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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 September 30, 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 November 5, 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 (Loss)	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	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
Part II. - OTHER INFORMATION		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
Signatures		40

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

STORE Capital LLC

Condensed Consolidated Balance Sheets

(In thousands)


	September 30,			December 31,
	2025			2024
	(unaudited)			(audited)
Assets
Investments:
Real estate investments:
Land and improvements	$	3,917,564		$	3,840,415
Buildings and improvements		9,734,880			9,506,402
Intangible lease assets		569,287			588,635
Total real estate investments		14,221,731			13,935,452
Less accumulated depreciation and amortization		(1,485,707	)		(1,083,693	)
		12,736,024			12,851,759
Real estate investments held for sale, net		27,856			—
Operating ground lease assets		53,897			57,245
Loans and financing receivables, net		2,682,685			1,964,710
Net investments		15,500,462			14,873,714
Cash and cash equivalents		163,497			162,188
Other assets, net		149,474			126,671
Total assets	$	15,813,433		$	15,162,573

Liabilities and equity
Liabilities:
Credit facility	$	373,600		$	375,000
Unsecured notes and term loans payable, net		3,339,744			2,977,100
Non-recourse debt obligations of consolidated special purpose entities, net		3,198,957			2,831,007
Intangible lease liabilities, net		115,733			125,095
Operating lease liabilities		49,788			54,501
Accrued expenses, deferred revenue and other liabilities		311,708			215,101
Total liabilities		7,389,530			6,577,804
Equity:
Members’ equity		8,321,559			8,571,554
Retained earnings (accumulated deficit)		97,772			(15,406	)
Accumulated other comprehensive (loss) income		(8,755	)		20,497
Total members’ equity		8,410,576			8,576,645
Noncontrolling interest		13,327			8,124
Total equity		8,423,903			8,584,769
Total liabilities and equity	$	15,813,433		$	15,162,573

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Operations

(unaudited)

(In thousands)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Revenues:
Rental revenues	$	257,126	$	247,388		$	766,539		$	742,825
Interest income on loans and financing receivables		46,583		33,652			136,469			82,435
Other income		1,915		6,377			8,331			16,831
Total revenues		305,624		287,417			911,339			842,091
Expenses:
Interest		94,812		91,732			278,040			270,498
Property costs		7,605		6,490			14,294			17,385
General and administrative		17,841		17,288			52,358			50,597
Depreciation and amortization		147,481		146,193			443,699			439,300
Provisions for impairment		11,769		11,370			26,260			28,823
Total expenses		279,508		273,073			814,651			806,603
Other income:
Net gain on dispositions of real estate		8,104		15,346			7,447			50,459
Income before income taxes		34,220		29,690			104,135			85,947
Income tax expense (benefit)		340		(2,657	)		(10,150	)		1,593
Net income		33,880		32,347			114,285			84,354
Less: Net income attributable to noncontrolling interest		126		221			1,107			683
Net income attributable to controlling interest	$	33,754	$	32,126		$	113,178		$	83,671

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

(In thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	33,880		$	32,347		$	114,285		$	84,354
Other comprehensive income (loss):
Unrealized gains (losses) on cash flow hedges		2,324			(45,691	)		(17,850	)		8,937
Cash flow hedge gains reclassified to interest expense		(3,762	)		(8,816	)		(11,065	)		(26,262	)
Deferred gain (loss) on cash flow hedges		846			—			(337	)		—
Total other comprehensive loss		(592	)		(54,507	)		(29,252	)		(17,325	)
Total comprehensive income (loss)		33,288			(22,160	)		85,033			67,029
Comprehensive income attributable to noncontrolling interest		126			221			1,107			683
Comprehensive income (loss) attributable to controlling interest	$	33,162		$	(22,381	)	$	83,926		$	66,346

