VICI PROPERTIES INC.

Previous wording

The following discussion and analysis of the financial position and operating results of VICI Properties Inc. and VICI Properties L.P. for the three months ended March 31, 2025 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2024, which were included in our Annual Report on Form 10-K for the year ended December 31, 2024. All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q.

Current wording

The following discussion and analysis of the financial position and operating results of VICI Properties Inc. and VICI Properties L.P. for the three and six months ended June 30, 2025 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2024, which were included in our Annual Report on Form 10-K for the year ended December 31, 2024. All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q.

Previous wording

We are primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple-net leases. We own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort, three of the most iconic entertainment facilities on the Las Vegas Strip. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across approximately 127 million square feet, our well-maintained properties are currently located across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms and feature over 500 restaurants, bars, nightclubs and sportsbooks. As of March 31, 2025, our properties are 100% leased with a weighted average lease term based on contractual rent, including extension options, of approximately 40.4 years.

Current wording

We are primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple-net leases. We own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort, three of the most iconic entertainment facilities on the Las Vegas Strip. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across approximately 127 million square feet, our well-maintained properties are currently located across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms and feature over 500 restaurants, bars, nightclubs and sportsbooks. As of June 30, 2025, our properties are 100% leased with a weighted average lease term based on contractual rent, including extension options, of approximately 40.2 years.

Previous wording

The financial information included in this Quarterly Report on Form 10-Q is our consolidated results (including the real property business and the golf course business) for the three months ended March 31, 2025.

Current wording

The financial information included in this Quarterly Report on Form 10-Q is our consolidated results (including the real property business and the golf course business) for the three and six months ended June 30, 2025.

Previous wording

•One Beverly Hills Mezzanine Loan. On February 19, 2025, we purchased a $300.0 million interest in an existing mezzanine loan related to the development of One Beverly Hills, a landmark 17.5-acre luxury experiential lifestyle hub in Beverly Hills, California. One Beverly Hills is being developed by Cain International and will be anchored by Aman Beverly Hills, featuring an Aman Hotel and Aman-branded residences, and include a full-scale refurbishment of The Beverly Hilton, additional retail, food and beverage offerings, and 10 acres of botanical gardens and open space. Construction of the development has commenced and is expected to be completed in late 2027.

Current wording

•One Beverly Hills Mezzanine Loan. On February 19, 2025, we purchased a $300.0 million interest in an existing mezzanine loan related to the development of One Beverly Hills, a landmark 17.5-acre luxury experiential lifestyle hub in Beverly Hills, California. On June 23, 2025, we purchased an additional $150.0 million interest in the existing mezzanine loan. One Beverly Hills is being developed by Cain International and will be anchored by Aman Beverly Hills, featuring an Aman Hotel and Aman-branded residences, and include a full-scale refurbishment of The Beverly Hilton, additional retail, food and beverage offerings, and 10 acres of botanical gardens and open space. Construction of the development has commenced and is expected to be completed in phases in late 2027 and 2028.

Previous wording

The mezzanine loan has an initial maturity in March 2026 and one 12-month extension option, subject to certain conditions. Our investment was funded with a combination of cash on hand and a draw under the Revolving Credit Facility.

Current wording

The mezzanine loan has an initial maturity in March 2026 and one 12-month extension option, subject to certain conditions. Our investments were each funded with a combination of cash on hand and a draw under the Revolving Credit Facility.

Previous wording

•North Fork Casino Loan. Subsequent to quarter-end, on April 4, 2025, we provided a commitment of up to $510.0 million of the $725.0 million Term Loan Arrangement to the North Fork Rancheria Economic Development Authority, a wholly owned entity of the North Fork Rancheria of Mono Indians of California. Proceeds from the Term Loan Arrangement will be used to develop North Fork located near Madera, California, which will be developed and managed by affiliates of Red Rock Resorts. The Term Loan Arrangement consists of a $340.0 million Term Loan A, of which we have committed up to $125.0 million, and a $385.0 million Term Loan B, of which we have committed up to the full $385.0 million, for a total commitment of $510.0 million. The Term Loan A has an initial term of five years and the Term Loan B has an initial term of six years. The project is expected to be funded in accordance with a construction draw schedule.

