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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File No. 001-36739

STORE CAPITAL LLC

(Exact name of registrant as specified in its charter)



Delaware		88-4051712
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

8377 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (480) 256-1100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Note: The registrant is a voluntary filer of reports required to be filed by certain companies under Sections 13 or 15(d) of the Securities Exchange Act of 1934.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer ☐			Accelerated filer ☐

Non-accelerated filer ☒			Smaller reporting company ☐

			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

As of April 30, 2025, there were 1,125 units of equity outstanding.

TABLE OF CONTENTS


		Page
Part I. - FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Members’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
Part II. - OTHER INFORMATION		35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		37

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

STORE Capital LLC

Condensed Consolidated Balance Sheets

(In thousands)


	March 31,			December 31,
	2025			2024
	(unaudited)			(audited)
Assets
Investments:
Real estate investments:
Land and improvements	$	3,837,537		$	3,840,415
Buildings and improvements		9,556,860			9,506,402
Intangible lease assets		580,082			588,635
Total real estate investments		13,974,479			13,935,452
Less accumulated depreciation and amortization		(1,221,436	)		(1,083,693	)
		12,753,043			12,851,759
Operating ground lease assets		57,045			57,245
Loans and financing receivables, net		2,040,617			1,941,032
Net investments		14,850,705			14,850,036
Cash and cash equivalents		327,283			162,188
Other assets, net		158,395			150,349
Total assets	$	15,336,383		$	15,162,573

Liabilities and equity
Liabilities:
Credit facility	$	375,000		$	375,000
Unsecured notes and term loans payable, net		3,332,498			2,977,100
Non-recourse debt obligations of consolidated special purpose entities, net		2,833,099			2,831,007
Intangible lease liabilities, net		122,435			125,095
Operating lease liabilities		54,338			54,501
Accrued expenses, deferred revenue and other liabilities		193,687			215,101
Total liabilities		6,911,057			6,577,804
Equity:
Members’ equity		8,379,574			8,571,554
Retained earnings (accumulated deficit)		36,601			(15,406	)
Accumulated other comprehensive income		672			20,497
Total members’ equity		8,416,847			8,576,645
Noncontrolling interest		8,479			8,124
Total equity		8,425,326			8,584,769
Total liabilities and equity	$	15,336,383		$	15,162,573

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2025			2024
Revenues:
Rental revenues	$	253,880		$	248,297
Interest income on loans and financing receivables		47,563			23,113
Other income		2,441			3,859
Total revenues		303,884			275,269
Expenses:
Interest		90,725			87,110
Property costs		2,474			3,212
General and administrative		17,565			17,898
Depreciation and amortization		148,106			146,094
Provisions for impairment		7,366			7,817
Total expenses		266,236			262,131
Other income:
Net gain on dispositions of real estate		4,253			9,983
Income before income taxes		41,901			23,121
Income tax (benefit) expense		(10,773	)		2,322
Net income		52,674			20,799
Less: Net income attributable to noncontrolling interest		667			223
Net income attributable to controlling interest	$	52,007		$	20,576

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2025			2024
Net income	$	52,674		$	20,799
Other comprehensive (loss) income:
Unrealized (losses) gains on cash flow hedges		(14,938	)		41,472
Cash flow hedge gains reclassified to interest expense		(3,704	)		(8,686	)
Deferred loss on cash flow hedges		(1,183	)		—
Total other comprehensive (loss) income		(19,825	)		32,786
Total comprehensive income		32,849			53,585
Comprehensive income attributable to noncontrolling interest		667			223
Comprehensive income attributable to controlling interest	$	32,182		$	53,362

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Members’ Equity

(unaudited)

(In thousands, except unit data)


										Accumulated
										Other			Total			Non
	Members’ Units				Members’ Equity					Comprehensive			Members’			controlling			Total
	Common		Preferred		Common			Preferred		Income (Loss)			Equity			Interest			Equity
Three Months Ended March 31, 2025
Balance at December 31, 2024		1,000		125	$	8,556,023		$	125	$	20,497		$	8,576,645		$	8,124		$	8,584,769
Members’ distributions		—		—		(192,000	)		—		—			(192,000	)		—			(192,000	)
Issuance of preferred shares, net of costs of $105		—		125		—			20		—			20			—			20
Net income		—		—		51,902			105		—			52,007			667			52,674
Other comprehensive loss		—		—		—			—		(19,825	)		(19,825	)		—			(19,825	)
Distributions to noncontrolling interest		—		—		—			—		—			—			(312	)		(312	)
Balance at March 31, 2025		1,000		250	$	8,415,925		$	250	$	672		$	8,416,847		$	8,479		$	8,425,326



