Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🟢 New in Current Filing

Our loans and investments, including in subordinated debt, expose us to risks associated with debt-oriented real estate investments generally.

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We invest in debt instruments relating to real estate-related assets, which subject us to additional potential risks, including with respect to fluctuations in the value of the underlying assets, the risks of delinquency or defaults by borrowers, increased regulatory burdens or risks associated with lending, fluctuations in interest rates and credit spreads, loan repayment timing, the limitations on our rights with respect to, or control of, the underlying assets, risk of cost overruns, and increased illiquidity of the investments in light of the limited market for such investments. In addition, certain of our investments in debt instruments are subordinated, which can significantly reduce our ability to control decisions with respect to underlying assets or foreclosure, and, if a borrower were to default, the claims under our debt instrument would only be satisfied after senior debt is paid in full. As a result, a partial loss in the value of the underlying collateral can result in a total loss of the value of the debt instruments. For more information regarding the risks related to defaults by our borrowers, see “---The bankruptcy or insolvency of a client, borrower or guarantor could result in the termination of the lease agreement, loan agreement, or guarantee, as applicable.”

🟢 New in Current Filing Our success is dependent on the financial stability of our clients. 🔒

🟢 New in Current Filing The bankruptcy or insolvency of a client, borrower or guarantor could result in the termination of the lease agreement, loan agreement, or guarantee, as applicable. 🔒

🟢 New in Current Filing Stock Performance Graph 🔒

🟢 New in Current Filing Repurchases of Equity Securities 🔒

🟢 New in Current Filing Total Number of Shares Purchased as Part of Publicly Announced Program (2) 🔒

🟢 New in Current Filing U.S. Private Fund Business 🔒

🟢 New in Current Filing Preferred Equity Investment in CityCenter Las Vegas Real Estate Assets 🔒

🟢 New in Current Filing Establishment of Joint Venture with GIC 🔒

🟢 New in Current Filing Credit Facilities 🔒

🟢 New in Current Filing Term Loan Amendment 🔒

🟢 New in Current Filing Convertible Bond Issuance 🔒

🟢 New in Current Filing Share Repurchase Program 🔒

🟢 New in Current Filing Debt Financing Activities 🔒

🟢 New in Current Filing Note Covenants 🔒

🟢 New in Current Filing Net Income Attributable to Noncontrolling Interests 🔒

🟢 New in Current Filing Expected Maturity Data 🔒

🟢 New in Current Filing 4. Investments in Real Estate 🔒

🟢 New in Current Filing 6. Investment in Preferred Equity 🔒

🟢 New in Current Filing Carrying Amount (2) 🔒

🔴 No Match in Current Filing Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unanticipated expenditures that could adversely impact our results of operations. 🔒

🔴 No Match in Current Filing Repurchases of Equity Securities 🔒

🔴 No Match in Current Filing Closing of Spirit Merger 🔒

🔴 No Match in Current Filing Redemption of Preferred Stock 🔒

🔴 No Match in Current Filing Universal Shelf Registration 🔒

🔴 No Match in Current Filing Debt Financing Activities 🔒

🔴 No Match in Current Filing Material Cash Requirements 🔒

🔴 No Match in Current Filing Other Revenue 🔒

🔴 No Match in Current Filing Expected Maturity Data 🔒

🔴 No Match in Current Filing Newly Issued Accounting Standards. 🔒

🔴 No Match in Current Filing Recently Adopted Accounting Standards. 🔒

🔴 No Match in Current Filing December 31, 2024 🔒

🔴 No Match in Current Filing 4. Investments in Real Estate 🔒

🔴 No Match in Current Filing December 31, 2023 🔒

🔴 No Match in Current Filing Year of Maturity 🔒

🟡 Modified FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS AND NORMALIZED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS 🔒

🟡 Modified The accompanying notes to consolidated financial statements are an integral part of these statements. 🔒

🟡 Modified Carrying value 🔒

🟡 Modified Investments in Unconsolidated Entities 🔒

🟡 Modified The accompanying notes to consolidated financial statements are an integral part of these statements. 🔒

🟡 Modified 13. Fair Value Measurements 🔒

🟡 Modified The following discussion and analysis reflect our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended December 31, 2024. 🔒

🟡 Modified We are subject to risks and liabilities in connection with forming and attracting third-party investment in our fund business, investing in new or existing co-investment ventures or funds and managing properties through our fund business or other co-investment ventures. 🔒

🟡 Modified We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business. 🔒

🟡 Modified Real estate ownership is subject to particular conditions that may have a negative impact on our revenue. 🔒

🟡 Modified Credit Agency Ratings 🔒

🟡 Modified Preferred Stock Dividends 🔒

🟡 Modified Impact of Current Macroeconomic Conditions 🔒

🟡 Modified Foreign Currency Exchange Rates 🔒

🟡 Modified We are subject to risks associated with debt and preferred stock financing. 🔒

