Real Estate Portfolio (Tables)

9 Months Ended

Sep. 30, 2026

The following is a summary of the balances of our real estate portfolio as of September 30, 2026 and December 31, 2025:


(In thousands)	September 30, 2026		December 31, 2025
Investments in leases - sales-type, net (1)	$	24,370,572	$	23,706,563

Investments in leases - financing receivables, net (1)	19,235,774		18,697,133
Total investments in leases, net	43,606,346		42,403,696
Investments in loans and securities, net	2,984,010		2,525,457

Real estate under development	25,499		—
Land	148,002		148,002
Total real estate portfolio	$	46,763,857	$	45,077,155

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(1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification.

Schedule of Income from Sales-Type Leases and Lease Financing Receivables

The following table details the components of our income from sales-type leases and lease financing receivables:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Income from sales-type leases – fixed rent	$	528,004	$	503,040	$	1,556,716	$	1,505,431
Income from sales-type leases – contingent rent (1)	28,745		28,725		85,952		85,286

Income from lease financing receivables – fixed rent	400,937		385,112		1,193,115		1,150,865
Income from lease financing receivables – contingent rent (1)	2,567		1,898		7,674		5,693
Total leasing revenue	960,253		918,775		2,843,457		2,747,275
Non-cash adjustment (2)	(131,964)		(131,247)		(401,209)		(393,370)
Total contractual leasing revenue	$	828,289	$	787,528	$	2,442,248	$	2,353,905

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(1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments is recognized as earned, both in accordance with ASC 842.

(2) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.

Schedule of Minimum Lease Payments Receivable under Sales-Type Leases and Lease Financing Receivables

At September 30, 2026, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows:


	Minimum Lease Payments (1) (2)
	Investments in Leases
(In thousands)	Sales-Type		Financing Receivables		Total
2026 (remaining)	$	470,333	$	329,434	$	799,767
2027	1,900,129		1,333,755		3,233,884
2028	1,930,021		1,358,364		3,288,385
2029	1,960,954		1,384,033		3,344,987
2030	1,992,601		1,410,204		3,402,805
Thereafter	80,429,518		90,377,716		170,807,234
Total minimum lease payments	88,683,556		96,193,506		184,877,062
Unamortized initial direct costs	44,828		48,319		93,147
Less: Present value of lease payments (3)	(63,075,416)		(76,121,157)		(139,196,573)
Less: Allowance for credit losses	(1,282,396)		(884,894)		(2,167,290)
Investments in leases, net	$	24,370,572	$	19,235,774	$	43,606,346

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(1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the lease agreements.

(2) The minimum lease payments include the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310.

(3) The present value of lease payments includes the unguaranteed residual value of $16.9 billion.

Schedule of Lease Agreements

The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants (each, as may be amended from time to time, and each individually, as defined in the respective header):

($ In thousands)

Caesars Regional Master Lease and Joliet Lease

MGM Master Lease

Caesars Las Vegas
Master Lease

MGM Grand/
Mandalay Bay Lease

Lease Provision

Initial term

18 years

25 years

18 years

30 years

Initial term maturity

7/31/2035

4/30/2047

7/31/2035

2/28/2050

Renewal terms

Four, five-year terms

Three, ten-year terms

Four, five-year terms

Two, ten-year terms

Current lease year

11/1/25 - 10/31/26
(Lease Year 9)

5/1/26 - 4/30/27
(Lease Year 5)

11/1/25 - 10/31/26
(Lease Year 9)

3/1/26 - 2/28/27 (Lease Year 7)

Current annual rent

$740,548 (1)

$736,158 (2)

$505,678

$328,839

Annual escalator (3)

> 2% / change in CPI

Lease years 2-10 - 2%

Lease years 11-end of term - > 2% / change in CPI (capped at 3%)

> 2% / change in CPI

Lease years 2-15 - 2%

Lease years 16-end of term – >2% / change in CPI (capped at 3%)

Variable rent adjustment (4)

Years 11 & 16: 80% base rent / 20% variable rent

None

Years 11 & 16: 80% base rent / 20% variable rent

None

Variable rent adjustment calculation

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

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(1) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $730.9 million.

(2) On April 21, 2026, we entered into an amendment to the existing MGM Master Lease in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease of $53.0 million.

(3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(4) Variable rent is not subject to the annual escalator.

Schedule of Capital Expenditure Requirements under Lease Agreements

The following table summarizes the capital expenditure requirements of our tenants under their respective lease agreements:

Provision

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas Master Lease

MGM Grand/ Mandalay Bay Lease

Venetian Lease

All Other Gaming Leases (1)

Yearly minimum expenditure

1% of net revenues (2)

3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves

2% of net revenues based on rolling three-year basis

1% of net revenues

Rolling three-year minimum

$286 million (3)

$84 million (3)

N/A

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(1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in the respective lease agreements.

(2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Harrah’s Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.

(3) Certain tenants under our leases with Caesars, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars lease in such proportion as such tenants may elect. Additionally, the tenants under the Caesars Regional Master Lease and Joliet Lease are required to spend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.

Schedule of Investments in Loans

The following is a summary of our investments in loans and securities as of September 30, 2026 and December 31, 2025:


($ In thousands)	September 30, 2026
Investment Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)

Senior Secured Loans	$	1,347,567	$	1,233,029	$	162,452	8.6	%	4.1 years
Mezzanine Loans and Preferred Equity	1,814,898		1,750,981		803,111		10.4	%	3.4 years
Total	$	3,162,465	$	2,984,010	$	965,563	9.6	%	3.7 years


($ In thousands)	December 31, 2025
Investment Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes (5)	$	83,406	$	81,033	$	—	11.0	%	5.2 years
Senior Secured Loans	1,084,478		1,047,585		399,942		8.3	%	4.4 years
Mezzanine Loans and Preferred Equity	1,412,203		1,396,839		223,553		9.6	%	2.5 years
Total	$	2,580,087	$	2,525,457	$	623,495	9.1	%	3.4 years

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(1) Carrying value includes unamortized loan origination fees and costs and are net of allowance for credit losses.

(2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of September 30, 2026 and December 31, 2025.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

(5) The Senior Secured Notes were repaid in full during the three months ended September 30, 2026.

Schedule of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss

The following summarizes the activity of our investments in loans and securities for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
(In thousands)	2026		2025
Beginning Balance January 1,	$	2,525,457	$	1,651,533
Principal fundings	1,158,733		783,604
Payment-in-kind interest	13,543		23,831
Repayments	(589,501)		(15,897)
Deferred fees	(19,536)		—
Change in CECL allowance	(102,681)		(14,045)
Other	(2,005)		3,973
Ending Balance September 30,	$	2,984,010	$	2,432,999