Current wording

•North Fork Casino Loan. On April 4, 2025, we provided a commitment of up to $510.0 million of the $725.0 million Term Loan Arrangement to the North Fork Rancheria Economic Development Authority, a wholly owned entity of the North Fork Rancheria of Mono Indians of California. Proceeds from the Term Loan Arrangement will be used to develop North Fork located near Madera, California, which will be developed and managed by affiliates of Red Rock Resorts. The Term Loan Arrangement consists of a $340.0 million Term Loan A, of which we have committed up to $125.0 million, and a $385.0 million Term Loan B, of which we have committed up to the full $385.0 million, for a total commitment of $510.0 million. The Term Loan A has an initial term of five years and the Term Loan B has an initial term of six years. The project is expected to be funded in accordance with a construction draw schedule.

Previous wording

The following table summarizes our real estate debt investment activity (each as defined in the column titled “Real Estate Debt Investment”) for the three months ended March 31, 2025:

Current wording

The following table summarizes our real estate debt investment activity (each as defined in the column titled “Real Estate Debt Investment”) for the six months ended June 30, 2025:

Previous wording

•At-The-Market Offering Program. During the three months ended March 31, 2025, we sold an aggregate of 7,835,973 shares under the ATM Program, all of which were subject to ATM forward sale agreements, for estimated aggregate total proceeds of $252.8 million based on the weighted average initial forward sale price of $32.27. We did not initially receive any proceeds from the sale of the shares of common stock under the ATM forward sale agreements, which were sold to the underwriters by the forward purchasers or their respective affiliates.

Current wording

•At-The-Market Offering Program. During the six months ended June 30, 2025, we sold an aggregate of 7,835,973 shares under the ATM Program, all of which were subject to ATM forward sale agreements, for estimated aggregate total proceeds of $252.8 million based on the weighted average initial forward sale price of $32.27. We did not initially receive any proceeds from the sale of the shares of common stock under the ATM forward sale agreements, which were sold to the underwriters by the forward purchasers or their respective affiliates. Subsequent to quarter-end, on July 1, 2025, we physically settled 9,662,116 forward shares under the ATM Program in exchange for total net settlement proceeds of approximately $296.0 million.

Previous wording

(1) Subsequent to quarter-end, on April 7, 2025, VICI LP issued $1.3 billion aggregate principal amount of Senior Notes, comprised of (i) $400.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on April 1, 2028 and (ii) $900.0 million in aggregate principal amount of 5.625% Senior Notes due 2035, which mature on April 1, 2035, in each case under a supplemental indenture dated as of April, 7, 2025, between VICI LP and the trustee. We used the net proceeds of the offering to redeem (i) $799.4 million in aggregate principal amount of the 4.625% Exchange Notes due 2025 (ii) $500.0 million in aggregate principal amount of the 4.375% April 2022 Notes due 2025 and (iii) $0.6 million in aggregate principal amount of the 4.625% MGP OP Notes due 2025.

Current wording

•Senior Unsecured Notes Offering. On April 7, 2025, VICI LP issued $1.3 billion aggregate principal amount of April 2025 Notes comprised of (i) $400.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on April 1, 2028 and (ii) $900.0 million in aggregate principal amount of 5.625% Senior Notes due 2035, which mature on April 1, 2035, in each case under a supplemental indenture dated as of April, 7, 2025, between VICI LP and the trustee. We used the net proceeds of the offering to redeem (i) $799.4 million in aggregate principal amount of the 4.625% Exchange Notes due 2025, (ii) $500.0 million in aggregate principal amount of the 4.375% April 2022 Notes due 2025 and (iii) $0.6 million in aggregate principal amount of the 4.625% MGP OP Notes due 2025.