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 September 30, 2025
Balance at June 30, 2025		1,000		250	$	8,239,327		$	250		$	(8,163	)	$	8,231,414		$	8,775		$	8,240,189
Members’ contributions		—		—		350,000			—			—			350,000			—			350,000
Members’ distributions		—		—		(204,000	)		—			—			(204,000	)		—			(204,000	)
Net income		—		—		33,754			—			—			33,754			126			33,880
Contributions from noncontrolling interest		—		—		—			—			—			—			4,731			4,731
Other comprehensive loss		—		—		—			—			(592	)		(592	)		—			(592	)
Distributions to noncontrolling interest		—		—		—			—			—			—			(305	)		(305	)
Balance at September 30, 2025		1,000		250	$	8,419,081		$	250		$	(8,755	)	$	8,410,576		$	13,327		$	8,423,903

Nine Months Ended September 30, 2025
Balance at December 31, 2024		1,000		125	$	8,556,023		$	125		$	20,497		$	8,576,645		$	8,124		$	8,584,769
Members’ contributions		—		—		350,000			—			—			350,000			—			350,000
Members’ distributions		—		—		(600,000	)		(15	)		—			(600,015	)		—			(600,015	)
Issuance of preferred shares, net of costs of $105		—		125		—			20			—			20			—			20
Net income		—		—		113,058			120			—			113,178			1,107			114,285
Contributions from noncontrolling interest		—		—		—			—			—			—			4,946			4,946
Other comprehensive loss		—		—		—			—			(29,252	)		(29,252	)		—			(29,252	)
Distributions to noncontrolling interest		—		—		—			—			—			—			(850	)		(850	)
Balance at September 30, 2025		1,000		250	$	8,419,081		$	250		$	(8,755	)	$	8,410,576		$	13,327		$	8,423,903


											Accumulated
											Other			Total			Non -
	Members’ Units				Members’ Equity						Comprehensive			Members’			controlling			Total
	Common		Preferred		Common			Preferred			Income (Loss)			Equity			Interest			Equity
Three Months Ended September 30, 2024
Balance at June 30, 2024		1,000		125	$	8,565,383		$	125		$	36,366		$	8,601,874		$	8,148		$	8,610,022
Members’ distributions		—		—		(187,000	)		—			—			(187,000	)		—			(187,000	)
Net income		—		—		32,126			—			—			32,126			221			32,347
Other comprehensive loss		—		—		—			—			(54,507	)		(54,507	)		—			(54,507	)
Distributions to noncontrolling interest		—		—		—			—			—			—			(231	)		(231	)
Balance at September 30, 2024		1,000		125	$	8,410,509		$	125		$	(18,141	)	$	8,392,493		$	8,138		$	8,400,631


Nine Months Ended September 30, 2024
Balance at December 31, 2023		1,000		125	$	8,591,845		$	125		$	(816	)	$	8,591,154		$	8,044		$	8,599,198
Members’ contributions		—		—		285,000			—			—			285,000			—			285,000
Members’ distributions		—		—		(550,000	)		(7	)		—			(550,007	)		—			(550,007	)
Net income		—		—		83,664			7			—			83,671			683			84,354
Other comprehensive loss		—		—		—			—			(17,325	)		(17,325	)		—			(17,325	)
Distributions to noncontrolling interest		—		—		—			—			—			—			(589	)		(589	)
Balance at September 30, 2024		1,000		125	$	8,410,509		$	125		$	(18,141	)	$	8,392,493		$	8,138		$	8,400,631

See accompanying notes.

STORE Capital LLC

Condensed Consolidated Statements of Cash Flows

(unaudited)

(In thousands)


