  |  |  |
|  | Mortgage notes payable, net |  | 262 |  | $ | 986,880 |  |  | $ | 1,264,604 |  |  | 4.4% |  |  |  |  |  |
______________ (1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date. (2)The borrowers’ (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (3)The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements. (4)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.05% plus 6-month Euribor and reflects the Euribor rate in effect as of June 30, 2026. (5)These mortgage notes were paid off in May 2026 primarily using borrowings under the EUR portion of the Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility). (6)Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of June 30, 2026:
(In thousands) |  | Future Principal Payments (1)
2026 Remainder |  | $ | — |
2027 |  | 94,132 |
2028 |  | 269,798 |
2029 |  | 527,996 |
2030 |  | — |
Thereafter |  | 132,277 |
Total |  | $ | 1,024,203 |
______ (1)Assumes exchange rates of €1.00 to $1.14 for Euros (“EUR”) as of June 30, 2026 for illustrative purposes, as applicable. The total gross carrying value of the Company’s unencumbered assets as of June 30, 2026 was $3.85 billion, and approximately $3.79 billion of this amount was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility) and therefore is not currently available to serve as collateral for future borrowings under the Revolving Credit Facility. Mortgage Covenants As of June 30, 2026, the Company was in compliance with all property-level debt covenants with the exception of three property-level debt instruments. For those three property-level debt instruments, the Company either (a) implemented a cure to the underlying noncompliance trigger by providing a letter of credit, or (b) permitted excess net cash flow after debt service from the impacted properties to become restricted, in each case in accordance with the terms of the applicable debt instrument. Each letter of credit, for so long as it is outstanding, represents a dollar-for-dollar reduction to availability for future borrowings under the Company’s Revolving Credit Facility. While the restricted cash cannot be used for general corporate purposes, it is available to fund operations of the underlying assets. These matters did not have a material impact on the Company’s liquidity or its ability to operate the impacted assets.

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