Previous wording

•Forward-Starting Interest Rate Swaps. During the quarter ended March 31, 2025, we entered into eight forward-starting interest rate swap agreements for an aggregate notional amount of $400.0 million and three U.S. Treasury Rate Lock agreements for an aggregate a notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of senior unsecured notes expected to be issued in connection with the refinancing of our senior unsecured notes maturing in May 2025 and June 2025, which April 2025 Notes were issued on April 7, 2025. On March 28, 2025, we settled twelve outstanding forward-starting interest rate swap agreements with an aggregate notional amount of $600.0 million and the three U.S. Treasury Rate Lock agreements with an aggregate notional amount of $150.0 million, resulting in net proceeds of $1.8 million. Since the forward-starting swaps are hedging the interest rate risk on the April 2025 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a decrease in interest expense.

Current wording

•Forward-Starting Interest Rate Swaps. During the six months ended June 30, 2025, we entered into eight forward-starting interest rate swap agreements for an aggregate notional amount of $400.0 million and three U.S. Treasury Rate Lock agreements for an aggregate a notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of senior unsecured notes expected to be issued in connection with the refinancing of our senior unsecured notes maturing in May 2025 and June 2025, which April 2025 Notes were issued on April 7, 2025. On March 28, 2025, we settled twelve outstanding forward-starting interest rate swap agreements with an aggregate notional amount of $600.0 million and the three U.S. Treasury Rate Lock agreements with an aggregate notional amount of $150.0 million, resulting in net proceeds of $1.8 million. Since the forward-starting swaps are hedging the interest rate risk on the April 2025 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a decrease in interest expense.

Previous wording

For the three months ended March 31, 2025 and 2024, our revenue was comprised of the following items:

Current wording

For the three and six months ended June 30, 2025 and 2024, our revenue was comprised of the following items:

Previous wording

Leasing revenue is generated from rent from our lease agreements. Total leasing revenue increased $18.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Total contractual leasing revenue increased $22.4 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increases were primarily driven by the incremental rent increases from our agreements to fund capital investments into the Venetian Resort for several reinvestment projects (the “Venetian Capital Investment”) (which occurred in July 2024, October 2024 and January 2025), as well as the annual rent escalators from certain of our other lease agreements.

Current wording

Leasing revenue is generated from rent from our lease agreements. Total leasing revenue increased $22.2 million and $41.0 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. Total contractual leasing revenue increased $23.5 million and $46.0 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. The increases were primarily driven by the incremental rent increases from our agreement through our Partner Property Growth Fund strategy to fund capital investments into the Venetian Resort for several reinvestment projects (the “Venetian Capital Investment”) (which occurred in July 2024, October 2024 and January 2025), as well as the annual rent escalators from certain of our other lease agreements.

Previous wording

Income from loans and securities increased $14.2 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was driven by the origination and subsequent funding, as applicable, of our debt investments and the related interest income from the increased principal balances outstanding under such debt investments, partially offset by the full repayment of certain loan investments.

Current wording

Income from loans and securities increased $22.4 million and $36.6 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. The increase was driven by the origination and subsequent funding, as applicable, of our debt investments and the related interest income from the increased principal balances outstanding under such debt investments, partially offset by the repayment of certain loan investments.

Previous wording

For the three months ended March 31, 2025 and 2024, our operating expenses were comprised of the following items:

Current wording

For the three and six months ended June 30, 2025 and 2024, our operating expenses were comprised of the following items:

Previous wording

General and administrative expenses decreased $1.3 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease was primarily driven by a decrease in compensation, including stock-based compensation.

Current wording

General and administrative expenses decreased $1.2 million and $2.5 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. The decrease was primarily driven by a decrease in compensation, including stock-based compensation.

