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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments.

As of September 30, 2019, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):
 
Loans and Other Lending Investments(1)
 
Real Estate(2)
 
Other
Investments
 
Total
Performance-Based Commitments
$
294,059

 
$
77,251

 
$
—

 
$
371,310

Strategic Investments
—

 
—

 
24,177

 
24,177

Total
$
294,059

 
$
77,251

 
$
24,177

 
$
395,487


_______________________________________________________________________________
(1)
Excludes $16.8 million of commitments on loan participations sold that are not the obligation of the Company.
(2)
Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5).
Other Commitments—Future minimum lease obligations under operating and finance leases as of September 30, 2019 are as follows ($ in thousands):
 
Operating(1)(2)
 
Finance(1)
2019 (remaining three months)
$
1,079

 
$
1,330

2020
4,054

 
5,386

2021
1,468

 
5,494

2022
869

 
5,604

2023
728

 
5,716

Thereafter
2,074

 
1,579,655

Total undiscounted cash flows
10,272

 
1,603,185

Present value discount(1)
(1,141
)
 
(1,456,121
)
Other adjustments(2)
18,699

 
—

Lease liabilities
$
27,830

 
$
147,064

_______________________________________________________________________________
(1)
During the three and nine months ended September 30, 2019, the Company made payments of $1.0 million and $3.0 million, respectively, related to its operating leases and $1.1 million and $2.0 million, respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 98.2 years and the weighted average discount rate was 5.5%.
(2)
The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Future minimum lease obligations under operating leases as of December 31, 2018 are as follows ($ in thousands):
 
Operating(1)
2019
$
4,340

2020
4,016

2021
1,589

2022
991

2023
849

Thereafter
2,469

_______________________________________________________________________________
(1)
The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including foreclosure-related proceedings. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.