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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

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


	As of September 30, 2025				As of December 31, 2024
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in sales-type leases⁽¹⁾	$	3,527	$	3,548	$	3,455	$	3,680
Ground Lease receivables⁽¹⁾		1,961		2,091		1,833		2,043
Loans receivable, net⁽¹⁾		45		45		—		—
Loans receivable, net - related party⁽¹⁾		113		116		112		115
Cash and cash equivalents⁽²⁾		12		12		8		8
Restricted cash⁽²⁾		9		9		9		9

Liabilities
Debt obligations, net⁽¹⁾
Level 1		1,428		1,403		1,426		1,335
Level 3		3,086		2,577		2,891		2,351
Total debt obligations, net		4,514		3,980		4,317		3,686

(1)

The fair value of the Company’s net investment in sales-type leases, Ground Lease receivables, loans receivable, net 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.