										Accumulated
										Other			Total			Non
	Members’ Units				Members’ Equity					Comprehensive			Members’			controlling			Total
	Common		Preferred		Common			Preferred		Income (Loss)			Equity			Interest			Equity
Three Months Ended March 31, 2024
Balance at December 31, 2023		1,000		125	$	8,591,845		$	125	$	(816	)	$	8,591,154		$	8,044		$	8,599,198
Members’ contributions		—		—		150,000			—		—			150,000			—			150,000
Members’ distributions		—		—		(180,000	)		—		—			(180,000	)		—			(180,000	)
Net income		—		—		20,576			—		—			20,576			223			20,799
Other comprehensive income		—		—		—			—		32,786			32,786			—			32,786
Distributions to noncontrolling interest		—		—		—			—		—			—			(141	)		(141	)
Balance at March 31, 2024		1,000		125	$	8,582,421		$	125	$	31,970		$	8,614,516		$	8,126		$	8,622,642

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2025			2024
Operating activities
Net income	$	52,674		$	20,799
Adjustments to net income:
Depreciation and amortization		148,106			146,094
Amortization of debt discounts, deferred financing costs and other noncash interest expense		19,110			19,468
Provisions for impairment		7,366			7,817
Net gain on dispositions of real estate		(4,253	)		(9,983	)
Noncash revenue and other		(16,408	)		(1,659	)
Payments made in settlement of cash flow hedges		(1,183	)		—
Changes in operating assets and liabilities:
Other assets		(1,570	)		(3,605	)
Accrued expenses, deferred revenue and other liabilities		(31,601	)		(2,339	)
Net cash provided by operating activities		172,241			176,592
Investing activities
Acquisition of and additions to real estate		(147,035	)		(195,408	)
Investment in loans and financing receivables		(108,563	)		(137,611	)
Collections of principal on loans and financing receivables		452			428
Proceeds from dispositions of real estate		109,689			59,791
Net cash used in investing activities		(145,457	)		(272,800	)
Financing activities
Borrowings under unsecured notes and term loans payable		349,773			135,000
Repayments under non-recourse debt obligations of consolidated special purpose entities		(6,395	)		(6,271	)
Financing costs paid		(2,732	)		(1,727	)
Members’ contributions		—			150,000
Members’ distributions		(192,000	)		(180,000	)
Proceeds from issuance of preferred shares		125			—
Preferred shares issuance costs paid		(105	)		—
Distributions to noncontrolling interest		(312	)		(141	)
Net cash provided by financing activities		148,354			96,861
Net change in cash, cash equivalents and restricted cash		175,138			653
Cash, cash equivalents and restricted cash, beginning of period		172,123			250,227
Cash, cash equivalents and restricted cash, end of period	$	347,261		$	250,880

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	327,283		$	235,930
Restricted cash included in other assets		19,978			14,950
Total cash, cash equivalents and restricted cash	$	347,261		$	250,880

Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate, loans and financing receivable investments	$	22,942		$	8,393
Tenant funded improvements to real estate investments		1,981			3,100
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	73,900		$	67,813
Cash paid (refunds received) during the period for income and franchise taxes, net		(214	)		19

See accompanying notes.

STORE Capital LLC

Notes to Condensed Consolidated Financial Statements

March 31, 2025

1. Organization

STORE Capital Corporation was incorporated under the laws of Maryland on May 17, 2011 and completed its initial public offering of its common stock on November 21, 2014. On February 3, 2023, STORE Capital Corporation was taken private in a transaction by entities affiliated with GIC, a global institutional investor, and funds managed by Blue Owl Capital, Inc. in which it merged into a merger subsidiary of Ivory Parent, LLC, a Delaware limited liability company, and Ivory SuNNNs LLC, a Delaware limited liability company (the “Merger”). As a result of the Merger, the separate existence of STORE Capital Corporation ceased, its common equity was no longer traded, and the surviving merger subsidiary changed its name to STORE Capital LLC. Following the Merger, STORE Capital LLC continues the business of its predecessor entity and acquires single tenant operational real estate to be leased on a long term, net basis to companies that operate across a wide variety of industries within the service, service-oriented retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. References herein to “we,” “us,” “our,” the “Company,” or “STORE Capital” are references to STORE Capital Corporation prior to the Merger and STORE Capital LLC upon and following the Merger.

STORE Capital Corporation elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. STORE Capital LLC has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a REIT for federal income tax purposes beginning with its initial taxable year ended December 31, 2022. As a REIT, the Company will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its members and meets other specific requirements.

2. Summary of Significant Accounting Principles

Basis of Accounting and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

These condensed consolidated statements include the accounts STORE Capital LLC, its wholly-owned subsidiaries, and special purpose entities and variable interest entities (“VIEs”) that it controls through its voting interest and other means. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day‑to‑day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non‑recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest‑bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long‑term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation.

Certain of the Company’s consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At March 31, 2025 and December 31, 2024, these special purpose entities held assets totaling $13.3 billion and $13.2 billion, respectively, and had third-party liabilities totaling $3.1 billion and $3.1 billion, respectively. At March 31, 2025 and December 31, 2024, these VIEs held assets totaling $275.2 million and $275.7 million, respectively, and had third-party liabilities totaling $0.9 million and $1.4 million, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets.

The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s

activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity.

