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 and six months ended June 30, 2026 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, 2025, which were included in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 nine months ended September 30, 2026 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, 2025, which were included in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 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 130 million square feet, our well-maintained properties are currently located across urban, destination and drive-to markets in twenty-six states, one U.S. territory and Canada, contain approximately 66,000 hotel rooms and feature over 700 restaurants, bars, nightclubs and sportsbooks. As of June 30, 2026, our properties are 100% leased with a weighted average lease term based on contractual rent, including extension options, of approximately 39.6 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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 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 130 million square feet, our well-maintained properties are currently located across urban, destination and drive-to markets in twenty-six states, one U.S. territory and Canada, contain approximately 66,000 hotel rooms and feature over 700 restaurants, bars, nightclubs and sportsbooks. As of September 30, 2026, our properties are 100% leased with a weighted average lease term based on contractual rent, including extension options, of approximately 39.4 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 and six months ended June 30, 2026.

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 nine months ended September 30, 2026.

Previous wording

The macroeconomic environment continues to create additional risk and uncertainty for businesses, including us and our tenants, including the impact of changing interest rates, inflationary and recessionary threats, geopolitical and regulatory uncertainty, and increased cost of capital. Our tenants also face additional challenges, including potential changes in consumer confidence levels, behavior and spending, increasing competition from a variety of sources, and increased operational expenses, such as with respect to the impact of tariffs or trade barriers, labor, insurance or energy costs. As a triple-net lessor, our tenants’ operational performance, as impacted by factors such as increased competition or operational expenses at our leased properties, does not directly impact their rent obligations (other than with respect to underlying inflation as applied to the CPI-based escalators described below) or other obligations under our lease agreements (other than compliance with financial covenants and other terms when applicable). Our borrowers are similarly responsible for operating their businesses, subject to compliance with the terms of our loan agreements. However, our tenants’ and borrowers’ business strategies and their ability to execute their business plans effectively, including in response to evolving macroeconomic, competitive, regulatory and consumer dynamics, may impact our performance, especially over the long-term.

Current wording

The macroeconomic environment continues to create additional risk and uncertainty for businesses, including us and our tenants, including the impact of, and expectations relating to, changing interest rates, inflationary and recessionary threats, geopolitical and regulatory uncertainty, and increased cost of capital. Our tenants also face additional challenges, including potential changes in consumer confidence levels, behavior and spending, increasing competition from a variety of sources, and increased operational expenses, such as with respect to the impact of tariffs or trade barriers, labor, insurance or energy costs. As a triple-net lessor, our tenants’ operational performance, as impacted by factors such as increased competition or operational expenses at our leased properties, generally does not directly impact their rent obligations or other obligations under our lease agreements (other than compliance with financial covenants and other terms when applicable). Our borrowers are similarly responsible for operating their businesses, subject to compliance with the terms of our loan agreements. However, our tenants’ and borrowers’ business strategies and their ability to execute their business plans effectively, including in response to evolving macroeconomic, competitive, regulatory and consumer dynamics, may impact our financial results and performance, especially over the long term.

Previous wording

As part of our portfolio and asset management function, we monitor our tenants' and borrowers' financial performance on an ongoing basis. Financial underperformance or operating challenges experienced by any of our tenants or borrowers, whether driven by competitive dynamics, strategic decisions, or broader industry or macroeconomic conditions, may adversely affect their ability to fulfill their contractual obligations under our lease and loan agreements. The full extent to which the trends described herein adversely affect our tenants and borrowers, the industries in which they operate, and/or ultimately impact our business depends on future developments that cannot be predicted with confidence, including our tenants' and borrowers' business strategy and financial performance, the direct and indirect effects of the trends discussed in this section and the impact of any future measures taken in response to such trends.

