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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract] |
Schedule of unfunded commitments | As of September 30, 2021, 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 | ​ | Real | ​ | Other | ​ | ​ | ​
​ |  | Investments |  | Estate |  | Investments |  | Total
Performance-Based Commitments | ​ | $ | 7,860 | ​ | $ | 29,716 | ​ | $ | 71,319 | ​ | $ | 108,895
Strategic Investments | ​ |  | — | ​ |  | 1,900 | ​ |  | 7,592 | ​ |  | 9,492
Total | ​ | $ | 7,860 | ​ | $ | 31,616 | ​ | $ | 78,911 | ​ | $ | 118,387
Schedule of future minimum lease obligations operating leases |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating(1)(2) |  | Finance(1)
2021 (remaining three months) | ​ | $ | 1,728 | ​ | $ | 1,384
2022 | ​ |  | 6,635 | ​ |  | 5,604
2023 | ​ |  | 6,272 | ​ |  | 5,716
2024 | ​ |  | 6,188 | ​ |  | 5,830
2025 | ​ |  | 6,176 | ​ |  | 5,946
Thereafter | ​ |  | 334 | ​ |  | 1,567,826
Total undiscounted cash flows | ​ |  | 27,333 | ​ |  | 1,592,306
Present value discount(1) | ​ |  | (2,717) | ​ |  | (1,439,677)
Other adjustments(2) | ​ |  | 22,495 | ​ |  | —
Lease liabilities | ​ | $ | 47,111 | ​ | $ | 152,629
(1) | The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.0% and the weighted average remaining lease term is 7.6 years. The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 4.9 years and the weighted average discount rate was 4.7%. For finance leases, which relate primarily to the Company’s Ground Leases with SAFE, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 96.2 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in “Depreciation and amortization” in the Company’s consolidated statements of operations. During the three months ended September 30, 2021 and 2020, the Company recognized $2.1 million and $2.0 million, respectively, in "Interest expense" and $0.4 million and $0.4 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $6.2 million and $6.1 million, respectively, in "Interest expense" and $1.1 million and $1.1 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the three months ended September 30, 2021 and 2020, the Company made payments of $0.8 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE. During the nine months ended September 30, 2021 and 2020, the Company made payments of $2.1 million and $3.2 million, respectively, related to its operating leases and $4.1 million and $4.0 million, respectively, related to its finance leases with SAFE.
(2) | The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf.
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating(1)(2) |  | Finance(1)
2021 | ​ | $ | 3,797 | ​ | $ | 5,494
2022 | ​ |  | 6,756 | ​ |  | 5,604
2023 | ​ |  | 6,393 | ​ |  | 5,716
2024 | ​ |  | 6,309 | ​ |  | 5,830
2025 | ​ |  | 6,297 | ​ |  | 5,946
Thereafter | ​ |  | 496 | ​ |  | 1,567,826
Total undiscounted cash flows | ​ |  | 30,048 | ​ |  | 1,596,416
Present value discount(1) | ​ |  | (3,771) | ​ |  | (1,445,896)
Other adjustments(2) | ​ |  | 23,795 | ​ |  | —
Lease liabilities | ​ | $ | 50,072 | ​ | $ | 150,520
(1) | The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. The weighted average remaining lease term for the Company’s finance leases was 97 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.
Schedule of future minimum lease obligations finance leases |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating(1)(2) |  | Finance(1)
2021 (remaining three months) | ​ | $ | 1,728 | ​ | $ | 1,384
2022 | ​ |  | 6,635 | ​ |  | 5,604
2023 | ​ |  | 6,272 | ​ |  | 5,716
2024 | ​ |  | 6,188 | ​ |  | 5,830
2025 | ​ |  | 6,176 | ​ |  | 5,946
Thereafter | ​ |  | 334 | ​ |  | 1,567,826
Total undiscounted cash flows | ​ |  | 27,333 | ​ |  | 1,592,306
Present value discount(1) | ​ |  | (2,717) | ​ |  | (1,439,677)
Other adjustments(2) | ​ |  | 22,495 | ​ |  | —
Lease liabilities | ​ | $ | 47,111 | ​ | $ | 152,629
(1) | The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 5.0% and the weighted average remaining lease term is 7.6 years. The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 4.9 years and the weighted average discount rate was 4.7%. For finance leases, which relate primarily to the Company’s Ground Leases with SAFE, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 96.2 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in “Depreciation and amortization” in the Company’s consolidated statements of operations. During the three months ended September 30, 2021 and 2020, the Company recognized $2.1 million and $2.0 million, respectively, in "Interest expense" and $0.4 million and $0.4 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the nine months ended September 30, 2021 and 2020, the Company recognized $6.2 million and $6.1 million, respectively, in "Interest expense" and $1.1 million and $1.1 million, respectively, in "Depreciation and amortization" in its consolidated statements of operations relating to finance leases. During the three months ended September 30, 2021 and 2020, the Company made payments of $0.8 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE. During the nine months ended September 30, 2021 and 2020, the Company made payments of $2.1 million and $3.2 million, respectively, related to its operating leases and $4.1 million and $4.0 million, respectively, related to its finance leases with SAFE.
(2) | The Company is obligated to pay ground rent under certain operating leases; however, the Company’s tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company’s tenants on its behalf.
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating(1)(2) |  | Finance(1)
2021 | ​ | $ | 3,797 | ​ | $ | 5,494
2022 | ​ |  | 6,756 | ​ |  | 5,604
2023 | ​ |  | 6,393 | ​ |  | 5,716
2024 | ​ |  | 6,309 | ​ |  | 5,830
2025 | ​ |  | 6,297 | ​ |  | 5,946
Thereafter | ​ |  | 496 | ​ |  | 1,567,826
Total undiscounted cash flows | ​ |  | 30,048 | ​ |  | 1,596,416
Present value discount(1) | ​ |  | (3,771) | ​ |  | (1,445,896)
Other adjustments(2) | ​ |  | 23,795 | ​ |  | —
Lease liabilities | ​ | $ | 50,072 | ​ | $ | 150,520
(1) | The weighted average remaining lease term for the Company’s operating leases, excluding operating leases for which the Company’s tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. The weighted average remaining lease term for the Company’s finance leases was 97 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.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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