The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, the variable interest holder’s form of ownership interest, the variable interest holder’s representation on the VIE’s governing body, the size and seniority of the variable interest holder’s investment, the variable interest holder’s ability and the rights of other investors to participate in policy making decisions, the variable interest holder’s ability to manage its ownership interest relative to the other interest holders, and the variable interest holder’s ability to replace the VIE manager and/or liquidate the entity.

For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed.

Consolidated VIE

The Company holds a 95% ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest member. The Company also provided a $105.2 million loan to the joint venture. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements) and cash; its obligations primarily consist of debt service payments to the Company, which are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.

Segment Reporting

The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. We are engaged in the business of acquiring, investing in and managing Single Tenant Operational Real Estate across the U.S. The Company’s operating results depend primarily upon generating rental revenue and interest income from leasing its properties. The Company’s Chief Executive Officer acts as the chief operating decision maker (“CODM”). Our CODM assesses entity-wide operating results and makes decisions on how to allocate resources based on consolidated net income, which is reported in the condensed consolidated statements of operations. Additionally, the measure of segment assets is reported in the condensed consolidated balance sheets as “Total assets.”

Significant expense categories, including interest, property costs, general and administrative and depreciation and amortization, are included on the Company’s condensed consolidated statements of operations. Asset information is included on the condensed consolidated balance sheets and in Note 3.

Investment Portfolio

STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio.

•

Real Estate Investments – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are classified as operating or finance leases and, in both cases, the operators become the Company’s long‑term tenants (its customers). If the terms of a lease contract specifically associated with a sale-leaseback transaction result in the lease being classified as a finance lease, or the lease contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement, due to the Company’s adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating or finance lease.

•

Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans.

•

Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements.

Accounting for Real Estate Investments

Classification and Cost

STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre‑acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that, due to the terms of the contract, is classified as a finance lease, or where the contract contains a purchase option, the Company accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the condensed consolidated balance sheets. For contracts accounted for as a financing arrangement due to the presence of a purchase option, should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments.

In‑place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in‑place leases is amortized on a straight‑line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases.

The fair value of any above‑market or below‑market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in‑place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above‑market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below‑market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations.

The Company’s real estate portfolio is depreciated using the straight‑line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated.

Revenue Recognition

STORE Capital leases real estate to its tenants under long‑term net leases that are predominantly classified as operating leases, but in certain circumstances are classified as financing arrangements or finance leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases classified as operating leases that provide for specific contractual escalations, rental revenue is recognized on a straight‑line basis so as to produce a constant periodic rent over the term of the lease. When a lease classified as a financing arrangement provides the same specific contractual escalations, lease payments accounted for as interest income are recognized using the effective interest method. Accordingly, straight-line operating lease receivables and interest income receivables, calculated as the aggregate difference between the rental revenue recognized on a straight‑line basis or interest income recognized using the effective interest method, respectively, and scheduled rents or interest, represent unbilled rent receivables that the Company will receive only if the tenants make all rent or interest payments required through the expiration of the leases; these receivables are included in other assets, net on the condensed consolidated balance sheets. The Company reviews its straight-line operating lease and interest income receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues and interest income. As of March 31, 2025 and December 31, 2024, the Company had $77.5 million and $63.1 million, respectively, of total straight-line operating lease and interest income receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple‑year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred.

In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is achieved. Approximately 3.0% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues.

The Company reviews its revenue and interest receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write‑off of the receivable is made and any future rental revenue or interest income is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable.

Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of operations.

Impairment

STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. Depending on their nature, these factors are classified as Level 2 or Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

During the three months ended March 31, 2025, the Company recognized an aggregate provision for the impairment of real estate of $6.4 million. For the assets impaired in 2025, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $22.8 million. The Company recognized an aggregate provision for the impairment of real estate of $6.7 million for the three months ended March 31, 2024.

Accounting for Loans and Financing Receivables

Loans Receivable – Classification, Cost and Revenue Recognition

STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any.

The Company recognizes interest income on loans receivable using the effective‑interest method applied on a loan‑by‑loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of March 31, 2025 and December 31, 2024, the Company had loans receivable with an aggregate outstanding principal balance of $58.0 million and $64.7 million, respectively, on nonaccrual status.

Sale-Leaseback Transactions Accounted for as Financing Arrangements – Classification, Cost and Revenue Recognition

Lease contracts accounted for as financing arrangements are recorded at an amount equal to the cost of the associated real estate, including acquisition and closing costs. The Company recognizes revenue from sale-leaseback transactions accounted for as financing arrangements as interest income on the condensed consolidated statement of operations.

Sales-Type Receivables – Classification, Cost and Revenue Recognition

Sales-type receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the assets. Rental payments received and the amortization of unearned income are recorded as interest income on the condensed consolidated statement of operations.

Impairment and Provision for Credit Losses

The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. During the three months ended March 31, 2025 the Company recognized an estimated $1.0 million provision for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of operations. For the three months ended March 31, 2024, the Company recognized an estimated $1.1 million of provisions for credit losses. For the three months ended March 31, 2025 and 2024, the Company did not write off any credit losses associated with loans and financing receivables.