	Nine Months Ended September 30,
	2025			2024
Operating activities
Net income	$	114,285		$	84,354
Adjustments to net income:
Depreciation and amortization		443,699			439,300
Amortization of debt discounts, deferred financing costs and other noncash interest expense		56,370			58,720
Provisions for impairment		26,260			28,823
Net gain on dispositions of real estate		(7,447	)		(50,459	)
Noncash revenue and other		(34,656	)		(21,374	)
Payments made in settlement of cash flow hedges		(337	)		—
Changes in operating assets and liabilities:
Other assets		(1,531	)		(525	)
Accrued expenses, deferred revenue and other liabilities		(13,870	)		2,729
Net cash provided by operating activities		582,773			541,568
Investing activities
Acquisition of and additions to real estate		(543,231	)		(473,538	)
Investment in loans and financing receivables		(741,430	)		(371,875	)
Collections of principal on loans and financing receivables		6,247			1,597
Proceeds from dispositions of real estate		287,843			306,397
Net cash used in investing activities		(990,571	)		(537,419	)
Financing activities
Borrowings under credit facility		1,094,979			—
Repayments under credit facility		(1,096,379	)		—
Borrowings under unsecured notes and term loans payable		351,173			135,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities		624,795			449,936
Repayments under non-recourse debt obligations of consolidated special purpose entities		(275,153	)		(213,489	)
Financing costs paid		(30,736	)		(4,423	)
Members’ contributions		350,000			285,000
Members’ distributions		(600,015	)		(550,007	)
Proceeds from issuance of preferred shares		125			—
Preferred shares issuance costs paid		(105	)		—
Distributions to noncontrolling interest		(850	)		(589	)
Contributions from noncontrolling interest		4,946			—
Net cash provided by financing activities		422,780			101,428
Net change in cash, cash equivalents and restricted cash		14,982			105,577
Cash, cash equivalents and restricted cash, beginning of period		172,123			250,227
Cash, cash equivalents and restricted cash, end of period	$	187,105		$	355,804

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	163,497		$	327,051
Restricted cash included in other assets		23,608			28,753
Total cash, cash equivalents and restricted cash	$	187,105		$	355,804

Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate, loans and financing receivable investments	$	31,786		$	20,232
Tenant funded improvements to real estate investments		1,981			13,167
Acquisition cash holdbacks included in real estate investments		59,701			—
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	213,338		$	212,245
Cash paid during the period for income and franchise taxes, net		3,203			7,411

See accompanying notes.

STORE Capital LLC

Notes to Condensed Consolidated Financial Statements

September 30, 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 September 30, 2025 and December 31, 2024, the special purpose entities held assets totaling $13.5 billion and $13.2 billion, respectively, and had third-party liabilities totaling $3.5 billion and $3.1 billion, respectively. At September 30, 2025 and December 31, 2024, the VIEs held assets totaling $438.8 million and $275.7 million, respectively, and had third-party liabilities totaling $1.7 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 has provided a $170.8 million loan to the joint venture as of September 30, 2025. 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.

Reclassifications

We reclassified $23.7 million of interest income receivables associated with certain financing arrangements previously included in other assets, net on the condensed consolidated balance sheet as of December 31, 2024 to loans and financing receivables, net to conform to the presentation in this Quarterly Report on Form 10-Q. This reclassification has no effect on total assets reported on the condensed consolidated balance sheet as of December 31, 2024.

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. 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, net 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 straight-line operating lease receivables and interest income receivables are included in other assets, net and loans and financing receivables, net, respectively, on the condensed consolidated balance sheets. The Company reviews its straight-line operating lease receivables 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 or interest income, respectively. As of September 30, 2025 and December 31, 2024, the Company had $87.4 million and $63.1 million, respectively, of straight-line operating lease receivables 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 and interest income, certain leases, including leases classified as financing arrangements, also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue and interest income when the threshold upon which the contingent lease payment is based is achieved. Approximately 3.4% 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 and interest income.

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. 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 and nine months ended September 30, 2025, the Company recognized an aggregate provision for the impairment of real estate of $9.8 million and $22.5 million, respectively. For the assets impaired in 2025, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $56.9 million. The Company recognized an aggregate provision for the impairment of real estate of $8.7 million and $22.8 million during the three and nine months ended September 30, 2024, respectively.

