Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

As of December 31, 2020, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):

	Loans and Other Lending Investments(1)		Real Estate		Other Investments		Total
Performance-Based Commitments	$	63,419	$	2,213	$	25,959	$	91,591
Strategic Investments	—		—		12,810		12,810
Total	$	63,419	$	2,213	$	38,769	$	104,401

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(1)Excludes $7.5 million of commitments on loan participations sold that are not the obligation of the Company.

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2020, are as follows ($ in thousands):

Year	Net Lease Assets		Operating Properties
2021	$	131,625	$	15,948
2022	129,891		7,784
2023	121,586		7,469
2024	115,900		7,462
2025	119,357		6,809
Thereafter	1,238,073		9,712

Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):

	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

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(1)During the years ended December 31, 2020 and 2019, the Company made payments of $4.3 million and $4.1 million, respectively, related to its operating leases and $5.4 million and $3.3 million, respectively, related to its finance leases (refer to Note 4). As of December 31, 2020, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. As of December 31, 2020, the weighted average lease term for the Company's finance leases was 97 years and the weighted average discount rate was 5.5%.

(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):

	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

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(1)As of December 31, 2019, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. As of December 31, 2019, the weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.

(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.

Schedule of future minimum rental payments for financing leases

Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):

	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

_______________________________________________________________________________

(1)During the years ended December 31, 2020 and 2019, the Company made payments of $4.3 million and $4.1 million, respectively, related to its operating leases and $5.4 million and $3.3 million, respectively, related to its finance leases (refer to Note 4). As of December 31, 2020, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. As of December 31, 2020, the weighted average lease term for the Company's finance leases was 97 years and the weighted average discount rate was 5.5%.

(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):

	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

_______________________________________________________________________________

(1)As of December 31, 2019, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. As of December 31, 2019, the weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.

(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.