Accounting for Operating Ground Lease Assets

As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.

Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are

typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues.

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money‑market funds of major financial institutions, consisting predominantly of U.S. Government obligations.

Restricted Cash

Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $20.0 million and $9.9 million of restricted cash at March 31, 2025 and December 31, 2024, respectively, which are included in other assets, net, on the condensed consolidated balance sheets.

Deferred Financing and Other Debt Costs

Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets.

Derivative Instruments and Hedging Activities

The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. See Note 7 for a summary of net derivative balances recorded on the condensed consolidated balance sheets and gross asset and liability balances as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income. Amounts reported in accumulated other comprehensive income related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction.

As of March 31, 2025 and December 31, 2024, respectively, the Company had 21 interest rate swap agreements in place. Eleven of the interest rate swap agreements have an aggregate notional value of $921.1 million, with ten maturing in May 2027 and one maturing in May 2029, and are designated cash flow hedges of the Company’s $921.1 million variable-rate bank unsecured term loan which matures in April 2027 (Note 4). Three interest rate swap agreements with an aggregate notional value of $375.0 million and maturing in February 2027 are designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in February 2027 (Note 4). Seven of the interest rate swap agreements with an aggregate notional value of $727.5 million, two

with maturities in February 2027, and five with maturities in July 2028, are designated cash flow hedges of the Company’s $727.5 million floating-rate bank incremental unsecured term loan which matures in July 2026 (Note 4).

Fair Value Measurement

The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

•

Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access.

•

Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market‑corroborated inputs.

•

Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.

Income Taxes

As a REIT, the Company is generally not subject to federal income tax but is subject to certain state and local income taxes as well as federal income and excise tax on its undistributed income. STORE Investment Corporation, the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities, is subject to federal, state and local income taxes, but these annual taxes have historically been and are currently estimated to be negligible and have not been nor will be impacted by the Merger transaction, the income tax implications of which (to the Company) are referenced hereinafter.

Following the Merger, the Company’s new ownership structure and status as a privately held REIT caused multiple state income tax jurisdictions to view the Company as a captive REIT, resulting in state income tax liabilities to which the Company was not previously subject when it was publicly traded.

During the three months ended March 31, 2025, the Company’s status as a captive REIT in most states ceased, which significantly reduced the state income tax liabilities that were triggered by the Merger. As such, the Company expects its state effective income tax rate, with respect to most captive REIT jurisdictions, to be zero for the foreseeable future. After applying the projected future effective income tax rate of approximately zero to the Company’s temporary differences, the $11.7 million balance in its net deferred tax liability recorded at December 31, 2024 was reversed in full during the three months ended March 31, 2025, resulting in the recognition of a tax benefit.

During the three months ended March 31, 2025 and 2024, the Company recorded a net $10.8 million of income tax benefit and $2.3 million of income tax expense, respectively.

Certain state tax returns filed for 2020 and federal and state tax returns filed for 2021 through 2023 are subject to examination by the respective taxing authorities in these jurisdictions. As of March 31, 2025, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at March 31, 2025 or December 31, 2024.

Related Party Transactions

The Company has a service contract with PCSD Ivory Private Limited, an entity affiliated with GIC, one of the Company’s members, under which it has agreed to perform certain loan servicing and other administrative services on behalf of PCSD Ivory Private Limited in exchange for a servicing fee. During the three months ended March 31, 2025 and 2024, the Company collected $0.2 million and $0.2 million, respectively, of fee income, which is recorded in other income on the condensed consolidated statements of operations.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the potential impact the adoption of ASU 2023-09 will have on the consolidated financial statements or notes to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income statement (Subtopic 220-40) Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.

3. Investments

At March 31, 2025, STORE Capital had investments in 3,366 property locations representing 3,323 owned properties (of which 199 are accounted for as financing arrangements and 94 are accounted for as sales-type leases), 25 properties where all the related land is subject to an operating ground lease and 18 properties which secure mortgage loans. The gross investment portfolio totaled $15.9 billion at March 31, 2025 and consisted of the gross acquisition cost of the real estate investments totaling $13.8 billion including an offset by intangible lease liabilities totaling $140.6 million, loans and financing receivables with an aggregate carrying amount of $2.0 billion and operating ground lease assets totaling $57.0 million. As of March 31, 2025, approximately 33% of these investments are assets of consolidated special purpose entity subsidiaries that are pledged as collateral under the non‑recourse obligations of such special purpose entities (Note 4).

The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the three months ended March 31, 2025, the Company had the following gross real estate and other investment activity (dollars in thousands):


	Number of			Dollar
	Investment			Amount of
	Locations			Investments
Gross investments, December 31, 2024		3,312		$	15,792,467
Acquisition of and additions to real estate (a)(d)		59			146,418
Investment in loans and financing receivables (a)		13			116,013
Sales of real estate		(18	)		(111,749	)
Principal collections on loans and financing receivables		—			(452	)
Net change in operating ground lease assets (b)					(201	)
Provisions for impairment					(7,366	)
Other					(3,600	)
Gross investments, March 31, 2025 (c)					15,931,530
Less accumulated depreciation and amortization (c)					(1,203,260	)
Net investments, March 31, 2025		3,366		$	14,728,270

(a)

Excludes $18.1 million of total tenant improvement advances disbursed in 2025 which were accrued as of December 31, 2024.

