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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
18. COMMITMENTS AND CONTINGENCIES
Unfunded Commitments Under Loans Receivable
As of June 30, 2019, we had unfunded commitments of $3.2 billion related to 91 loans receivable, which amounts will generally be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
  
Principal Debt Repayments
Our contractual principal debt repayments as of June 30, 2019 were as follows ($ in thousands):
                                         
 
   
Payment Timing
 
 
Total
   
Less Than
   
1 to 3
   
3 to 5
   
More Than
 
 
Obligation
   
1 Year
   
Years
   
Years
   
5 Years
 
Principal repayments under secured debt agreements
(1)
   $
8,283,613
    $
109,374
    $
3,266,552
    $
4,520,799
    $
386,888
 
Principal repayments of secured term loans
(2)
    
500,000
     
3,750
     
10,000
     
10,000
     
476,250
 
Principal repayments of convertible notes
(3)
    
622,500
     
—
     
402,500
     
220,000
     
—
 
                                         
Total
(4)
   $
    9,406,113
    $
    113,124
    $
    3,679,052
    $
    4,750,799
    $
    863,138
 
                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                         
____________  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
(1)  
  
The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)
 
The Secured Term Loan is partially amortizing, with an amount equal to 1.0% per annum of the original principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loan.
(3)
 
Reflects the outstanding principal balance of Convertible notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible notes.
(4)
 
Does not include $406.3 million of
non-consolidated
senior interests and $1.3 billion of securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors’ Compensation
As of June 30, 2019, of the eight members of our board of directors, our
five
independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000.
 
Litigation
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2019, we were not involved in any material legal proceedings.