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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Unfunded Commitments Under Loans Receivable
As of March 31, 2024, we had aggregate unfunded commitments of $2.1 billion across 90 loans receivable, and $1.0 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.0 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, 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 2.2 years.

Principal Debt Repayments
Our contractual principal debt repayments as of March 31, 2024 were as follows ($ in thousands):
Year
Secured
Debt(1)
Asset-Specific Debt(1)
Term
Loans(2)
Senior Secured Notes
Convertible Notes(3)
Total(4)
2024 (remaining)$2,232,905 $— $16,497 $— $— $2,249,402 
20251,661,438 848,368 21,997 — — 2,531,803 
20264,042,308 — 1,302,575 — — 5,344,883 
20273,251,934 — 8,258 339,918 300,000 3,900,110 
2028524,681 — 8,258 — — 532,939 
Thereafter690,183 216,116 772,138 — — 1,678,437 
Total obligation$12,403,449 $1,064,484 $2,129,723 $339,918 $300,000 $16,237,574 
(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 10 for further details on our Term Loans.
(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 for further details on our Convertible Notes.
(4)Total does not include $2.3 billion of consolidated securitized debt obligations, $742.6 million of non-consolidated senior interests, and $335.3 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.
Board of Directors’ Compensation
As of March 31, 2024, of the nine members of our board of directors, our seven non-employee 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. As of March 31, 2024, the other two board members, the chair of the board 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 March 31, 2024, we were not involved in any material legal proceedings.