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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):


		As of March 31, 2025						As of December 31, 2024
		Carrying			Fair			Carrying			Fair
		Value			Value			Value			Value
Assets
Net investment in sales-type leases⁽¹⁾		$	3,472		$	3,525		$	3,455		$	3,680
Ground Lease receivables⁽¹⁾			1,854			1,964			1,833			2,043
Loans receivable, net - related party⁽¹⁾			113			114			112			115
Cash and cash equivalents⁽²⁾			17			17			8			8
Restricted cash⁽²⁾			9			9			9			9

Liabilities
Debt obligations, net⁽¹⁾
Level 1			1,427			1,360			1,426			1,335
Level 3			2,914			2,379			2,891			2,351
Total debt obligations, net			4,341			3,739			4,317			3,686

(1)

The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables and loans receivable, net – related party are classified as Level 3 within the fair value hierarchy. The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets are classified as Level 3 within the fair value hierarchy.

(2)	The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values and are classified as Level 1 within the fair value hierarchy.