0001705696-26-000034 | 10-K | XBRL Viewer

Print Document

Stockholders' Equity - Narrative (Details) - USD ($)		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	May 06, 2024	Dec. 31, 2025	Dec. 31, 2024
Subsidiary or Equity Method Investee
Common and preferred shares authorized (in shares)		1,400,000,000
Common stock, shares authorized (in shares)		1,350,000,000	1,350,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
January 2023 Forward Sales Settlement
Subsidiary or Equity Method Investee
Offering fair value		$ 0
ATM Stock Offering Program
Subsidiary or Equity Method Investee
Offering fair value	$ 0
Stock allowed to be issued during period, value	$ 2,000,000,000.0
Shares remaining to be settled (in shares)		7,750,000
Forward share price upon settlement (in dollars per share)		$ 31.40
Forward agreement on the proceeds from issuance of common stock		$ 243,300,000
Forward share agreements, payments for repurchase of common stock		$ 25,400,000
Shares received from issuance of common stock (in shares)		903,735

Commitments and Contingent Liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 option
Cascata Golf Course
Lessee, Lease, Description [Line Items]
Number of extension options	3
Renewal terms (in years)	10 years
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Number of extension options	1
Renewal terms (in years)	5 years

Real Estate Transactions - Golden Entertainment Transaction (Details) - Golden Entertainment Transaction - Forecast $ / shares in Units, shares in Millions, $ in Millions	8 Months Ended
	Jun. 30, 2026 USD ($) renewal_option casino_property $ / shares shares
Asset Acquisition [Line Items]
Acquired percentage	100.00%
Number of casion properties \| casino_property	7
Transaction amount	$ 1,160.0
Debt assumed and retired	$ 426.0
Golden" Shareholders
Asset Acquisition [Line Items]
Shareholders shares (in shares) \| shares	24.3
Exchange ratio (in dollars per share) \| $ / shares	$ 0.902
Golden Master Lease
Asset Acquisition [Line Items]
Initial annual rent amount	$ 87.0
Initial lease term (in years)	30 years
Number of renewal options \| renewal_option	4
Renewal term (in years)	5 years
Annual escalation rate	2.00%

Earnings Per Share and Earnings Per Unit - Narrative (Details)	Dec. 31, 2025
Earnings Per Share [Abstract]
Ownership percentage	100.00%

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 2,818,544	$ 2,721,242	$ 2,554,622
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(523,920)	(537,708)	(515,488)
Stock-based compensation	16,195	17,511	15,536
Depreciation	3,637	4,125	4,298
Other gains	(2,658)	(581)	(4,456)
Amortization of debt issuance costs and original issue discount	46,831	46,668	46,123
Change in allowance for credit losses	177,887	126,720	102,824
Deferred income taxes	(1,743)	5,439	(10,426)
Payment-in-kind interest	(37,547)	0	0
Net proceeds from settlement of derivatives	1,767	9,602	0
Income from unconsolidated affiliate	0	0	(1,280)
Distributions from unconsolidated affiliate	0	0	3,273
Change in operating assets and liabilities:
Other assets	(441)	3,428	5,124
Accrued expenses and deferred revenue	12,986	(13,443)	(11,645)
Other liabilities	(1,547)	(1,505)	(7,496)
Net cash provided by operating activities	2,509,991	2,381,498	2,181,009
Cash flows from investing activities
Investments in leases - sales-type	0	(411,800)	(241,139)
Investments in leases - financing receivables	0	(248)	(1,131,996)
Investments in loans and securities	(887,246)	(579,057)	(959,135)
Principal repayments of loans and securities and receipts of deferred fees	27,489	80,750	482,006
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	0	0	(1,266,905)
Capitalized transaction costs	(4,692)	(5,863)	(1,468)
Investments in short-term investments	(44,484)	(29,579)	0
Maturities of short-term investments	0	29,579	217,342
Proceeds from sale of real estate	5,502	963	6,235
Acquisition of property and equipment	(1,335)	(7,526)	(4,035)
Net cash used in investing activities	(904,766)	(922,781)	(2,899,095)
Cash flows from financing activities
Proceeds from offering of common stock, net	375,349	378,687	2,480,105
Proceeds from Revolving Credit Facility	426,024	82,200	419,148
Repayment of Revolving Credit Facility	(439,942)	(94,306)	(250,000)
Proceeds from senior unsecured notes offerings	1,284,437	1,771,168	0
Redemption of senior unsecured notes	(1,300,000)	(1,800,000)	0
Debt issuance costs	(19,481)	(5,303)	(105)
Repurchase of stock for tax withholding	(7,232)	(5,341)	(4,966)
Distributions to non-controlling interests	(32,209)	(31,235)	(28,552)
Dividends paid	(1,853,467)	(1,752,991)	(1,583,840)
Net cash (used in) provided by financing activities	(1,566,521)	(1,457,121)	1,031,790
Effect of exchange rate changes on cash, cash equivalents and restricted cash	160	445	(63)
Net increase in cash, cash equivalents and restricted cash	38,864	2,041	313,641
Cash, cash equivalents and restricted cash, beginning of period	524,615	522,574	208,933
Cash, cash equivalents and restricted cash, end of period	563,479	524,615	522,574
Supplemental cash flow information:
Cash paid for interest	778,793	781,401	762,610
Cash paid for income taxes	7,337	3,338	4,915
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	486,469	462,170	439,486
Issuance of stock-based compensation subject to repurchase for tax withholding	18,613	17,576	11,443
Accrued capitalized transaction costs	3,491	1,600	2,311
Debt issuance costs payable	5	476	45
Non-cash change in Investments in leases - financing receivables	282,989	283,406	276,929
Obtaining right-of-use assets in exchange for lease liabilities	$ 0	$ 15,523	$ 82,099

Allowance for Credit Losses - Schedule of Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator
Year one	$ 671,696	$ 313,761
Year two	350,183	2,102,898
Year three	2,228,294	21,037,589
Year four	21,469,721	2,182,313
Four years before current fiscal year	2,194,863	6,554,681
Prior	20,622,687	13,899,937
Total	47,537,444	46,091,179
Ba2
Financing Receivable, Credit Quality Indicator
Year one	0	0
Year two	0	0
Year three	0	4,795,479
Year four	4,873,999	0
Four years before current fiscal year	0	0
Prior	0	0
Total	4,873,999	4,795,479
Ba3
Financing Receivable, Credit Quality Indicator
Year one	0	0
Year two	0	0
Year three	0	12,882,102
Year four	13,095,110	2,182,313
Four years before current fiscal year	2,194,863	5,667,136
Prior	18,458,589	12,634,167
Total	33,748,562	33,365,718
B1
Financing Receivable, Credit Quality Indicator
Year one	0	0
Year two	0	0
Year three	0	2,359,188
Year four	2,398,728	0
Four years before current fiscal year	0	0
Prior	927,427	924,344
Total	3,326,155	3,283,532
B2
Financing Receivable, Credit Quality Indicator
Year one	0	0
Year two	0	447,554
Year three	449,694	0
Year four	0	0
Four years before current fiscal year	0	887,545
Prior	0	0
Total	449,694	1,335,099
B3
Financing Receivable, Credit Quality Indicator
Year one	0	0
Year two	0	667,922
Year three	290,139	299,859
Year four	301,167	0
Four years before current fiscal year	0	0
Prior	892,567	341,426
Total	1,483,873	1,309,207
Caa1
Financing Receivable, Credit Quality Indicator
Year one	0
Year two	0
Year three	398,903
Year four	0
Four years before current fiscal year	0
Prior	344,104
Total	743,007
N/A
Financing Receivable, Credit Quality Indicator
Year one	671,696	313,761
Year two	350,183	987,422
Year three	1,089,558	700,961
Year four	800,717	0
Four years before current fiscal year	0	0
Prior	0	0
Total	$ 2,912,154	$ 2,002,144

Debt - Schedule of Outstanding Indebtedness (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 03, 2025	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2025
Debt Instrument
Weighted average interest rate		4.464%	4.413%
Principal Amount		$ 17,092,453	$ 17,098,846
Carrying Value		$ 16,773,241	$ 16,732,889
Senior Unsecured Notes
Debt Instrument
Weighted average interest rate		4.62%
Senior Unsecured Notes \| MGM Grand/Mandalay Bay CMBS Debt
Debt Instrument
Interest rate, stated percentage		3.558%	3.558%
Principal Amount		$ 3,000,000	$ 3,000,000
Carrying Value		$ 2,827,515	$ 2,800,544
Senior Unsecured Notes \| 4.375% Notes
Debt Instrument
Interest rate, stated percentage			4.375%	4.375%
Principal Amount			$ 500,000
Carrying Value			$ 499,419
Senior Unsecured Notes \| 4.625% Notes
Debt Instrument
Interest rate, stated percentage			4.625%	4.625%
Principal Amount			$ 800,000
Carrying Value			$ 797,059
Senior Unsecured Notes \| 4.500% Notes
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Principal Amount		$ 500,000	$ 500,000
Carrying Value		$ 496,596	$ 491,532
Senior Unsecured Notes \| 4.250% Notes
Debt Instrument
Interest rate, stated percentage		4.25%	4.25%
Principal Amount		$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,247,385	$ 1,244,469
Senior Unsecured Notes \| 5.750% Notes
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 752,382	$ 754,588
Senior Unsecured Notes \| 3.750% Notes
Debt Instrument
Interest rate, stated percentage		3.75%	3.75%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 748,114	$ 746,438
Senior Unsecured Notes \| 4.500% Notes
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Principal Amount		$ 350,000	$ 350,000
Carrying Value		$ 344,756	$ 342,214
Senior Unsecured Notes \| 4.750% Notes
Debt Instrument
Interest rate, stated percentage		4.75%	4.75%
Hedge adjusted interest rate		4.516%	4.516%
Principal Amount		$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,244,632	$ 1,242,110
Senior Unsecured Notes \| 4.750% Notes
Debt Instrument
Interest rate, stated percentage		4.75%
Principal Amount		$ 400,000
Carrying Value		$ 397,012
Senior Unsecured Notes \| 3.875% Notes
Debt Instrument
Interest rate, stated percentage		3.875%	3.875%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 713,898	$ 702,707
Senior Unsecured Notes \| 4.625% Notes
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%
Principal Amount		$ 1,000,000	$ 1,000,000
Carrying Value		$ 993,732	$ 992,132
Senior Unsecured Notes \| 4.950% Notes
Debt Instrument
Interest rate, stated percentage		4.95%	4.95%
Hedge adjusted interest rate		4.541%	4.541%
Principal Amount		$ 1,000,000	$ 1,000,000
Carrying Value		$ 992,815	$ 991,080
Senior Unsecured Notes \| 4.125% Notes
Debt Instrument
Interest rate, stated percentage		4.125%	4.125%
Principal Amount		$ 1,000,000	$ 1,000,000
Carrying Value		$ 993,101	$ 991,609
Senior Unsecured Notes \| 5.125% Notes
Debt Instrument
Interest rate, stated percentage		5.125%	5.125%
Hedge adjusted interest rate		4.969%	4.969%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 741,828	$ 740,527
Senior Unsecured Notes \| 5.125% Notes
Debt Instrument
Interest rate, stated percentage		5.125%	5.125%
Hedge adjusted interest rate		3.98%	3.98%
Principal Amount		$ 1,500,000	$ 1,500,000
Carrying Value		$ 1,486,918	$ 1,484,876
Senior Unsecured Notes \| 5.750% Notes
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%
Hedge adjusted interest rate		5.689%	5.689%
Principal Amount		$ 550,000	$ 550,000
Carrying Value		$ 541,956	$ 540,986
Senior Unsecured Notes \| 5.625% Notes
Debt Instrument
Interest rate, stated percentage		5.625%
Hedge adjusted interest rate		5.601%
Principal Amount		$ 900,000
Carrying Value		$ 885,409
Senior Unsecured Notes \| 5.625% Notes
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 736,842	$ 736,348
Senior Unsecured Notes \| 6.125% Notes
Debt Instrument
Interest rate, stated percentage		6.125%	6.125%
Principal Amount		$ 500,000	$ 500,000
Carrying Value		$ 485,897	485,405
Revolving Credit Facility
Debt Instrument
Commitment fee percentage		0.20%
Revolving Credit Facility \| Minimum
Debt Instrument
Basis spread on variable rate (percent)		0.70%
Commitment fee percentage		0.10%
Revolving Credit Facility \| Maximum
Debt Instrument
Basis spread on variable rate (percent)		1.40%
Commitment fee percentage		0.30%
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)	1.00%
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Minimum
Debt Instrument
Basis spread on variable rate (percent)	0.70%
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Maximum
Debt Instrument
Basis spread on variable rate (percent)	1.40%
USD \| Revolving Credit Facility \| Senior Unsecured Notes
Debt Instrument
Principal Amount		$ 0	0
Carrying Value		$ 0	$ 0
USD \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)		0.85%
USD \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Senior Unsecured Notes
Debt Instrument
Basis spread on variable rate (percent)			0.85%
CAD \| Revolving Credit Facility \| Senior Unsecured Notes
Debt Instrument
Principal Amount		$ 120,219	$ 130,698
Carrying Value		$ 120,219	$ 130,698
CAD \| Canadian Overnight Repo Rate Average (CORRA)
Debt Instrument
Basis spread on variable rate (percent)		0.85%
CAD \| Canadian Overnight Repo Rate Average (CORRA) \| Revolving Credit Facility \| Senior Unsecured Notes
Debt Instrument
Basis spread on variable rate (percent)			0.85%
GBP \| Revolving Credit Facility \| Senior Unsecured Notes
Debt Instrument
Principal Amount		$ 22,234	$ 18,148
Carrying Value		$ 22,234	$ 18,148
GBP \| Sterling Overnight Index Average (SONIA)
Debt Instrument
Basis spread on variable rate (percent)		0.85%
GBP \| Sterling Overnight Index Average (SONIA) \| Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)			0.85%

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 2,818,544	$ 2,721,242	$ 2,554,622
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(523,920)	(537,708)	(515,488)
Stock-based compensation	16,195	17,511	15,536
Depreciation	3,637	4,125	4,298
Other gains	(2,658)	(581)	(4,456)
Amortization of debt issuance costs and original issue discount	46,831	46,668	46,123
Change in allowance for credit losses	177,887	126,720	102,824
Deferred income taxes	(1,743)	5,439	(10,426)
Payment-in-kind interest	(37,547)	0	0
Net proceeds from settlement of derivatives	1,767	9,602	0
Income from unconsolidated affiliate	0	0	(1,280)
Distributions from unconsolidated affiliate	0	0	3,273
Change in operating assets and liabilities:
Other assets	(441)	3,428	5,124
Accrued expenses and deferred revenue	12,986	(13,443)	(11,645)
Other liabilities	(1,547)	(1,505)	(7,496)
Net cash provided by operating activities	2,509,991	2,381,498	2,181,009
Cash flows from investing activities
Investments in leases - sales-type	0	(411,800)	(241,139)
Investments in leases - financing receivables	0	(248)	(1,131,996)
Investments in loans and securities	(887,246)	(579,057)	(959,135)
Principal repayments of loans and securities and receipts of deferred fees	27,489	80,750	482,006
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	0	0	(1,266,905)
Capitalized transaction costs	(4,692)	(5,863)	(1,468)
Investments in short-term investments	(44,484)	(29,579)	0
Maturities of short-term investments	0	29,579	217,342
Proceeds from sale of real estate	5,502	963	6,235
Acquisition of property and equipment	(1,335)	(7,526)	(4,035)
Net cash used in investing activities	(904,766)	(922,781)	(2,899,095)
Cash flows from financing activities
Proceeds from Revolving Credit Facility	426,024	82,200	419,148
Repayment of Revolving Credit Facility	(439,942)	(94,306)	(250,000)
Proceeds from senior unsecured notes offerings	1,284,437	1,771,168	0
Redemption of senior unsecured notes	(1,300,000)	(1,800,000)	0
Debt issuance costs	(19,481)	(5,303)	(105)
Repurchase of stock for tax withholding	(7,232)	(5,341)	(4,966)
Distributions to non-controlling interests	(32,209)	(31,235)	(28,552)
Net cash (used in) provided by financing activities	(1,566,521)	(1,457,121)	1,031,790
Effect of exchange rate changes on cash, cash equivalents and restricted cash	160	445	(63)
Net increase in cash, cash equivalents and restricted cash	38,864	2,041	313,641
Cash, cash equivalents and restricted cash, beginning of period	524,615	522,574	208,933
Cash, cash equivalents and restricted cash, end of period	563,479	524,615	522,574
Supplemental cash flow information:
Cash paid for interest	778,793	781,401	762,610
Cash paid for income taxes	7,337	3,338	4,915
Supplemental non-cash investing and financing activity:
Issuance of stock-based compensation subject to repurchase for tax withholding	18,613	17,576	11,443
Accrued capitalized transaction costs	3,491	1,600	2,311
Debt issuance costs payable	5	476	45
Non-cash change in Investments in leases - financing receivables	282,989	283,406	276,929
Obtaining right-of-use assets in exchange for lease liabilities	0	15,523	82,099
VICI Properties LP
Cash flows from operating activities
Net income	2,812,647	2,715,455	2,545,970
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(523,920)	(537,708)	(515,488)
Stock-based compensation	16,195	17,511	15,536
Depreciation	521	699	558
Other gains	(2,658)	(581)	(4,456)
Amortization of debt issuance costs and original issue discount	46,831	46,668	46,123
Change in allowance for credit losses	177,887	126,720	102,824
Deferred income taxes	(1,491)	6,135	(10,569)
Payment-in-kind interest	(37,547)	0	0
Net proceeds from settlement of derivatives	1,767	9,602	0
Income from unconsolidated affiliate	0	0	(1,280)
Distributions from unconsolidated affiliate	0	0	3,273
Change in operating assets and liabilities:
Other assets	626	3,736	5,469
Accrued expenses and deferred revenue	10,750	(14,023)	(12,323)
Other liabilities	(1,222)	(1,229)	(7,274)
Net cash provided by operating activities	2,500,386	2,372,985	2,168,363
Cash flows from investing activities
Investments in leases - sales-type	0	(411,800)	(241,139)
Investments in leases - financing receivables	0	(248)	(1,131,996)
Investments in loans and securities	(887,246)	(579,057)	(959,135)
Principal repayments of loans and securities and receipts of deferred fees	27,489	80,750	482,006
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	0	0	(1,266,905)
Capitalized transaction costs	(4,692)	(5,863)	(1,468)
Investments in short-term investments	(44,484)	(29,579)	0
Maturities of short-term investments	0	29,579	217,342
Proceeds from sale of real estate	5,502	963	6,235
Acquisition of property and equipment	(97)	(4,530)	(1,176)
Net cash used in investing activities	(903,528)	(919,785)	(2,896,236)
Cash flows from financing activities
Contributions from Parent	438,943	367,331	2,507,511
Distributions to Parent	(1,872,416)	(1,773,366)	(1,605,502)
Proceeds from Revolving Credit Facility	426,024	82,200	419,148
Repayment of Revolving Credit Facility	(439,942)	(94,306)	(250,000)
Proceeds from senior unsecured notes offerings	1,284,437	1,771,168	0
Redemption of senior unsecured notes	(1,300,000)	(1,800,000)	0
Debt issuance costs	(19,481)	(5,303)	(105)
Repurchase of stock for tax withholding	(7,232)	(5,341)	(4,966)
Distributions to non-controlling interests	(10,838)	(10,713)	(9,166)
Net cash (used in) provided by financing activities	(1,500,505)	(1,468,330)	1,056,920
Effect of exchange rate changes on cash, cash equivalents and restricted cash	160	445	(63)
Net increase in cash, cash equivalents and restricted cash	96,513	(14,685)	328,984
Cash, cash equivalents and restricted cash, beginning of period	456,899	471,584	142,600
Cash, cash equivalents and restricted cash, end of period	553,412	456,899	471,584
Supplemental cash flow information:
Cash paid for interest	778,793	781,401	762,610
Cash paid for income taxes	4,068	1,312	1,598
Supplemental non-cash investing and financing activity:
Distributions payable	486,469	462,170	439,486
Issuance of stock-based compensation subject to repurchase for tax withholding	18,613	17,576	11,443
Accrued capitalized transaction costs	3,491	1,600	2,311
Debt issuance costs payable	5	476	45
Non-cash change in Investments in leases - financing receivables	282,989	283,406	276,929
Obtaining right-of-use assets in exchange for lease liabilities	0	15,523	82,099
Contributions receivable	$ 0	$ 63,216	$ 0

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Caesars Lease Agreement
Real Estate
Rolling three-year minimum	$ 380.3
Capital expenditures	$ 107.5
Percentage of prior year net revenues	1.00%
Additional capital expenditure requirement	$ 10.3
Caesars Regional Master Lease and Caesars Joliet Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 286.0
Capital expenditures allocated to regional assets	286.0
Minimum amount to be expended across certain affiliates and other assets	$ 531.9
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 84.0
MGM Grand Mandalay Bay Lease [Member]
Real Estate
Yearly minimum expenditure	3.50%
Percentage of monthly reverse	1.50%
Venetian Lease
Real Estate
Yearly minimum expenditure	2.00%
All Other Leases
Real Estate
Yearly minimum expenditure	1.00%

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


	December 31, 2025
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (1)	$	44,484	$	—	$	44,484	$	—


	December 31, 2024
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (2)	$	7,717	$	—	$	7,717	$	—

____________________

(1)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

(2)The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

The estimated fair values of our financial instruments at December 31, 2025 and 2024 for which fair value is only disclosed are as follows:


	December 31, 2025				December 31, 2024
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	18,697,133	$	18,030,775	$	18,430,320	$	17,723,171
Investments in loans and securities (2)	2,525,457		2,445,252		1,651,533		1,575,856
Cash and cash equivalents	563,479		563,479		524,615		524,615

Financial liabilities:
Debt (3)
Revolving Credit Facility	$	142,453	$	142,453	$	148,846	$	148,846
MGM Grand/Mandalay Bay CMBS Debt	2,827,515		2,834,520		2,800,544		2,686,960
Senior Unsecured Notes	13,803,273		13,967,990		13,783,499		13,619,484

____________________

(1)Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(2)The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