Previous wording

Change in allowance for credit losses increased $80.0 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily as a result of changes to the reasonable and supportable period, or R&S Period, probability of default, or PD, and loss given default, or LGD, of our existing tenants and their parent guarantors (as applicable) due to market performance and changes in the macroeconomic forecast during the current quarter, partially offset by annual standard updates to the model used to estimate the CECL allowance. Refer to Note 5 - Allowance for Credit Losses for further details.

Current wording

Change in allowance for credit losses decreased $99.0 million and $19.0 million during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily as a result of changes to the reasonable and supportable period, or R&S Period, probability of default, or PD, and loss given default, or LGD, of our existing tenants and their parent guarantors (as applicable) due to market performance, changes in the macroeconomic forecast during the current quarter, and annual standard updates to the model used to estimate the CECL allowance. Refer to Note 5 - Allowance for Credit Losses for further details.

Previous wording

Transaction and acquisition expenses decreased $0.3 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Changes in transaction and acquisition expenses are related to fluctuations in (i) costs incurred for investments during the period that are not capitalizable under GAAP, and (ii) costs incurred for investments that we are no longer pursuing.

Current wording

Transaction and acquisition expenses increased $7.2 million and $6.9 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. Changes in transaction and acquisition expenses are related to fluctuations in (i) costs incurred for investments during the period that are not capitalizable under GAAP, and (ii) costs incurred for investments that we are no longer pursuing.

Previous wording

For the three months ended March 31, 2025 and 2024, our non-operating income and expenses were comprised of the following items:

Current wording

For the three and six months ended June 30, 2025 and 2024, our non-operating income and expenses were comprised of the following items:

Previous wording

Interest expense increased $4.4 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase during the three months ended March 31, 2025 was primarily related to the increase in debt from the $100.0 million and £5.5 million draws on the Revolving Credit Facility to partially finance the One Beverly Hills mezzanine loan investment in February 2025 and the upsize of the Cabot Highlands loan in June 2024, respectively, partially offset by principal repayments under the Revolving Credit Facility of C$15.0 million, C$12.0 million and C$5.0 million in August 2024, December 2024 and March 2025, respectively.

Current wording

Interest expense increased $8.0 million and $12.4 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, respectively. The increase during the three and six months ended June 30, 2025 was primarily related to the increase in debt from the $175.0 million and £5.5 million draws on the Revolving Credit Facility to partially finance the One Beverly Hills mezzanine loan investment in February 2025 and the upsize of the Cabot Highlands loan in June 2024, respectively, partially offset by principal repayments under the Revolving Credit Facility of C$15.0 million, C$12.0 million, C$5.0 million and C$8.0 million in August 2024, December 2024, March 2025 and June 2025, respectively.

Previous wording

Additionally, the weighted average annualized interest rate of our debt, net of the impact of the forward-starting interest rate swaps and treasury locks, increased to 4.39% from 4.33% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a result of a higher effective interest rate on (i) the outstanding balance on the Revolving Credit Facility, and (ii) the March 2024 Notes and the December 2024 Notes as compared to the debt that was refinanced by such notes.

Current wording

Additionally, the weighted average annualized interest rate of our debt, net of the impact of the forward-starting interest rate swaps and treasury locks, increased to 4.49% from 4.34% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, and increased to 4.48% from 4.34% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, as a result of a higher effective interest rate on (i) the outstanding balance on the Revolving Credit Facility, and (ii) the March 2024 Notes, December 2024 Notes and April 2025 Notes as compared to the debt that was refinanced by such notes.

Previous wording

Interest income, representing interest earned on our excess cash, decreased $1.6 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease was primarily driven by an overall decrease in our cash on hand throughout the current periods as compared to the prior periods.

Current wording

Interest income, representing interest earned on our excess cash, decreased $1.6 million and $3.2 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. The decrease was primarily driven by an overall decrease in our cash on hand throughout the current periods as compared to the prior periods.

