| Schedule of 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 September 30, 2026 | | As of December 31, 2025 | | | Carrying | | Fair | | Carrying | | Fair | | | Value | | Value | | Value | | Value | Assets | | | | | | | | | | | | | Net investment in sales-type leases(1) | | $ | 3,732 | | $ | 3,387 | | $ | 3,564 | | $ | 3,576 | Ground Lease receivables(1) | | | 2,206 | | | 2,118 | | | 2,004 | | | 2,159 | Loans receivable, net(1) | | | 71 | | | 71 | | | 46 | | | 46 | Loans receivable, net - related party(1) | | | 110 | | | 115 | | | 113 | | | 116 | Cash and cash equivalents(2) | | | 30 | | | 30 | | | 22 | | | 22 | Restricted cash(2) | | | 11 | | | 11 | | | 9 | | | 9 | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | Debt obligations, net(1) | | | | | | | | | | | | | Level 1 | | | 1,430 | | | 1,326 | | | 1,429 | | | 1,414 | Level 3 | | | 3,369 | | | 2,730 | | | 3,157 | | | 2,656 | Total debt obligations, net | | | 4,799 | | | 4,056 | | | 4,586 | | | 4,070 |
| (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. |
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