(3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share and Earnings Per Unit - Schedule of Weighted Average Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares of common stock outstanding (in shares)	1,062,006,448	1,046,739,537	1,014,513,195
Assumed conversion of restricted stock (in shares)	501,000	482,000	784,000
Assumed settlement of forward sale agreements (in shares)	186,000	453,000	480,000
Diluted weighted-average units outstanding (in shares)	1,062,693,062	1,047,675,111	1,015,776,697
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares of common stock outstanding (in shares)	1,074,237,821	1,058,970,910	1,026,744,568
Assumed conversion of restricted stock (in shares)	501,000	482,000	784,000
Assumed settlement of forward sale agreements (in shares)	186,000	453,000	480,000
Diluted weighted-average units outstanding (in shares)	1,074,924,435	1,059,906,484	1,028,008,070

Allowance for Credit Losses - Schedule of Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 1,594,931	$ 1,472,386	$ 1,368,819
Initial allowance from current period investments	8,273	2,914	293,033
Current period change in credit allowance	172,549	119,631	(189,466)
Charge-offs	0	0	0
Recoveries	0	0	0
Ending balance	1,775,753	1,594,931	1,472,386
Initial allowance investment activity	$ 966,000	$ 365,000	$ 4,800,000

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


	December 31, 2025
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (1)	$	44,484	$	—	$	44,484	$	—


	December 31, 2024
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (2)	$	7,717	$	—	$	7,717	$	—

____________________

(1)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

Schedule of Estimated Fair Value

The estimated fair values of our financial instruments at December 31, 2025 and 2024 for which fair value is only disclosed are as follows:


	December 31, 2025				December 31, 2024
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	18,697,133	$	18,030,775	$	18,430,320	$	17,723,171
Investments in loans and securities (2)	2,525,457		2,445,252		1,651,533		1,575,856
Cash and cash equivalents	563,479		563,479		524,615		524,615

Financial liabilities:
Debt (3)
Revolving Credit Facility	$	142,453	$	142,453	$	148,846	$	148,846
MGM Grand/Mandalay Bay CMBS Debt	2,827,515		2,834,520		2,800,544		2,686,960
Senior Unsecured Notes	13,803,273		13,967,990		13,783,499		13,619,484

____________________

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Income Taxes - Schedule of Federal Income Tax Note (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Ordinary dividends (in dollars per share)	$ 1.7019	$ 1.5045	$ 1.4500
Section 199A dividends (in dollars per share)	1.6963	1.5013	1.4265
Qualified dividend (in dollars per share)	0.0057	0.0031	0.0235
Non-dividend distribution (in dollars per share)	$ 0.0456	$ 0.1730	$ 0.0263

Business and Organization (Details)	Dec. 31, 2025 property
Experiential Assets
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	93
Gaming Properties
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	54
Other Experiential Properties
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	39
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	4

Real Estate Transactions - North Fork Casion Loan (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 04, 2025	Dec. 31, 2025	Dec. 31, 2024
Asset Acquisition [Line Items]
Maximum principal amount		$ 966,000	$ 365,000
North Fork Casino, Delayed Draw Term Loan (DDTL)
Asset Acquisition [Line Items]
Maximum principal amount	$ 510,000
Commitment amount	725,000
North Fork Casino, Delayed Draw Term Loan (DDTL), Term Loan A
Asset Acquisition [Line Items]
Maximum principal amount	125,000
Commitment amount	$ 340,000
Initial term (in years)	5 years
North Fork Casino, Delayed Draw Term Loan (DDTL), Term Loan B
Asset Acquisition [Line Items]
Maximum principal amount	$ 385,000
Commitment amount	$ 385,000
Initial term (in years)	6 years

Earnings Per Share and Earnings Per Unit - Schedule of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic:
Net income attributable to common stockholders	$ 2,775,493	$ 2,678,810	$ 2,513,540
Weighted-average shares of common stock outstanding (in shares)	1,062,006,448	1,046,739,537	1,014,513,195
Basic EPS (in dollars per share)	$ 2.61	$ 2.56	$ 2.48
Diluted:
Net income attributable to common stockholders	$ 2,775,493	$ 2,678,810	$ 2,513,540
Diluted weighted-average shares of common stock outstanding (in shares)	1,062,693,062	1,047,675,111	1,015,776,697
Diluted EPS (in dollars per share)	$ 2.61	$ 2.56	$ 2.47
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 2,801,482	$ 2,704,255	$ 2,535,066
Weighted-average shares of common stock outstanding (in shares)	1,074,237,821	1,058,970,910	1,026,744,568
Basic EPS (in dollars per share)	$ 2.61	$ 2.55	$ 2.47
Diluted:
Net income attributable to common stockholders	$ 2,801,482	$ 2,704,255	$ 2,535,066
Diluted weighted-average shares of common stock outstanding (in shares)	1,074,924,435	1,059,906,484	1,028,008,070
Diluted EPS (in dollars per share)	$ 2.61	$ 2.55	$ 2.47

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Income from sales-type leases	$ 2,125,367	$ 2,068,443	$ 1,980,178
Income from lease financing receivables, loans and securities	1,763,494	1,662,889	1,519,516
Other income	77,479	77,422	73,326
Total revenues	4,006,116	3,849,205	3,611,988
Expenses
General and administrative	65,082	69,109	59,603
Depreciation	3,637	4,125	4,298
Other expenses	77,479	77,422	73,326
Change in allowance for credit losses	177,887	126,720	102,824
Transaction and acquisition expenses	7,729	4,567	8,017
Total expenses	358,544	308,838	275,157
Interest expense	(843,614)	(826,097)	(818,056)
Interest income	14,363	16,095	23,970
Other gains	2,658	581	4,456
Income from unconsolidated affiliate	0	0	1,280
Income before income taxes	2,820,979	2,730,946	2,548,481
(Provision for) benefit from income taxes	(2,435)	(9,704)	6,141
Net income	2,818,544	2,721,242	2,554,622
Less: Net income attributable to non-controlling interests	$ (43,051)	$ (42,432)	$ (41,082)
Net income per common share
Basic (in dollars per share)	$ 2.61	$ 2.56	$ 2.48
Diluted (in dollars per share)	$ 2.61	$ 2.56	$ 2.47
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,062,006,448	1,046,739,537	1,014,513,195
Diluted (in shares)	1,062,693,062	1,047,675,111	1,015,776,697
Other comprehensive income
Comprehensive income attributable to common stockholders	$ 2,751,950	$ 2,669,514	$ 2,482,057
VICI Properties LP
Revenues
Income from sales-type leases	2,125,367	2,068,443	1,980,178
Income from lease financing receivables, loans and securities	1,763,494	1,662,889	1,519,516
Other income	77,479	77,422	73,326
Total revenues	3,966,340	3,808,754	3,573,020
Expenses
General and administrative	62,438	63,909	59,570
Depreciation	521	699	558
Other expenses	77,479	77,422	73,326
Change in allowance for credit losses	177,887	126,720	102,824
Transaction and acquisition expenses	7,729	4,567	8,017
Total expenses	326,054	273,317	244,295
Interest expense	(843,614)	(826,097)	(818,056)
Interest income	13,860	14,013	21,444
Other gains	2,658	581	4,456
Income from unconsolidated affiliate	0	0	1,280
Income before income taxes	2,813,190	2,723,934	2,537,849
(Provision for) benefit from income taxes	(543)	(8,479)	8,121
Net income	2,812,647	2,715,455	2,545,970
Less: Net income attributable to non-controlling interests	(11,165)	(11,200)	(10,904)
Net income attributable to common stockholders	$ 2,801,482	$ 2,704,255	$ 2,535,066
Net income per common share
Basic (in dollars per share)	$ 2.61	$ 2.55	$ 2.47
Diluted (in dollars per share)	$ 2.61	$ 2.55	$ 2.47
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,074,237,821	1,058,970,910	1,026,744,568
Diluted (in shares)	1,074,924,435	1,059,906,484	1,028,008,070
Other comprehensive income
Net income attributable to common stockholders	$ 2,801,482	$ 2,704,255	$ 2,535,066
Reclassification of derivative gain to Interest expense	(25,509)	(24,662)	(24,148)
Unrealized (loss) gain on cash flow hedges	(5,949)	26,973	(9,655)
Foreign currency translation adjustments	7,649	(11,762)	1,952
Comprehensive income attributable to common stockholders	$ 2,777,673	$ 2,694,804	$ 2,503,215

Real Estate Portfolio (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Real Estate Portfolio

The following is a summary of the balances of our real estate portfolio as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024






Investments in leases - sales-type, net (1)	$	23,706,563	$	23,581,101

Investments in leases - financing receivables, net (1)	18,697,133		18,430,320
Total investments in leases, net	42,403,696		42,011,421
Investments in loans and securities, net	2,525,457		1,651,533

Land	148,002		150,727
Total real estate portfolio	$	45,077,155	$	43,813,681

____________________

(1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification.

Schedule of Income of Sales-Type and Financing Receivable Leases

The following table details the components of our income from sales-type leases and lease financing receivables:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Income from sales-type leases - fixed rent	$	2,009,699	$	1,965,965	$	1,892,534
Income from sales-type leases - contingent rent (1)	115,668		102,478		87,644

Income from lease financing receivables - fixed rent	1,537,261		1,516,484		1,430,246
Income from lease financing receivables - contingent rent (1)	7,838		11,957		10,509
Total lease revenue	3,670,466		3,596,884		3,420,933
Non-cash adjustment (2)	(524,356)		(537,927)		(515,556)
Total contractual lease revenue	$	3,146,110	$	3,058,957	$	2,905,377

____________________

(1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842.

(2) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.

Schedule Of Future Minimum Lease Payments For Investments In Leases - Sales-Type And Financing Receivable

At December 31, 2025, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows:


	Minimum Lease Payments (1) (2)
	Investments in Leases
(In thousands)	Sales-Type		Financing Receivables		Total
2026	$	1,794,488	$	1,278,594	$	3,073,082
2027	1,821,969		1,302,433		3,124,402
2028	1,850,663		1,326,990		3,177,653
2029	1,880,313		1,352,026		3,232,339
2030	1,910,648		1,377,550		3,288,198
Thereafter	78,024,404		87,080,526		165,104,930
Total minimum lease payments	87,282,485		93,718,119		181,000,604
Unamortized initial direct costs	42,169		48,360		90,529
Less: Present value of lease payments (3)	(62,698,905)		(74,299,468)		(136,998,373)
Less: Allowance for credit losses	(919,186)		(769,878)		(1,689,064)
Investment in leases, net	$	23,706,563	$	18,697,133	$	42,403,696

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under our lease agreements.

(2) The minimum lease payments includes the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310.

(3) The present value of lease payments includes the unguaranteed residual value of $16.4 billion.

Schedule of Lease Agreements

The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants (each, as may be amended from time to time, and each individually, as defined in the respective header):

($ In thousands)

MGM Master Lease

Caesars Regional Master Lease and Caesars Joliet Lease

Caesars Las Vegas
Master Lease

MGM Grand/Mandalay Bay Lease

Lease Provision

Initial term

25 years

18 years

30 years

Initial term maturity

4/30/2047

7/31/2035

2/28/2050

Renewal terms

Three, 10-year terms

Four, 5-year terms

Two, 10-year terms

Current lease year

5/1/25-4/30/26
(Lease Year 4)

11/1/25 - 10/31/26 (Lease Year 9)

3/1/25 – 2/28/26 (Lease Year 6)

Current annual rent

$774,682

$740,548 (1)

$505,678

$322,392

Annual escalator (2)

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

>2% / change in CPI

> 2% / change in CPI

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (3)

None

Years 11 & 16: 80% base rent / 20% variable rent

None

Variable rent adjustment calculation

None

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

____________________

(1) Current annual rent with respect to the Caesars Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet Landco LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Caesars Joliet Lease is $730.9 million.

(2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(3) Variable rent is not subject to the escalator.

Schedule of Capital Expenditure Requirements Under Lease Agreements

The following table summarizes the capital expenditure requirements of our gaming tenants under their respective lease agreements:

Provision

Caesars Regional Master Lease and Caesars Joliet Lease

Caesars Las Vegas Master Lease

MGM Grand/Mandalay Bay Lease

Venetian Lease

All Other Gaming Leases (1)

Yearly minimum expenditure

1% of net revenues (2)

3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves

2% of net revenues based on rolling three-year basis

1% of net revenues

Rolling three-year minimum (3)

$286 million

$84 million

N/A

____________________

(1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in their respective lease agreements.

(2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.

(3) Certain tenants under our leases with Caesars, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Caesars Regional Master Lease and Caesars Joliet Lease are required to expend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.

Schedule of Investments In Loans

The following is a summary of our investments in loans and securities as of December 31, 2025 and 2024:


($ In thousands)	December 31, 2025
Investment	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes	$	83,406	$	81,033	$	—	11.0	%	5.2 years
Senior Secured Loans	1,084,478		1,047,585		399,942		8.3	%	4.4 years
Mezzanine Loans and Preferred Equity	1,412,203		1,396,839		223,553		9.6	%	2.5 years
Total	$	2,580,087	$	2,525,457	$	623,495	9.1	%	3.4 years


($ In thousands)	December 31, 2024
Investment	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes	$	85,000	$	81,857	$	—	11.0	%	6.3 years
Senior Secured Loans	684,686		674,200		308,776		8.0	%	4.7 years
Mezzanine Loans and Preferred Equity	908,461		895,476		239,748		9.2	%	4.1 years
Total	$	1,678,147	$	1,651,533	$	548,524	8.8	%	4.4 years

____________________

(1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses.

(2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2025 and 2024.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

Schedule of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss

The following summarizes the activity of our investments in loans and securities for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning Balance January 1,	$	1,651,533	$	1,144,177	$	685,793

Principal fundings	883,441		578,558		959,020
Payment-in-kind interest	37,547		—		—
Repayments	(20,621)		(79,500)		(479,609)

Change in CECL Allowance	(31,368)		4,770		(22,907)
Other	4,925		3,528		1,880
Ending Balance December 31,	$	2,525,457	$	1,651,533	$	1,144,177

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Forward Contracts Indexed to Issuer's Equity

The following table summarizes our marketed public offering activity, all of which were subject to forward sale agreements, during the year ended December 31, 2023. There were no marketed public forward offering activity during the years ended December 31, 2025 and 2024.


($ In thousands, except share and per share data)	Effective Date (1)	Total Shares Sold (2)	Public Offering Price Per Share		Aggregate Offering Value		Initial Forward Sale Price Per Share		Initial Net Value
2023
January 2023 Offering	January 18, 2023	30,302,500	$	33.00	$	1,000,000	$	31.85	$	964,400

____________________

(1)All forward sale agreements require settlement within one year of the Effective Date.

(2)The amount is inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes 3,952,500 shares.

The following table summarizes our activity under the ATM Program during the years ended December 31, 2025, 2024 and 2023, all of which were subject to forward sale agreements, which we refer to as ATM forward sale agreements:


($ In thousands, except share and per share data)	Number of Shares	Weighted Average Share Price		Aggregate Value		Forward Sales Price Per Share		Aggregate Net Value
Year Ended December 31, 2025	7,835,973	$	32.43	$	254,156	$	32.27	$	252,840
Year Ended December 31, 2024	12,015,399	32.01		384,565		31.31		376,253
Year Ended December 31, 2023	21,365,397	30.10		643,045		29.70		634,594

Schedule of Shares Sold Activity

The following table summarizes our settlement activity of the outstanding forward shares under our marketed public offerings and the ATM Program during the years ended December 31, 2025, 2024 and 2023.


($ In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
2025
ATM Forward Shares	Various	Physical	12,101,372	$	31.05	$	375,727
2024
ATM Forward Shares	Various	Physical	13,194,739	28.75		379,373
2023
January 2023 Forward Sale Agreements	Various	Physical	30,302,500	31.70		960,500
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	30.34		575,600
ATM Forward Shares	Various	Physical	29,788,250	31.75		945,700

Schedule of Common Stock Shares Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


Common Stock Outstanding	2025	2024	2023
Beginning Balance January 1	1,056,366,685	1,042,702,763	963,096,563

Issuance of common stock upon physical settlement of forward sale agreements	12,101,372	13,194,739	79,065,750

Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	343,314	469,183	540,450

Ending Balance December 31	1,068,811,371	1,056,366,685	1,042,702,763

Summary of Dividends Declared

Dividends declared (on a per share basis) during the years ended December 31, 2025 and 2024 were as follows:

Year Ended December 31, 2025

Declaration Date

Record Date

Payment Date

Period

Dividend

March 6, 2025

March 20, 2025

April 3, 2025

January 1, 2025 – March 31, 2025

0.4325

June 5, 2025

June 18, 2025

July 10, 2025

April 1, 2025 – June 30, 2025

0.4325

September 4, 2025

September 18, 2025

October 9, 2025

July 1, 2025 – September 30, 2025

0.4500

December 4, 2025

December 17, 2025

January 8, 2026

October 1, 2025 – December 31, 2025

0.4500

Year Ended December 31, 2024

Declaration Date

Record Date

Payment Date

Period

Dividend

March 7, 2024

March 21, 2024

April 4, 2024

January 1, 2024 – March 31, 2024

0.4150

June 7, 2024

June 18, 2024

July 3, 2024

April 1, 2024 – June 30, 2024

0.4150

September 5, 2024

September 18, 2024

October 3, 2024

July 1, 2024 – September 30, 2024

0.4325

December 5, 2024

December 17, 2024

January 9, 2025

October 1, 2024 – December 31, 2024

0.4325

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Stock-Based Compensation - Schedule of Restricted Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Time-Based Restricted Stock
Stock
Beginning balance (in shares)	527,168	472,635	507,339
Granted (in shares)	280,453	288,558	209,901
Vested (in shares)	(213,662)	(176,926)	(211,887)
Forfeited (in shares)	(126,315)	(57,099)	(32,718)
Canceled (in shares)	0	0	0
Ending balance (in shares)	467,644	527,168	472,635
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 24.37	$ 27.44	$ 27.47
Granted (in dollars per share)	30.12	23.74	28.22
Vested (in dollars per share)	30.21	29.76	28.13
Forfeited (in dollars per share)	30.44	29.93	28.44
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 30.37	$ 24.37	$ 27.44
Performance-Based Restricted Stock Units
Stock
Beginning balance (in shares)	909,566	765,582	769,589
Granted (in shares)	340,554	531,268	474,867
Vested (in shares)	(189,176)	(243,615)	(363,267)
Forfeited (in shares)	(183,818)	(143,669)	(115,607)
Canceled (in shares)	0	0	0
Ending balance (in shares)	877,126	909,566	765,582
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 25.60	$ 28.28	$ 22.88
Granted (in dollars per share)	34.82	27.32	28.59
Vested (in dollars per share)	29.01	34.27	19.90
Forfeited (in dollars per share)	29.51	31.58	19.90
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 32.51	$ 25.60	$ 28.28

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,056,366,685
Ending balance (in shares)	1,068,811,371	1,056,366,685
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,056,366,685	1,042,702,763	963,096,563
Issuance of common stock upon physical settlement of forward sale agreements (in shares)	12,101,372	13,194,739	79,065,750
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (in shares)	343,314	469,183	540,450
Ending balance (in shares)	1,068,811,371	1,056,366,685	1,042,702,763

Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
CECL allowance - foreign investments	$ 16,634	$ 10,584
Lease liability	2,126	2,192
Accruals, reserves and other	1,505	1,256
Total deferred tax assets	20,265	14,032
Deferred tax liabilities:
Fixed assets - foreign investments	(9,547)	(1,436)
Land, buildings and equipment, net	(5,063)	(5,042)
Right of use asset	(2,126)	(2,192)
Cumulative translation adjustment	(613)	(3,309)
Total deferred tax liabilities	(17,349)	(11,979)
Net deferred tax asset	$ 2,916	$ 2,053

Real Estate Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Loan Originations

The following table summarizes our 2025 real estate debt investment activity:

(In thousands)

Investment Name

Maximum Principal Amount

Investment Type

Collateral

One Beverly Hills Loan

450,000

Mezzanine

Luxury experiential lifestyle hub in Beverly Hills, California

North Fork Casino Loan

510,000

Senior Secured Loan

The personal property and revenues of the North Fork Mono Casino & Resort located near Madera, California

Chelsea Piers Greenwich Village Loan

6,000

Senior Secured Loan

Certain equipment of the fitness club in the Greenwich Village neighborhood in New York, NY

Total

966,000

The following table summarizes our 2024 real estate debt investment activity:

(In thousands)

Investment Name

Maximum Principal Amount

Investment Type

Collateral

Great Wolf Mezzanine Loan (1)

250,000

Mezzanine

Portfolio of nine Great Wolf Lodge resorts across the United States

Chelsea Piers One Madison Loan

10,000

Senior Secured Loan

Certain equipment of the fitness club at the One Madison building in New York, NY

Homefield Margaritaville Loan (2)

105,000

Senior Secured Loan

Margaritaville Resort in Kansas City, Kansas, under development

Total

365,000

____________________

(1) In connection with the Great Wolf Mezzanine Loan, the $79.5 million mezzanine loan for Great Wolf Lodge Maryland was repaid in full.

(2) Simultaneous with entering into the loan agreement, we entered into a call right agreement that provides us with a call option on (i) the Margaritaville Resort, (ii) the new Homefield Kansas City youth sports training facility, (iii) the new Homefield baseball center, and (iv) the existing Homefield youth sports complex in Olathe, Kansas. We also received a right of first refusal to acquire the real estate of any future Homefield property, should Homefield elect to monetize such assets in a sale-leaseback transaction. If the call option is exercised, all of the properties, including the Margaritaville Resort, will be subject to a single long-term triple-net master lease with us.

