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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Unfunded Commitments Under Loans Receivable
As of June 30, 2023, we had aggregate unfunded commitments of $3.0 billion across 105 loans receivable, and $1.8 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.2 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability varies depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.8 years.
Principal Debt Repayments
Our contractual principal debt repayments as of June 30, 2023 were as follows ($ in thousands):
Year
Secured
Debt(1)
Asset-Specific Debt(1)
Term
Loans(2)
Senior Secured Notes
Convertible Notes(3)
Total(4)
2023 (remaining)$218,767 $— $10,998 $— $— $229,765 
20242,999,518 — 21,997 — — 3,021,515 
20251,433,177 741,207 21,997 — — 2,196,381 
20264,404,473 — 1,302,575 — — 5,707,048 
20273,304,294 — 8,258 400,000 300,000 4,012,552 
Thereafter1,091,198 134,409 780,395 — — 2,006,002 
Total obligation$13,451,427 $875,616 $2,146,220 $400,000 $300,000 $17,173,263 
(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 9 for further details on our term loans.
(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes.
(4)Total does not include $2.7 billion of consolidated securitized debt obligations, $1.2 billion of non-consolidated senior interests, and $236.3 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.
Board of Directors’ Compensation
As of June 30, 2023, of the ten members of our board of directors, our six independent directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. The other four board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively.
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, 2023, we were not involved in any material legal proceedings.