SL GREEN REALTY CORP

Previous wording

As of March 31, 2025, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held debt and preferred equity investments with a book value of $318.2 million, excluding credit losses and approximately$24.8 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.

Current wording

As of June 30, 2025, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held consolidated debt and preferred equity investments with a book value of $315.7 million, excluding credit losses and approximately $221.9 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.

Previous wording

Refer to the 2024 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three months ended March 31, 2025, there were no material changes to these estimates.

Current wording

Refer to the 2024 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three and six months ended June 30, 2025, there were no material changes to these estimates.

Previous wording

(4)Average starting office rent excluding new tenants replacing vacancies was $99.16 per rentable square feet for 127,345 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $84.80 per rentable square feet for 283,236 rentable square feet.

Current wording

(4)Average starting office rent excluding new tenants replacing vacancies was $77.24 per rentable square feet for 232,940 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $79.27 per rentable square feet for 334,144 rentable square feet.

Previous wording

SUMMIT Operator revenues were lower for the three months ended March 31, 2025 as compared to the same period in 2024 primarily due to the timing of insurance proceeds received in 2024.

Current wording

SUMMIT Operator revenues were lower for the three months ended June 30, 2025 as compared to the same period in 2024 due primarily to taking the Ascent experience offline for maintenance, which is a premium ticket that generates incremental revenue.

Previous wording

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a decrease in interest capitalization at properties that are under development or redevelopment ($10.2 million) and the consolidation of 100 Park Avenue ($6.1 million) and 10 East 53rd Street ($3.1 million) as a result of the agreement to acquire the partners' interests in the joint ventures during the fourth and first quarters of 2024, respectively. These increases were offset by decreased interest expense from the revolving credit facility ($4.4 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($2.0 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the three months ended March 31, 2025, compared to $3.6 billion for the three months ended March 31, 2024. The consolidated weighted average interest rate was 5.38% for the three months ended March 31, 2025, as compared to 5.19% for the three months ended March 31, 2024.

Current wording

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($6.1 million), a decrease in interest capitalization at properties that are under development or redevelopment ($5.6 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($2.8 million) in the third quarter of 2024. These increases were offset by decreased interest expense from the revolving credit facility ($5.6 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($1.9 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the three months ended June 30, 2025, compared to $3.8 billion for the three months ended June 30, 2024. The consolidated weighted average interest rate was 5.38% for the three months ended June 30, 2025, as compared to 5.21% for the three months ended June 30, 2024.

Previous wording

Equity in net income from unconsolidated joint ventures decreased primarily due to higher income at 2 Herald Square ($121.4 million) as a result of a gain on discounted debt extinguishment at the property during the three months ended March 31, 2024. This was partially offset by increased income recognized during the three months ended March 31, 2025 at 280 Park Avenue ($3.8 million) and 919 Third Avenue ($3.3 million) due to increased occupancy.

Current wording

Equity in net (loss) income from unconsolidated joint ventures decreased primarily due to higher income at 280 Park Avenue ($26.6 million) during the three months ended June 30, 2024 as a result of the $30.7 million gain on discounted debt extinguishment at the property.

Previous wording

Equity in Net Gain on Sale of Interest in Unconsolidated Joint Venture/Real Estate

Current wording

Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate

Previous wording

During the three months ended March 31, 2025, we did not dispose of any interests in our unconsolidated joint ventures. During the three months ended March 31, 2024, we recognized a gain on the sale of our interest in 717 Fifth Avenue ($26.9 million).

Current wording

During the three months ended June 30, 2025, we recognized a loss on the sale of our interest in 85 Fifth Avenue ($1.9 million). During the three months ended June 30, 2024, we recognized a loss on the sale of our interest in 625 Madison Avenue ($7.6 million)

Previous wording

During the three months ended March 31, 2025, we recognized a loan loss recovery of $25.0 million related to the expected resolution of a commercial mortgage investment. During the three months ended March 31, 2024, we did not recognize any loan loss and other investment reserves.

Current wording

During the three months ended June 30, 2025, we recognized a loan loss recovery of $46.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue during the period.

Previous wording

i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2024 and still owned by us in the same manner as of March 31, 2025 (Same-Store Properties totaled 21 of our 28 consolidated operating properties),

Current wording

i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2024 and still owned by us in the same manner as of June 30, 2025 (Same-Store Properties totaled 22 of our 28 consolidated operating properties),

Previous wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($10.0 million) at the end of the fourth quarter of 2024 and 10 East 53rd Street ($8.1 million) at the end of the first quarter of 2024 and the acquisition of 500 Park Avenue ($3.8 million) in the first quarter of 2025.