Debt - MGM Grand/Mandalay Bay CMBS Debt (Details) $ in Billions	Jan. 09, 2023 USD ($)
MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Interest rate, stated percentage	3.558%
MGM Grand Mandalay Bay JV
Debt Instrument
Interest acquired	49.90%
MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2032
Debt Instrument
Liabilities incurred	$ 3.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Real Estate Transactions - 2024 Loan Originations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Acquisition [Line Items]
Maximum Principal Amount	$ 966,000	$ 365,000
Great Wolf Lodge Maryland
Asset Acquisition [Line Items]
Repayment and termination of outstanding Chelsea Piers loan		79,500
Great Wolf Mezzanine Loan
Asset Acquisition [Line Items]
Maximum Principal Amount		250,000
Chelsea Piers One Madison Loan
Asset Acquisition [Line Items]
Maximum Principal Amount		10,000
Homefield Margaritaville Loan
Asset Acquisition [Line Items]
Maximum Principal Amount		$ 105,000

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.4500	$ 0.4500	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4150	$ 0.4150	$ 1.765	$ 1.695	$ 1.610

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our cybersecurity and information technology (“IT”) program includes a number of safeguards, such as network segmentation, conditional analysis, external threat monitoring, access and authentication controls, incident response planning and testing of controls and procedures. We assess for internal and external vulnerabilities through the use of quarterly vulnerability scanning, annual third-party penetration testing and periodic cybersecurity maturity assessments. The results from these assessments are comprehensively addressed based on risk priority and are used to continually improve our cybersecurity risk posture. We use a risk-based approach with respect to our use and oversight of third-party service providers, tailoring processes according to the nature and sensitivity of the data accessed, processed, or stored by such third-party service provider and performing additional risk screenings and procedures, as appropriate. We use a number of means to assess cyber risks related to our third-party service providers, including vendor questionnaires, conducting due diligence in connection with onboarding new vendors, ongoing monitoring and annual due diligence with respect to key third-party vendors. We also seek to collect and assess cybersecurity audit reports and other supporting documentation when available. Our employees receive regular cybersecurity training to address a broad range of key and emerging issues. In addition, we provide additional periodic training modules to address emerging threats or trends within the cybersecurity environment, perform regular simulated phishing exercises and require comprehensive cybersecurity training for all new employees. Process for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats We utilize expert cybersecurity independent consultants, including a contracted Chief Information Security Officer (“CISO”) and additional third-party managed service providers, who work with and report to our Vice President of Accounting and Administration (“VPAA”) to identify potential risks from cybersecurity threats and proactively mitigate their potential impact. The CISO and related team have extensive experience in assessing, detecting, responding and mitigating cybersecurity risk, including holding several different relevant certifications as well as extensive experience in assessing and mitigating cybersecurity risks. The CISO and his related team perform regular assessments and vulnerability tests and work with other third-party service providers to perform penetration testing and periodic cyber maturity assessments on our behalf through our Enterprise Risk Management (“ERM”) framework. Our CISO and related team work with our VPAA and third-party managed service provider to manage IT troubleshooting and user experience. We perform specific cybersecurity risk assessments, which are informed by our ongoing vulnerability assessments, external penetration testing and cybersecurity maturity assessments, among other items. Additionally, cybersecurity and IT is also an element of the ERM assessment performed by management on an annual basis, with quarterly reassessments, under the supervision of the Audit Committee and Board of Directors. In the event of a cybersecurity incident, we maintain a regularly tested incident response program, including response playbooks specifically designed to address our areas of higher risk. Pursuant to our escalation protocols, designated personnel, including our CISO and VPAA, along with appropriate members of our management and executive team, are responsible for assessing the severity/priority of a cybersecurity incident and associated threat, containing the threat, and remediating the threat, including recovery of data and access to systems, analyzing any reporting obligations associated with the incident, and performing post-incident analysis and program enhancements. We also maintain cybersecurity insurance coverage; for more information regarding cybersecurity insurance, see “Item 1A. Risk Factors”.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The CISO and his related team perform regular assessments and vulnerability tests and work with other third-party service providers to perform penetration testing and periodic cyber maturity assessments on our behalf through our Enterprise Risk Management (“ERM”) framework. Our CISO and related team work with our VPAA and third-party managed service provider to manage IT troubleshooting and user experience. We perform specific cybersecurity risk assessments, which are informed by our ongoing vulnerability assessments, external penetration testing and cybersecurity maturity assessments, among other items. Additionally, cybersecurity and IT is also an element of the ERM assessment performed by management on an annual basis, with quarterly reassessments, under the supervision of the Audit Committee and Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee, in connection with the Board of Directors, maintains oversight of our ERM framework, including oversight over our cybersecurity and information technology policies and programs.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO and VPAA meet with our IT Executive Committee, comprised of all of our executive officers, on at least a quarterly basis to oversee our cybersecurity and IT framework and more frequently in the event of significant cybersecurity developments.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	With respect to significant cybersecurity events or incidents, the VPAA, along with the IT Executive Committee, reports to the Board of Directors promptly in accordance with our escalation protocols, as appropriate, depending on the nature of the events.
Cybersecurity Risk Role of Management [Text Block]	The CISO and VPAA meet with our IT Executive Committee, comprised of all of our executive officers, on at least a quarterly basis to oversee our cybersecurity and IT framework and more frequently in the event of significant cybersecurity developments. Our management team, including our CISO, updates the Audit Committee and Board of Directors at least twice a year with respect to key developments and updates relating to our cybersecurity and IT infrastructure and the overall threat environment, including recent and emerging trends.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our CISO, updates the Audit Committee and Board of Directors at least twice a year with respect to key developments and updates relating to our cybersecurity and IT infrastructure and the overall threat environment, including recent and emerging trends.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO and related team have extensive experience in assessing, detecting, responding and mitigating cybersecurity risk, including holding several different relevant certifications as well as extensive experience in assessing and mitigating cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO and VPAA meet with our IT Executive Committee, comprised of all of our executive officers, on at least a quarterly basis to oversee our cybersecurity and IT framework and more frequently in the event of significant cybersecurity developments. Our management team, including our CISO, updates the Audit Committee and Board of Directors at least twice a year with respect to key developments and updates relating to our cybersecurity and IT infrastructure and the overall threat environment, including recent and emerging trends. With respect to significant cybersecurity events or incidents, the VPAA, along with the IT Executive Committee, reports to the Board of Directors promptly in accordance with our escalation protocols, as appropriate, depending on the nature of the events.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Schedule of Allowance for Credit Losses in Investment in Leases, Loans, Securities and Other Assets

The following tables detail the allowance for credit losses as of December 31, 2025 and December 31, 2024:


	December 31, 2025
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	24,625,749	$	(919,186)	$	23,706,563	3.73	%
Investments in leases - financing receivables	19,467,011		(769,878)		18,697,133		3.95	%
Investments in loans and securities	2,581,839		(56,382)		2,525,457		2.18	%
Other assets - sales-type sub-leases	862,845		(23,909)		838,936		2.77	%
Totals	$	47,537,444	$	(1,769,355)	$	45,768,089	3.72	%


	December 31, 2024
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	24,383,843	$	(802,742)	$	23,581,101	3.29	%
Investments in leases - financing receivables	19,167,432		(737,112)		18,430,320		3.85	%
Investments in loans and securities	1,676,530		(24,997)		1,651,533		1.49	%
Other assets - sales-type sub-leases	863,374		(20,598)		842,776		2.39	%
Totals	$	46,091,179	$	(1,585,449)	$	44,505,730	3.44	%

____________________

(1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of December 31, 2025 and December 31, 2024, such allowance is $6.4 million and $9.5 million, respectively, and is recorded in Other liabilities.

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning Balance January 1,	$	1,594,931	$	1,472,386	$	1,368,819

Initial allowance from current period investments (1)	8,273		2,914		293,033
Current period change in credit allowance	172,549		119,631		(189,466)
Charge-offs	—		—		—
Recoveries	—		—		—
Ending Balance December 31,	$	1,775,753	$	1,594,931	$	1,472,386

____________________

(1) The initial allowance for the years ended December 31, 2025, 2024 and 2023 is based on investment activity of $966.0 million, $365.0 million and $4.8 billion, respectively.

Schedule of Financing Receivable Credit Quality Indicators

The following tables detail the amortized cost basis and year of origination of our Investments in leases - sales-type and financing receivable, Investments in loans and Other assets by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2025 and 2024:


	Amortized Cost Basis by Year of Origination as of December 31, 2025 (1)
(In thousands)	2025		2024		2023		2022		2021		Prior		Total
Ba2	$	—	$	—	$	—	$	4,873,999	$	—	$	—	$	4,873,999
Ba3	—		—		—		13,095,110		2,194,863		18,458,589		33,748,562
B1	—		—		—		2,398,728		—		927,427		3,326,155
B2	—		—		449,694		—		—		—		449,694
B3	—		—		290,139		301,167		—		892,567		1,483,873
Caa1	—		—		398,903		—		—		344,104		743,007
N/A (2)	671,696		350,183		1,089,558		800,717		—		—		2,912,154
Total	$	671,696	$	350,183	$	2,228,294	$	21,469,721	$	2,194,863	$	20,622,687	$	47,537,444


	Amortized Cost Basis by Year of Origination as of December 31, 2024 (1)
(In thousands)	2024		2023		2022		2021		2020		Prior		Total
Ba2	$	—	$	—	$	4,795,479	$	—	$	—	$	—	$	4,795,479
Ba3	—		—		12,882,102		2,182,313		5,667,136		12,634,167		33,365,718
B1	—		—		2,359,188		—		—		924,344		3,283,532
B2	—		447,554		—		—		887,545		—		1,335,099
B3	—		667,922		299,859		—		—		341,426		1,309,207
N/A (2)	313,761		987,422		700,961		—		—		—		2,002,144
Total	$	313,761	$	2,102,898	$	21,037,589	$	2,182,313	$	6,554,681	$	13,899,937	$	46,091,179

____________________

(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheets, rather the CECL allowance is based on our current best estimate of future funding commitments.

(2)We estimate the CECL allowance for our loan investments, and certain of our lease investments with similar credit characteristics, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.

Stock-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) trading_day shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs \| $	$ 19.4
Weighted-average period (in years)	1 year 8 months 12 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	0 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	12,750,000
Remaining shares authorized (in shares)	8,973,714
Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	272,000	276,000	203,000
Period of volume of weighted average price \| trading_day	10
Trading days \| trading_day	10
Time-Based Restricted Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	1 year
Time-Based Restricted Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	340,554	531,268	474,867
Granted (in shares)	341,000	348,000	235,000
Performance period (years)	3 years
Expected volatility rate (in percent)	20.00%
Performance-Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)	4.20%
Performance-Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)	4.30%

Derivatives - Narrative (Details) $ in Thousands, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 CAD ($)	Dec. 31, 2025 GBP (£)
Derivative
Foreign currency translation adjustments	$ 7,649	$ (11,762)	$ 1,952
Net Investment Hedging
Derivative
Foreign currency translation adjustments	$ 7,500	$ 12,900
Revolving Credit Facility \| Senior Unsecured Notes
Derivative
Outstanding amount				$ 165.0	£ 16.5

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Income from sales-type leases	$ 2,125,367	$ 2,068,443	$ 1,980,178
Income from lease financing receivables, loans and securities	1,763,494	1,662,889	1,519,516
Other income	77,479	77,422	73,326
Golf revenues	39,776	40,451	38,968
Total revenues	4,006,116	3,849,205	3,611,988
Expenses
General and administrative	65,082	69,109	59,603
Depreciation	3,637	4,125	4,298
Other expenses	77,479	77,422	73,326
Golf expenses	26,730	26,895	27,089
Change in allowance for credit losses	177,887	126,720	102,824
Transaction and acquisition expenses	7,729	4,567	8,017
Total expenses	358,544	308,838	275,157
Interest expense	(843,614)	(826,097)	(818,056)
Interest income	14,363	16,095	23,970
Other gains	2,658	581	4,456
Income from unconsolidated affiliate	0	0	1,280
Income before income taxes	2,820,979	2,730,946	2,548,481
(Provision for) benefit from income taxes	(2,435)	(9,704)	6,141
Net income	2,818,544	2,721,242	2,554,622
Less: Net income attributable to non-controlling interests	(43,051)	(42,432)	(41,082)
Net income attributable to common stockholders	$ 2,775,493	$ 2,678,810	$ 2,513,540
Net income per common share
Basic (in dollars per share)	$ 2.61	$ 2.56	$ 2.48
Diluted (in dollars per share)	$ 2.61	$ 2.56	$ 2.47
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,062,006,448	1,046,739,537	1,014,513,195
Diluted (in shares)	1,062,693,062	1,047,675,111	1,015,776,697
Other comprehensive income
Net income	$ 2,818,544	$ 2,721,242	$ 2,554,622
Reclassification of derivative gain to Interest expense	(25,509)	(24,662)	(24,148)
Unrealized (loss) gain on cash flow hedges	(5,949)	26,973	(9,655)
Foreign currency translation adjustments	7,649	(11,762)	1,952
Comprehensive income	2,794,735	2,711,791	2,522,771
Comprehensive income attributable to non-controlling interests	(42,785)	(42,277)	(40,714)
Comprehensive income attributable to common stockholders	$ 2,751,950	$ 2,669,514	$ 2,482,057

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value - Schedule of Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	$ 563,479	$ 524,615
Carrying Amount \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	142,453	148,846
Carrying Amount \| MGM Grand/Mandalay Bay CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	2,827,515	2,800,544
Carrying Amount \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,803,273	13,783,499
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	563,479	524,615
Fair Value \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	142,453	148,846
Fair Value \| MGM Grand/Mandalay Bay CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	2,834,520	2,686,960
Fair Value \| Senior Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,967,990	13,619,484
Investments in leases - financing receivables \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	18,697,133	18,430,320
Investments in leases - financing receivables \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	18,030,775	17,723,171
Investments in loans and securities, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	2,525,457	1,651,533
Investments in loans and securities, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	$ 2,445,252	$ 1,575,856

Real Estate Portfolio

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Real Estate Portfolio

As of December 31, 2025, our real estate portfolio consisted of the following:

•Investments in leases - sales-type, representing our investment in 26 casino assets leased on a triple-net basis to our tenants under nine separate lease agreements;

•Investments in leases - financing receivables, representing our investment in 28 casino assets and 39 other experiential properties leased on a triple-net basis to our tenants under ten separate lease agreements;

•Investments in loans and securities, representing our 19 debt investments in senior secured and mezzanine loans, preferred equity and senior secured notes; and

•Land, representing our investment in certain underdeveloped or undeveloped land adjacent to the Las Vegas strip and non-operating, vacant land parcels.

The following is a summary of the balances of our real estate portfolio as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024






Investments in leases - sales-type, net (1)	$	23,706,563	$	23,581,101

Investments in leases - financing receivables, net (1)	18,697,133		18,430,320
Total investments in leases, net	42,403,696		42,011,421
Investments in loans and securities, net	2,525,457		1,651,533

Land	148,002		150,727
Total real estate portfolio	$	45,077,155	$	43,813,681

____________________

Investments in Leases

The following table details the components of our income from sales-type leases and lease financing receivables:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Income from sales-type leases - fixed rent	$	2,009,699	$	1,965,965	$	1,892,534
Income from sales-type leases - contingent rent (1)	115,668		102,478		87,644

Income from lease financing receivables - fixed rent	1,537,261		1,516,484		1,430,246
Income from lease financing receivables - contingent rent (1)	7,838		11,957		10,509
Total lease revenue	3,670,466		3,596,884		3,420,933
Non-cash adjustment (2)	(524,356)		(537,927)		(515,556)
Total contractual lease revenue	$	3,146,110	$	3,058,957	$	2,905,377

____________________


	Minimum Lease Payments (1) (2)
	Investments in Leases
(In thousands)	Sales-Type		Financing Receivables		Total
2026	$	1,794,488	$	1,278,594	$	3,073,082
2027	1,821,969		1,302,433		3,124,402
2028	1,850,663		1,326,990		3,177,653
2029	1,880,313		1,352,026		3,232,339
2030	1,910,648		1,377,550		3,288,198
Thereafter	78,024,404		87,080,526		165,104,930
Total minimum lease payments	87,282,485		93,718,119		181,000,604
Unamortized initial direct costs	42,169		48,360		90,529
Less: Present value of lease payments (3)	(62,698,905)		(74,299,468)		(136,998,373)
Less: Allowance for credit losses	(919,186)		(769,878)		(1,689,064)
Investment in leases, net	$	23,706,563	$	18,697,133	$	42,403,696

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under our lease agreements.

(3) The present value of lease payments includes the unguaranteed residual value of $16.4 billion.

Lease Provisions

As of December 31, 2025 we owned 93 assets leased under 17 separate lease agreements with our tenants, certain of which are master lease agreements governing multiple properties and certain of which are for single assets. Our lease agreements are generally long-term in nature with initial terms ranging from 15 to 32 years and are structured with several tenant renewal options extending the term of the lease for another 5 to 30 years. As of December 31, 2025, our lease agreements had a weighted average lease term based on contractual rent, including extension options, of approximately 39.6 years.

All of our lease agreements provide for annual base rent escalations, which may be fixed or variable over the life of the lease. The rent escalation provisions range from providing for a flat annual increase of 1% to 2% to an annual increase of 1% in the earlier years and the greater of 2% or CPI in the later years, which may be subject to a maximum CPI-based cap with respect to each annual rent increase. Additionally, certain of our lease agreements provide for a variable rent component in which a portion of the annual rent, generally ranging from 20% to 30%, is subject to adjustment based on the revenues of the underlying asset in specified periods.

($ In thousands)

MGM Master Lease

Caesars Regional Master Lease and Caesars Joliet Lease

Caesars Las Vegas
Master Lease

MGM Grand/Mandalay Bay Lease

Lease Provision

Initial term

25 years

18 years

30 years

Initial term maturity

4/30/2047

7/31/2035

2/28/2050

Renewal terms

Three, 10-year terms

Four, 5-year terms

Two, 10-year terms

Current lease year

5/1/25-4/30/26
(Lease Year 4)

11/1/25 - 10/31/26 (Lease Year 9)

3/1/25 – 2/28/26 (Lease Year 6)

Current annual rent

$774,682

$740,548 (1)

$505,678

$322,392

Annual escalator (2)

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

>2% / change in CPI

> 2% / change in CPI

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (3)

None

Years 11 & 16: 80% base rent / 20% variable rent

None

Variable rent adjustment calculation

None

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

4% of revenue increase/decrease:

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

____________________

(2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(3) Variable rent is not subject to the escalator.

Capital Expenditure Requirements

We manage our residual asset risk through protective covenants in our lease agreements, which require the tenant to, among other things, hold specific insurance coverage, engage in ongoing maintenance of the property and invest in capital improvements. With respect to the capital improvements, the lease agreements specify certain minimum amounts that our tenants must spend on capital expenditures that constitute installation, restoration and repair or other improvements of items with respect to the leased properties. The following table summarizes the capital expenditure requirements of our gaming tenants under their respective lease agreements:

Provision

Caesars Regional Master Lease and Caesars Joliet Lease

Caesars Las Vegas Master Lease

MGM Grand/Mandalay Bay Lease

Venetian Lease

All Other Gaming Leases (1)

Yearly minimum expenditure

1% of net revenues (2)

3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves

2% of net revenues based on rolling three-year basis

1% of net revenues

Rolling three-year minimum (3)

$286 million

$84 million

N/A

____________________

(1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in their respective lease agreements.

Investments in Loans and Securities

The following is a summary of our investments in loans and securities as of December 31, 2025 and 2024:


($ In thousands)	December 31, 2025
Investment	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes	$	83,406	$	81,033	$	—	11.0	%	5.2 years
Senior Secured Loans	1,084,478		1,047,585		399,942		8.3	%	4.4 years
Mezzanine Loans and Preferred Equity	1,412,203		1,396,839		223,553		9.6	%	2.5 years
Total	$	2,580,087	$	2,525,457	$	623,495	9.1	%	3.4 years


($ In thousands)	December 31, 2024
Investment	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes	$	85,000	$	81,857	$	—	11.0	%	6.3 years
Senior Secured Loans	684,686		674,200		308,776		8.0	%	4.7 years
Mezzanine Loans and Preferred Equity	908,461		895,476		239,748		9.2	%	4.1 years
Total	$	1,678,147	$	1,651,533	$	548,524	8.8	%	4.4 years

____________________

(1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses.

(2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2025 and 2024.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

The following summarizes the activity of our investments in loans and securities for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning Balance January 1,	$	1,651,533	$	1,144,177	$	685,793

Principal fundings	883,441		578,558		959,020
Payment-in-kind interest	37,547		—		—
Repayments	(20,621)		(79,500)		(479,609)

Change in CECL Allowance	(31,368)		4,770		(22,907)
Other	4,925		3,528		1,880
Ending Balance December 31,	$	2,525,457	$	1,651,533	$	1,144,177

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Change in allowance for credit losses	$ 180.8	$ 122.5	$ 103.6
Unpaid principal balance of loan	$ 82.8

Summary of Significant Accounting Policies - Schedule of Depreciation (Details)	Dec. 31, 2025
Depreciable land improvements \| Minimum
Property, Plant and Equipment
Useful life	5 years
Depreciable land improvements \| Maximum
Property, Plant and Equipment
Useful life	50 years
Building and improvements \| Minimum
Property, Plant and Equipment
Useful life	5 years
Building and improvements \| Maximum
Property, Plant and Equipment
Useful life	40 years
Furniture and equipment \| Minimum
Property, Plant and Equipment
Useful life	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment
Useful life	10 years

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Jan. 09, 2023 USD ($)	Dec. 31, 2025 USD ($) property segment renewal_option trading_day	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Dec. 31, 2017 USD ($) a	Apr. 29, 2022
Real Estate Properties
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Restricted cash		$ 0	$ 0
Short-term investments		$ 44,484,000	$ 0
Projection of economic period, term		2 years
Variable golf fees		$ 11,900,000
Use fees		3,900,000
Minimum rounds fees		$ 1,400,000
Revenue Benchmark \| Customer Concentration Risk \| Property, Las Vegas Strip
Real Estate Properties
Concentration risk percentage		49.00%	48.00%	49.00%
MGM Resorts International \| Revenue Benchmark \| Customer Concentration Risk
Real Estate Properties
Concentration risk percentage		38.00%	38.00%	39.00%
MGM Resorts International \| Contractual Rent Benchmark \| Customer Concentration Risk
Real Estate Properties
Concentration risk percentage		36.00%	36.00%	37.00%
Caesars Entertainment Corporation \| Revenue Benchmark \| Customer Concentration Risk
Real Estate Properties
Concentration risk percentage		36.00%	36.00%	37.00%
Caesars Entertainment Corporation \| Contractual Rent Benchmark \| Customer Concentration Risk
Real Estate Properties
Concentration risk percentage		37.00%	37.00%	39.00%
Minimum
Real Estate Properties
Number of renewal options \| renewal_option		1
Award vesting period (in years)		0 years
Maximum
Real Estate Properties
Award vesting period (in years)		3 years
Time-Based Restricted Shares
Real Estate Properties
Period of volume of weighted average price \| trading_day		10
Trading days \| trading_day		10
Time-Based Restricted Shares \| Minimum
Real Estate Properties
Award vesting period (in years)		1 year
Time-Based Restricted Shares \| Maximum
Real Estate Properties
Award vesting period (in years)		3 years
Golf Courses
Real Estate Properties
Number of golf courses \| property		4
MGM Grand Mandalay Bay JV
Real Estate Properties
Interest acquired	49.90%
Payments to acquire productive assets	$ 1,300,000,000
MGM Grand Mandalay Bay JV
Real Estate Properties
Equity method investment, ownership percentage						50.10%
Eastside Property
Real Estate Properties
Area of real estate property \| a					18.4
Proceeds from sale of land held-for-investment					$ 73,600,000
Deposit liability					$ 73,600,000
VICI OP
Real Estate Properties
Noncontrolling interest, ownership percentage		1.10%
Harrah’s Joliet LandCo LLC
Real Estate Properties
Noncontrolling interest, ownership percentage		20.00%
Vici Bowl HoldCo LLC
Real Estate Properties
Noncontrolling interest, ownership percentage		4.10%

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Real estate portfolio:

Investments in leases - sales-type, net

^[1]

$ 23,706,563

$ 23,581,101

Land

148,002

150,727

Cash and cash equivalents

563,479

524,615

Short-term investments

44,484

Other assets

^[1]

1,039,050

1,030,644

Total assets

46,724,168

45,368,940

Liabilities

Debt, net

16,773,241

16,732,889

Accrued expenses and deferred revenue

238,715

217,956

Dividends and distributions payable

486,259

461,954

Other liabilities

1,003,366

1,004,340

Total liabilities

18,501,581

18,417,139

Commitments and contingent liabilities (Note 10)

Stockholders’ equity

Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,068,811,371 and 1,056,366,685 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

10,688

10,564

Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2025 and 2024

Additional paid-in capital

24,898,868

24,515,417

Accumulated other comprehensive income

121,031

144,574

Retained earnings

2,767,053

1,867,400

Total VICI stockholders’ equity

27,797,640

26,537,955

Non-controlling interests

424,947

413,846

Total stockholders’ equity

28,222,587

26,951,801

Total liabilities and stockholders’ equity

46,724,168

45,368,940

Investments in leases - financing receivables, net

Real estate portfolio:

Investments in leases and loans

^[1]

18,697,133

18,430,320

Investments in loans and securities, net

Real estate portfolio:

Investments in leases and loans

^[1]

$ 2,525,457

$ 1,651,533

[1]

As of December 31, 2025 and December 31, 2024, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively, and $802.7 million, $737.1 million, $25.0 million, and $20.6 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2025

Credit Loss [Abstract]

Allowance for Credit Losses

Under ASC 326, we are required to estimate and record non-cash credit losses related to our historical and any future investments in sales-type leases, lease financing receivables, loans and securities classified as held-to-maturity.

