v3.25.4
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Principal Contractual Obligations Our contractual principal debt repayments as of December 31, 2025 were as follows ($ in thousands):
Year
Secured
Debt(1)
Asset-Specific
Debt(1)
Term
Loans(2)
Senior Secured
Notes
Convertible
Notes(3)
Total(4)
2026
$1,850,706
$
$11,531
$
$
$1,862,237
2027
3,265,125
413,175
11,531
335,316
266,157
4,291,304
2028
1,574,127
11,531
1,585,658
2029
1,032,526
421,322
445,379
450,000
2,349,227
2030
2,367,755
165,313
702,754
3,235,822
Thereafter
35,600
665,000
700,600
Total obligation
$10,125,839
$999,810
$1,847,726
$785,316
$266,157
$14,024,848
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.
Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity
date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the
maturity date of the respective debt agreement is used.
(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance
due in quarterly installments. Refer to Note 11 for further details on our Term Loans.
(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer
to Note 13 for further details on our Convertible Notes.
(4)Total does not include $2.1 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities
will not require cash outlays from us.