Previous wording

AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate VICI’s performance. We calculate VICI’s AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other losses, deferred income tax benefits and expenses, other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.

Current wording

AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate VICI’s performance. We calculate VICI’s AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.

Previous wording

(1)Represents non-cash foreign currency remeasurement adjustment.

Current wording

(1)Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels.

Previous wording

(2)Assumes the physical settlement of the 19,851,372 shares remaining to be settled as of March 31, 2025 under our ATM forward sale agreements at a forward sales price of $31.46, calculated as of March 31, 2025.

Current wording

(2)Assumes the physical settlement of the 19,851,372 shares remaining to be settled as of June 30, 2025 under our ATM forward sale agreements at a forward sales price of $31.31, calculated as of June 30, 2025. Subsequent to quarter-end, on July 1, 2025, we physically settled 9,662,116 forward shares under the ATM Program in exchange for total net settlement proceeds of approximately $296.0 million.

Previous wording

Our long-term obligations consist primarily of principal payments on our outstanding debt obligations and future funding commitments under our lease and loan agreements. As of March 31, 2025, we had $17.2 billion of debt obligations outstanding, of which $500.0 million was set to mature on May 15, 2025 and $800.0 million was set to mature on June 15, 2025. Subsequent to quarter-end, on April 7, 2025, VICI LP issued the April 2025 Notes, which net proceeds were used to redeem the $1.3 billion aggregate principal amount of Senior Unsecured Notes scheduled to mature in May and June 2025. For a summary of principal debt balances and their maturity dates and principal terms, refer to Note 7 - Debt. For a summary of our future funding commitments under our loan portfolio, refer to Note 4 - Real Estate Portfolio.

Current wording

Our long-term obligations consist primarily of principal payments on our outstanding debt obligations and future funding commitments under our lease and loan agreements. As of June 30, 2025, we had $17.3 billion of debt obligations outstanding, none of which are maturing in the next twelve months. For a summary of principal debt balances and their maturity dates and principal terms, refer to Note 7 - Debt. For a summary of our future funding commitments under our loan portfolio, refer to Note 4 - Real Estate Portfolio.

Previous wording

In addition to the contractual obligations and commitments set forth in the table above, we have and may enter into additional agreements that commit us to potentially acquire properties in the future, fund future property improvements or otherwise provide capital to our tenants, borrowers and other counterparties, including through our Partner Property Growth Fund strategy. As of March 31, 2025, we had $300.0 million of additional potential future funding commitments in connection with the Venetian Capital Investment entered into on May 1, 2024, pursuant to which the tenant has the option, but not the obligation, to draw our future funds. The utilization of funding commitments under the Partner Property Growth Fund strategy, as well as the total funding ultimately provided under such arrangements, is at the discretion of the respective tenant and will be dependent upon independent decisions made by such tenant with respect to any capital improvement projects and the source of funds for such projects. For further information, refer to Note 3 – Real Estate Transactions.

Current wording

In addition to the contractual obligations and commitments set forth in the table above, we have and may enter into additional agreements that commit us to potentially acquire properties in the future, fund future property improvements or otherwise provide capital to our tenants, borrowers and other counterparties, including through our Partner Property Growth Fund strategy. As of June 30, 2025, we had $300.0 million of additional potential future funding commitments in connection with the Venetian Capital Investment entered into on May 1, 2024, pursuant to which the tenant has the option, but not the obligation, to draw our future funds, prior to November 1, 2026. The utilization of funding commitments under the Partner Property Growth Fund strategy, as well as the total funding ultimately provided under such arrangements, is at the discretion of the respective tenant and will be dependent upon independent decisions made by such tenant with respect to any capital improvement projects and the source of funds for such projects.