The following tables detail the allowance for credit losses as of December 31, 2025 and December 31, 2024:


	December 31, 2025
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	24,625,749	$	(919,186)	$	23,706,563	3.73	%
Investments in leases - financing receivables	19,467,011		(769,878)		18,697,133		3.95	%
Investments in loans and securities	2,581,839		(56,382)		2,525,457		2.18	%
Other assets - sales-type sub-leases	862,845		(23,909)		838,936		2.77	%
Totals	$	47,537,444	$	(1,769,355)	$	45,768,089	3.72	%


	December 31, 2024
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	24,383,843	$	(802,742)	$	23,581,101	3.29	%
Investments in leases - financing receivables	19,167,432		(737,112)		18,430,320		3.85	%
Investments in loans and securities	1,676,530		(24,997)		1,651,533		1.49	%
Other assets - sales-type sub-leases	863,374		(20,598)		842,776		2.39	%
Totals	$	46,091,179	$	(1,585,449)	$	44,505,730	3.44	%

____________________

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Beginning Balance January 1,	$	1,594,931	$	1,472,386	$	1,368,819

Initial allowance from current period investments (1)	8,273		2,914		293,033
Current period change in credit allowance	172,549		119,631		(189,466)
Charge-offs	—		—		—
Recoveries	—		—		—
Ending Balance December 31,	$	1,775,753	$	1,594,931	$	1,472,386

____________________

(1) The initial allowance for the years ended December 31, 2025, 2024 and 2023 is based on investment activity of $966.0 million, $365.0 million and $4.8 billion, respectively.

During the year ended December 31, 2025, we recognized a $180.8 million increase in our allowance for credit losses primarily driven by the market performance of our tenants and negative changes in the macroeconomic forecast during the period, both of which impact the R&S Period PD.

During the year ended December 31, 2024, we recognized a $122.5 million increase in our allowance for credit losses primarily driven by the market performance of our tenants and negative changes in the macroeconomic forecast during the period, as well as adjustments made to the assumptions used to project future cash flows for one of our investments.

During the year ended December 31, 2023, we recognized a $103.6 million increase in our allowance for credit losses primarily driven by initial CECL allowances on our investment activity during such period, partially offset by an overall decrease in the R&S Period PD of our tenants and their parent guarantors as a result of their market performance during the year.

In the fourth quarter of 2025, we placed a fully funded senior secured loan collateralized by a luxury golf-resort development with an unpaid principal balance of $82.8 million on non-accrual status. The borrower is in active discussions with a third party to recapitalize the development.

Credit Quality Indicators

We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our lease agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our lease agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-Term Period PD when estimating credit losses for each investment.


	Amortized Cost Basis by Year of Origination as of December 31, 2025 (1)
(In thousands)	2025		2024		2023		2022		2021		Prior		Total
Ba2	$	—	$	—	$	—	$	4,873,999	$	—	$	—	$	4,873,999
Ba3	—		—		—		13,095,110		2,194,863		18,458,589		33,748,562
B1	—		—		—		2,398,728		—		927,427		3,326,155
B2	—		—		449,694		—		—		—		449,694
B3	—		—		290,139		301,167		—		892,567		1,483,873
Caa1	—		—		398,903		—		—		344,104		743,007
N/A (2)	671,696		350,183		1,089,558		800,717		—		—		2,912,154
Total	$	671,696	$	350,183	$	2,228,294	$	21,469,721	$	2,194,863	$	20,622,687	$	47,537,444


	Amortized Cost Basis by Year of Origination as of December 31, 2024 (1)
(In thousands)	2024		2023		2022		2021		2020		Prior		Total
Ba2	$	—	$	—	$	4,795,479	$	—	$	—	$	—	$	4,795,479
Ba3	—		—		12,882,102		2,182,313		5,667,136		12,634,167		33,365,718
B1	—		—		2,359,188		—		—		924,344		3,283,532
B2	—		447,554		—		—		887,545		—		1,335,099
B3	—		667,922		299,859		—		—		341,426		1,309,207
N/A (2)	313,761		987,422		700,961		—		—		—		2,002,144
Total	$	313,761	$	2,102,898	$	21,037,589	$	2,182,313	$	6,554,681	$	13,899,937	$	46,091,179

____________________

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-20

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

We conduct our operations as a REIT for U.S. federal income tax purposes. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays taxes at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. We intend to meet those requirements and as a result, we generally will not be subject to U.S. federal income tax except for the TRS operations.

The operations of VICI Golf (represented by the four golf course businesses), which are held in a TRS and certain of our other subsidiaries that operate in various states and municipalities within North America and the United Kingdom, are subject to various local, state and/or federal income taxes. Accordingly, we provide for a provision for income taxes in relation to these jurisdictions, which includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflects the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes.

Income before income taxes for the year ended December 31, 2025 of $2,777.9 million was comprised of $2,767.1 million from U.S. operations and $10.8 million from foreign operations.

The composition of our income tax expense (benefit) was as follows:


	Year Ended December 31,
	2025						2024						2023
(In thousands)	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	2,041	$	(267)	$	1,774	$	1,808	$	(702)	$	1,106	$	1,755	$	129	$	1,884
State	378		15		393		1,816		8		1,824		2,481		13		2,494
Foreign	1,759		(1,491)		268		641		6,133		6,774		49		(10,568)		(10,519)
Income tax expense (benefit)	$	4,178	$	(1,743)	$	2,435	$	4,265	$	5,439	$	9,704	$	4,285	$	(10,426)	$	(6,141)

For the year ended December 31, 2025, income taxes paid, net of refunds received, of $7.3 million were comprised of $3.2 million U.S. Federal income tax, $1.3 million state and local income tax and $2.9 million foreign income tax in Canada.

At December 31, 2025 and 2024, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:


(In thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:

CECL allowance - foreign investments	$	16,634	$	10,584
Lease liability	2,126		2,192
Accruals, reserves and other	1,505		1,256

Total deferred tax assets	20,265		14,032
Deferred tax liabilities:
Fixed assets - foreign investments	(9,547)		(1,436)
Land, buildings and equipment, net	(5,063)		(5,042)
Right of use asset	(2,126)		(2,192)
Cumulative translation adjustment	(613)		(3,309)
Total deferred tax liabilities	(17,349)		(11,979)
Net deferred tax asset	$	2,916	$	2,053

The following table reconciles our effective income tax rate to the historical U.S. federal statutory rate of 21% for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025				2024				2023
($ in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal income tax expense at statutory rate	$	583,363	21.0	%	$	564,586	21.0	%	$	526,579	21.0	%
REIT income not subject to U.S. federal income tax	(581,770)		(20.9)		(563,476)		(21.0)		(524,791)		(20.9)
Pre-tax gain attributable to taxable subsidiaries	1,593		0.1		1,110		—		1,788		0.1
State and local income taxes, net of federal benefits	368		—		1,800		0.1		2,474		0.1
Foreign income taxes	269		—		6,774		0.3		(10,519)		(0.4)
Non-deductible expenses and other	205		—		20		—		116		—
Provision for (benefit from) income taxes	$	2,435	0.1	%	$	9,704	0.4	%	$	(6,141)	(0.2)	%

We declared dividends of $1.765, $1.695 and $1.610 per common share during the years ended December 31, 2025, 2024 and 2023, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2025, 2024 and 2023 are characterized as follows:


	Year Ended December 31,
($ per share)	2025		2024		2023
Ordinary dividends	$	1.7019	$	1.5045	$	1.4500
Section 199A dividends (1)	$	1.6963	$	1.5013	$	1.4265
Qualified dividend (1)	$	0.0057	$	0.0031	$	0.0235

Non-dividend distribution	$	0.0456	$	0.1730	$	0.0263

____________________

(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

As of December 31, 2025, we had NOLs of $151.6 million, generated by our REIT, that will expire in 2037, unless they are utilized by us prior to expiration.

As of December 31, 2025, the 2022, 2023, and 2024 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2025 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	VICI Properties LP	VICI Properties LP Partners’ Capital	VICI Properties LP Accumulated Other Comprehensive Income	VICI Properties LP Non-controlling Interests
Beginning balance at Dec. 31, 2022		$ 22,165,216	$ 21,900,511	$ 185,201	$ 79,504
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		2,545,970	2,535,066		10,904
Contributions from Parent		2,516,109	2,516,109
Distributions to Parent		(1,673,609)	(1,673,609)
Issuance of partnership units	$ 24,390	24,390			24,390
Distributions to non-controlling interest		(9,166)			(9,166)
Stock-based compensation, net of forfeitures	10,570	10,570	10,570
Reclassification of derivative gain to Interest expense	(24,148)	(24,148)		(24,148)
Unrealized (loss) gain on cash flow hedges	(9,655)	(9,655)		(9,655)
Foreign currency translation adjustments	1,952	1,952		1,952
Ending balance at Dec. 31, 2023		25,547,629	25,288,647	153,350	105,632
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		2,715,455	2,704,255		11,200
Contributions from Parent		430,693	430,693
Distributions to Parent		(1,800,891)	(1,800,891)
Distributions to non-controlling interest		(10,716)			(10,716)
Stock-based compensation, net of forfeitures	12,169	12,169	12,169
Reclassification of derivative gain to Interest expense	(24,662)	(24,662)		(24,662)
Unrealized (loss) gain on cash flow hedges	26,973	26,973		26,973
Foreign currency translation adjustments	(11,762)	(11,762)		(11,762)
Ending balance at Dec. 31, 2024		26,884,888	26,634,873	143,899	106,116
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		2,812,647	2,801,482		11,165
Contributions from Parent		376,248	376,248
Distributions to Parent		(1,897,922)	(1,897,922)
Distributions to non-controlling interest		(10,838)			(10,838)
Stock-based compensation, net of forfeitures	8,964	8,964	8,964
Reclassification of derivative gain to Interest expense	(25,509)	(25,509)		(25,509)
Unrealized (loss) gain on cash flow hedges	(5,949)	(5,949)		(5,949)
Foreign currency translation adjustments	$ 7,649	7,649		7,649
Ending balance at Dec. 31, 2025		$ 28,150,178	$ 27,923,645	$ 120,090	$ 106,443

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases, Operating
Rent expense	$ 2,520	$ 2,334	$ 2,004
Contractual rent	1,106	1,363	1,905
Operating Sub-Lease
Leases, Operating
Rent expense	7,175	6,889	6,849
Rental income	7,175	6,889	6,849
Contractual rent	6,752	6,754	6,585
Finance and Sales-Type Sub-Lease
Leases, Finance
Rental income	63,852	63,918	58,240
Rental expense	63,852	63,918	58,240
Contractual rent	$ 65,228	$ 65,030	$ 59,094

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Interest-Rate Derivatives

Outstanding Derivatives

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2024. There were no derivative instruments outstanding as of December 31, 2025.

($ In thousands)

December 31, 2024

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

3.5880%

$200,000

USD-SOFR-OIS Compound

March 27, 2035

Settled Derivatives

We have entered into, and subsequently settled, the following forward-starting interest rate swap agreements and U.S. Treasury Rate Lock agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of the respective senior unsecured notes. In each case, the derivatives were designated as cash-flow hedges and, accordingly, the unrealized gain in Accumulated other comprehensive income is amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense.


($ In thousands)
Notes Offering	Settlement Period	Instrument	Number of Instruments	Notional Amount		Total Net Proceeds/(Payments)
April 2025 Notes	March 2025	Forward-starting interest rate swap	12	$	600,000	$	192
April 2025 Notes	March 2025	U.S. Treasury Rate Lock	3	150,000		1,575
December 2024 Notes	December 2024	Forward-starting interest rate swap	7	350,000		7,173
December 2024 Notes	December 2024	U.S. Treasury Rate Lock	5	300,000		(398)
March 2024 Notes	March 2024	Forward-starting interest rate swap	7	500,000		2,543
April 2022 Notes	April 2022	Forward-starting interest rate swap	5	2,500,000		202,289
April 2022 Notes	April 2022	U.S. Treasury Rate Lock	2	500,000		4,549

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Unrealized (loss) gain recorded in other comprehensive income	$	(5,949)	$	26,973	$	(9,655)
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(25,509)		(24,662)		(24,148)

Net Investment Hedges

In connection with our foreign transactions in Canada and the United Kingdom, we currently have C$165.0 million and £16.5 million, respectively, outstanding on the Revolving Credit Facility, which funds were used to reduce the impact of exchange rate variations associated with our investments, and, accordingly, have been designated as a hedge of the net investment in such entities. As non-derivative net investment hedges, the impact of changes in foreign currency exchange rates on the principal balances are recognized as a cumulative translation adjustment within accumulated other comprehensive income. For the years ended December 31, 2025 and 2024, we recognized $7.5 million and $12.9 million in unrealized gains, respectively, related to such net investment hedges, which were recorded as a component of Foreign currency translation adjustments in the Statement of Operations.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Real Estate Transactions - Indigenous Gaming Partners Pure Lease Assignment (Details)	Dec. 10, 2024
PURE Master Lease
Asset Acquisition [Line Items]
ROFO term	5 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates.

Principles of Consolidation and Non-controlling Interest

The accompanying Financial Statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. The operating partnership, VICI OP, is a variable interest entity (“VIE”) of which we are the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Substantially all of our assets and liabilities relate to VICI LP, whose limited partnership interest is 100% owned by VICI OP. Therefore, we consolidate the accounts of VICI LP and reflect the third-party ownership in VICI OP as a non-controlling interest on the Consolidated Balance Sheets. All intercompany account balances and transactions have been eliminated in consolidation.

Non-controlling Interests

We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of December 31, 2025, VICI’s

non-controlling interests were comprised of (i) approximately 1.1% third-party ownership of VICI OP in the form of a limited liability company interest in VICI OP (“VICI OP Units”), (ii) a 20% third-party ownership of Harrah’s Joliet Landco LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the Caesars Joliet Lease and (iii) a minority third-party equity interest, in the form of Class A Units, of VICI Bowl HoldCo LLC (“Lucky Strike OP Units”), the entity that (a) owns the portfolio of bowling entertainment centers leased to Lucky Strike Entertainment Corporation and (b) is the lessor under the related Lucky Strike master lease agreement, which interest entitles the non-controlling interest holder to a preferred return that currently approximates 4.1% of the entity’s cash flows.

VICI LP’s non-controlling interests are the third-party ownership interests in Harrah’s Joliet Landco LLC and VICI Bowl HoldCo LLC referenced above.

Reportable Segments

Our operations consist of real estate investment activities, which represent substantially all of our business. The operating results are regularly reviewed, on a consolidated basis, by the chief operating decision maker and are considered to be one operating segment. Accordingly, all operations have been considered to represent one reportable segment.

Refer to Note 15 - Segment Information for further information.

Cash, Cash Equivalents and Restricted Cash

Cash consists of cash-on-hand and cash-in-bank. Highly liquid investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of December 31, 2025 and 2024, we did not have any restricted cash.

Short-Term Investments

Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value.

We may invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available for sale securities. Interest on our short-term investments is recognized as interest income in our Statement of Operations. We had $44.5 million of short-term investments as of December 31, 2025. We did not have any short-term investments as of December 31, 2024.

Purchase Accounting

We assess all of our property acquisitions under ASC 805 “Business Combinations” (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business combination when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) the acquisition does not include an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition.

We allocate the purchase price, including the costs incurred to acquire the assets, to the identifiable assets acquired and liabilities assumed, as applicable, using their relative fair value. Generally, the assets acquired are comprised of land, building and site improvements and in certain instances, such as our acquisition of MGM Growth Properties LLC (“MGP”) and the acquisition of the joint venture that holds the real estate assets of MGM Grand Las Vegas and Mandalay Bay (“MGM Grand/Mandalay Bay JV”), existing leases and/or debt. Further, since all the components of our leases are classified as sales-type leases or financing receivables, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable.

Investments in Leases - Sales-type, Net

We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess each lease component of the property, generally comprised of land and

building, to determine the classification. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease, net of allowance for credit losses. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset and accordingly no profit or loss is recognized, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification.

Investments in Leases - Financing Receivables, Net

In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842.

Lease Term

Under ASC 842, at the inception of a lease or upon a lease modification, we assess the noncancelable lease term, which includes any reasonably certain renewal periods. All of our lease agreements provide for an initial term, with one or more tenant renewal options.

In relation to our gaming assets and certain other irreplaceable real estate, upon lease inception or modification, we have generally concluded that the lease term includes all of the periods covered by extension options as it was reasonably certain at such time that our tenants would renew the lease agreements. At such time, we believed our tenants were economically compelled to renew the lease agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the lease agreements and the lack of suitable replacement assets.

Income from Leases and Lease Financing Receivables

We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases based on the future minimum lease payments. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our lease agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables, loans and securities, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable.

Contingent rent, which is generally comprised of amounts in excess of specified floors or the variable rent portion of our leases, is recognized when receivable.

Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in the lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations.

Origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as an adjustment to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.

Investments in Loans and Securities, net

Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and net of allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan.

Certain of our investments in loans contain provisions for paid-in-kind (“PIK”) interest, whereby contractual interest is added to the outstanding principal balance of the investment instead of being paid in cash when due. We recognize PIK interest as income in the period earned, with a corresponding increase to the carrying value of the related investment.

We classify our investments in securities on the date of acquisition of the investment as either trading, available-for-sale or held-to-maturity. We classify our debt securities as held-to-maturity, as we have the intent and ability to hold this security until maturity, the accounting of which is materially consistent with that of our Investments in loans.

We evaluate our loans on an individual basis to determine whether a loan should be placed on nonaccrual. We place loans on nonaccrual if there is a significant deterioration in credit quality or once reasonable doubt exists about the collectibility of the principal and interest due.

Allowance for Credit Losses

ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans and securities.

Investments in Leases

In relation to our lease portfolio, we have elected to use a discounted cash flow model to estimate the allowance for credit losses, or CECL allowance, for our Investments in leases - sales-type and Investments in leases - financing receivables, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows that project estimated credit losses over the life of the lease and discount these cash flows at the investment’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the investment and the present value of the expected credit loss cash flows.

Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and their parent guarantors, as applicable, over the life of each individual lease or financial investment. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date.

Investments in Loans

In relation to our loan portfolio, we engage a nationally recognized data analytics firm to provide loan level market data and a forward-looking commercial real estate loss forecasting tool. The credit loss model generates the PD and LGD using sub-market loan-level data and the fair value of collateral to generate net operating income and forecast the expected loss for each loan.

Unfunded Commitments

We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers’ and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for the respective investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheets.

Presentation

The initial CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Sales-type sub-leases (included in Other assets) on our Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which results in a non-cash charge to the Statement of Operations for the relevant period.

Write-offs of our investments in leases and loans are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries of amounts previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2025, 2024 and 2023.

Refer to Note 5 - Allowance for Credit Losses for further information.

Investments in Land

Our investments in land are held at historical cost and comprised of the following:

•Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip.

•Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas.

•Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put-call option on the land parcels and the Caesars Forum Convention Center. On December 31, 2024, in connection with the expiration of the put option, we reassessed the accounting conclusion and determined that the transaction still does not meet the requirements for a completed sale. The amount of $73.6 million is presented as land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheets.

Property and Equipment Used in Operations

Property and equipment used in operations is included within Other assets on our Balance Sheets and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset.

Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal.

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:


Depreciable land improvements			5-50 years
Building and improvements			5-40 years
Furniture and equipment			3-10 years

Impairment

We assess our investments in land and property and equipment used in operations for impairment under ASC 360 “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease.

Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows.

Income from Unconsolidated Affiliate

Income from unconsolidated affiliate represented our original 50.1% ownership interest in the joint venture that holds the real estate assets of MGM Grand/Mandalay Bay JV, which was acquired as part of our acquisition of MGP on April 29, 2022. On January 9, 2023, we acquired the remaining 49.9% interest from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3 billion and, accordingly, consolidated the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023.