Current wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($20.1 million) at the end of the fourth quarter of 2024 and 10 East 53rd Street ($7.6 million) at the end of the first quarter of 2024 and the acquisition of 500 Park Avenue ($8.1 million) in the first quarter of 2025.

Previous wording

The following table presents a summary of the commenced leasing activity for the three months ended March 31, 2025 in our Manhattan and Suburban portfolio:

Current wording

The following table presents a summary of the commenced leasing activity for the six months ended June 30, 2025 in our Manhattan and Suburban portfolio:

Previous wording

SUMMIT Operator expenses were lower for the three months ended March 31, 2025 as compared to the same period in 2024 due to decreased variable expenses.

Current wording

SUMMIT Operator revenues were lower for the six months ended June 30, 2025 as compared to the same period in 2024 due primarily to taking the Ascent experience offline for maintenance, which is a premium ticket that generates incremental revenue.

Previous wording

Investment income increased primarily due to interest payments received on one CMBS investment ($10.0 million). This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the three months ended March 31, 2025 as compared to the same period in 2024. For the three months ended March 31, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $333.3 million and 6.4%, respectively, as compared to $366.8 million and 7.8%, respectively, for the three months ended March 31, 2024.

Current wording

Investment income increased primarily due to interest payments received on one CMBS investment ($10.0 million) during the six months ended June 30, 2025. This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the six months ended June 30, 2025 as compared to the same period in 2024. For the six months ended June 30, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $326.5 million and 6.0%, respectively, as compared to $349.0 million and 7.5%, respectively, for the six months ended June 30, 2024.

Previous wording

During the three months ended September 2024 and the three months ended March 31, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles. As a result, the net impact is limited to the interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended March 31, 2024.

Current wording

During the three months ended September 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles. As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the six months ended June 30, 2024.

Previous wording

Other income increased due primarily to lease termination income ($3.8 million) and management fees earned from third-party investors of the SLG Opportunistic Debt Fund ($1.8 million) during the three months ended March 31, 2025. Special servicing income increased for the three months ended March 31, 2025 ($1.3 million), as compared to the three months ended March 31, 2024 ($0.4 million).

Current wording

Other income decreased primarily due to fee income recognized during the six months ended June 30, 2024 related to the sales of 625 Madison Avenue ($11.5 million) and 719 Seventh Avenue ($3.5 million). This is offset by management fees earned from third-party investors of the Fund ($2.6 million) and increased lease termination income ($3.8 million) during the six months ended June 30, 2025.

Previous wording

The decrease in SUMMIT Operator tax benefit for the three months ended March 31, 2025 as compared to the same period in 2024 is attributable to a 2023 tax reduction adjustment recorded in the first quarter of 2024.

Current wording

The increase in SUMMIT Operator tax expense for the six months ended June 30, 2025 as compared to the same period in 2024 is attributable to a 2023 tax reduction adjustment recorded in the first quarter of 2024.

Previous wording

During the three months ended September 30, 2024 and the three months ended March 31, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended March 31, 2024.

Current wording

During the three months ended September 30, 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the six months ended June 30, 2024.

Previous wording

Depreciation and amortization increased due primarily to the consolidation of 100 Park Avenue at the end of the fourth quarter of 2024 ($4.7 million) and 10 East 53rd Street at the end of the first quarter of 2024 ($3.8 million). Depreciation and amortization also increased due to tenant improvements placed into service at 485 Lexington Avenue ($3.0 million) and the acquisition of 500 Park Avenue ($1.0 million) during the first quarter of 2025.

Current wording

Depreciation and amortization increased primarily due to the consolidation of 100 Park Avenue ($9.6 million) and 10 East 53rd Street($4.1 million). Depreciation and amortization also increased due to tenant improvements placed into service at 485 Lexington Avenue ($3.2 million) and the acquisition of 500 Park Avenue ($2.3 million).

Previous wording

During the three months ended March 31, 2025, we recorded a $5.9 million negative fair value adjustment for the secured borrowing related to the previous sale of an interest in One Madison Avenue and a $3.1 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended March 31, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street, partially offset by a $5.2 million positive fair value adjustment related to a derivative that was not designated as a hedge.