Current wording

As part of our portfolio and asset management function, we monitor our tenants’ and borrowers’ financial performance on an ongoing basis. Financial underperformance or operating challenges experienced by any of our tenants or borrowers, whether driven by consumer shifts, competitive dynamics, strategic decisions, or broader industry or macroeconomic conditions, may adversely affect their ability to fulfill their contractual obligations under our lease and loan agreements. The full extent to which the trends described herein adversely affect our tenants and borrowers, the industries in which they operate, and/or ultimately impact our business, financial results and performance depends on future developments that cannot be predicted with confidence, including our tenants’ and borrowers’ business strategy and financial performance, the direct and indirect effects of the trends discussed in this section and the impact of any future measures taken in response to such trends.

Previous wording

•Club Med St. Croix Transaction. On June 15, 2026, we announced the acquisition and planned redevelopment of the Carambola Beach Resort, or St. Croix Resort, located in the U.S. Virgin Islands, in association with Club Med, the pioneer of the all-inclusive resort concept with nearly 60 resorts spanning across 40 countries on five continents. Following our acquisition of the St. Croix Resort for $20.3 million, we entered into the Club Med Lease and have agreed to fund Club Med’s $55.2 million redevelopment of the St. Croix Resort through a build-to-suit structure. Construction is expected to commence in the summer of 2026 with a targeted reopening in the fourth quarter of 2027.

Current wording

•Club Med St. Croix Transaction. On June 15, 2026, we announced the acquisition and planned redevelopment of the Carambola Beach Resort, or St. Croix Resort, located in the U.S. Virgin Islands, in association with Club Med, the pioneer of the all-inclusive resort concept with nearly 60 resorts spanning across 40 countries on five continents. Following our acquisition of the St. Croix Resort for $20.3 million, we entered into the Club Med Lease and have agreed to fund Club Med’s $55.2 million redevelopment of the St. Croix Resort through a build-to-suit structure. Construction has commenced with a targeted reopening in the fourth quarter of 2027.

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 six months ended June 30, 2026:

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 nine months ended September 30, 2026:

Previous wording

•Forward-Starting Interest Rate Swaps. During the six months ended June 30, 2026, we entered into twelve forward-starting interest rate swap agreements for an aggregate notional amount of $600.0 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 September and December 2026.

Current wording

•Forward-Starting Interest Rate Swaps. During the nine months ended September 30, 2026, we entered into twelve forward-starting interest rate swap agreements for an aggregate notional amount of $600.0 million and four U.S. Treasury Rate Lock agreements for an aggregate notional amount of $500.0 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 in connection with the refinancing of our senior unsecured notes maturing in September and December 2026. On August 7, 2026, we settled all the outstanding forward-starting interest rate swap agreements and U.S. Treasury Rate Lock agreements, resulting in net proceeds of $20.0 million. Since the forward-starting swaps are hedging the interest rate risk on the August 2026 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

•At-The-Market Offering Program. During the six months ended June 30, 2026, we did not sell any shares under the ATM Program. On April 29, 2026, we physically settled 7,750,000 forward shares under the ATM Program in exchange for total net settlement proceeds of approximately $242.1 million.

Current wording

•At-The-Market Offering Program. During the nine months ended September 30, 2026, we did not sell any shares under the ATM Program. During the nine months ended September 30, 2026, we physically settled 7,750,000 forward shares under the ATM Program in exchange for total net settlement proceeds of approximately $242.1 million.

Previous wording

For the three and six months ended June 30, 2026 and 2025, our revenue was comprised of the following items:

Current wording

For the three and nine months ended September 30, 2026 and 2025, our revenue was comprised of the following items:

Previous wording

Leasing revenue is generated from rent from our lease agreements. Total leasing revenue increased $40.1 million and $54.7 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively. Total contractual leasing revenue increased $30.9 million and $47.6 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively. The increases were primarily driven by the addition of the Golden Entertainment Master Lease to our portfolio in April 2026, as well as annual rent escalators from certain of our lease agreements.

Current wording

Leasing revenue is generated from rent from our lease agreements. Total leasing revenue increased $41.5 million and $96.2 million during the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively. Total contractual leasing revenue increased $40.8 million and $88.3 million during the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively. The increases were primarily driven by the addition of the Golden Entertainment Master Lease to our portfolio in April 2026 and the addition of the Gamehost Portfolio to the PURE Master Lease in June 2026, as well as annual rent escalators from certain of our lease agreements.