Foreign Currency Translation and Remeasurement

Our investments in our Canadian gaming assets and certain of our loans are denominated in foreign currencies and, accordingly, we translate the financial statements of the subsidiaries that own such assets into U.S. Dollars (“USD” or “US$”) when we consolidate their financial results and position. Generally, assets and liabilities are translated at the exchange rate in effect at the date of the Balance Sheets and the resulting translation adjustments are included in Accumulated other comprehensive income in the Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income Statement accounts are translated using the average exchange rate for the period.

We and certain of our consolidated subsidiaries have intercompany and third-party debt that is denominated in foreign currencies, which is neither our nor our consolidated subsidiaries’ functional currency of USD. When the debt and related operating receivables and/or payables are remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Other gains (losses), net in the Statement of Operations.

Other Income and Other Expenses

Other income primarily represents sub-lease income related to certain ground and use leases. Under our lease agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expenses are recorded on a gross basis in our Statement of Operations as we are the primary obligor under the ground and use leases.

Fair Value Measurements

We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.

Refer to Note 9 - Fair Value for further information.

Derivative Financial Instruments

We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheets at fair value.

The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a

component of Accumulated other comprehensive income in our Balance Sheets with a corresponding change in Unrealized (loss) gain in cash flows hedges within Other comprehensive income on our Statement of Operations.

We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.

Golf Revenues

VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2025, payments under the Golf Course Use Agreement were comprised of a $11.9 million annual membership fee, $3.9 million of use fees and approximately $1.4 million of minimum rounds fees. The annual membership fee, use fees and minimum rounds fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period.

Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less.

Income Taxes-REIT Qualification

We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates (including any alternative minimum tax or excise tax applicable to non-REIT corporations), and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”), we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT.

We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations.

Recent Tax Legislation

The Organization for Economic Co-operation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar Two”) that various jurisdictions around the world have adopted or proposed to adopt in domestic legislation. The OECD has published further guidance that modifies key aspects of the Pillar Two Global Minimum Tax (“GMT”) framework on a prospective basis. The new guidance includes a comprehensive “side-by-side package” that provides a safe harbor for US parented Multi-national Enterprises (“MNEs”). The side-by-side package provides that taxes imposed under the Qualified Domestic Minimum Top-up Tax element of the GMT framework continue to apply to foreign operations of US-parented MNEs. The changes agreed to in the side-by-side package will not be effective until jurisdictions that have implemented the GMT adopt the side-by-side package.

In addition, effective July 4, 2025, certain changes to U.S. tax law were approved that may impact us and our stockholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) increased the percentage limit under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increased

the basis on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.

We have evaluated both Pillar Two (including the GMT framework) and the changes to the tax law and we do not expect them to have a material impact on our Financial Statements. However, there remains some uncertainty as to the final Pillar Two rules, including their adoption in each jurisdiction’s law. We will continue to monitor the United States and global legislative actions related to Pillar Two for potential impacts.

Debt Issuance Costs

Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.

Transaction and Acquisition Expenses

Transaction and acquisition-related expenses that are not capitalizable under GAAP, including certain leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs.

Stock-Based Compensation

We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche.

The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for awards of equity instruments range from zero to three years.

See Note 13—Stock-Based Compensation for further information related to the stock-based compensation.

Earnings Per Share and Earnings Per Unit

Earnings per share (“EPS”) or Earnings per unit (“EPU”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS or EPU is computed by dividing net income applicable to common stockholders or unit holders, as the case may be, by the weighted-average number of shares of common stock or units, as the case may be, outstanding during the period. Diluted EPS or EPU reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan.

See Note 12—Earnings Per Share and Earnings Per Unit for the detailed EPS and EPU calculations.

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Concentrations of Credit Risk

Caesars and MGM Resorts International (together with, as the context requires, its subsidiaries, “MGM”) are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from our lease agreements with MGM represented 38%, 38% and 39% of our lease revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Contractual rent from our lease agreements with MGM represented 36%, 36% and 37% of our total contractual rent for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from our lease agreements with Caesars represented 36%, 36%, and 37% of our lease revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Contractual rent from our lease agreements with Caesars represented 37%, 37% and 39% of our total contractual rent for years ended December 31, 2025, 2024 and 2023, respectively.

Additionally, our properties on the Las Vegas Strip generated approximately 49%, 48% and 49% of our lease revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Except as described above, we do not believe there are any other significant concentrations of credit risk.

Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov. We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K.

Recent Account Pronouncements

Accounting Pronouncements Recently Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted the guidance on January 1, 2025, and as a result of the adoption of ASU 2023-09 Income Taxes, we added additional disclosures in Note 14 - Income Taxes addressing and discussing the additional requirements above.

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Total property and equipment used in operations	$ 96,178	$ 94,869
Less: accumulated depreciation	(28,133)	(24,522)
Total property and equipment used in operations, net	68,045	70,347
Depreciation expense	3,637	4,125	$ 4,298
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	61,945	61,459
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	16,689	16,224
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 17,544	$ 17,186

Real Estate Transactions - One Beverly Hills Mezzanine Loan (Details) $ in Thousands			12 Months Ended
	Jun. 23, 2025 USD ($)	Feb. 19, 2025 USD ($) a extension_option	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument
Payments to acquire finance receivables \| $			$ 0	$ 248	$ 1,131,996
One Beverly Hills Loan
Debt Instrument
Number of extension options \| extension_option		1
Extension term (in months)		12 months
One Beverly Hills Loan \| One Beverly Hills
Debt Instrument
Payments to acquire finance receivables \| $	$ 150,000	$ 300,000
Area of land (in acre) \| a		17.5
One Beverly Hills Loan \| The Beverly Hilton
Debt Instrument
Area of land (in acre) \| a		10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Real Estate Transactions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Real Estate Transactions

2025 Activity

Property Acquisitions and Investments

Golden Entertainment Transaction

On November 6, 2025, we announced that we entered into an agreement to acquire 100% of the land, real property and improvements of seven casino properties (the “Golden Portfolio”) from Golden Entertainment, Inc. (“Golden”) for $1.16 billion and to enter into a triple-net master lease (the “Golden Master Lease”) with a newly formed entity that will be owned and controlled by Blake L. Sartini, current chairman and chief executive officer of Golden, which entity will acquire the operating business of Golden in connection with the closing of the transaction (“Golden OpCo”). The Golden Portfolio includes: The STRAT Hotel, Casino & Tower on the North Las Vegas Strip; Arizona Charlie’s Decatur and Arizona Charlie’s Boulder in the Las Vegas Locals market; Aquarius Casino Resort and Edgewater Casino Resort in Laughlin, Nevada; and Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump, Nevada. The Golden Master Lease will have an initial total annual rent of $87.0 million and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Master Lease will be guaranteed by a holding company that is owned and controlled by Mr. Sartini and owns all of the gaming and operating assets of Golden.

Pursuant to the Master Transaction Agreement, Golden shareholders will receive approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden stock, which represents an agreed-upon exchange ratio of 0.902 per share of Golden’s common stock based on VICI’s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that is payable by an affiliate of the Golden OpCo. In connection with the transaction, VICI will assume and immediately retire Golden’s outstanding $426.0 million of debt.

The transaction is expected to close in mid-2026, subject to the approval of the Golden stockholders, as well as customary closing conditions and regulatory approvals.

Leasing

PENN Lease Combination

On December 4, 2025, we combined the existing individual leases with PENN with respect to the Hollywood Casino at Greektown (the “Greektown Lease”) in Detroit, Michigan, and the Margaritaville Resort Casino (the “Margaritaville Lease”) in Bossier City, Louisiana, into one master lease for both properties (the “PENN Master Lease”). The PENN Master Lease has initial annual rent equal to $80.7 million (the “Combined Rent”), representing the combined annual rent amounts under the

Greektown Lease and the Margaritaville Lease as of December 4, 2025. There was no change to the aggregate amount of rent collected by us as a result of the combination. Annual rent escalation on the Combined Rent will occur on June 1 of each year based on the following construct: on June 1, 2026, the Combined Rent will escalate at a fixed 1.0%, and beginning on June 1, 2027, and for each year thereafter, the Combined Rent will escalate at 1.0% if the minimum net revenue to rent ratio (the “Minimum Ratio”) is achieved. The Minimum Ratio will be set as of June 1, 2026 and will be based on the sum of net revenues generated by the two assets over the performance period from June 1, 2025 to May 31, 2026, divided by the Combined Rent. The PENN Master Lease has an initial maturity on May 23, 2034 with four 5-year tenant renewal options. The existing guarantor under the Greektown Lease and Margaritaville Lease remains the same for the PENN Master Lease with PENN continuing to guarantee all obligations.

The combination of the individual leases into the PENN Master Lease resulted in a lease modification under ASC 842. Accordingly, we reassessed lease classification for each property individually, and upon reassessment, we determined that both properties under the PENN Master Lease continue to meet the definition of a sales-type lease. Accordingly, since the classification remains unchanged, we prospectively adjusted the future minimum lease cash flows and rate implicit in the lease such that the carrying value of the lease remains unchanged subsequent to modification.

Northfield Park Severance Lease

On October 16, 2025, we announced that, in connection with MGM’s agreement to sell the operations of MGM Northfield Park (“Northfield Park”), located in Northfield, Ohio, to an affiliate of funds managed by Clairvest Group Inc. (“Clairvest”), we agreed to enter into (i) a new triple-net lease agreement with an affiliate of Clairvest with respect to the real property of Northfield Park (the “Northfield Park Lease”) and (ii) an amendment to the existing MGM Master Lease (as defined below) in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease. The Northfield Park Lease will have an initial annual base rent of $53.0 million (or $54.0 million if the transaction closes on or after May 1, 2026 to reflect the 2.0% annual escalation provided under the MGM Master Lease). Upon closing, the Northfield Park Lease will begin a new 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The Northfield Park Lease will be guaranteed by an affiliate of funds managed by Clairvest that will own the operations of Northfield Park. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in the first half of 2026.

Real Estate Debt Investments

The following table summarizes our 2025 real estate debt investment activity:

(In thousands)

Investment Name

Maximum Principal Amount

Investment Type

Collateral

One Beverly Hills Loan

450,000

Mezzanine

Luxury experiential lifestyle hub in Beverly Hills, California

North Fork Casino Loan

510,000

Senior Secured Loan

The personal property and revenues of the North Fork Mono Casino & Resort located near Madera, California

Chelsea Piers Greenwich Village Loan

6,000

Senior Secured Loan

Certain equipment of the fitness club in the Greenwich Village neighborhood in New York, NY

Total

966,000

One Beverly Hills Mezzanine Loan

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

The mezzanine loan has an initial maturity in March 2026 and one 12-month extension option, subject to certain conditions. Under the provisions of the existing mezzanine loan, interest is paid-in-kind and added to the outstanding principal balance. We funded each of the investments with a combination of cash on hand and a draw under the Revolving Credit Facility (as defined below).

North Fork Casino Loan

On April 4, 2025, we provided a commitment of up to $510.0 million of a $725.0 million delayed draw term loan facility (the “Term Loan Arrangement”) to the North Fork Rancheria Economic Development Authority, a wholly owned entity of the North Fork Rancheria of Mono Indians of California. Proceeds from the Term Loan Arrangement will be used for the development of the North Fork Mono Casino & Resort (“North Fork”) located near Madera, California, which will be developed and managed by affiliates of Red Rock Resorts, Inc. (“Red Rock Resorts”). The Term Loan Arrangement consists of a $340.0 million Term Loan A, of which we have committed up to $125.0 million, and a $385.0 million Term Loan B, of which we have committed up to the full $385.0 million, for a total commitment of $510.0 million. The Term Loan A has an initial term of five years and the Term Loan B has an initial term of six years. The project is expected to be funded in accordance with a construction draw schedule and is expected to be completed in the second half of 2026.

2024 Activity

Property Acquisitions and Investments

Venetian Capital Investment

On May 1, 2024, we entered into agreements to fund up to $700.0 million of capital investment into the Venetian Resort for extensive reinvestment projects through our Partner Property Growth Fund strategy (the “Venetian Capital Investment”). The Venetian Capital Investment will fund several projects, including hotel room product renovations, gaming floor optimization and entertainment and convention center enhancements, among others, seeking to improve the overall guest experience and enhance the value of the property. The invested capital will earn a return through the addition of incremental rent to the lease agreement for the Venetian Resort (as amended in connection with the Venetian Capital Investment, the “Venetian Lease”).

The up to $700.0 million of funding through the Venetian Capital Investment is comprised of $400.0 million that has already been funded and an incremental $300.0 million that the Venetian Resort will have the option, but not the obligation, to draw in whole or in part until November 1, 2026. The initial $400.0 million investment was funded based on a fixed schedule: $100.0 million was funded in the second quarter of 2024, $150.0 million was funded in the third quarter of 2024 and $150.0 million was funded in the fourth quarter of 2024. The previous Property Growth Fund agreement entered into with the tenant in connection with the Venetian Resort acquisition in 2021 providing for up to $1.0 billion of future development and construction project funding was terminated on May 1, 2024 concurrently with the entry into the agreement to fund the Venetian Capital Investment.

In connection with the Venetian Capital Investment, annual rent under the Venetian Lease increased commencing on the first day of the quarter immediately following each capital funding at a 7.25% yield (the “Incremental Venetian Rent”). In addition to any increase pursuant to the Incremental Venetian Rent, annual rent under the Venetian Lease will begin escalating annually at 2.0% on March 1, 2029 and, commencing on March 1, 2031, will begin escalating on the same terms as the rest of the rent payable under the Venetian Lease with annual escalation equal to the greater of 2.0% or CPI, capped at 3.0%. The aggregate annual rent under the Venetian Lease increased by $29.0 million as a result of the $400.0 million of funding in 2024 under the Venetian Capital Investment.

We determined that the amendment to the Venetian Lease in connection with the Venetian Capital Investment represented a lease modification under ASC 842 pursuant to which we were required to reassess the lease classification. Upon reassessment, we determined that the Venetian Lease continues to meet the definition of a sales-type lease. Accordingly, since the classification remains unchanged, we modified the future minimum lease cash flows to reflect the amendment and prospectively adjusted the discount rate used to recognize income, incorporating the impact of the additional funding and related incremental rent in connection with the Venetian Capital Investment.

Leasing Activity

Indigenous Gaming Partners - PURE Lease Assignment

On December 10, 2024, we entered into an amendment and consented to the assignment of the master lease agreement for the PURE Canadian portfolio (consisting of PURE Casino Calgary, PURE Casino Edmonton, PURE Casino Lethbridge and PURE

Casino Yellowhead) (the “PURE Master Lease”) to an affiliate of Indigenous Gaming Partners Inc. (“IGP”), in connection with the acquisition of the operating assets of PURE Canadian Gaming Corp. by a subsidiary of IGP. The economic terms of the PURE Master Lease remain unchanged.

In connection with the assignment of the PURE Master Lease, we received a 5-year ROFO on future sale-leaseback transactions with IGP. Any additional properties acquired pursuant to the ROFO will be added to the PURE Master Lease.

Real Estate Debt Investments

The following table summarizes our 2024 real estate debt investment activity:

(In thousands)

Investment Name

Maximum Principal Amount

Investment Type

Collateral

Great Wolf Mezzanine Loan (1)

250,000

Mezzanine

Portfolio of nine Great Wolf Lodge resorts across the United States

Chelsea Piers One Madison Loan

10,000

Senior Secured Loan

Certain equipment of the fitness club at the One Madison building in New York, NY

Homefield Margaritaville Loan (2)

105,000

Senior Secured Loan

Margaritaville Resort in Kansas City, Kansas, under development

Total

365,000

____________________

(1) In connection with the Great Wolf Mezzanine Loan, the $79.5 million mezzanine loan for Great Wolf Lodge Maryland was repaid in full.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Stockholders' Equity - Schedule of Marketed Forward Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 18, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Aggregate Value		$ 375,350	$ 378,686	$ 2,479,720
January 2023 Offering \| Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Total Shares Sold (in shares)	30,302,500
Public Offering Price Per Share (in dollars per share)	$ 33.00
Aggregate Value	$ 1,000,000
Initial Forward Sale Price Per Share (in dollars per share)	$ 31.85
Aggregate Net Value	$ 964,400
Underwriter's Option (in shares)	3,952,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Earnings Per Share and Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Earnings Per Share

The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:


	Year Ended December 31,
(In thousands)	2025	2024	2023
Determination of shares:
Weighted-average shares of common stock outstanding	1,062,006	1,046,740	1,014,513
Assumed conversion of restricted stock	501	482	784
Assumed settlement of forward sale agreements	186	453	480
Diluted weighted-average shares of common stock outstanding	1,062,693	1,047,675	1,015,777


	Year Ended December 31,
(In thousands, except per share data)	2025		2024		2023
Basic:
Net income attributable to common stockholders	$	2,775,493	$	2,678,810	$	2,513,540
Weighted-average shares of common stock outstanding	1,062,006		1,046,740		1,014,513
Basic EPS	$	2.61	$	2.56	$	2.48

Diluted:
Net income attributable to common stockholders	$	2,775,493	$	2,678,810	$	2,513,540
Diluted weighted-average shares of common stock outstanding	1,062,693		1,047,675		1,015,777
Diluted EPS	$	2.61	$	2.56	$	2.47

The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:


	Year Ended December 31,
(In thousands)	2025	2024	2023
Determination of units:
Weighted-average units outstanding	1,074,238	1,058,971	1,026,745
Assumed conversion of VICI restricted stock	501	482	784
Assumed settlement of VICI forward sale agreements	186	453	480
Diluted weighted-average units outstanding	1,074,924	1,059,906	1,028,008


	Year Ended December 31,
(In thousands, except per share data)	2025		2024		2023
Basic:
Net income attributable to partners	$	2,801,482	$	2,704,255	$	2,535,066
Weighted-average units outstanding	1,074,238		1,058,971		1,026,745
Basic EPU	$	2.61	$	2.55	$	2.47

Diluted:
Net income attributable to partners	$	2,801,482	$	2,704,255	$	2,535,066
Diluted weighted-average units outstanding	1,074,924		1,059,906		1,028,008
Diluted EPU	$	2.61	$	2.55	$	2.47

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Long-term Debt, Fiscal Year Maturity
2026	$ 1,750,000
2027	1,500,000
2028	2,000,000
2029	1,892,453
2030	2,000,000
Thereafter	7,950,000
Total minimum repayments	$ 17,092,453

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Assets and Other Liabilities

Other Assets

The following table details the components of our other assets as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Sales-type sub-leases, net (1)	$	838,936	$	842,776
Property and equipment used in operations, net	68,045		70,347
Right of use assets and sub-lease right of use assets	53,945		54,144
Debt financing costs	17,138		8,029
Deferred acquisition costs	14,562		13,964
Interest receivable	14,506		7,180
Other receivables	13,272		9,166
Deferred income taxes	9,535		5,865
Prepaid expenses	4,766		4,534
Tenant reimbursement receivables	2,357		5,066
Forward-starting interest rate swaps	—		7,717
Other	1,988		1,856
Total other assets	$	1,039,050	$	1,030,644

___________________________________________________

(1) As of December 31, 2025 and December 31, 2024, sales-type sub-leases are net of $23.9 million and $20.6 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Land and land improvements	$	61,945	$	61,459
Buildings and improvements	16,689		16,224
Furniture and equipment	17,544		17,186
Total property and equipment used in operations	96,178		94,869
Less: accumulated depreciation	(28,133)		(24,522)
Total property and equipment used in operations, net	$	68,045	$	70,347


	Year Ended December 31,
(In thousands)	2025		2024		2023
Depreciation expense	$	3,637	$	4,125	$	4,298

Other Liabilities

The following table details the components of our other liabilities as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Finance sub-lease liabilities	$	862,845	$	863,374
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	53,654		53,822
Deferred income taxes	6,619		3,812
CECL allowance for unfunded commitments	6,398		9,482

Other	250		250
Total other liabilities	$	1,003,366	$	1,004,340

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stock

Authorized

As of December 31, 2025, we had the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share.

Public Offerings

From time to time, we offer shares of our common stock through public offerings registered with the SEC. In connection with such offerings, we may issue and sell the offered shares of common stock upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the shares of common stock sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms.

Marketed Forward Offerings


($ In thousands, except share and per share data)	Effective Date (1)	Total Shares Sold (2)	Public Offering Price Per Share		Aggregate Offering Value		Initial Forward Sale Price Per Share		Initial Net Value
2023
January 2023 Offering	January 18, 2023	30,302,500	$	33.00	$	1,000,000	$	31.85	$	964,400

____________________

(1)All forward sale agreements require settlement within one year of the Effective Date.

(2)The amount is inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes 3,952,500 shares.

As of December 31, 2025, we did not have any shares outstanding from our marketed public forward offerings subject to forward sale agreements. Refer to “At-the-Market Offering Program” below for information regarding the share activity and shares outstanding under our forward sale agreements under our ATM Program (as defined below). Refer to “Forward Settlement Activity” below for information regarding the settlement of the forward offerings.

We did not receive any proceeds from the sale of shares at the time we entered into each of the forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

At-the-Market Offering Program

On May 6, 2024, we entered into an equity distribution agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $2.0 billion of our common stock and concurrently terminated our previous equity distribution agreement (collectively under both equity distribution agreements, the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale agreements. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs.


($ In thousands, except share and per share data)	Number of Shares	Weighted Average Share Price		Aggregate Value		Forward Sales Price Per Share		Aggregate Net Value
Year Ended December 31, 2025	7,835,973	$	32.43	$	254,156	$	32.27	$	252,840
Year Ended December 31, 2024	12,015,399	32.01		384,565		31.31		376,253
Year Ended December 31, 2023	21,365,397	30.10		643,045		29.70		634,594

We did not receive any proceeds from the sale of shares at the time we entered into each of the ATM forward sale agreements. We determined that the ATM forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

As of December 31, 2025, we had 7,750,000 forward shares remaining to be settled under our ATM forward sale agreements. The net forward sales price per share of forward shares under the ATM Program was $31.40 and would result in us receiving approximately $243.3 million in net cash proceeds if we were to physically settle the shares. Alternatively, if we were to cash settle the shares under the ATM forward sale agreements, it would result in a cash inflow of $25.4 million, or, if we were to net share settle the shares under the ATM forward sale agreements, it would result in us receiving approximately 903,735 shares of common stock.