(b)

Represents amortization recognized on operating ground lease assets during the three months ended March 31, 2025.

(c)

Includes the below-market lease liabilities ($140.6 million) and the accumulated amortization ($18.2 million) of the liabilities recorded on the condensed consolidated balance sheets as intangible lease liabilities as of March 31, 2025.

(d)

Includes $2.0 million of tenant funded improvements during 2025.

The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands):


	Three Months Ended March 31,
	2025		2024
Rental revenues:
Operating leases (a)	$	252,061	$	246,219
Sublease income - operating ground leases (b)		780		703
Amortization of lease related intangibles and costs		1,039		1,375
Total rental revenues	$	253,880	$	248,297

Interest income on loans and financing receivables:
Mortgage and other loans receivable	$	4,613	$	2,255
Sale-leaseback transactions accounted for as financing arrangements		30,571		16,891
Sales-type and financing receivables		12,379		3,967
Total interest income on loans and financing receivables	$	47,563	$	23,113

(a)

For the three months ended March 31, 2025 and 2024, includes $1.1 million and $1.1 million, respectively, of property tax tenant reimbursement revenue and includes $334,000 and $403,000, respectively, of variable lease revenue.

(b)

Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments.

The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease.

Significant Credit and Revenue Concentration

STORE Capital’s real estate investments are leased or financed to 654 customers who operate their businesses across 141 industries geographically dispersed throughout 49 states. The primary sectors of the U.S. economy and their proportionate dollar amount of STORE Capital’s investment portfolio at March 31, 2025 are service at 60%, service-oriented retail at 13% and manufacturing at 27%. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at March 31, 2025. None of the Company’s customers represented more than 10% of the Company’s investment portfolio at March 31, 2025, with the largest customer representing 2.4% of the total investment portfolio. On an annualized basis, as of March 31, 2025, the largest customer represented approximately 2.3% of the Company’s total investment portfolio revenues.

Real Estate Investments

The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at March 31, 2025 was approximately 14.0 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At March 31, 2025, 21 of the Company’s properties were vacant and not subject to a lease.

Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of March 31, 2025, are as follows (in thousands):


Remainder of 2025	$	744,571
2026		994,354
2027		983,794
2028		968,194
2029		943,973
2030		918,711
Thereafter		7,448,857
Total future minimum rentals (a)	$	13,002,454

(a)

Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements and sales-type financing receivables. See Loans and Financing Receivables section below.

Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rental payments such as lease escalations based on future changes in CPI.

Intangible Lease Assets

The following details intangible lease assets and related accumulated amortization (in thousands):


	March 31, 2025			December 31, 2024
In-place leases	$	543,958		$	551,442
Above-market leases		36,124			37,193
Total intangible lease assets		580,082			588,635
Accumulated amortization		(110,406	)		(99,007	)
Net intangible lease assets	$	469,676		$	489,628

Aggregate lease intangible asset amortization included in depreciation and amortization expense was $14.4 million and $13.4 million during the three months ended March 31, 2025 and 2024, respectively. The amount amortized as a decrease to rental revenue for capitalized above‑market lease intangibles was $1.2 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.

Based on the balance of the intangible lease assets at March 31, 2025, the aggregate amortization expense is expected to be $35.9 million for the remainder of 2025, $46.3 million in 2026, $44.6 million in 2027, $42.4 million in 2028, $39.7 million in 2029, $36.7 million in 2030 and $193.9 million thereafter. The amount expected to be amortized as a decrease to rental revenue is expected to be $2.0 million for the remainder of 2025, $2.7 million in 2026, $2.7 million in 2027, $2.5 million in 2028, $2.5 million in 2029, $2.4 million in 2030 and $15.4 million thereafter. The weighted average remaining amortization period is approximately 11.5 years for the in‑place lease intangibles and approximately 13.3 years for the above-market lease intangibles.

Intangible Lease Liabilities

The following details intangible lease liabilities and related accumulated amortization (in thousands):


	March 31, 2025			December 31, 2024
Below-market leases	$	140,611		$	141,262
Accumulated amortization		(18,176	)		(16,167	)
Net intangible lease liabilities	$	122,435		$	125,095

Lease intangible liabilities are amortized as an increase to rental revenues. For the three months ended March 31, 2025 and 2024, amortization was $2.4 million and $2.2 million, respectively. Based on the balance of the intangible liabilities at March 31, 2025, the amortization included in rental revenue is expected to be $6.3 million for the remainder of 2025, $8.3 million in 2026, $8.2 million in 2027, $8.0 million in 2028, $7.8 million in 2029, $7.1 million in 2030 and $76.7 million thereafter. The weighted average remaining amortization period, including extension periods, is approximately 22.4 years.