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 September 30, 2025 and December 31, 2024, the Company had loans receivable with an aggregate outstanding principal balance of $26.9 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 initially recorded at an amount equal to the cost of the associated real estate, including acquisition and closing costs. Certain financing arrangements which include fixed rent escalations are subsequently accounted for using the effective interest method as discussed in Accounting for Real Estate Investments, Revenue Recognition above. 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 and nine months ended September 30, 2025, the Company recognized an estimated $2.0 million and $3.8 million, respectively, of provisions 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. During the three and nine months ended September 30, 2024, the Company recognized an estimated $2.7 million and $6.0 million, respectively, of provisions for credit losses. During the three months ended September 30, 2025, the Company did not write off any credit losses associated with loans and financing receivables. During the nine months ended September 30, 2025, the Company wrote off $2.6 million of loans receivable against previously established reserves for credit losses. For the three and nine months ended September 30, 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 $23.6 million and $9.9 million of restricted cash at September 30, 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 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 September 30, 2025 and December 31, 2024, respectively, the Company had 21 interest rate swap agreements in place. Ten of the interest rate swap agreements have an aggregate notional value of $1.0 billion, with two maturing in February 2027, one maturing in April 2027, six maturing in May 2027 and one maturing in May 2029, and as of September 30, 2025 are designated cash flow hedges of the Company’s $1.0 billion variable-rate bank unsecured term loan which matures in September 2030 (Note 4). Six of the interest rate swap agreements with an aggregate notional value of $650.0 million, three with maturities of February 2027, one with a maturity of May 2027 and two with a maturity of July 2028, are, as of September 30, 2025, designated cash flow hedges of the Company’s $650.0 million floating-rate bank unsecured term loan which matures in September 2028 (Note 4). Five interest rate swap agreements with an aggregate notional value of $373.6 million, with two maturing in May 2027 and three maturing in July 2028, are, as of September 30, 2025, designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in September 2029 (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 nine months ended September 30, 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 nine months ended September 30, 2025, resulting in the recognition of a net tax benefit.

During the three and nine months ended September 30, 2025, the Company recorded an income tax expense of $0.3 million and a benefit of $10.2 million, respectively, and an income tax benefit of $2.7 million and an expense of $1.6 million during the three and nine months ended September 30, 2024, respectively.

Certain state tax returns filed for 2021 and federal and state tax returns filed for 2022 through 2024 are subject to examination by the respective taxing authorities in these jurisdictions. As of September 30, 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 September 30, 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 and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.5 million of fee income, respectively, which is recorded in other income on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recognized $0.2 million and $0.6 million, respectively, of fee income.

In accordance with the terms of the service contract and related arrangements, during the nine months ended September 30, 2025, the Company agreed to dispose of certain real estate assets held on behalf of PCSD Ivory Private Limited and recorded a related party liability equal to the fair value of the real estate assets. Such related party liability balance was $27.4 million as of September 30, 2025.

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 September 30, 2025, STORE Capital had investments in 3,564 property locations representing 3,395 owned properties (of which 227 are accounted for as financing arrangements and 101 are accounted for as sales-type leases), 22 properties where all the related land is subject to an operating ground lease and 147 properties which secure mortgage loans. The gross investment portfolio totaled $16.9 billion at September 30, 2025 and consisted of the gross acquisition cost of the real estate investments totaling $14.1 billion including an offset by intangible lease liabilities totaling $137.8 million, loans and financing receivables with an aggregate carrying amount of $2.7 billion and operating ground lease assets totaling $53.9 million. As of September 30, 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 nine months ended September 30, 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 (h)		3,312		$	15,816,145
Acquisition of and additions to real estate (a)(d)(f)(g)		144			633,120
Investment in loans and financing receivables (a)(g)		179			743,308
Sales of real estate and financing receivables		(71	)		(301,158	)
Principal collections on loans and financing receivables		—			(6,247	)
Net change in operating ground lease assets (b)					(3,348	)
Provisions for impairment					(26,260	)
Other					(1,473	)
Gross investments, September 30, 2025 (c)(e)(h)					16,854,087
Less accumulated depreciation and amortization (c)(e)					(1,469,358	)
Net investments, September 30, 2025		3,564		$	15,384,729

(a)

Excludes $23.4 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 and the disposal of operating ground lease assets net of amortization during the nine months ended September 30, 2025.