Forward Settlement Activity


($ In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
2025
ATM Forward Shares	Various	Physical	12,101,372	$	31.05	$	375,727
2024
ATM Forward Shares	Various	Physical	13,194,739	28.75		379,373
2023
January 2023 Forward Sale Agreements	Various	Physical	30,302,500	31.70		960,500
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	30.34		575,600
ATM Forward Shares	Various	Physical	29,788,250	31.75		945,700

Common Stock Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


Common Stock Outstanding	2025	2024	2023
Beginning Balance January 1	1,056,366,685	1,042,702,763	963,096,563

Issuance of common stock upon physical settlement of forward sale agreements	12,101,372	13,194,739	79,065,750

Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	343,314	469,183	540,450

Ending Balance December 31	1,068,811,371	1,056,366,685	1,042,702,763

Distributions

Dividends declared (on a per share basis) during the years ended December 31, 2025 and 2024 were as follows:

Year Ended December 31, 2025

Declaration Date

Record Date

Payment Date

Period

Dividend

March 6, 2025

March 20, 2025

April 3, 2025

January 1, 2025 – March 31, 2025

0.4325

June 5, 2025

June 18, 2025

July 10, 2025

April 1, 2025 – June 30, 2025

0.4325

September 4, 2025

September 18, 2025

October 9, 2025

July 1, 2025 – September 30, 2025

0.4500

December 4, 2025

December 17, 2025

January 8, 2026

October 1, 2025 – December 31, 2025

0.4500

Year Ended December 31, 2024

Declaration Date

Record Date

Payment Date

Period

Dividend

March 7, 2024

March 21, 2024

April 4, 2024

January 1, 2024 – March 31, 2024

0.4150

June 7, 2024

June 18, 2024

July 3, 2024

April 1, 2024 – June 30, 2024

0.4150

September 5, 2024

September 18, 2024

October 3, 2024

July 1, 2024 – September 30, 2024

0.4325

December 5, 2024

December 17, 2024

January 9, 2025

October 1, 2024 – December 31, 2024

0.4325

- Definition

The entire disclosure for equity.

+ References

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At December 31, 2025, 8,973,714 shares of common stock remained available for issuance by us as equity awards under the Plan.

Time-Based Restricted Stock

During the years ended December 31, 2025, 2024 and 2023, the Company granted approximately 272,000, 276,000, and 203,000 shares of restricted stock, respectively, under the Plan, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of one to three years. The number of shares granted was determined based on the 10-day volume weighted average price using the 10 trading days immediately preceding the grant date.

Performance-Based Restricted Stock Units

During the years ended December 31, 2025, 2024 and 2023 the Company granted approximately 341,000, 348,000, and 235,000 performance-based restricted stock units, respectively, at target level of performance under the Plan, which are subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. For purposes of determining the fair value for expense recognition, we used a Monte Carlo Simulation (risk-neutral approach) as these awards contain a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 4.2% - 4.3% and an expected price volatility of 20.0%. The expected price volatility was calculated based on both historical and implied volatility.

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Stock-based compensation expense	$	16,195	$	17,511	$	15,536

The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units:


	Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except for per share data)	Stock	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022	507,339	$	27.47	769,589	$	22.88
Granted	209,901	28.22		474,867	28.59
Vested	(211,887)	28.13		(363,267)	19.90
Forfeited	(32,718)	28.44		(115,607)	19.90
Canceled	—	—		—	—
Outstanding as of December 31, 2023	472,635	27.44		765,582	28.28
Granted	288,558	23.74		531,268	27.32
Vested	(176,926)	29.76		(243,615)	34.27
Forfeited	(57,099)	29.93		(143,669)	31.58
Canceled	—	—		—	—
Outstanding as of December 31, 2024	527,168	24.37		909,566	25.60
Granted	280,453	30.12		340,554	34.82
Vested	(213,662)	30.21		(189,176)	29.01
Forfeited	(126,315)	30.44		(183,818)	29.51
Canceled	—	—		—	—
Outstanding as of December 31, 2025	467,644	$	30.37	877,126	$	32.51

As of December 31, 2025, there was $19.4 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 1.7 years.

Real Estate Transactions - PENN Lease Combination (Details) - PENN Master Lease $ in Millions	Dec. 04, 2025 USD ($) renewal_option
Asset Acquisition [Line Items]
Initial annual rent amount \| $	$ 80.7
Annual escalation rate	1.00%
Escalation rate if minimum net revenue to rent ratio achieved percent	1.00%
Number of renewal options \| renewal_option	4
Lessor, sales-type lease, renewal term	5 years

Allowance for Credit Losses - Schedule of Allowance for Credit Losses in Investment in Leases, Loans, Securities and Other Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Amortized Cost

Investments in leases - sales-type, net

$ 24,625,749

$ 24,383,843

Other assets – sales-type sub-leases

862,845

863,374

Total

47,537,444

46,091,179

Allowance

Investments in leases – sales-type

(919,186)

(802,742)

Allowance, total

(1,769,355)

(1,585,449)

Net Investment

Investments in leases – sales-type

^[1]

23,706,563

23,581,101

Other assets – sales-type sub-leases

838,936

842,776

Net investment total

$ 45,768,089

$ 44,505,730

Allowance as a % of Amortized Cost

Investments in leases – sales-type

3.73%

3.29%

Other assets – sales-type sub-leases

2.77%

2.39%

Allowance as a percentage of amortized cost, total

3.72%

3.44%

CECL allowance for unfunded commitments

$ 6,398

$ 9,482

Finance and Sales-Type Sub-Lease

Allowance

Other assets – sales-type sub-leases

(23,909)

(20,598)

Investments in leases - financing receivables, net

Amortized Cost

Investments in leases, loans and securities

19,467,011

19,167,432

Allowance

Investments in leases, loans and securities

(769,878)

(737,112)

Net Investment

Investments in leases, loans and securities

^[1]

$ 18,697,133

$ 18,430,320

Allowance as a % of Amortized Cost

Investments in leases, loans and securities

3.95%

3.85%

Investments in loans and securities, net

Amortized Cost

Investments in leases, loans and securities

$ 2,581,839

$ 1,676,530

Allowance

Investments in leases, loans and securities

(56,382)

(24,997)

Net Investment

Investments in leases, loans and securities

$ 2,525,457

^[1]

$ 1,651,533

^[1]

$ 1,144,177

$ 685,793

Allowance as a % of Amortized Cost

Investments in leases, loans and securities

2.18%

1.49%

[1]

Real Estate Portfolio - Schedule of Investment in Loans (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Loans and Leases Receivable Disclosure

Principal Balance

$ 2,580,087

$ 1,678,147

Weighted Average Interest Rate

9.10%

8.80%

Weighted Average Term

3 years 4 months 24 days

4 years 4 months 24 days

Investments in loans and securities, net

Loans and Leases Receivable Disclosure

Carrying Value

$ 2,525,457

^[1]

$ 1,651,533

^[1]

$ 1,144,177

$ 685,793

Future Funding Commitments

623,495

548,524

Senior Secured Notes

Loans and Leases Receivable Disclosure

Principal Balance

$ 83,406

$ 85,000

Weighted Average Interest Rate

11.00%

Weighted Average Term

5 years 2 months 12 days

6 years 3 months 18 days

Senior Secured Notes | Investments in loans and securities, net

Loans and Leases Receivable Disclosure

Carrying Value

$ 81,033

$ 81,857

Future Funding Commitments

Senior Secured Loans

Loans and Leases Receivable Disclosure

Principal Balance

$ 1,084,478

$ 684,686

Weighted Average Interest Rate

8.30%

8.00%

Weighted Average Term

4 years 4 months 24 days

4 years 8 months 12 days

Senior Secured Loans | Investments in loans and securities, net

Loans and Leases Receivable Disclosure

Carrying Value

$ 1,047,585

$ 674,200

Future Funding Commitments

399,942

308,776

Mezzanine Loans and Preferred Equity

Loans and Leases Receivable Disclosure

Principal Balance

$ 1,412,203

$ 908,461

Weighted Average Interest Rate

9.60%

9.20%

Weighted Average Term

2 years 6 months

4 years 1 month 6 days

Mezzanine Loans and Preferred Equity | Investments in loans and securities, net

Loans and Leases Receivable Disclosure

Carrying Value

$ 1,396,839

$ 895,476

Future Funding Commitments

$ 223,553

$ 239,748

[1]

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Other Liabilities Disclosure [Abstract]

Sales-type sub-leases, net

$ 838,936

$ 842,776

Property and equipment used in operations, net

68,045

70,347

Right of use assets and sub-lease right of use assets

53,945

54,144

Debt financing costs

17,138

8,029

Deferred acquisition costs

14,562

13,964

Interest receivable

14,506

7,180

Other receivables

13,272

9,166

Deferred income taxes

9,535

5,865

Prepaid expenses

4,766

4,534

Tenant reimbursement receivables

2,357

5,066

Forward-starting interest rate swaps

7,717

Other

1,988

1,856

Total other assets

^[1]

1,039,050

1,030,644

Other assets (sales-type sub-leases), allowance for credit losses

$ 23,900

$ 20,600

[1]

Real Estate Portfolio - Schedule of Real Estate Portfolio (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Accounts, Notes, Loans and Financing Receivable

Investments in leases - sales-type, net

^[1]

$ 23,706,563

$ 23,581,101

Total investments in leases, net

42,403,696

42,011,421

Land

148,002

150,727

Total real estate portfolio

45,077,155

43,813,681

Investments in leases - financing receivables, net

Accounts, Notes, Loans and Financing Receivable

Investments in leases and loans

^[1]

18,697,133

18,430,320

Investments in loans and securities, net

Accounts, Notes, Loans and Financing Receivable

Investments in leases and loans

$ 2,525,457

^[1]

$ 1,651,533

^[1]

$ 1,144,177

$ 685,793

[1]

- Definition

Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.

+ References + Details

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

($ In thousands)

December 31, 2024

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

3.5880%

$200,000

USD-SOFR-OIS Compound

March 27, 2035


($ In thousands)
Notes Offering	Settlement Period	Instrument	Number of Instruments	Notional Amount		Total Net Proceeds/(Payments)
April 2025 Notes	March 2025	Forward-starting interest rate swap	12	$	600,000	$	192
April 2025 Notes	March 2025	U.S. Treasury Rate Lock	3	150,000		1,575
December 2024 Notes	December 2024	Forward-starting interest rate swap	7	350,000		7,173
December 2024 Notes	December 2024	U.S. Treasury Rate Lock	5	300,000		(398)
March 2024 Notes	March 2024	Forward-starting interest rate swap	7	500,000		2,543
April 2022 Notes	April 2022	Forward-starting interest rate swap	5	2,500,000		202,289
April 2022 Notes	April 2022	U.S. Treasury Rate Lock	2	500,000		4,549

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Unrealized (loss) gain recorded in other comprehensive income	$	(5,949)	$	26,973	$	(9,655)
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(25,509)		(24,662)		(24,148)

Real Estate Portfolio - Schedule of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Financing Receivable, Allowance for Credit Loss [Roll Forward]

Payment-in-kind interest

$ 37,547

$ 0

Investments in loans and securities, net

Financing Receivable, Allowance for Credit Loss [Roll Forward]

Beginning Balance

1,651,533

^[1]

1,144,177

685,793

Principal fundings

883,441

578,558

959,020

Payment-in-kind interest

37,547

Repayments

(20,621)

(79,500)

(479,609)

Change in CECL Allowance

(31,368)

4,770

(22,907)

Other

4,925

3,528

1,880

Ending Balance

$ 2,525,457

^[1]

$ 1,651,533

^[1]

$ 1,144,177

[1]

Commitments and Contingent Liabilities - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Other assets (operating lease and sub-leases right-of-use assets)	$ 53,945	$ 54,144
Other liabilities (operating lease and sub-lease liabilities)	53,654	53,822
Other assets (sales-type sub-leases, net)	838,936	842,776
Other liabilities (finance sub-lease liabilities)	862,845	863,374
Other assets (sales-type sub-leases), allowance for credit losses	$ 23,900	20,600
Operating Lease, Liability, Statement of Financial Position	Other liabilities
Finance and Sales-Type Sub-Lease
Lessee, Lease, Description [Line Items]
Other liabilities (finance sub-lease liabilities)	$ 862,845	$ 863,374
Operating Sub-Lease
Lessee, Lease, Description [Line Items]
Operating Lease, Liability, Statement of Financial Position	Other liabilities

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
VICI Properties LP
Audit Information [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Sales-type and direct financing, allowance for credit losses	$ 919,186	$ 802,742
Other assets (sales-type sub-leases), allowance for credit losses	23,900	20,600
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	769,878	737,112
Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 56,382	$ 24,997
VICI Properties LP
Operating partnership units issued (in shares)	1,081,042,744	1,068,598,058
Operating partnership units outstanding (in shares)	1,081,042,744	1,068,598,058
Sales-type and direct financing, allowance for credit losses	$ 919,200	$ 802,700
Other assets (sales-type sub-leases), allowance for credit losses	23,900	20,600
VICI Properties LP \| Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	769,900	737,100
VICI Properties LP \| Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 56,400	$ 25,000

Debt - Unsecured Credit Facilities (Details) £ in Millions, $ in Millions, $ in Billions		12 Months Ended
	Feb. 03, 2025 USD ($) option	Dec. 31, 2025 CAD ($)	Dec. 31, 2025 GBP (£)	Feb. 08, 2022 USD ($)
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Federal Reserve Bank Of New York Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2.5			$ 2.5
Increase in borrowing capacity	1.0
Additional tranches of term loans, value	$ 2.0
Revolving Credit Facility \| Extension Option 1
Line of Credit Facility [Line Items]
Number of extension options \| option	2
Extension term	6 months
Extension fee percentage	0.0625%
Revolving Credit Facility \| Extension Option 2
Line of Credit Facility [Line Items]
Number of extension options \| option	1
Extension term	12 months
Extension fee percentage	0.125%
Revolving Credit Facility \| Senior Unsecured Notes
Line of Credit Facility [Line Items]
Outstanding amount		$ 165.0	£ 16.5
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.70%
Facility fee percentage	0.10%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.70%
Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.00%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.40%
Facility fee percentage	0.30%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.40%
Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.40%

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 16,195	$ 17,511	$ 15,536

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The following tables detail our debt obligations as of December 31, 2025 and 2024:


($ In thousands)	December 31, 2025
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	February 3, 2029	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	February 3, 2029	CORRA + 0.85%	120,219		120,219
GBP Borrowings (2)	February 3, 2029	SONIA + 0.85%	22,234		22,234
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,827,515
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		496,596
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,247,385
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		752,382
3.750% Notes	February 15, 2027	3.750%	750,000		748,114
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		344,756
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,244,632
4.750% Notes	April 1, 2028	4.750%	400,000		397,012
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		713,898
4.625% Notes	December 1, 2029	4.625%	1,000,000		993,732
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		992,815
4.125% Notes	August 15, 2030	4.125%	1,000,000		993,101
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		741,828
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,486,918
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		541,956
2035 Maturities
5.625% Notes	April 1, 2035	5.601% (3)	900,000		885,409
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		736,842
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		485,897
Total Debt		4.464% (4)	$	17,092,453	$	16,773,241


($ In thousands)	December 31, 2024
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
2022 Revolving Credit Facility
USD Borrowings (2)	March 31, 2026	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	March 31, 2026	CORRA + 0.85%	130,698		130,698
GBP Borrowings (2)	March 31, 2026	SONIA + 0.85%	18,148		18,148
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,800,544
2025 Maturities
4.375% Notes	May 15, 2025	4.375%	500,000		499,419
4.625% Notes	June 15, 2025	4.625%	800,000		797,059
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		491,532
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,244,469
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		754,588
3.750% Notes	February 15, 2027	3.750%	750,000		746,438
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		342,214
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,242,110
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		702,707
4.625% Notes	December 1, 2029	4.625%	1,000,000		992,132
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		991,080
4.125% Notes	August 15, 2030	4.125%	1,000,000		991,609
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		740,527
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,484,876
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		540,986
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		736,348
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		485,405
Total Debt		4.413% (4)	$	17,098,846	$	16,732,889

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the year ended December 31, 2025, the weighted average commitment fees for the Revolving Credit Facility was 0.20%.

(3)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes (as defined below) maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively, the contractual interest rate on the March 2024 Notes (as defined below) maturing 2034 is 5.750%, the contractual interest rates on the December 2024 Notes (as defined below) maturing 2031 is 5.125%, and the contractual interest rate on the April 2025 Notes (as defined below) maturing 2035 is 5.625%.

(4)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of December 31, 2025, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.62%.

The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2025:


(In thousands)	Future Minimum Payments
2026	$	1,750,000
2027	1,500,000
2028	2,000,000
2029	1,892,453
2030	2,000,000
Thereafter	7,950,000
Total minimum repayments	$	17,092,453

Senior Unsecured Notes

Our outstanding senior unsecured notes consist of (i) $2.25 billion aggregate principal amount of Senior Notes issued on November 26, 2019 (the “November 2019 Notes”), (ii) $1.75 billion aggregate principal amount of Senior Notes issued on February 5, 2020 (the “February 2020 Notes”), (iii) $4.5 billion aggregate principal amount of Senior Notes issued on April 29, 2022 (the “April 2022 Notes”), (iv) approximately $2.3 billion aggregate principal amount of Senior Notes issued on April 29, 2022, in each case issued by VICI LP and VICI Note Co. Inc. (the “Exchange Notes”), (v) approximately $63.6 million aggregate principal amount of Senior Notes, which were originally issued by MGM Growth Properties Operating Partnership LP and a co-issuer (the “MGP OP Notes”) and remain outstanding following the issuance of the Exchange Notes pursuant to the exchange offer and consent solicitation for the then-outstanding MGP OP Notes, which settled in connection with the completion of our acquisition of MGP on April 29, 2022, (vi) $1.05 billion aggregate principal amount of Senior Notes issued on March 18, 2024 (the “March 2024 Notes”), (vii) $750.0 million aggregate principal of Senior Notes issued on December 19, 2024, (the “December 2024 Notes”), and (viii) $1.3 billion aggregate principal amount of Senior Notes issued on April 7, 2025 (the “April 2025 Notes”). The outstanding November 2019 Notes, February 2020 Notes, April 2022 Notes, Exchange Notes, MGP OP Notes, March 2024 Notes, December 2024 Notes and April 2025 Notes are collectively referred to as the “Senior Unsecured Notes”.

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

Subject to the terms and conditions of the applicable indentures (including supplemental indentures, collectively “indentures”), each series of Senior Unsecured Notes is redeemable at our option, in whole or in part, at any time for a specified period prior to the maturity date of such series at the redemption prices set forth in the applicable indenture. In addition, we may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium or on such other terms as specified in the applicable indenture.

Guarantee and Financial Covenants

None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes, the April 2022 Notes, the March 2024 Notes, the December 2024 Notes and the April 2025 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement (as defined below), and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes.

Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to

certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant.

The indentures governing each of the April 2022 Notes, March 2024 Notes, December 2024 Notes and April 2025 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and limit VICI LP’s ability to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications.

Unsecured Credit Facilities

On February 3, 2025, we entered into a credit agreement by and among VICI LP, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent, as amended from time to time (the “Credit Agreement”), providing for a revolving credit facility in the amount of $2.5 billion scheduled to mature on February 3, 2029 (the “Revolving Credit Facility”). Concurrently with entry into the Credit Agreement and Revolving Credit Facility, we terminated the credit agreement dated February 8, 2022 by and among VICI LP, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended from time to time (the “2022 Credit Agreement”) and the existing revolving credit facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 (the “2022 Revolving Credit Facility”). In connection with the termination of the 2022 Revolving Credit Facility, all outstanding balances thereunder were repaid and reborrowed under the Revolving Credit Facility.

The Revolving Credit Facility includes two six-month maturity extension options (or one twelve-month extension option), the exercise of which in each case is subject to customary conditions and the payment of an extension fee of (i) 0.0625% on the extended commitments, in the case of each six-month extension of the Revolving Credit Facility, and (ii) 0.125% on the extended commitments, in the case of a twelve-month extension of the Revolving Credit Facility. The Revolving Credit Facility includes the option (i) to increase the revolving loan commitments by up to $1.0 billion and (ii) to add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.

Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, for U.S. Dollar borrowings at either (i) a rate based on SOFR plus a margin ranging from 0.70% to 1.40%, or (ii) a base rate plus a margin ranging from 0.00% to 0.40%, in each case, with the actual margin determined according to VICI LP’s debt ratings and total leverage ratio. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject to a floor of 1.0%. In addition to U.S. Dollar borrowings, borrowings under the Revolving Credit Facility are also available in certain specific foreign currencies, bearing interest based on rates customary for such foreign currencies and subject to the same applicable margins for U.S. Dollar borrowings. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.10% to 0.30% (depending on VICI LP’s debt ratings and total leverage ratio) of total commitments. The Revolving Credit Facility may be voluntarily prepaid in full or in part at any time, subject to customary breakage costs, if applicable.

The Credit Agreement contains customary representations and warranties and affirmative, negative and financial covenants. Such covenants include restrictions on mergers, affiliate transactions, and asset sales as well as certain financial maintenance covenants. The Credit Agreement also includes customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of VICI LP under the Credit Agreement to be immediately due and payable. The Credit Agreement is consistent with certain tax-related requirements related to security for our debt.

As of December 31, 2025, we had C$165.0 million and £16.5 million outstanding on the Revolving Credit Facility in connection with the funding of a portion of our Canadian investments and our United Kingdom investments, respectively.

MGM Grand/Mandalay Bay CMBS Debt

On January 9, 2023, as a result of our acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV, we consolidated the assets and liabilities of the MGM Grand/Mandalay Bay JV, which includes the $3.0 billion in principal amount of outstanding CMBS debt (the “MGM Grand/ Mandalay Bay CMBS Debt”). The MGM Grand/Mandalay Bay CMBS Debt

was originally incurred on February 14, 2020 pursuant to a loan agreement (as amended from time to time, the “MGM Grand/Mandalay Bay CMBS Loan Agreement”), and is secured primarily by mortgages on certain affiliates of the MGM Grand/Mandalay Bay JV’s fee interest in the real estate assets related to the MGM Grand Las Vegas and the Mandalay Bay Resort and Casino. The MGM Grand/Mandalay Bay CMBS Debt matures in March 2032 and bears interest at 3.558% per annum until March 2030 at which time the rate can change in accordance with the terms of the MGM Grand Mandalay Bay CMBS Loan Agreement until maturity. The MGM Grand/Mandalay Bay CMBS Loan Agreement contains certain customary affirmative and negative covenants and events of default, including, among other things, restrictions on the ability of the MGM Grand/Mandalay Bay JV and certain of its affiliates to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring certain affiliates of the MGM Grand/Mandalay Bay JV to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings.