Current wording

During the six months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of Palisades Conference Center and a $4.3 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the six months ended June 30, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street, partially offset by a $6.5 million positive fair value adjustment related to a derivative that was not designated as a hedge.

Previous wording

During the three months ended March 31, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million) to reduce the carrying value of our investment. During the three months ended March 31, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million) to reduce the carrying value of our investment to the sale price per the contract that was entered into in April 2024. In addition, we recognized depreciable real estate reserves and impairments related to our investment at 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024, prior to the sale closing in the second quarter of 2024.

Current wording

During the six months ended June 30, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million) to reduce the carrying value of our investment. During the six months ended June 30, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million) and 760 Madison Avenue ($13.7 million), reflective of $13.2 million of capitalized interest. In addition, during the six months ended June 30, 2024, we recognized depreciable real estate reserves and impairments related to our investment at 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024, prior to the sale closing in the second quarter of 2024.

Previous wording

We estimate that for the remainder of the year ending December 31, 2025, we expect to incur $113.7 million of leasing capital expenditures and $20.9 million of recurring capital expenditures on existing consolidated properties, of which $24.6 million will be funded by loan reserves. In addition, we expect to incur $20.8 million of development or redevelopment expenditures on existing consolidated properties, none of which will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $113.5 million, of which $42.2 million will be funded by construction financing facilities or loan reserves. We expect to fund capital expenditures from operating cash flow, existing liquidity, and borrowings from construction financing facilities. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Current wording

We estimate that for the remainder of the year ending December 31, 2025, we expect to incur $67.1 million of leasing capital expenditures and $26.0 million of recurring capital expenditures on existing consolidated properties, of which $17.7 million will be funded by loan reserves. In addition, we expect to incur $19.1 million of development or redevelopment expenditures on existing consolidated properties, none of which will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $72.6 million, of which $21.5 million will be funded by construction financing facilities or loan reserves. We expect to fund capital expenditures from operating cash flow, existing liquidity, and borrowings from construction financing facilities. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Previous wording

As of March 31, 2025, we had liquidity of $0.9 billion, comprised of $752.5 million of availability under our revolving credit facility and $192.4 million of consolidated cash on hand, inclusive of $12.3 million of available-for-sale marketable securities. This liquidity excludes $129.5 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Current wording

As of June 30, 2025, we had liquidity of $1.1 billion, comprised of $882.5 million of availability under our revolving credit facility and $200.1 million of consolidated cash on hand, inclusive of $17.2 million of available-for-sale marketable securities. This liquidity excludes $111.9 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Previous wording

Cash, restricted cash, and cash equivalents were $337.0 million and $318.5 million as of March 31, 2025 and 2024, respectively, representing a decrease of $18.5 million. The decrease was a result of the following changes in cash flows (in thousands):

Current wording

Cash, restricted cash, and cash equivalents were $342.8 million and $315.8 million as of June 30, 2025 and 2024, respectively, representing a decrease of $27.0 million. The decrease was a result of the following changes in cash flows (in thousands):

Previous wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the three months ended March 31, 2025, when compared to the three months ended March 31, 2024, we used cash primarily for the following investing activities (in thousands):

Current wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, we used cash primarily for the following investing activities (in thousands):

Previous wording

Funds spent on capital expenditures, which are comprised of building and tenant improvements, increased from $55.3 million for the three months ended March 31, 2024 to $74.2 million for the three months ended March 31, 2025 due to increased spending on development and redevelopment properties.

Current wording

Funds spent on capital expenditures, which are comprised of building and tenant improvements, increased from $108.1 million for the six months ended June 30, 2024 to $136.1 million for the six months ended June 30, 2025 due to increased spending on development and redevelopment properties.

Previous wording

During the three months ended March 31, 2025, when compared to the three months ended March 31, 2024, cash was provided by the following financing activities (in thousands):

Current wording

During the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, we used cash primarily for the following financing activities (in thousands):

Previous wording

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of March 31, 2025, 71,016,448 shares of common stock and no shares of excess stock were issued and outstanding.

Current wording

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of June 30, 2025, 71,024,627 shares of common stock and no shares of excess stock were issued and outstanding.

Previous wording

As of March 31, 2025, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the three months ended March 31, 2025.

Current wording

As of June 30, 2025, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the six months ended June 30, 2025.

