| Schedule of Allowance for Credit Losses |
The following tables detail the allowance for credit losses as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | ($ In thousands) | Amortized Cost | | Allowance (1) | | Net Investment | | Allowance as a % of Amortized Cost | | Investments in leases - sales-type | $ | 25,652,968 | | | $ | (1,282,396) | | | $ | 24,370,572 | | | 5.00 | % | | Investments in leases - financing receivables | 20,120,668 | | | (884,894) | | | 19,235,774 | | | 4.40 | % | | Investments in loans | 3,143,035 | | | (159,025) | | | 2,984,010 | | | 5.06 | % | | Other assets – sales-type sub-leases | 860,599 | | | (29,704) | | | 830,895 | | | 3.45 | % | | Totals | $ | 49,777,270 | | | $ | (2,356,019) | | | $ | 47,421,251 | | | 4.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | ($ In thousands) | Amortized Cost | | Allowance (1) | | Net Investment | | Allowance as a % of Amortized Cost | | Investments in leases - sales-type | $ | 24,625,749 | | | $ | (919,186) | | | $ | 23,706,563 | | | 3.73 | % | | Investments in leases - financing receivables | 19,467,011 | | | (769,878) | | | 18,697,133 | | | 3.95 | % | | Investments in loans and securities | 2,581,839 | | | (56,382) | | | 2,525,457 | | | 2.18 | % | | Other assets – sales-type sub-leases | 862,845 | | | (23,909) | | | 838,936 | | | 2.77 | % | | Totals | $ | 47,537,444 | | | $ | (1,769,355) | | | $ | 45,768,089 | | | 3.72 | % |
____________________ (1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of September 30, 2026 and December 31, 2025, such allowance was $27.7 million and $6.4 million, respectively, and is recorded in Other liabilities.The following table reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | (In thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Beginning Balance | | $ | 1,925,823 | | | $ | 1,643,241 | | | $ | 1,775,753 | | | $ | 1,594,931 | | | | | | | | | | | | Initial allowance from current period investments | | — | | | — | | | 112,490 | | | 8,126 | | | Current period change in credit allowance | | 457,862 | | | (21,314) | | | 495,442 | | | 18,870 | | | Charge-offs | | — | | | — | | | — | | | — | | | Recoveries | | — | | | — | | | — | | | — | | | Ending Balance | | $ | 2,383,685 | | | $ | 1,621,927 | | | $ | 2,383,685 | | | $ | 1,621,927 | |
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| Schedule of Financing Receivable Credit Quality Indicators |
The following tables detail the amortized cost basis and year of origination of our Investments in leases - sales-type and financing receivables, Investments in loans and securities and Other assets by the credit quality indicator we assigned to each lease or loan guarantor as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost Basis by Year of Origination as of September 30, 2026 (1) | | (In thousands) | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | | | | | | | | | | | | | | | Ba3 | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 12,554,492 | | | $ | 6,740,424 | | | $ | 19,294,916 | | | B1 | — | | | — | | | — | | | — | | | 2,428,335 | | | 14,964,105 | | | 17,392,440 | | | B2 | 1,156,984 | | | — | | | — | | | — | | | 4,933,225 | | | — | | | 6,090,209 | | | B3 | 851,034 | | | — | | | — | | | 653,910 | | | 301,936 | | | 895,813 | | | 2,702,693 | | | Caa1 | — | | | — | | | — | | | 393,573 | | | — | | | 345,985 | | | 739,558 | | N/A (2) | 848,902 | | | 382,924 | | | 349,385 | | | 1,126,128 | | | 850,115 | | | — | | | 3,557,454 | | | Total | $ | 2,856,920 | | | $ | 382,924 | | | $ | 349,385 | | | $ | 2,173,611 | | | $ | 21,068,103 | | | $ | 22,946,327 | | | $ | 49,777,270 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost Basis by Year of Origination as of December 31, 2025 (1) | | (In thousands) | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | Ba2 | $ | — | | | $ | — | | | $ | — | | | $ | 4,873,999 | | | $ | — | | | $ | — | | | $ | 4,873,999 | | | Ba3 | — | | | — | | | — | | | 13,095,110 | | | 2,194,863 | | | 18,458,589 | | | 33,748,562 | | | B1 | — | | | — | | | — | | | 2,398,728 | | | — | | | 927,427 | | | 3,326,155 | | | B2 | — | | | — | | | 449,694 | | | — | | | — | | | — | | | 449,694 | | | B3 | — | | | — | | | 290,139 | | | 301,167 | | | — | | | 892,567 | | | 1,483,873 | | | Caa1 | — | | | — | | | 398,903 | | | — | | | — | | | 344,104 | | | 743,007 | | N/A (2) | 671,696 | | | 350,183 | | | 1,089,558 | | | 800,717 | | | — | | | — | | | 2,912,154 | | | Total | $ | 671,696 | | | $ | 350,183 | | | $ | 2,228,294 | | | $ | 21,469,721 | | | $ | 2,194,863 | | | $ | 20,622,687 | | | $ | 47,537,444 | |
____________________ (1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments. (2)We estimate the CECL allowance for our loan investments, and certain of our lease investments with similar credit characteristics, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.
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