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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020, 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
$
183,608

 
$
81,718

 
$
53,122

 
$
318,448

Strategic Investments
—

 
—

 
17,351

 
17,351

Total
$
183,608

 
$
81,718

 
$
70,473

 
$
335,799


_______________________________________________________________________________
(1)
Excludes $12.1 million of commitments on loan participations sold that are not the obligation of the Company.
(2)
Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5).
Other Commitments—Future minimum lease obligations under operating and finance leases as of March 31, 2020 are as follows ($ in thousands):
 
Operating(1)(2)
 
Finance(1)
2020 (remaining nine months)
$
3,095

 
$
4,052

2021
3,624

 
5,494

2022
6,561

 
5,604

2023
6,190

 
5,716

2024
6,080

 
5,830

Thereafter
6,576

 
1,573,771

Total undiscounted cash flows
32,126

 
1,600,467

Present value discount(1)
(4,654
)
 
(1,452,028
)
Other adjustments(2)
24,984

 
—

Lease liabilities
$
52,456

 
$
148,439

_______________________________________________________________________________
(1)
During the three months ended March 31, 2020 and 2019, the Company made payments of $1.1 million and $1.1 million, respectively, related to its operating leases and $1.3 million and $0.2 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.3 years and the weighted average discount rate was 5.1%. The weighted average lease term for the Company's finance leases was 97.7 years and the weighted average discount rate was 5.5%.
(2)
The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands):
 
Operating(1)(2)
 
Finance(1)
2020
$
4,167

 
$
5,386

2021
1,803

 
5,494

2022
1,098

 
5,604

2023
728

 
5,716

2024
617

 
5,830

Thereafter
1,447

 
1,573,824

Total undiscounted cash flows
9,860

 
1,601,854

Present value discount(1)
(1,057
)
 
(1,454,105
)
Other adjustments(2)
25,379

 
—

Lease liabilities
$
34,182

 
$
147,749

_______________________________________________________________________________
(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.
(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.

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.