Operating Ground Lease Assets

As of March 31, 2025, STORE Capital had operating ground lease assets aggregating $57.0 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $961,000 and $884,000 during the three months ended March 31, 2025 and 2024, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $780,000 and $703,000 during the three months ended March 31, 2025 and 2024, respectively.

The future minimum lease payments to be paid under the operating ground leases as of March 31, 2025 were as follows (in thousands):


				Ground Leases
	Ground Leases			Paid by
	Paid by			STORE Capital's
	STORE Capital			Tenants (a)			Total
Remainder of 2025	$	43		$	2,404		$	2,447
2026		57			3,041			3,098
2027		57			3,041			3,098
2028		57			3,071			3,128
2029		58			3,158			3,216
2030		60			3,179			3,239
Thereafter		3,198			107,099			110,297
Total lease payments		3,530			124,993			128,523
Less imputed interest		(2,910	)		(73,849	)		(76,759	)
Total operating lease liabilities - ground leases	$	620		$	51,144		$	51,764

(a)

STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $125.0 million commitment, $86.5 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales.

Loans and Financing Receivables

The Company’s loans and financing receivables are summarized below (dollars in thousands):


Type	Interest Rate (a)	Maturity Date	March 31, 2025			December 31, 2024
Twelve mortgage loans receivable (b)	8.98%	2025 - 2066	$	231,385		$	231,536
Equipment and other loans receivable	9.75%	2025 - 2038		28,227			27,828
Total principal amount outstanding—loans receivable				259,612			259,364
Unamortized loan origination costs				666			686
Unamortized loan premium				635			642
Sale-leaseback transactions accounted for as financing arrangements (c)	8.57%	2034 - 2122		1,212,992			1,139,440
Sales-type financing receivables	8.73%	2044 - 2055		583,702			556,879
Allowance for credit and loan losses				(16,990	)		(15,979	)
Total loans and financing receivables			$	2,040,617		$	1,941,032

(a)

Represents the weighted average interest rate as of the balance sheet date.

(b)

One of these mortgage loans allows for a prepayment in whole, but not in part, with a penalty ranging from 20% to 70% depending on the timing of the prepayment.

(c)

In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2026 and 2073.

Loans Receivable

At March 31, 2025, the Company held 29 loans receivable with an aggregate carrying amount of $256.7 million. Twelve of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on eight of the mortgage loans are subject to increases over the term of the loans. The mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 20 to 40-year amortization period with a balloon payment, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly principal and interest payments with a balloon payment, if any, at maturity.

The long-term mortgage loans receivable generally allow for prepayments without penalty or with penalties ranging from 1% to 15%, depending on the timing of the prepayment, except as noted in the table above. Equipment and other loans receivable allow for

prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands):


	Scheduled
	Principal		Balloon		Total
	Payments		Payments		Payments
Remainder of 2025	$	1,477	$	10,282	$	11,759
2026		1,990		10,535		12,525
2027		2,570		453		3,023
2028		2,625		1,953		4,578
2029		2,668		1,500		4,168
2030		2,427		—		2,427
Thereafter		69,866		151,266		221,132
Total principal payments	$	83,623	$	175,989	$	259,612

Sale-Leaseback Transactions Accounted for as Financing Arrangements

As of March 31, 2025 and December 31, 2024, the Company had $1.2 billion and $1.1 billion, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of March 31, 2025, were as follows (in thousands):


Remainder of 2025	$	77,109
2026		104,538
2027		106,501
2028		108,521
2029		110,661
2030		112,862
Thereafter		3,400,999
Total future scheduled payments	$	4,021,191

Sales-Type Financing Receivables

As of March 31, 2025 and December 31, 2024, the Company had $583.7 million and $556.9 million, respectively, of investments accounted for as sales-type leases; the components of these investments were as follows (in thousands):


	March 31, 2025			December 31, 2024
Minimum lease payments receivable	$	1,650,227		$	1,580,222
Estimated residual value of leased assets		9,846			9,229
Unearned income		(1,076,371	)		(1,032,572	)
Net investment	$	583,702		$	556,879

As of March 31, 2025, the future minimum lease payments to be received under the sales-type lease receivables are expected to be $34.7 million for the remainder of 2025, $47.1 million in 2026, $48.1 million in 2027, $49.3 million in 2028, $50.5 million in 2029, $51.7 million in 2030 and $1.4 billion thereafter.

Provision for Credit Losses

In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan or financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of March 31, 2025, $225.9 million of loans and financing receivables were categorized as investment grade and $1.8 billion were categorized as non-investment grade. During the three months ended March 31, 2025 there were $1.0 million of provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off.

As of March 31, 2025, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was $10.6 million in 2025, $49.3 million in 2024, $85.1 million in 2023, none in 2022, $8.2 million in 2021 and $72.7 million prior to 2021. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $84.8 million in 2025, $812.7 million in 2024, $573.9 million in 2023, $84.4 million in 2022, $62.0 million in 2021 and $212.6 million prior to 2021.