Previous wording

Income from loans and securities increased $16.9 million and $35.9 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively. The increase was primarily 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.

Current wording

Income from loans and securities increased $18.2 million and $54.0 million during the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively. The increases were primarily 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.

Previous wording

For the three and six months ended June 30, 2026 and 2025, our operating expenses were comprised of the following items:

Current wording

For the three and nine months ended September 30, 2026 and 2025, our operating expenses were comprised of the following items:

Previous wording

General and administrative expenses increased $0.9 million and $2.0 million for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively. The increase was primarily driven by an increase in compensation, including stock-based compensation.

Current wording

General and administrative expenses increased $1.1 million and $3.1 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively. The increases were primarily driven by an increase in compensation, including stock-based compensation.

Previous wording

Change in allowance for credit losses increased $413.1 million and $107.3 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively, primarily as a result of (i) the initial CECL allowance recorded on our acquisitions of the Gamehost Portfolio, Golden Portfolio and our debt investment activity, (ii) an increase in the estimate of the Long-Term Period PD for one of our tenants, and (iii) negative changes in the macroeconomic forecast during the periods. Refer to Note 5 - Allowance for Credit Losses for further details.

Current wording

Change in allowance for credit losses increased $478.2 million and $585.5 million during the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively, primarily as a result of (i) an increase in the estimate for the Long-Term Period PD for Caesars as a result of a credit rating agency’s downgrade of the credit rating of Caesars’ senior secured debt, (ii) an increase in the allowance of the Caesars Regional Master Lease and the Joliet Lease driven by revised estimates during the tenant renewal periods, (iii) the initial CECL allowance recorded on our acquisitions of the Golden Portfolio, Gamehost Portfolio, and our debt investment activity, and (iv) an increase in the estimate of the Long-Term Period PD for one of our tenants. Refer to Note 5 - Allowance for Credit Losses for further details.

Previous wording

Transaction and acquisition expenses decreased $5.6 million and $5.5 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, 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.

Current wording

Transaction and acquisition expenses increased $0.2 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, and decreased $5.3 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. 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 and six months ended June 30, 2026 and 2025, our other income and expenses were comprised of the following items:

Current wording

For the three and nine months ended September 30, 2026 and 2025, our other income and expenses were comprised of the following items:

Previous wording

Interest expense decreased $3.9 million and $3.8 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively. The decrease was primarily driven by lower average debt outstanding and lower amortization of noncash original issue discount during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, partially offset by an increase in the weighted average interest rate of our debt, net of the impact of the forward-starting interest rate swaps and treasury locks for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, as a result of a higher effective interest rate on the April 2025 Notes as compared to the debt that was refinanced by such notes.

Current wording

Interest expense increased $4.7 million and $0.9 million during the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, respectively, primarily due to an increase in the weighted average interest rate of our debt, net of the impact of the forward-starting interest rate swaps and treasury locks for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, as a result of a higher effective interest rate on the April 2025 Notes and August 2026 Notes as compared to the debt that was refinanced by such notes.

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, capitalized interest on real estate under development, 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 interests 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, capitalized interest on real estate under development, 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 provision (or benefit), other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interests with respect to certain of the foregoing.

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 June 30, 2026, we had $17.2 billion of debt obligations outstanding, of which $500.0 million matures on September 1, 2026, $1.25 billion matures on December 1, 2026, $750.0 million matures on February 1, 2027 and $750.0 million matures on February 15, 2027. 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 September 30, 2026, we had $17.2 billion of debt obligations outstanding, of which $750.0 million matures on February 1, 2027 and $750.0 million matures on February 15, 2027. 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 June 30, 2026, 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 such 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.