(c)

Includes the below-market lease liabilities ($137.8 million) and the accumulated amortization ($22.0 million) of the liabilities recorded on the condensed consolidated balance sheets as intangible lease liabilities as of September 30, 2025.

(d)

Includes $2.0 million of tenant funded improvements during 2025.

(e)

Includes the dollar amount of investments ($33.5 million) and the accumulated depreciation ($5.6 million) related to real estate investments held for sale at September 30, 2025.

(f)

Includes non-cash acquisition of $18.4 million of real estate improvements.

(g)

Includes $63.0 million of total non-cash real estate and financing receivables acquired in connection with holdback arrangements.

(h)

Includes $22.5 million and $23.7 million of interest income receivables associated with certain financing arrangements as of September 30, 2025 and December 31, 2024, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Rental revenues:
Operating leases (a)	$	255,171	$	245,228	$	760,453	$	736,537
Sublease income - operating ground leases (b)		705		780		2,268		2,186
Amortization of lease related intangibles and costs		1,250		1,380		3,818		4,102
Total rental revenues	$	257,126	$	247,388	$	766,539	$	742,825

Interest income on loans and financing receivables:
Mortgage and other loans receivable	$	7,237	$	3,310	$	16,746	$	7,190
Sale-leaseback transactions accounted for as financing arrangements		25,116		21,403		80,670		57,116
Sales-type and financing receivables		14,230		8,939		39,053		18,129
Total interest income on loans and financing receivables	$	46,583	$	33,652	$	136,469	$	82,435

(a)

For the three months ended September 30, 2025 and 2024, includes $1.0 million and $1.1 million, respectively, of property tax tenant reimbursement revenue and includes $227,000 and $385,000, respectively, of variable lease revenue. For the nine months ended September 30, 2025 and 2024, includes $3.2 million and $3.3 million, respectively, of property tax tenant reimbursement revenue and includes $1.0 million and $921,000, 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 672 customers who operate their businesses across 145 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 September 30, 2025 are service at 61%, service-oriented retail at 12% 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 September 30, 2025. None of the Company’s customers represented more than 10% of the Company’s investment portfolio at September 30, 2025, with the largest customer representing 2.2% of the total investment portfolio. On an annualized basis, as of September 30, 2025, the largest customer represented approximately 2.2% 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 September 30, 2025 was approximately 14.5 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 September 30, 2025, 23 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 September 30, 2025, are as follows (in thousands):


Remainder of 2025	$	250,961
2026		1,014,981
2027		1,005,754
2028		992,855
2029		971,951
2030		950,518
Thereafter		8,569,390
Total future minimum rentals (a)	$	13,756,410

(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):


	September 30, 2025			December 31, 2024
In-place leases (a)	$	533,536		$	551,442
Above-market leases		35,790			37,193
Total intangible lease assets		569,326			588,635
Accumulated amortization (a)		(132,468	)		(99,007	)
Net intangible lease assets	$	436,858		$	489,628

(a)

Includes the dollar amount of in-place lease intangibles ($39,000) and the related accumulated amortization ($39,000) associated with the real estate investments held for sale at September 30, 2025.

Aggregate lease intangible asset amortization included in depreciation and amortization expense was $13.3 million and $13.2 million during the three months ended September 30, 2025 and 2024, respectively, and $41.6 million and $39.5 million for the nine months ended September 30, 2025 and 2024, respectively. The amount amortized as a decrease to rental revenue for capitalized above‑market lease intangibles was $0.7 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $2.6 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Based on the balance of the intangible lease assets at September 30, 2025, the aggregate amortization expense is expected to be $11.7 million for the remainder of 2025, $45.3 million in 2026, $43.6 million in 2027, $41.5 million in 2028, $39.0 million in 2029, $36.1 million in 2030 and $191.1 million thereafter. The amount expected to be amortized as a decrease to rental revenue is expected to be $0.7 million for the remainder of 2025, $2.7 million in 2026, $2.6 million in 2027, $2.5 million in 2028, $2.4 million in 2029, $2.4 million in 2030 and $15.3 million thereafter. The weighted average remaining amortization period is approximately 11.1 years for the in‑place lease intangibles and approximately 12.9 years for the above-market lease intangibles.