4. Debt

Credit Facility

The Company has a credit agreement (the “Unsecured Credit Agreement”) with a group of lenders which provides for a senior unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”) and unsecured, variable-rate term loans which are discussed in more detail in the section titled “Unsecured Notes and Term Loans Payable, net” below. The Unsecured Revolving Credit Facility has a borrowing capacity of $753.9 million, matures in February 2027 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At March 31, 2025, the Company had $375.0 million of borrowings outstanding on the facility.

Borrowings under the Unsecured Revolving Credit Facility require monthly payments of interest at a rate selected by the Company of either (1) SOFR plus an adjustment of 0.10% plus a spread ranging from 1.00% to 1.45%, or (2) the Base Rate, as defined in the Unsecured Credit Agreement, plus a spread ranging from 0.00% to 0.45%. The spread used is based on the Company’s consolidated total leverage ratio as defined in the Unsecured Credit Agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.15% to 0.30% based on the Company’s consolidated total leverage ratio. As of March 31, 2025, the applicable spread for SOFR-based borrowings is 1.05% and the facility fee is 0.15%. As of March 31, 2025, the Company has three interest rate swap agreements with an aggregate notional value of $375.0 million that effectively convert the outstanding borrowings on the Unsecured Revolving Credit Facility to an all-in fixed rate of 4.5450%.

Under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $10.7 billion at March 31, 2025. The facility is recourse to the Company and, as of March 31, 2025, the Company was in compliance with the covenants under the facility.

The Unsecured Credit Agreement also includes capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, up to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of $3.2 billion as amended in December 2023.

At March 31, 2025 and December 31, 2024, unamortized financing costs related to the Company’s credit facility totaled $3.6 million and $4.1 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets.

Unsecured Notes and Term Loans Payable, net

The Company has completed four public offerings of ten-year unsecured notes (“Public Notes”). In March 2018, February 2019 and November 2020, the Company completed public offerings of $350.0 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $375.0 million in aggregate principal amount. The Public Notes have coupon rates of 4.50%, 4.625%, 2.75% and 2.70%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes.

In March 2025, the Company completed a private offering of $350.0 million in aggregate principal amount of five-year senior unsecured notes (the “2025 Notes”). The 2025 Notes have a coupon rate of 5.40% and interest is payable semi-annually in arrears in April and October of each year, commencing on October 30, 2025. In connection with this offering, the Company entered into an agreement pursuant to which the Company is obligated to file a registration statement with the SEC to offer to exchange the 2025 Notes for a new issue of notes registered under the Securities Act of 1933, as amended (the “Securities Act”). The Company is required to complete such exchange offer within one year of issuance.

The supplemental indentures governing the Public Notes and 2025 Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of March 31, 2025, the Company was in compliance with these covenants. The Public Notes and 2025 Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes.

The Company has entered into Note Purchase Agreements (“NPAs”) with institutional purchasers that provided for the private placement of three series of senior unsecured notes initially aggregating $375.0 million (the “Notes”). At March 31, 2025, the Company had $82.0 million of Notes outstanding. Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company.

The NPAs contain a number of financial covenants that are similar to the covenants contained in the Company’s Unsecured Credit Agreement as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of March 31, 2025, the Company was in compliance with its covenants under the NPAs.

The Company’s Unsecured Credit Agreement, provides for the Company’s Unsecured Revolving Credit Facility, as discussed above, and two unsecured, variable-rate term loans. The loans consist of an unsecured, variable rate term loan issued in February 2023 (“February 2023 Unsecured Term Loan”) and an unsecured, variable rate term loan issued in December 2023 (“December 2023 Unsecured Term Loan”).

As of March 31, 2025, total borrowings on the February 2023 Unsecured Term Loan were $921.1 million. The February 2023 Unsecured Term Loan matures in April 2027 and the interest rate resets daily at Daily Simple SOFR plus an adjustment of 0.10% plus a spread ranging from 1.10% to 1.70% based on the Company’s consolidated total leverage ratio as defined in the Unsecured Credit Agreement. At March 31, 2025, the spread applicable to the Company was 1.15%. As of March 31, 2025, the Company had 11 interest rate swap agreements, with an aggregate notional value of $921.1 million, which effectively convert the term loan borrowings to an all-in fixed rate of 4.2469% for the remaining term of the loan.

As of March 31, 2025, total borrowings under the December 2023 Unsecured Term Loan were $727.5 million. The December 2023 Unsecured Term Loan matures in July 2026 and includes two 12-month extensions. The interest rate resets daily at Daily Simple SOFR plus an adjustment of 0.10%, plus a spread ranging from 1.20% to 1.80% based on the Company’s consolidated total leverage ratio as defined in the Credit Agreement. At March 31, 2025, the spread applicable to the Company was 1.25%. As of March 31, 2025, the Company had seven interest rate swap agreements, with an aggregate notional value of $727.5 million, which effectively convert the term loan borrowings to an all-in fixed rate of 5.2699% for the remaining term of the loan.

