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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
18. COMMITMENTS AND CONTINGENCIES
Impact of
COVID-19
As further discussed in Note 2, the full extent of the impact of
COVID-19
on the global economy generally, and our business in particular, is uncertain. As of September 30, 2021, no contingencies have been recorded on our consolidated balance sheet as a result of
COVID-19,
however as the global pandemic continues and if the economic implications worsen, it may have long-term impacts on our financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion of
COVID-19.
Unfunded Commitments Under Loans Receivable
As of September 30, 2021, we had aggregate unfunded loan commitments of $4.2 billion across 108
loans receivable, and
$2.6 
billion of committed or identified financings for those commitments, resulting in net unfunded commitments of
$1.6 
billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their funding will vary depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of
3.2 years.
Principal Debt Repayments
Our contractual principal debt repayments as of September 30, 2021 were as follows ($ in thousands):
 
    
Secured
     
Asset-Specific
     
Term
     
Convertible
         
Year
   
Debt
(1)
     
Debt
(1)
     
Loans
(2)
     
Notes
(3)
     
Total
(4)
  
2021 (remainder of the year)
    $ 130,668      $ —        $ 3,436      $ —        $ 134,104  
2022
      228,030        —          13,738        402,500        644,268  
2023
      1,834,836        149,896        13,738        220,000        2,218,470  
2024
      3,937,001        —          13,738        —          3,950,739  
2025
      1,231,023        178,172        13,738        —          1,422,933  
2026
      3,725,205        —          1,294,318        —          5,019,523  
Thereafter
      102,092        —          —          —          102,092  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total obligation
    $ 11,188,855      $ 328,068      $ 1,352,706      $ 622,500      $ 13,492,129  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
                        
                                             
  (1)
The allocation of repayments under our secured debt and asset-specific debt is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
 
  (2)
The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments. Refer to Note 8 for further details on our term loans.
 
  (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)
Total does not include $2.9 billion of consolidated securitized debt obligations, $997.6 million of
non-consolidated
senior interests, and $414.1 million of
non-consolidated
securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us.
 
Board of Directors’ Compensation
As of September 30, 2021, of the nine members of our board of directors, our six independent directors are entitled to annual compensation of $210,000 each, of which $95,000 will be paid in the form of cash and $115,000 will be paid in the form of deferred stock units or, beginning in 2022, at their election, shares of restricted common stock. 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 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 September 30, 2021, we were not involved in any material legal proceedings.