We are exposed to risks associated with market changes in interest rates. We manage our exposure to this market risk by monitoring available financing alternatives. Our strategy to manage exposure to changes in interest rates has not materially changed since December 31, 2025. Other than as described below, we do not currently foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future. Fixed Rate Debt At June 30, 2026, our outstanding fixed rate debt consisted of the following: Debt Principal Balance Annual Interest Rate Annual Interest Expense Maturity Interest Payments Due Senior secured notes $ 580,155 — % $ — 2027 At Maturity Senior unsecured notes 400,000 3.950 % 15,800 2028 Semi-Annually Net lease mortgage notes 603,675 5.600 % 33,806 2028 Monthly Senior unsecured notes 425,000 4.950 % 21,038 2029 Semi-Annually Senior unsecured notes 400,000 4.375 % 17,500 2030 Semi-Annually Net lease mortgage notes 744,491 5.960 % 44,372 2031 Monthly Senior secured notes 1,000,000 8.625 % 86,250 2031 Semi-Annually Senior guaranteed unsecured notes 500,000 8.875 % 44,375 2032 Semi-Annually $ 4,653,321 $ 263,141 No principal repayments are due under our unsecured or secured senior notes until maturity. Our net lease mortgage notes require principal and interest payments through maturity pursuant to amortization schedules. Our $580,155 senior secured notes due 2027 require no cash interest to accrue prior to maturity and will accrete at a rate of 7.50% per annum compounded semi-annually on March 30 and September 30 of each year, such that the accreted value will equal the principal amount at maturity. Because certain notes require interest at fixed rates, changes in market interest rates during the term of these debts will not affect our interest obligations. If these notes were refinanced at interest rates which are one percentage point higher than the rates shown above, our per annum interest cost would increase by approximately $40,732, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity. Changes in market interest rates would affect the fair value of our fixed rate debt obligations; increases in market interest rates decrease the fair value of our fixed rate debt while decreases in market interest rates increase the fair value of our fixed rate debt. Based on the balances outstanding at June 30, 2026 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $131,973, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity. Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date. In some cases, we are not allowed to make early repayment prior to a cutoff date and we are generally allowed to make prepayments only at a premium equal to a make whole amount, as defined, which is generally designed to preserve a stated yield to the noteholder. Also, we have in the past repurchased and retired some of our outstanding debts and we may do so again in the future. These prepayment rights and our ability to repurchase and retire outstanding debt may afford us opportunities to mitigate the risks of refinancing our debts at their maturities at higher rates by refinancing prior to maturity. Floating Rate Debt As of June 30, 2026, we had $25,000 outstanding under our revolving credit facility and $45,000 outstanding under the VFN. The maturity date of our revolving credit facility is June 29, 2027, and, subject to our meeting certain conditions, including our payment of an extension fee, we have an option to extend the stated maturity date of the facility by two six-month periods. The maturity date of the VFN is January 27, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, can be extended by one year. No principal repayments are required under our revolving credit facility or the VFN prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty. Borrowings under our revolving credit facility and the VFN are in U.S. dollars and require interest to be paid at a rate of SOFR plus premiums. Accordingly, we are vulnerable to changes in U.S. dollar based short term interest rates, specifically SOFR. In addition, upon renewal or refinancing of our revolving credit facility and the VFN, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics. Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results. 46 Table of Contents The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2026: Impact of Increase in Interest Rates Interest Rate Per Year (1) Outstanding Debt Total Interest Expense Per Year Annual Per Share Impact (2) At June 30, 2026 5.82 % $ 70,000 $ 4,074 $ 0.05 One percentage point increase 6.82 % $ 70,000 $ 4,774 $ 0.06 (1)Based on SOFR plus a premium, which was 275 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2026. Interest rate is weighted based on amounts outstanding. (2)Based on diluted weighted average common shares outstanding for the six months ended June 30, 2026. The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2026 if we were fully drawn on our revolving credit facility and the VFN: Impact of Increase in Interest Rates Interest Rate Per Year (1) Outstanding Debt (2) Total Interest Expense Per Year Annual Per Share Impact (3) At June 30, 2026 6.37 % $ 695,000 $ 44,272 $ 0.55 One percentage point increase 7.37 % $ 695,000 $ 51,222 $ 0.63 (1)Based on SOFR plus a premium, which was 275 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2026. Interest rate is weighted based on amounts outstanding. (2)Represents the maximum amount available under our revolving credit facility and the VFN. (3)Based on diluted weighted average common shares outstanding for the six months ended June 30, 2026. The foregoing tables show the impact of an immediate change in floating interest rates as of June 30, 2026. If interest rates were to change gradually over time, the impact would be spread over time. Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility, the VFN or other floating rate debt, if any. Although we have no present plans to do so, we may in the future enter into hedge arrangements from time to time to mitigate our exposure to changes in interest rates. 47 Table of Contents