Over time, we generally seek to match the expected cash inflows from our long-term leases and loans receivable with the expected cash outflows for our long-term debt. To seek to achieve this objective, we issue senior unsecured notes and borrow under our Revolving Credit Facility and through term loans. Principal Outstanding Weighted Average Interest Rate(1) (in thousands) Maturity Date June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Unsecured term loans: 2027 Term Loan February 2027 $ 430,000 $ 430,000 2.26% 2.36% 2028 Term Loan January 2028 400,000 400,000 4.51% 4.51% 2029 Term Loan February 2029 (2) 450,000 450,000 5.25% 5.25% 2030 Term Loan January 2030 (2) 450,000 450,000 4.67% 4.67% Senior unsecured notes: 2031 Notes July 2031 400,000 400,000 3.12% 3.12% 2035 Notes December 2035 400,000 400,000 5.40% 5.40% 2036 Notes July 2036 400,000 — 5.38% —% Revolving Credit Facility February 2030 (2) — — —% —% Total principal outstanding $ 2,930,000 $ 2,530,000 4.37% 4.23% _____________________________________ (1)Interest rates are presented after giving effect to our interest rate swap and lock agreements, where applicable. (2)After giving effect to extension options exercisable at the Operating Partnership's election. While our borrowings under the 2027 Term Loan and the CF Term Loans are variable-rate, we have effectively fixed the interest rate under these term loans by entering into interest rate swap agreements where we pay a fixed interest rate and receive a floating interest rate equal to the rate we pay on the respective loan. At June 30, 2026, our aggregate asset in the event of the early termination of our swaps was $0.7 million. Borrowings outstanding from time to time under the Revolving Credit Facility bear interest at a variable rate equal to 1-month SOFR plus a leverage-based credit spread. Therefore, an increase or decrease in interest rates would result in an increase or decrease to our interest expense related to any borrowings outstanding under the Revolving Credit Facility. We are exposed to interest rate risk between the time we enter into a sale-leaseback transaction, acquire a leased property or invest in a loan receivable and the time we finance the related asset with long-term fixed-rate debt. In addition, when our long-term debt matures, we may have to refinance the debt at a higher interest rate. Market interest rates are sensitive to many factors that are beyond our control. Our interest rate risk management objective is to limit the impact of future interest rate changes on our earnings and cash flows. In addition to amounts that we borrow under the Revolving Credit Facility, we may incur variable-rate debt in the future that we do not choose to hedge. Additionally, decreases in interest rates may lead to increased competition for the acquisition of real estate due to a reduction in desirable alternative income-producing 67 Table of Contents investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations will be adversely affected. Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire real estate with rental rates high enough to offset the increase in interest rates on our borrowings. Fair Value of Fixed-Rate Indebtedness The estimated fair value of our fixed-rate indebtedness under our Senior Notes is calculated based on quoted prices in active markets for identical assets. The following table discloses fair value information related to our fixed-rate indebtedness as of June 30, 2026: (in thousands) Carrying Value (1) Estimated Fair Value Senior unsecured notes $ 1,200,000 $ 1,150,836 _____________________________________ (1)Excludes net deferred financing costs of $9.9 million and net discount of $14.0 million.