Intangible Lease Liabilities

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


	September 30, 2025			December 31, 2024
Below-market leases	$	137,806		$	141,262
Accumulated amortization		(21,985	)		(16,167	)
Net intangible lease liabilities (a)	$	115,821		$	125,095

(a)

Includes the dollar amount of below-market lease intangibles ($120,000) and the related accumulated amortization ($32,000) associated with the real estate investments held for sale at September 30, 2025.

Lease intangible liabilities are amortized as an increase to rental revenues. For the three months ended September 30, 2025 and 2024, amortization was $2.2 million and $2.3 million, respectively, and for the nine months ended September 30, 2025 and 2024, was $7.1 million and $6.7 million, respectively. Based on the balance of the intangible liabilities at September 30, 2025, the amortization included in rental revenue is expected to be $2.1 million for the remainder of 2025, $8.2 million in 2026, $8.0 million in 2027, $7.8 million in 2028, $7.6 million in 2029, $7.0 million in 2030 and $75.1 million thereafter. The weighted average remaining amortization period, including extension periods, is approximately 22.3 years.

Operating Ground Lease Assets

As of September 30, 2025, STORE Capital had operating ground lease assets aggregating $53.9 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 $945,000 and $1.0 million during the three months ended September 30, 2025 and 2024, respectively, and $2.9 million and $2.8 million for the nine months ended September 30, 2025 and 2024, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $705,000 and $780,000 during the three months ended September 30, 2025 and 2024, respectively, and $2.3 million and $2.2 million during the nine months ended September 30, 2025 and 2024, respectively.

The future minimum lease payments to be paid under the operating ground leases as of September 30, 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	$	14		$	693		$	707
2026		57			2,562			2,619
2027		57			2,562			2,619
2028		57			2,592			2,649
2029		58			2,680			2,738
2030		60			2,700			2,760
Thereafter		3,198			103,317			106,515
Total lease payments		3,501			117,106			120,607
Less imputed interest		(2,883	)		(70,059	)		(72,942	)
Total operating lease liabilities - ground leases	$	618		$	47,047		$	47,665

(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 $117.1 million commitment, $85.7 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under one lease 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	September 30, 2025			December 31, 2024
Seventeen mortgage loans receivable (b)	8.86%	2025 - 2066	$	524,629		$	231,536
Equipment and other loans receivable	10.00%	2025 - 2038		24,731			27,828
Total principal amount outstanding—loans receivable				549,360			259,364
Unamortized loan origination costs				2,015			686
Unamortized loan premium				527			642
Sale-leaseback transactions accounted for as financing arrangements (c)(d)	8.69%	2034 - 2122		1,472,253			1,163,118
Sales-type financing receivables	8.95%	2044 - 2055		675,750			556,879
Allowance for credit and loan losses (e)				(17,220	)		(15,979	)
Total loans and financing receivables			$	2,682,685		$	1,964,710

(a)

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

(b)

Seven of these mortgage loans allow for prepayment with a penalty ranging from 20% to 70% depending on the timing of the prepayment. Two of these mortgages may be prepaid in whole or in part, the remaining five allow for prepayment only in full.

(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.

(d)

Includes $22.5 million and $23.7 million of interest income receivables associated with certain financing arrangements as of September 30, 2025 and December 31, 2024, respectively.

(e)

Balance shown is net of $2.6 million of loans that were written-off against previously established reserves.

Loans Receivable

At September 30, 2025, the Company held 31 loans receivable with an aggregate carrying amount of $549.5 million. Seventeen of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 12 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 15 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):

STORE CAPITAL LLC 10-Q