As noted above, under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. As of March 31, 2025, the Company was in compliance with these covenants. The Unsecured Term Loans are senior unsecured obligations of the Company, require monthly interest payments and may be prepaid without premium or penalty at any time.

The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands):


			Outstanding Balance
	Maturity Date	Interest Rate	March 31, 2025			December 31, 2024
Notes Payable:
Series C issued April 2016	Apr. 2026	4.73%	$	82,000		$	82,000

Public Notes issued March 2018	Mar. 2028	4.50%		350,000			350,000
Public Notes issued February 2019	Mar. 2029	4.625%		350,000			350,000
Public Notes issued November 2020	Nov. 2030	2.75%		350,000			350,000
Notes issued March 2025	Apr. 2030	5.40%		350,000			—
Public Notes issued November 2021	Dec. 2031	2.70%		375,000			375,000
Total notes payable				1,857,000			1,507,000
Term Loans:
Term Loan issued December 2023	Jul. 2026	5.2699% (a)		727,500			727,500
Term Loan issued February 2023	Apr. 2027	4.2469% (b)		921,100			921,100
Total term loans				1,648,600			1,648,600
Unamortized discount				(161,704	)		(169,356	)
Unamortized deferred financing costs				(11,398	)		(9,144	)
Total unsecured notes and term loans payable, net			$	3,332,498		$	2,977,100

(a)

Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus an adjustment of 0.10% plus the applicable spread, which was 1.25% at March 31, 2025. The Company has entered into seven interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of March 31, 2025.

(b)

Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus an adjustment of 0.10% plus the applicable spread, which was 1.15% at March 31, 2025. The Company has entered into 11 interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of March 31, 2025.

Non‑recourse Debt Obligations of Consolidated Special Purpose Entities, net

During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non‑recourse net‑lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non‑amortizing notes. The Company has retained the Class B notes which aggregate $210.0 million at March 31, 2025.

The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of March 31, 2025, the aggregate collateral pool securing the net‑lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $5.0 billion.

Certain of the consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $233.5 million at March 31, 2025.

The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non‑recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants.

The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands):


			Outstanding Balance
	Maturity Date	Interest Rate	March 31, 2025			December 31, 2024
Non-recourse net-lease mortgage notes:
$270,000 Series 2015-1, Class A-2 (e)	Apr. 2025 (a)	4.17%	$	256,612		$	256,951
$200,000 Series 2016-1, Class A-1 (2016)	Oct. 2026 (a)	3.96%		165,465			166,666
$82,000 Series 2019-1, Class A-1	Nov. 2026 (a)	2.82%		77,258			77,360
$46,000 Series 2019-1, Class A-3	Nov. 2026 (a)	3.32%		44,773			44,831
$135,000 Series 2016-1, Class A-2 (2017)	Apr. 2027 (a)	4.32%		113,303			114,098
$228,000 Series 2018-1, Class A-2	Oct. 2027 (b)	4.29%		208,507			209,079
$164,000 Series 2018-1, Class A-4	Oct. 2027 (b)	4.74%		155,117			155,527
$346,000 Series 2023-1, Class A-1	May 2028 (a)	6.19%		342,828			343,261
$182,000 Series 2023-1, Class A-2	May 2028 (a)	6.92%		180,332			180,559
$168,500 Series 2021-1, Class A-1	Jun. 2028 (a)	2.12%		165,341			165,551
$89,000 Series 2021-1, Class A-3	Jun. 2028 (a)	2.86%		87,331			87,442
$74,400 Series 2024-1, Class A-1	Apr. 2029 (a)	5.69%		74,059			74,152
$25,600 Series 2024-1, Class A-3	Apr. 2029 (a)	5.93%		25,483			25,515
$260,600 Series 2024-1, Class A-2	Apr. 2031 (a)	5.70%		259,406			259,731
$89,400 Series 2024-1, Class A-4	Apr. 2031 (a)	5.94%		88,990			89,102
$168,500 Series 2021-1, Class A-2	Jun. 2033 (b)	2.96%		165,341			165,551
$89,000 Series 2021-1, Class A-4	Jun. 2033 (b)	3.70%		87,331			87,442
$244,000 Series 2019-1, Class A-2	Nov. 2034 (b)	3.65%		229,889			230,194
$136,000 Series 2019-1, Class A-4	Nov. 2034 (b)	4.49%		132,373			132,543
Total non-recourse net-lease mortgage notes				2,859,739			2,865,555
Non-recourse mortgage notes:
$65,000 note issued June 2016	Jul. 2026 (c)	4.75%		54,950			55,313
$41,690 note issued March 2019	Mar. 2029 (d)	4.80%		39,128			39,313
$6,350 notes issued March 2019 (assumed in December 2020)	Apr. 2049 (c)	4.64%		5,717			5,749
Total non-recourse mortgage notes				99,795			100,375
Unamortized discount				(121,903	)		(130,111	)
Unamortized deferred financing costs				(4,532	)		(4,812	)
Total non-recourse debt obligations of consolidated special purpose entities, net

STORE CAPITAL LLC 10-Q