Previous wording

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):

Current wording

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):

Previous wording

Fifth Amended and Restated 2005 Stock Option and Incentive Plan

Current wording

Sixth Amended and Restated 2005 Stock Option and Incentive Plan

Previous wording

The Fifth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's Board of Directors in April 2022 and its stockholders in June 2022 at the Company's annual meeting of stockholders. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 32,210,000 fungible units may be granted as options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards under the 2005 Plan. As of March 31, 2025, 1.5 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, and phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Current wording

The Sixth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's Board of Directors in April 2025 and its stockholders in June 2025 at the Company's annual meeting of stockholders. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 39,890,000 fungible units may be granted as options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards under the 2005 Plan. As of June 30, 2025, 9.7 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, and phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Previous wording

During the three months ended March 31, 2025, 14,393 phantom stock units and 10,311 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $1.9 million and $2.1 million during the three months ended March 31, 2025, and 2024 respectively, related to the Deferred Compensation Plan.

Current wording

During the six months ended June 30, 2025, 14,448 phantom stock units and 10,311 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $0.2 million and $2.1 million during the three and six months ended June 30, 2025, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.2 million and $2.4 million during the three and six months ended June 30, 2024, respectively, related to the Deferred Compensation Plan.

Previous wording

As of March 31, 2025, there were 92,698 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

Current wording

As of June 30, 2025, there were 92,752 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

Previous wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 10.1% and 7.0% as of March 31, 2025 and December 31, 2024, respectively.

Current wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 7.1% and 7.0% as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.32% and 4.33% as of March 31, 2025 and December 31, 2024, respectively). Our consolidated debt as of March 31, 2025 had a weighted average term to maturity of 2.46 years.

Current wording

The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.32% and 4.33% as of June 30, 2025 and December 31, 2024, respectively). Our consolidated debt as of June 30, 2025 had a weighted average term to maturity of 2.33 years.

Previous wording

Certain of our debt and equity investments and other investments, with carrying values of $129.2 million as of March 31, 2025 and $117.0 million as of December 31, 2024, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 10.1% and 7.0% as of March 31, 2025 and December 31, 2024, respectively.

Current wording

Certain of our debt and equity investments and other investments, with carrying values of $131.0 million as of June 30, 2025 and $117.0 million as of December 31, 2024, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 7.1% and 7.0% as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

In December 2021, we entered into an amended and restated credit facility, referred to as the 2021 credit facility, that was previously amended by the Company in November 2017, and was originally entered into by the Company in November 2012. As of March 31, 2025, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $100.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 19, 2025, respectively. Term Loan B has two six-month, as-of-right extension options to November 19, 2026. The revolving credit facility has two six-month, as-of-right extension options to May 15, 2027. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

Current wording

In December 2021, we entered into an amended and restated credit facility, referred to as the 2021 credit facility, that was previously amended by the Company in November 2017, and was originally entered into by the Company in November 2012. As of June 30, 2025, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $100.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 19, 2025, respectively. Term Loan B has 2 six-month, as-of-right extension options to November 19, 2026. The revolving credit facility has two six-month, as-of-right extension options to May 15, 2027. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

Previous wording

As of March 31, 2025, we had $7.5 million of outstanding letters of credit, $490.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $752.5 million under the 2021 credit facility. As of March 31, 2025 and December 31, 2024, the revolving credit facility had a carrying value of $486.6 million and $316.2 million, respectively, net of deferred financing costs. As of March 31, 2025 and December 31, 2024, the term loans had a carrying value of $1.1 billion and $1.1 billion, respectively, net of deferred financing costs.

Current wording

As of June 30, 2025, we had $7.5 million of outstanding letters of credit, $360.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $882.5 million under the 2021 credit facility. As of June 30, 2025 and December 31, 2024, the revolving credit facility had a carrying value of $357.0 million and $316.2 million, respectively, net of deferred financing costs. As of June 30, 2025 and December 31, 2024, the term loans had a carrying value of $1,146.8 million and $1.1 billion, respectively, net of deferred financing costs.

Previous wording

In December 2024, the Company entered into a repurchase facility for CMBS securities (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of March 31, 2025, there have been no margin calls on the CMBS Repurchase Facility. At March 31, 2025, there was no outstanding balance on the facility.

Current wording

In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of June 30, 2025, there have been no margin calls on the CMBS Repurchase Facility. At June 30, 2025, there was no outstanding balance on the facility.