🟡 Modified Fair Value - asset (liability) 🔒

🟡 Modified Distribution requirements imposed by law limit our flexibility. 🔒

🟡 Modified Negative market conditions, global economic and political uncertainties or adverse events affecting our existing or potential clients or the industries in which they operate, could have an adverse impact on our ability to attract new clients, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations, our ability to maintain or increase our current dividend levels and inhibit growth. 🔒

🟡 Modified Allocation of the Purchase Price of Real Estate Acquisitions 🔒

🟡 Modified Cybersecurity Governance 🔒

🟡 Modified Real estate investments are illiquid. We may not be able to acquire or dispose of properties when desired or on favorable terms. 🔒

🟡 Modified Rental Revenue (excluding reimbursements) 🔒

🟡 Modified Foreign Currency and Derivative (Loss) Gain, Net 🔒

🟡 Modified December 31, 2024 🔒

🟡 Modified Initial weighted average cash yield (1) 🔒

🟡 Modified Market Information 🔒

🟡 Modified Report of Independent Registered Public Accounting Firm 🔒

🟡 Modified Realty Income, L.P. units (1) 🔒

🟡 Modified Equity in Earnings of Unconsolidated Entities 🔒

🟡 Modified The market value and trading volume of our capital stock and debt securities could be substantially affected by various factors. 🔒

🟡 Modified Merger, Transaction, and Other Costs, Net 🔒

🟡 Modified Year ended December 31, 2025 🔒

🟡 Modified Fixed Rate Debt (4) 🔒

🟡 Modified We depend on key personnel. 🔒

🟡 Modified 10. Mortgages Payable 🔒

🟡 Modified ATM Program 🔒

🟡 Modified 2. Merger with Spirit Realty Capital, Inc. 🔒

🟡 Modified Carrying Amount (2) 🔒

🟡 Modified General and Administrative Expenses 🔒

🟡 Modified Years ended December 31, 2025, 2024, and 2023 🔒

🟡 Modified Portfolio Discussion 🔒

🟡 Modified Increases in Monthly Dividends to Common Stockholders 🔒

🟡 Modified Dispositions 🔒

🟡 Modified Gain on Sales of Real Estate 🔒

🟡 Modified Capitalization 🔒

🟡 Modified Depreciation and Amortization 🔒

🟡 Modified 2026 Dividend increase 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF CASH FLOWS 🔒

🟡 Modified Net (decrease) increase to net income 🔒

🟡 Modified 5. Investments in Unconsolidated Entities 🔒

🟡 Modified 9. Term Loans 🔒

🟡 Modified Other Income, Net 🔒

🟡 Modified Balance, net 🔒

🟡 Modified LIQUIDITY AND CAPITAL RESOURCES 🔒

🟡 Modified 3. Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands): 🔒

🟡 Modified As OfNumber ofProperties (1)WeightedAverageStatedInterestRate WeightedAverageEffectiveInterestRate WeightedAverageRemainingYears UntilMaturityRemainingPrincipalBalanceUnamortizedDiscountand DeferredFinancing CostsBalance, netMortgagesPayableBalanceDecember 31, 2025144.9 %5.9 %1.8$37.9 $(0.1)$37.8 December 31, 2024174.0 %4.5 %1.4$81.3 $(0.5)$80.8 🔒

🟡 Modified 8. Credit Facilities and Commercial Paper Programs 🔒

🟡 Modified Three months ended December 31, 2025 🔒

🟡 Modified Investments 🔒

🟡 Modified 12. Noncontrolling Interests 🔒

🟡 Modified Provisions for Impairment 🔒

🟡 Modified CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME 🔒

🟡 Modified Location of (Decrease) Increase Recognized in Income 🔒

🟡 Modified Note Issuances 🔒

🟡 Modified Interest Expense 🔒

🟡 Modified amortization 🔒

🟡 Modified Long-Term Liquidity Requirements 🔒

🟡 Modified Equity Capital Raising 🔒

🟡 Modified Litigation risks could affect our business. 🔒

🟡 Modified Revolving credit facilities, commercial paper, term loans, mortgages and senior unsecured notes and bonds 🔒

🟡 Modified Rental Revenue (reimbursements) 🔒

🟡 Modified Property Expenses (excluding reimbursements) 🔒

🟡 Modified CONSOLIDATED BALANCE SHEETS 🔒

🟡 Modified Material Cash Requirements 🔒

🟡 Modified Total Revenue 🔒

🟡 Modified 7. Investments in Loans and Financing Receivables 🔒

🟡 Modified Other Revenue 🔒

🟡 Modified Property Expenses (reimbursements) 🔒

114 more changes in this filing

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