Previous wording

The table below summarizes our cash flows for the three months ended March 31, 2025 and 2024:

Current wording

The table below summarizes our cash flows for the six months ended June 30, 2025 and 2024:

Previous wording

Net cash provided by operating activities increased $48.1 million for the three months ended March 31, 2025 compared with the three months ended March 31, 2024. The increase was primarily driven by the annual rent escalators on our Caesars leases and certain of our other lease agreements and the incremental rent increases from the Venetian Capital Investment (which occurred in July 2024, October 2024 and January 2025), as well as the incremental interest income associated with additional loan fundings and originations.

Current wording

Net cash provided by operating activities increased $73.4 million for the six months ended June 30, 2025 compared with the six months ended June 30, 2024. The increase was primarily driven by the annual rent escalators on our Caesars leases and certain of our other lease agreements and the incremental rent increases from the Venetian Capital Investment (which occurred in July 2024, October 2024 and January 2025), as well as the incremental interest income associated with additional loan fundings and originations.

Previous wording

Net cash used in investing activities decreased $276.4 million for the three months ended March 31, 2025 compared with the three months ended March 31, 2024.

Current wording

Net cash used in investing activities increased $294.3 million for the six months ended June 30, 2025 compared with the six months ended June 30, 2024.

Previous wording

During the three months ended March 31, 2025, the primary sources and uses of cash from investing activities included:

Current wording

During the six months ended June 30, 2025, the primary sources and uses of cash from investing activities included:

Previous wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of $385.4 million.

Current wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of $723.9 million.

Previous wording

During thethree months ended March 31, 2024, the primary sources and uses of cash from investing activities included:

Current wording

During thesix months ended June 30, 2024, the primary sources and uses of cash from investing activities included:

Previous wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of$71.7 million;

Current wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of$387.3 million;

Previous wording

•Payments to fund the Caruthersville Property Growth Fund investment in the amount of$5.9 million.

Current wording

•Payments to fund the Venetian Capital Investment and Property Growth Fund investment at Caruthersville in the amount of$109.9 million;

Previous wording

•Investments in short-term investments of$29.6 million; and

Current wording

•Investments and maturities of short-term investments of$29.6 million; and

Previous wording

Net cash used in financing activities decreased $75.0 million for the three months ended March 31, 2025, compared with the three months ended March 31, 2024.

Current wording

Net cash used in financing activities decreased $104.5 million for the six months ended June 30, 2025, compared with the six months ended June 30, 2024.

Previous wording

During the three months ended March 31, 2025, the primary sources and uses of cash in financing activities included:

Current wording

During the six months ended June 30, 2025, the primary sources and uses of cash in financing activities included:

Previous wording

•Senior Unsecured Notes Offering. On March 26, 2025, we priced an offering of $1.3 billion aggregate principal amount of Senior Notes. Subsequent to quarter-end, on April 7, 2025, VICI LP issued such April 2025 Notes comprised of (i) $400.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on April 1, 2028 and (ii) $900.0 million in aggregate principal amount of 5.625% Senior Notes due 2035, which mature on April 1, 2035, in each case under a supplemental indenture dated as of April, 7, 2025, between VICI LP and the trustee. We used the net proceeds of the offering to redeem (i) $799.4 million in aggregate principal amount of the 4.625% Exchange Notes due 2025, (ii) $500.0 million in aggregate principal amount of the 4.375% April 2022 Notes due 2025 and (iii) $0.6 million in aggregate principal amount of the 4.625% MGP OP Notes due 2025.

Current wording

•Redemption of the outstanding (i) $799.4 million in aggregate principal amount of the 4.625% Exchange Notes due 2025, (ii) $500.0 million in aggregate principal amount of the 4.375% April 2022 Notes due 2025, and (iii) $0.6 million in aggregate principal amount of the 4.625% MGP OP Notes due 2025;

Previous wording

•Draws of $248.4 million and repayments of $151.8 million on our Revolving Credit Facility;

Current wording

•Draws of $423.4 million and repayments of $257.7 million on our Revolving Credit Facility;

Previous wording

•Payments of debt issuance costs of $19.1 million;

Current wording

•Payments of debt issuance costs of $19.4 million;