Financial Covenants

As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain assets and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At December 31, 2025, we are in compliance with all financial covenants under our debt obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025 USD ($) property $ / shares	Sep. 30, 2025 $ / shares	Jun. 30, 2025 $ / shares	Mar. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2025 USD ($) property $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Income Tax Contingency
Income after noncontrolling interest, before tax									$ 2,777.9
Income before income taxes, U.S. operations									2,767.1
Income before income taxes, foreign operations									10.8
U.S. Federal income tax									3.2
State and local income tax									1.3
Foreign income tax									$ 2.9
Expected federal tax at the statutory tax rate									21.00%	21.00%	21.00%
Dividends declared (in dollars per share) \| $ / shares	$ 0.4500	$ 0.4500	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4150	$ 0.4150	$ 1.765	$ 1.695	$ 1.610
NOL carryforwards	$ 151.6								$ 151.6
Golf Courses
Income Tax Contingency
Number of golf courses \| property	4								4

Income Taxes - Schedule of Effective Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Amount
Federal income tax expense at statutory rate	$ 583,363	$ 564,586	$ 526,579
REIT income not subject to U.S. federal income tax	(581,770)	(563,476)	(524,791)
Pre-tax gain attributable to taxable subsidiaries	1,593	1,110	1,788
State and local income taxes, net of federal benefits	368	1,800	2,474
Foreign income taxes	269	6,774	(10,519)
Non-deductible expenses and other	205	20	116
Provision for (benefit from) income taxes	$ 2,435	$ 9,704	$ (6,141)
Percent
Federal income tax expense at statutory rate	21.00%	21.00%	21.00%
REIT income not subject to U.S. federal income tax	(20.90%)	(21.00%)	(20.90%)
Pre-tax gain attributable to taxable subsidiaries	0.10%	0.00%	0.10%
State and local income taxes, net of federal benefits	0.00%	0.10%	0.10%
Foreign income taxes	0.00%	0.30%	(0.40%)
Non-deductible expenses and other	0.00%	0.00%	0.00%
Provision for (benefit from) income taxes	0.10%	0.40%	(0.20%)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of December 31, 2025 and 2024:


($ In thousands)	December 31, 2025
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	February 3, 2029	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	February 3, 2029	CORRA + 0.85%	120,219		120,219
GBP Borrowings (2)	February 3, 2029	SONIA + 0.85%	22,234		22,234
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,827,515
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		496,596
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,247,385
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		752,382
3.750% Notes	February 15, 2027	3.750%	750,000		748,114
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		344,756
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,244,632
4.750% Notes	April 1, 2028	4.750%	400,000		397,012
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		713,898
4.625% Notes	December 1, 2029	4.625%	1,000,000		993,732
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		992,815
4.125% Notes	August 15, 2030	4.125%	1,000,000		993,101
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		741,828
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,486,918
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		541,956
2035 Maturities
5.625% Notes	April 1, 2035	5.601% (3)	900,000		885,409
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		736,842
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		485,897
Total Debt		4.464% (4)	$	17,092,453	$	16,773,241


($ In thousands)	December 31, 2024
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
2022 Revolving Credit Facility
USD Borrowings (2)	March 31, 2026	SOFR + 0.85%	$	—	$	—
CAD Borrowings (2)	March 31, 2026	CORRA + 0.85%	130,698		130,698
GBP Borrowings (2)	March 31, 2026	SONIA + 0.85%	18,148		18,148
MGM Grand/Mandalay Bay CMBS Debt	March 5, 2032	3.558%	3,000,000		2,800,544
2025 Maturities
4.375% Notes	May 15, 2025	4.375%	500,000		499,419
4.625% Notes	June 15, 2025	4.625%	800,000		797,059
2026 Maturities
4.500% Notes	September 1, 2026	4.500%	500,000		491,532
4.250% Notes	December 1, 2026	4.250%	1,250,000		1,244,469
2027 Maturities
5.750% Notes	February 1, 2027	5.750%	750,000		754,588
3.750% Notes	February 15, 2027	3.750%	750,000		746,438
2028 Maturities
4.500% Notes	January 15, 2028	4.500%	350,000		342,214
4.750% Notes	February 15, 2028	4.516% (3)	1,250,000		1,242,110
2029 Maturities
3.875% Notes	February 15, 2029	3.875%	750,000		702,707
4.625% Notes	December 1, 2029	4.625%	1,000,000		992,132
2030 Maturities
4.950% Notes	February 15, 2030	4.541% (3)	1,000,000		991,080
4.125% Notes	August 15, 2030	4.125%	1,000,000		991,609
2031 Maturities
5.125% Notes	November 15, 2031	4.969% (3)	750,000		740,527
2032 Maturities
5.125% Notes	May 15, 2032	3.980% (3)	1,500,000		1,484,876
2034 Maturities
5.750% Notes	April 1, 2034	5.689% (3)	550,000		540,986
2052 Maturities
5.625% Notes	May 15, 2052	5.625%	750,000		736,348
2054 Maturities
6.125% Notes	April 1, 2054	6.125%	500,000		485,405
Total Debt		4.413% (4)	$	17,098,846	$	16,732,889

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

Schedule of Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2025:


(In thousands)	Future Minimum Payments
2026	$	1,750,000
2027	1,500,000
2028	2,000,000
2029	1,892,453
2030	2,000,000
Thereafter	7,950,000
Total minimum repayments	$	17,092,453

Real Estate Transactions - 2025 Loan Originations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Acquisition [Line Items]
Maximum Principal Amount	$ 966,000	$ 365,000
One Beverly Hills Loan
Asset Acquisition [Line Items]
Maximum Principal Amount	450,000
North Fork Casino Loan
Asset Acquisition [Line Items]
Maximum Principal Amount	510,000
Chelsea Piers Greenwich Village Loan
Asset Acquisition [Line Items]
Maximum Principal Amount	$ 6,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Depreciation

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:


Depreciable land improvements			5-50 years
Building and improvements			5-40 years
Furniture and equipment			3-10 years


(In thousands)	December 31, 2025		December 31, 2024
Land and land improvements	$	61,945	$	61,459
Buildings and improvements	16,689		16,224
Furniture and equipment	17,544		17,186
Total property and equipment used in operations	96,178		94,869
Less: accumulated depreciation	(28,133)		(24,522)
Total property and equipment used in operations, net	$	68,045	$	70,347


	Year Ended December 31,
(In thousands)	2025		2024		2023
Depreciation expense	$	3,637	$	4,125	$	4,298

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. As of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the “Venetian Resort”). Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. VICI also owns four championship golf courses which are managed by Cabot-Managed Properties and are located near certain of our properties. VICI, the parent company, is a Maryland corporation and internally managed real estate investment trust (“REIT”) for U.S. federal income tax purposes. Our real property business, which represents the substantial majority of our assets, is conducted through VICI Properties OP LLC (“VICI OP”) and indirectly through VICI LP and our golf course business, VICI Golf LLC (“VICI Golf”), is conducted through a direct wholly owned taxable REIT subsidiary (“TRS”) of VICI. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute substantially all of our net taxable income to stockholders and maintain our qualification as a REIT.

Real Estate Portfolio - Schedule of Income of Sales-Type and Financing Receivable Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Real Estate
Income from sales-type leases, - fixed rent, contingent rent	$ 2,125,367	$ 2,068,443	$ 1,980,178
Total lease revenue	3,670,466	3,596,884	3,420,933
Non-cash adjustment	(524,356)	(537,927)	(515,556)
Total contractual lease revenue	3,146,110	3,058,957	2,905,377
Fixed Rent
Real Estate
Income from sales-type leases, - fixed rent, contingent rent	2,009,699	1,965,965	1,892,534
Income from lease financing receivables - fixed rent, contingent rent	1,537,261	1,516,484	1,430,246
Contingent Rent
Real Estate
Income from sales-type leases, - fixed rent, contingent rent	115,668	102,478	87,644
Income from lease financing receivables - fixed rent, contingent rent	$ 7,838	$ 11,957	$ 10,509

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The composition of our income tax expense (benefit) was as follows:


	Year Ended December 31,
	2025						2024						2023
(In thousands)	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	2,041	$	(267)	$	1,774	$	1,808	$	(702)	$	1,106	$	1,755	$	129	$	1,884
State	378		15		393		1,816		8		1,824		2,481		13		2,494
Foreign	1,759		(1,491)		268		641		6,133		6,774		49		(10,568)		(10,519)
Income tax expense (benefit)	$	4,178	$	(1,743)	$	2,435	$	4,265	$	5,439	$	9,704	$	4,285	$	(10,426)	$	(6,141)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2025 and 2024, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:


(In thousands)	December 31, 2025		December 31, 2024
Deferred tax assets:

CECL allowance - foreign investments	$	16,634	$	10,584
Lease liability	2,126		2,192
Accruals, reserves and other	1,505		1,256

Total deferred tax assets	20,265		14,032
Deferred tax liabilities:
Fixed assets - foreign investments	(9,547)		(1,436)
Land, buildings and equipment, net	(5,063)		(5,042)
Right of use asset	(2,126)		(2,192)
Cumulative translation adjustment	(613)		(3,309)
Total deferred tax liabilities	(17,349)		(11,979)
Net deferred tax asset	$	2,916	$	2,053

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our effective income tax rate to the historical U.S. federal statutory rate of 21% for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025				2024				2023
($ in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal income tax expense at statutory rate	$	583,363	21.0	%	$	564,586	21.0	%	$	526,579	21.0	%
REIT income not subject to U.S. federal income tax	(581,770)		(20.9)		(563,476)		(21.0)		(524,791)		(20.9)
Pre-tax gain attributable to taxable subsidiaries	1,593		0.1		1,110		—		1,788		0.1
State and local income taxes, net of federal benefits	368		—		1,800		0.1		2,474		0.1
Foreign income taxes	269		—		6,774		0.3		(10,519)		(0.4)
Non-deductible expenses and other	205		—		20		—		116		—
Provision for (benefit from) income taxes	$	2,435	0.1	%	$	9,704	0.4	%	$	(6,141)	(0.2)	%

Schedule of Federal Income Tax Note

For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2025, 2024 and 2023 are characterized as follows:


	Year Ended December 31,
($ per share)	2025		2024		2023
Ordinary dividends	$	1.7019	$	1.5045	$	1.4500
Section 199A dividends (1)	$	1.6963	$	1.5013	$	1.4265
Qualified dividend (1)	$	0.0057	$	0.0031	$	0.0235

Non-dividend distribution	$	0.0456	$	0.1730	$	0.0263

____________________

(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance sub-lease liabilities	$ 862,845	$ 863,374
Deferred financing liabilities	73,600	73,600
Lease liabilities and sub-lease liabilities	53,654	53,822
Deferred income taxes	6,619	3,812
CECL allowance for unfunded commitments	6,398	9,482
Other	250	250
Other liabilities	$ 1,003,366	$ 1,004,340

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares issued (in shares)	1,068,811,371	1,056,366,685
Common stock, shares outstanding (in shares)	1,068,811,371	1,056,366,685
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Sales-type and direct financing, allowance for credit losses	$ 919,186	$ 802,742
Other assets (sales-type sub-leases), allowance for credit losses	23,900	20,600
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	769,878	737,112
Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 56,382	$ 24,997

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.4500	$ 0.4500	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4325	$ 0.4150	$ 0.4150	$ 1.765	$ 1.695	$ 1.610

Fair Value - Schedule of Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial assets:
Short-term investments	$ 44,484	$ 0
Derivative instruments - forward-starting interest rate swap	0	7,717
Carrying Amount
Financial assets:
Short-term investments	44,484
Level 1 \| Fair Value
Financial assets:
Short-term investments	0
Level 2 \| Fair Value
Financial assets:
Short-term investments	44,484
Level 3 \| Fair Value
Financial assets:
Short-term investments	$ 0
Interest Rate Swap \| Carrying Amount
Financial assets:
Derivative instruments - forward-starting interest rate swap		7,717
Interest Rate Swap \| Level 1 \| Fair Value
Financial assets:
Derivative instruments - forward-starting interest rate swap		0
Interest Rate Swap \| Level 2 \| Fair Value
Financial assets:
Derivative instruments - forward-starting interest rate swap		7,717
Interest Rate Swap \| Level 3 \| Fair Value
Financial assets:
Derivative instruments - forward-starting interest rate swap		$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-20

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Sales-Type
2026	$ 1,794,488
2027	1,821,969
2028	1,850,663
2029	1,880,313
2030	1,910,648
Thereafter	78,024,404
Total minimum lease payments	87,282,485
Unamortized initial direct costs	42,169
Less: Present value of lease payments	(62,698,905)
Less: Allowance for credit losses	(919,186)
Investment in leases, net	23,706,563
Financing Receivables
2026	1,278,594
2027	1,302,433
2028	1,326,990
2029	1,352,026
2030	1,377,550
Thereafter	87,080,526
Total minimum lease payments	93,718,119
Unamortized initial direct costs	48,360
Less: Present value of lease payments	(74,299,468)
Less: Allowance for credit losses	(769,878)
Investment in leases, net	18,697,133
2026	3,073,082
2027	3,124,402
2028	3,177,653
2029	3,232,339
2030	3,288,198
Thereafter	165,104,930
Total minimum lease payments	181,000,604
Unamortized initial direct costs	90,529
Less: Present value of lease payments	(136,998,373)
Less: Allowance for credit losses	(1,689,064)
Investment in leases, net	42,403,696
Estimated residual values of leased property (not guaranteed)	$ 16,400,000

Derivatives - Schedule of Derivatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) instrument	Dec. 31, 2024 USD ($) instrument
Forward-starting interest rate swap
Derivative
Number of Instruments \| instrument		4
Fixed Rate		3.588%
Notional		$ 200,000
April 2025 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	12
Notional	$ 600,000
Total Net Proceeds/(Payments)	$ 192
December 2024 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	7
Notional	$ 350,000
Total Net Proceeds/(Payments)	$ 7,173
March 2024 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	7
Notional	$ 500,000
Total Net Proceeds/(Payments)	$ 2,543
April 2022 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	5
Notional	$ 2,500,000
Total Net Proceeds/(Payments)	$ 202,289
April 2025 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	3
Notional	$ 150,000
Total Net Proceeds/(Payments)	$ 1,575
December 2024 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	5
Notional	$ 300,000
Total Net Proceeds/(Payments)	$ (398)
April 2022 Notes \| Cash Flow Hedging
Derivative
Number of Instruments \| instrument	2
Notional	$ 500,000
Total Net Proceeds/(Payments)	$ 4,549

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Allocated Share-based Compensation Expense

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Stock-based compensation expense	$	16,195	$	17,511	$	15,536

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units:


	Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except for per share data)	Stock	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022	507,339	$	27.47	769,589	$	22.88
Granted	209,901	28.22		474,867	28.59
Vested	(211,887)	28.13		(363,267)	19.90
Forfeited	(32,718)	28.44		(115,607)	19.90
Canceled	—	—		—	—
Outstanding as of December 31, 2023	472,635	27.44		765,582	28.28
Granted	288,558	23.74		531,268	27.32
Vested	(176,926)	29.76		(243,615)	34.27
Forfeited	(57,099)	29.93		(143,669)	31.58
Canceled	—	—		—	—
Outstanding as of December 31, 2024	527,168	24.37		909,566	25.60
Granted	280,453	30.12		340,554	34.82
Vested	(213,662)	30.21		(189,176)	29.01
Forfeited	(126,315)	30.44		(183,818)	29.51
Canceled	—	—		—	—
Outstanding as of December 31, 2025	467,644	$	30.37	877,126	$	32.51

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Assets And Liabilities

The following table details the balance and location in our Balance Sheets of the ground and use sub-leases as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Other assets (operating lease and sub-leases right-of-use assets)	$	53,945	$	54,144
Other liabilities (operating lease and sub-lease liabilities)	53,654		53,822
Other assets (sales-type sub-leases, net) (1)	838,936		842,776
Other liabilities (finance sub-lease liabilities)	862,845		863,374

___________________

(1) As of December 31, 2025 and December 31, 2024, sales-type sub-leases are net of $23.9 million and $20.6 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details.

Schedule of Rent Expenses


	Year Ended December 31,
(In thousands)	2025		2024		2023
Operating leases
Rental expense (1)	$	2,520	$	2,334	$	2,004
Contractual rent	1,106		1,363		1,905
Operating sub-leases
Rental income and expense (2)	7,175		6,889		6,849
Contractual rent	6,752		6,754		6,585
Finance sub-leases
Rental income and expense (2)	63,852		63,918		58,240
Contractual rent	65,228		65,030		59,094

___________________

(1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations.

(2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.

Schedule of Future Minimum Rental Payments

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at December 31, 2025 are as follows:


(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2026	$	2,772	$	7,014	$	65,251
2027	1,921		7,208		65,251
2028	2,813		6,470		65,313
2029	1,921		5,743		65,876
2030	2,916		2,436		66,051
Thereafter	17,909		8,679		2,628,643
Total minimum lease commitments	$	30,252	$	37,550	$	2,956,385
Discounting factor	8,752		5,396		2,093,540
Lease liability	$	21,500	$	32,154	$	862,845

Discount rates (1)	5.3% -7.0%		2.6% - 5.8%		5.6% - 8.3%

Weighted average remaining lease term	11.1 years		6.7 years		50.8 years

____________________

(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Schedule of Finance Lease, Liability, Fiscal Year Maturity

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at December 31, 2025 are as follows:


(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2026	$	2,772	$	7,014	$	65,251
2027	1,921		7,208		65,251
2028	2,813		6,470		65,313
2029	1,921		5,743		65,876
2030	2,916		2,436		66,051
Thereafter	17,909		8,679		2,628,643
Total minimum lease commitments	$	30,252	$	37,550	$	2,956,385
Discounting factor	8,752		5,396		2,093,540
Lease liability	$	21,500	$	32,154	$	862,845

Discount rates (1)	5.3% -7.0%		2.6% - 5.8%		5.6% - 8.3%

Weighted average remaining lease term	11.1 years		6.7 years		50.8 years

____________________

(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Real Estate Transactions - Northfield Park Severance Lease (Details) - Forecast $ in Millions	9 Months Ended
	Jun. 30, 2026 USD ($) renewal_option
Northfield Park Lease
Asset Acquisition [Line Items]
Initial annual rent amount	$ 53.0
Annual base rent after escalation rate	$ 54.0
Annual escalation rate	2.00%
Term of contract (in years)	25 years
Number of renewal options \| renewal_option	3
Renewal term (in years)	10 years
Real estate, minimum capital expenditure (in percent)	1.00%
Northfield Park Lease \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate	2.00%
Northfield Park Lease \| Maximum
Asset Acquisition [Line Items]
Annual rent increase, cap percent	3.00%
MGM Master Lease Properties
Asset Acquisition [Line Items]
Annual escalation rate	2.00%

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Assets

The following table details the components of our other assets as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Sales-type sub-leases, net (1)	$	838,936	$	842,776
Property and equipment used in operations, net	68,045		70,347
Right of use assets and sub-lease right of use assets	53,945		54,144
Debt financing costs	17,138		8,029
Deferred acquisition costs	14,562		13,964
Interest receivable	14,506		7,180
Other receivables	13,272		9,166
Deferred income taxes	9,535		5,865
Prepaid expenses	4,766		4,534
Tenant reimbursement receivables	2,357		5,066
Forward-starting interest rate swaps	—		7,717
Other	1,988		1,856
Total other assets	$	1,039,050	$	1,030,644

___________________________________________________

Schedule of Property and Equipment Used in Operations, Net

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:


Depreciable land improvements			5-50 years
Building and improvements			5-40 years
Furniture and equipment			3-10 years


(In thousands)	December 31, 2025		December 31, 2024
Land and land improvements	$	61,945	$	61,459
Buildings and improvements	16,689		16,224
Furniture and equipment	17,544		17,186
Total property and equipment used in operations	96,178		94,869
Less: accumulated depreciation	(28,133)		(24,522)
Total property and equipment used in operations, net	$	68,045	$	70,347


	Year Ended December 31,
(In thousands)	2025		2024		2023
Depreciation expense	$	3,637	$	4,125	$	4,298

Schedule of Other Liabilities

The following table details the components of our other liabilities as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Finance sub-lease liabilities	$	862,845	$	863,374
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	53,654		53,822
Deferred income taxes	6,619		3,812
CECL allowance for unfunded commitments	6,398		9,482

Other	250		250
Total other liabilities	$	1,003,366	$	1,004,340

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Lease
2026	$ 2,772
2027	1,921
2028	2,813
2029	1,921
2030	2,916
Thereafter	17,909
Total minimum lease commitments	30,252
Discounting factor	8,752
Lease liability	$ 21,500
Weighted average remaining lease term (in years)	11 years 1 month 6 days
Financing Sub-Lease Commitments
Finance sub-lease liabilities	$ 862,845	$ 863,374
Minimum
Operating Lease
Discount rates	5.30%
Maximum
Operating Lease
Discount rates	7.00%
Operating Sub-Lease
Operating Lease
2026	$ 7,014
2027	7,208
2028	6,470
2029	5,743
2030	2,436
Thereafter	8,679
Total minimum lease commitments	37,550
Discounting factor	5,396
Lease liability	$ 32,154
Weighted average remaining lease term (in years)	6 years 8 months 12 days
Operating Sub-Lease \| Minimum
Operating Lease
Discount rates	2.60%
Operating Sub-Lease \| Maximum
Operating Lease
Discount rates	5.80%
Finance and Sales-Type Sub-Lease
Financing Sub-Lease Commitments
2026	$ 65,251
2027	65,251
2028	65,313
2029	65,876
2030	66,051
Thereafter	2,628,643
Total minimum lease commitments	2,956,385
Discounting factor	2,093,540
Finance sub-lease liabilities	$ 862,845	$ 863,374
Finance lease, weighted average remaining lease term (in years)	50 years 9 months 18 days
Finance and Sales-Type Sub-Lease \| Minimum
Financing Sub-Lease Commitments
Discount rates	5.60%
Finance and Sales-Type Sub-Lease \| Maximum
Financing Sub-Lease Commitments
Discount rates	8.30%

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Information	Segment Information Our operations consist of real estate investment activities, which represent substantially all of our business. Accordingly, all of our operations have been considered to represent one operating segment and one reportable segment. Our Chief Operating Decision Maker (“CODM”) is Edward B. Pitoniak, our CEO, who assesses the performance of our Company using consolidated Net income. On a monthly basis, the CODM reviews the consolidated income statement, including the primary drivers of changes against the prior period, which allows him to actively monitor and review our revenues and expenses. Given the relatively predictable nature of our cash flows due to the net lease structure of our real estate portfolio, the CODM’s primary focus when reviewing the consolidated income statement is monitoring changes in the line items in the Statement of Operations as compared to the prior period and to evaluate total general and administrative expenses against the Company’s approved budget. The CODM does not review assets at a different asset level or category than the amounts disclosed in the consolidated balance sheet.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Debt - Senior Unsecured Debt (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Mar. 31, 2025	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 07, 2025	Dec. 19, 2024	Mar. 18, 2024	Apr. 29, 2022	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Principal Amount			$ 17,092,453	$ 17,098,846
Redemption of senior unsecured notes			1,300,000	1,800,000	$ 0
VICI Properties LP
Debt Instrument
Redemption of senior unsecured notes			$ 1,300,000	1,800,000	$ 0
Senior Unsecured Notes
Debt Instrument
Redemption price, percentage (equal to)	100.00%
November 2019 Notes Senior Unsecured Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount											$ 2,250,000
February 2020 Notes Senior Unsecured Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount										$ 1,750,000
Senior Unsecured April 2022 Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount									$ 4,500,000
Exchange Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount									2,300,000
MGP OP Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount									$ 63,600
Senior Unsecured April 2022, March 2024, December 2024 and April 2025 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness			1.50
March 2024 Senior Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount								$ 1,050,000
December 2024 Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount							$ 750,000
April 2025 Senior Unsecured Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount						$ 1,300,000
5.625% Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount			$ 900,000
Interest rate, stated percentage			5.625%
5.625% Notes \| Senior Unsecured Notes \| VICI Properties LP
Debt Instrument
Principal Amount						$ 900,000
Interest rate, stated percentage						5.625%
4.750% Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount			$ 1,250,000	$ 1,250,000
Interest rate, stated percentage			4.75%	4.75%
4.750% Notes \| Senior Unsecured Notes \| VICI Properties LP
Debt Instrument
Principal Amount						$ 400,000
Interest rate, stated percentage						4.75%
4.625% Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount				$ 800,000
Interest rate, stated percentage		4.625%		4.625%
Redemption of senior unsecured notes		$ 799,400
4.375% Notes \| Senior Unsecured Notes
Debt Instrument
Principal Amount				$ 500,000
Interest rate, stated percentage		4.375%		4.375%
Redemption of senior unsecured notes		$ 500,000
MGP OP Notes due 2025 \| Senior Unsecured Notes
Debt Instrument
Interest rate, stated percentage		4.625%
Redemption of senior unsecured notes		$ 600

Derivatives - Schedule of Derivatives of Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative
Unrealized (loss) gain recorded in other comprehensive income	$ (5,949)	$ 26,973	$ (9,655)
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(25,509)	(24,662)	(24,148)
Forward-starting interest rate swap
Derivative
Unrealized (loss) gain recorded in other comprehensive income	(5,949)	26,973	(9,655)
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	$ (25,509)	$ (24,662)	$ (24,148)

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) option
Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Noncontrolling interest, ownership percentage	20.00%
Minimum
Operating Leased Assets [Line Items]
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Variable rent split	20.00%
Maximum
Operating Leased Assets [Line Items]
Initial term	32 years
Lessor, sales-type lease, renewal term	30 years
Variable rent split	30.00%
MGM Master Lease Properties \| MGM Master Lease
Operating Leased Assets [Line Items]
Initial term	25 years
Number of renewal options \| option	3
Lessor, sales-type lease, renewal term	10 years
Current annual rent	$ 774,682
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 2 Through 10 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate	2.00%
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 11 Through 25 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate	2.00%
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 11 Through 25 \| Maximum
Operating Leased Assets [Line Items]
Annual rent increase, cap percent	3.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Caesars Joliet Lease \| Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Current annual rent	$ 730,900
Caesars Regional Master and Joliet Lease Properties \| Caesars Regional Master Lease and Caesars Joliet Lease
Operating Leased Assets [Line Items]
Initial term	18 years
Number of renewal options \| option	4
Lessor, sales-type lease, renewal term	5 years
Current annual rent	$ 740,548
Annual escalation rate	2.00%
Variable rent percentage	4.00%
Caesars Regional Master and Joliet Lease Properties \| Caesars Regional Master Lease and Caesars Joliet Lease \| Lease Years 11-16 \| Base Rent
Operating Leased Assets [Line Items]
Variable rent split	80.00%
Caesars Regional Master and Joliet Lease Properties \| Caesars Regional Master Lease and Caesars Joliet Lease \| Lease Years 11-16 \| Variable Rent
Operating Leased Assets [Line Items]
Variable rent split	20.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease
Operating Leased Assets [Line Items]
Initial term	18 years
Number of renewal options \| option	4
Lessor, sales-type lease, renewal term	5 years
Current annual rent	$ 505,678
Annual escalation rate	2.00%
Variable rent percentage	4.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease \| Lease Years 11-16 \| Base Rent
Operating Leased Assets [Line Items]
Variable rent split	80.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease \| Lease Years 11-16 \| Variable Rent
Operating Leased Assets [Line Items]
Variable rent split	20.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease [Member]
Operating Leased Assets [Line Items]
Initial term	30 years
Number of renewal options \| option	2
Lessor, sales-type lease, renewal term	10 years
Current annual rent	$ 322,392
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease [Member] \| Lease Years 2 Through 15 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate	2.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease [Member] \| Lease Years 16 Through 30 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate	2.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease [Member] \| Lease Years 16 Through 30 \| Maximum
Operating Leased Assets [Line Items]
Annual rent increase, cap percent	3.00%

Earnings Per Share and Earnings Per Unit

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share and Earnings Per Unit

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement).


	Year Ended December 31,
(In thousands)	2025	2024	2023
Determination of shares:
Weighted-average shares of common stock outstanding	1,062,006	1,046,740	1,014,513
Assumed conversion of restricted stock	501	482	784
Assumed settlement of forward sale agreements	186	453	480
Diluted weighted-average shares of common stock outstanding	1,062,693	1,047,675	1,015,777


	Year Ended December 31,
(In thousands, except per share data)	2025		2024		2023
Basic:
Net income attributable to common stockholders	$	2,775,493	$	2,678,810	$	2,513,540
Weighted-average shares of common stock outstanding	1,062,006		1,046,740		1,014,513
Basic EPS	$	2.61	$	2.56	$	2.48

Diluted:
Net income attributable to common stockholders	$	2,775,493	$	2,678,810	$	2,513,540
Diluted weighted-average shares of common stock outstanding	1,062,693		1,047,675		1,015,777
Diluted EPS	$	2.61	$	2.56	$	2.47

Earnings Per Unit

The following section presents the basic EPU and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU.

The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:


	Year Ended December 31,
(In thousands)	2025	2024	2023
Determination of units:
Weighted-average units outstanding	1,074,238	1,058,971	1,026,745
Assumed conversion of VICI restricted stock	501	482	784
Assumed settlement of VICI forward sale agreements	186	453	480
Diluted weighted-average units outstanding	1,074,924	1,059,906	1,028,008


	Year Ended December 31,
(In thousands, except per share data)	2025		2024		2023
Basic:
Net income attributable to partners	$	2,801,482	$	2,704,255	$	2,535,066
Weighted-average units outstanding	1,074,238		1,058,971		1,026,745
Basic EPU	$	2.61	$	2.55	$	2.47

Diluted:
Net income attributable to partners	$	2,801,482	$	2,704,255	$	2,535,066
Diluted weighted-average units outstanding	1,074,924		1,059,906		1,028,008
Diluted EPU	$	2.61	$	2.55	$	2.47

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2022	$ 22,290,113	$ 21,933,637	$ 9,631	$ 21,645,499	$ 185,353	$ 93,154	$ 356,476
Increase (Decrease) in Stockholders' Equity
Net income	2,554,622	2,513,540				2,513,540	41,082
Issuance of common stock, net	2,479,720	2,479,720	791	2,478,929
Issuance of partnership units	24,390						24,390
Reallocation of equity	0	(8,993)		(8,993)			8,993
Dividends and distributions declared	(1,669,790)	(1,640,932)				(1,640,932)	(28,858)
Stock-based compensation, net of forfeitures	10,570	10,442	5	10,437			128
Reclassification of derivative gain to Interest expense	(24,148)	(23,860)			(23,860)		(288)
Unrealized (loss) gain on cash flow hedges	(9,655)	(9,551)			(9,551)		(104)
Foreign currency translation adjustments	1,952	1,928			1,928		24
Ending balance at Dec. 31, 2023	25,657,774	25,255,931	10,427	24,125,872	153,870	965,762	401,843
Increase (Decrease) in Stockholders' Equity
Net income	2,721,242	2,678,810				2,678,810	42,432
Issuance of common stock, net	378,686	378,686	132	378,554
Reallocation of equity	0	(975)		(975)			975
Dividends and distributions declared	(1,808,619)	(1,777,172)				(1,777,172)	(31,447)
Stock-based compensation, net of forfeitures	12,169	11,971	5	11,966			198
Reclassification of derivative gain to Interest expense	(24,662)	(24,384)			(24,384)		(278)
Unrealized (loss) gain on cash flow hedges	26,973	26,668			26,668		305
Foreign currency translation adjustments	(11,762)	(11,580)			(11,580)		(182)
Ending balance at Dec. 31, 2024	26,951,801	26,537,955	10,564	24,515,417	144,574	1,867,400	413,846
Increase (Decrease) in Stockholders' Equity
Net income	2,818,544	2,775,493				2,775,493	43,051
Issuance of common stock, net	375,350	375,350	121	375,229
Reallocation of equity	0	(639)		(639)			639
Dividends and distributions declared	(1,908,263)	(1,875,840)				(1,875,840)	(32,423)
Stock-based compensation, net of forfeitures	8,964	8,864	3	8,861			100
Reclassification of derivative gain to Interest expense	(25,509)	(25,218)			(25,218)		(291)
Unrealized (loss) gain on cash flow hedges	(5,949)	(5,881)			(5,881)		(68)
Foreign currency translation adjustments	7,649	7,556			7,556		93
Ending balance at Dec. 31, 2025	$ 28,222,587	$ 27,797,640	$ 10,688	$ 24,898,868	$ 121,031	$ 2,767,053	$ 424,947

Stockholders' Equity - Schedule of ATM Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Aggregate Value	$ 375,350	$ 378,686	$ 2,479,720
ATM Stock Offering Program \| Year Ended December 31, 2025
Class of Stock [Line Items]
Number of Shares (in shares)	7,835,973
Weighted Average Share Price (in dollars per share)	$ 32.43
Aggregate Value	$ 254,156
Forward Sales Price (in dollars per share)	$ 32.27
Aggregate Net Value	$ 252,840
Number of Shares Settled (in shares)	12,101,372
Forward Share Price Upon Settlement (in dollars per share)	$ 31.05
Total Net Proceeds	$ 375,727
ATM Stock Offering Program \| Year Ended December 31, 2024
Class of Stock [Line Items]
Number of Shares (in shares)		12,015,399
Weighted Average Share Price (in dollars per share)		$ 32.01
Aggregate Value		$ 384,565
Forward Sales Price (in dollars per share)		$ 31.31
Aggregate Net Value		$ 376,253
Number of Shares Settled (in shares)		13,194,739
Forward Share Price Upon Settlement (in dollars per share)		$ 28.75
Total Net Proceeds		$ 379,373
ATM Stock Offering Program \| Year Ended December 31, 2023
Class of Stock [Line Items]
Number of Shares (in shares)			21,365,397
Weighted Average Share Price (in dollars per share)			$ 30.10
Aggregate Value			$ 643,045
Forward Sales Price (in dollars per share)			$ 29.70
Aggregate Net Value			$ 634,594
Number of Shares Settled (in shares)			29,788,250
Forward Share Price Upon Settlement (in dollars per share)			$ 31.75
Total Net Proceeds			$ 945,700
ATM Stock Offering Program \| January 2023 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares Settled (in shares)			30,302,500
Forward Share Price Upon Settlement (in dollars per share)			$ 31.70
Total Net Proceeds			$ 960,500
ATM Stock Offering Program \| November 2022 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares Settled (in shares)			18,975,000
Forward Share Price Upon Settlement (in dollars per share)			$ 30.34
Total Net Proceeds			$ 575,600

Real Estate Transactions - Venetian Capital Investment (Details) $ in Thousands		3 Months Ended			7 Months Ended	12 Months Ended			30 Months Ended
	May 01, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 01, 2026 USD ($)
Asset Acquisition [Line Items]
Payments to acquire real estate						$ 0	$ 411,800	$ 241,139
Venetian Lease
Asset Acquisition [Line Items]
Payments to acquire real estate		$ 150,000	$ 150,000	$ 100,000	$ 400,000		$ 400,000
Optional payments to acquire real estate	$ 300,000
Option to provide future development and construction funding, terminated	$ 1,000,000
Venetian Lease, Incremental Venetian Rent
Asset Acquisition [Line Items]
Lessor, sales-type lease, annual rent yield multiplier	0.0725
Increase in annual rent payments						$ 29,000
Venetian Lease, Incremental Venetian Rent \| Rent Escalation Period One \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate	2.00%
Venetian Lease, Incremental Venetian Rent \| Rent Escalation Period Two
Asset Acquisition [Line Items]
Annual rent increase, cap percent	3.00%
Venetian Lease, Incremental Venetian Rent \| Rent Escalation Period Two \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate	2.00%
Forecast \| Venetian Lease
Asset Acquisition [Line Items]
Payments to acquire real estate									$ 700,000

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Principles of Consolidation and Non-controlling Interest

Non-controlling Interests

VICI LP’s non-controlling interests are the third-party ownership interests in Harrah’s Joliet Landco LLC and VICI Bowl HoldCo LLC referenced above.

Reportable Segments

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Short-Term Investments

Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value.

Purchase Accounting

Investments in Leases - Sales-type, Net, Investments in Leases - Financing Receivables, Net, Lease Term, Income from Leases and Lease Financing Receivables and Investments in Loans and Securities, net.

Investments in Leases - Sales-type, Net

Investments in Leases - Financing Receivables, Net

Lease Term

Income from Leases and Lease Financing Receivables

Contingent rent, which is generally comprised of amounts in excess of specified floors or the variable rent portion of our leases, is recognized when receivable.

Investments in Loans and Securities, net

Allowance for Credit Losses

Investments in Leases

Investments in Loans

Unfunded Commitments

Presentation

Investments in Land

Our investments in land are held at historical cost and comprised of the following:

•Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip.

•Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas.

Property and Equipment Used in Operations

Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:


Depreciable land improvements			5-50 years
Building and improvements			5-40 years
Furniture and equipment			3-10 years

Impairment

Income from Unconsolidated Affiliate

Foreign Currency Translation and Remeasurement

Other Income and Other Expenses

Fair Value Measurements

Derivative Financial Instruments

We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheets at fair value.

Golf Revenues

Income Taxes - REIT Qualification

Income Taxes-REIT Qualification

We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations.

Recent Tax Legislation and Recent Accounting Pronouncements

Recent Tax Legislation

Recent Account Pronouncements

Accounting Pronouncements Recently Adopted

Debt Issuance Costs

Transaction and Acquisition Expenses

Stock-Based Compensation

Earnings Per Share and Earnings Per Unit

Underwriting Commissions and Offering Costs

Concentrations of Credit Risk

Real Estate Portfolio - Narrative (Details)	12 Months Ended
Real Estate Portfolio - Narrative (Details)	Dec. 31, 2025 property casino_property lease_arrangement loan
Real Estate
Number of casinos \| casino_property	26
Number of lease arrangements	9
Financing receivable, investment in lease, number of casinos \| casino_property	28
Financing receivable, investment in lease, number of other experiential properties \| property	39
Financing receivable, investment in lease, number of lease arrangements	10
Number of loans \| loan	19
Number of properties \| property	93
Number of lease agreement	17
Weighted average lease term including extensions (in years)	39 years 7 months 6 days
Minimum
Real Estate
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Annual escalation rate	1.00%
Variable rent split	20.00%
Maximum
Real Estate
Initial term	32 years
Lessor, sales-type lease, renewal term	30 years
Annual escalation rate	2.00%
Variable rent split	30.00%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55791
Entity Registrant Name	VICI Properties Inc.
Entity Incorporation, State	MD
Entity Tax Identification Number	81-4177147
Entity Address, Street	535 Madison Avenue,
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	949-4631
Title of each class	Common stock, $0.01 par value
Trading Symbol	VICI
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 34,400,000,000
Entity Common Stock, Shares Outstanding		1,068,737,299
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the VICI Properties Inc.’s definitive proxy statement relating to the 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the calendar year to which this report relates, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Entity Central Index Key	0001705696
VICI Properties LP
Document Information [Line Items]
Entity File Number	333-264352-01
Entity Registrant Name	VICI Properties L.P.
Entity Incorporation, State	DE
Entity Tax Identification Number	35-2576503
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001920791

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Real estate portfolio:

Investments in leases - sales-type, net

^[1]

$ 23,706,563

$ 23,581,101

Land

148,002

150,727

Cash and cash equivalents

563,479

524,615

Short-term investments

44,484

Other assets

^[1]

1,039,050

1,030,644

Total assets

46,724,168

45,368,940

Liabilities

Debt, net

16,773,241

16,732,889

Accrued expenses and deferred revenue

238,715

217,956

Distributions payable

486,259

461,954

Other liabilities

1,003,366

1,004,340

Total liabilities

18,501,581

18,417,139

Commitments and contingent liabilities (Note 10)

Partners’ capital

Accumulated other comprehensive income

121,031

144,574

Total liabilities and stockholders’ equity

46,724,168

45,368,940

Investments in leases - financing receivables, net

Real estate portfolio:

Investment in leases, loans and securities, net

^[1]

18,697,133

18,430,320

Investments in loans and securities, net

Real estate portfolio:

Investment in leases, loans and securities, net

^[1]

2,525,457

1,651,533

VICI Properties LP

Real estate portfolio:

Investments in leases - sales-type, net

^[2]

23,706,563

23,581,101

Land

148,002

150,727

Cash and cash equivalents

553,412

456,899

Short-term investments

44,484

Other assets

^[2]

961,227

1,015,180

Total assets

46,636,278

45,285,760

Liabilities

Debt, net

16,773,241

16,732,889

Accrued expenses and deferred revenue

236,424

215,452

Distributions payable

486,259

461,954

Other liabilities

990,176

990,577

Total liabilities

18,486,100

18,400,872

Commitments and contingent liabilities (Note 10)

Partners’ capital

Partners’ capital, 1,081,042,744 and 1,068,598,058 operating partnership units issued and outstanding at December 31, 2025 and December 31, 2024, respectively

27,923,645

26,634,873

Accumulated other comprehensive income

120,090

143,899

Total VICI LP’s capital

28,043,735

26,778,772

Non-controlling interests

106,443

106,116

Total capital attributable to partners

28,150,178

26,884,888

Total liabilities and stockholders’ equity

46,636,278

45,285,760

VICI Properties LP | Investments in leases - financing receivables, net

Real estate portfolio:

Investment in leases, loans and securities, net

^[2]

18,697,133

18,430,320

VICI Properties LP | Investments in loans and securities, net

Real estate portfolio:

Investment in leases, loans and securities, net

^[2]

$ 2,525,457

$ 1,651,533

[1]

[2]

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Litigation

In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of December 31, 2025, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

Lease Commitments

•Operating Lease Commitments. We are liable under operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) our corporate headquarters in New York, NY, which expires in 2035 and has one five-year renewal option.

•Sub-Lease Commitments. Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through our lease agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord.

We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheets and Statement of Operations.

For the ground and use leases determined to be operating leases, we recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities. For ground and lease uses determined to be finance leases, we recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities.

The following table details the balance and location in our Balance Sheets of the ground and use sub-leases as of December 31, 2025 and 2024:


(In thousands)	December 31, 2025		December 31, 2024
Other assets (operating lease and sub-leases right-of-use assets)	$	53,945	$	54,144
Other liabilities (operating lease and sub-lease liabilities)	53,654		53,822
Other assets (sales-type sub-leases, net) (1)	838,936		842,776
Other liabilities (finance sub-lease liabilities)	862,845		863,374

___________________

Total rental expense for operating lease commitments and total rental income and rental expense for operating and Finance sub-lease commitments and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Operating leases
Rental expense (1)	$	2,520	$	2,334	$	2,004
Contractual rent	1,106		1,363		1,905
Operating sub-leases
Rental income and expense (2)	7,175		6,889		6,849
Contractual rent	6,752		6,754		6,585
Finance sub-leases
Rental income and expense (2)	63,852		63,918		58,240
Contractual rent	65,228		65,030		59,094

___________________

(1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations.

(2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases and ground and use sub-leases at December 31, 2025 are as follows:


(In thousands)	Operating Lease Commitments		Operating Sub-Lease Commitments		Financing Sub-Lease Commitments
2026	$	2,772	$	7,014	$	65,251
2027	1,921		7,208		65,251
2028	2,813		6,470		65,313
2029	1,921		5,743		65,876
2030	2,916		2,436		66,051
Thereafter	17,909		8,679		2,628,643
Total minimum lease commitments	$	30,252	$	37,550	$	2,956,385
Discounting factor	8,752		5,396		2,093,540
Lease liability	$	21,500	$	32,154	$	862,845

Discount rates (1)	5.3% -7.0%		2.6% - 5.8%		5.6% - 8.3%

Weighted average remaining lease term	11.1 years		6.7 years		50.8 years

____________________

(1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 2,041	$ 1,808	$ 1,755
State	378	1,816	2,481
Foreign	1,759	641	49
Income tax expense (benefit), current	4,178	4,265	4,285
Deferred
Federal	(267)	(702)	129
State	15	8	13
Foreign	(1,491)	6,133	(10,568)
Income tax expense (benefit), deferred	(1,743)	5,439	(10,426)
Total
Federal	1,774	1,106	1,884
State	393	1,824	2,494
Foreign	268	6,774	(10,519)
Provision for (benefit from) income taxes	$ 2,435	$ 9,704	$ (6,141)