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 September 30, 2026, 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 such future funds, prior to November 1, 2026 (although we do not currently expect the tenant to draw such additional funds prior to expiration of the option). 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 six months ended June 30, 2026 and 2025:

Current wording

The table below summarizes our cash flows for the nine months ended September 30, 2026 and 2025:

Previous wording

Net cash provided by operating activities increased $128.3 million for the six months ended June 30, 2026 compared with the six months ended June 30, 2025. The increase was primarily driven by the receipt of payment-in-kind interest, the annual rent escalators from our lease agreements and incremental interest income from additional loan fundings.

Current wording

Net cash provided by operating activities increased $197.2 million for the nine months ended September 30, 2026 compared with the nine months ended September 30, 2025. The increase was primarily driven by an increase in cash rental payments from our real estate portfolio as a result of the addition of the Golden Entertainment Master Lease and the Gamehost Portfolio portion of the PURE Master Lease, the receipt of payment-in-kind interest, the annual rent escalators from our lease agreements and incremental interest income from additional loan fundings.

Previous wording

Net cash used in investing activities increased $310.5 million for the six months ended June 30, 2026 compared with the six months ended June 30, 2025.

Current wording

Net cash used in investing activities increased $399.5 million for the nine months ended September 30, 2026 compared with the nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2026, the primary sources and uses of cash from investing activities included:

Current wording

During the nine months ended September 30, 2026, 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$943.2 million;

Current wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of$1,158.7 million;

Previous wording

•Principal repayments of loans and receipts of deferred fees in the amount of$473.0 million;

Current wording

•Principal repayments of loans and receipts of deferred fees in the amount of$558.2 million;

Previous wording

•Cash portion of the Golden Entertainment Transaction of$435.0 million;

Current wording

•Cash portion of the Golden Entertainment Transaction of$435.7 million;

Previous wording

•Payments for the Gamehost Transaction for a total cost of$141.7 million, including acquisition costs;

Current wording

•Payments for the Gamehost Transaction for a total cost of$143.5 million, including acquisition costs;

Previous wording

•Payments for the Club Med St. Croix Transaction for a total cost of$22.3 million, including acquisition costs.

Current wording

•Payments for the Club Med St. Croix Transaction for a total cost of$25.5 million, including acquisition costs.

Previous wording

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

Current wording

During thenine months ended September 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$723.9 million.

Current wording

•Disbursements to fund investments in our loan and securities portfolio in the amount of$786.4 million; and

Previous wording

•Proceeds from the partial repayment of the Cabot Saint Lucia loan and Hard Rock Ottawa Notes in the amount of$3.2 million; and

Current wording

•Proceeds from the partial repayment of the Cabot Saint Lucia and Homefield loan and the Hard Rock Ottawa Notes and deferred fees in the amount of$20.3 million.

Previous wording

Net cash used in financing activities decreased $199.2 million for the six months ended June 30, 2026, compared with the six months ended June 30, 2025.

Current wording

Net cash used in financing activities increased $72.7 million for the nine months ended September 30, 2026, compared with the nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2026, the primary sources and uses of cash in financing activities included:

Current wording

During the nine months ended September 30, 2026, the primary sources and uses of cash in financing activities included:

Previous wording

•Draws of $280.2 million and repayments of $150.0 million on our Revolving Credit Facility;

Current wording

•Draws of $420.2 million and repayments of $290.0 million on our Revolving Credit Facility;

Previous wording

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

Current wording

During the nine months ended September 30, 2025, the primary sources and uses of cash from financing activities included:

Previous wording

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

Current wording

•Draws of $426.0 million and repayments of $432.7 million on our Revolving Credit Facility;

Previous wording

•Distributions of $16.5 million to non-controlling interests; and

Current wording

•Distributions of $24.0 million to non-controlling interests; and

Previous wording

We intend to make regular quarterly distributions to holders of shares of our common stock. Dividends declared (on a per share basis) during the six months ended June 30, 2026 and 2025 were as follows:

Current wording

We intend to make regular quarterly distributions to holders of shares of our common stock. Dividends declared (on a per share basis) during the nine months ended September 30, 2026 and 2025 were as follows: