Item 16. Form 10-K Summary

245K characters. Original on sec.gov · Markdown

Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


VICI PROPERTIES INC.

February 25, 2026	By:	/S/ EDWARD B. PITONIAK
		Edward B. Pitoniak
		Chief Executive Officer and Director


VICI PROPERTIES L.P.

February 25, 2026	By:	/S/ EDWARD B. PITONIAK
		Edward B. Pitoniak
		Chief Executive Officer

POWER OF ATTORNEY

Each of the officers and directors of VICI Properties Inc. and the officers of VICI Properties L.P., whose signature appears below, in so signing, also makes, constitutes and appoints each of Edward B. Pitoniak, David A. Kieske and Gabriel F. Wasserman, and each of them, his or her true and lawful attorneys-in-fact, with full power and substitution, for him or her in any and all capacities, to execute and cause to be filed with the SEC any and all amendments to this Annual Report on Form 10-K, with exhibits thereto and all other documents connected therewith and to perform any acts necessary to be done in order to file such documents, and hereby ratifies and confirms all that said attorneys-in-fact or their substitute or substitutes may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date

/S/ EDWARD B. PITONIAK	Chief Executive Officer and Director	February 25, 2026
Edward B. Pitoniak	(Principal Executive Officer of VICI Properties Inc. and VICI Properties L.P.)

/S/ DAVID A. KIESKE	Chief Financial Officer	February 25, 2026
David A. Kieske	(Principal Financial Officer of VICI Properties Inc. and VICI Properties L.P.)

/S/ GABRIEL F. WASSERMAN	Chief Accounting Officer	February 25, 2026
Gabriel F. Wasserman	(Principal Accounting Officer of VICI Properties Inc. and VICI Properties L.P.)

/S/ JAMES R. ABRAHAMSON	Chair of the Board of Directors	February 25, 2026
James R. Abrahamson

/S/ DIANA F. CANTOR	Director	February 25, 2026
Diana F. Cantor

/S/ MONICA H. DOUGLAS	Director	February 25, 2026
Monica H. Douglas

/S/ ELIZABETH I. HOLLAND	Director	February 25, 2026
Elizabeth I. Holland

/S/ CRAIG MACNAB	Director	February 25, 2026
Craig Macnab

/S/ MICHAEL D. RUMBOLZ	Director	February 25, 2026
Michael D. Rumbolz


INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES

Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			F - 2
Financial Statements of VICI Properties Inc.
	Consolidated Balance Sheets as of December 31, 2025 and 2024		F - 8
	Year Ended December 31, 2025, 2024 and 2023
		Consolidated Statements of Operations and Comprehensive Income	F - 9
		Consolidated Statements of Stockholders’ Equity	F - 10
		Consolidated Statements of Cash Flows	F - 11

Financial Statements of VICI Properties L.P.
	Consolidated Balance Sheets as of December 31, 2025 and 2024		F - 13
	Year Ended December 31, 2025, 2024 and 2023
		Consolidated Statements of Operations and Comprehensive Income	F - 14
		Consolidated Statements of Partners' Capital	F - 15
		Consolidated Statements of Cash Flows	F - 16

Notes to Consolidated Financial Statements			F - 18

F - 1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of VICI Properties Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of VICI Properties Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Allowance for Credit Losses — Refer to Notes 2 and 5 to the financial statements

Critical Audit Matter Description

The Company applies Accounting Standard Codification Topic 326 - Financial Instruments-Credit Losses to measure and record current expected credit losses (“CECL”) using a discounted cash flow model for its sales-type leases and lease financing receivables. This model requires the Company to develop cash flows which are used to project estimated credit losses over the life of the sales-type lease and lease financing receivable, and discount these cash flows at the lease’s effective interest rate.

Expected losses within the Company’s cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of its tenants and their parent guarantors over the life of each sales-type lease and lease financing receivable by using a model from an independent third-party provider. The PD and LGD are estimated during a reasonable and supportable period which is developed by using the current financial condition of the tenants and their parent guarantors and applying it to a projection of economic conditions over a two-year term. The PD and LGD are also estimated for a long-term period by using the average historical default rates and historical loss rates of public companies that have similar credit profiles or characteristics to the Company’s tenants and their parent guarantors. Significant inputs to the Company’s forecasting methods

F - 2

include the tenants’ short-term and long-term PD and LGD based on the tenants’ and their parent guarantors’ credit profile related to sales-type leases and lease financing receivables.

Given the significant amount of judgment required by management to estimate the short-term and long-term PD and LGD, performing audit procedures to evaluate the reasonableness of the estimated allowance for credit losses on sales-type leases and lease financing receivables required a high degree of auditor judgment and increased effort, including the need to involve our credit specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the allowance for credit losses for the Company’s sales-type leases and lease financing receivables included the following, among others:

We tested the effectiveness of controls over the allowance for credit losses, including management’s controls over the data used in the model.
With the assistance of our credit specialists, we evaluated the reasonableness of the model’s methodology, which includes PD and LGD assumptions.
We tested the inputs used to determine the short-term and long-term PD of the tenants and their parent guarantors by agreeing the respective credit rating and equity value of each entity to independent data.
We reconciled the cash flow inputs used in the CECL model by agreeing them to the respective contractual agreements.

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

We have served as the Company's auditor since 2016.

F - 3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of VICI Properties Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of VICI Properties Inc. and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 25, 2026, expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

F - 4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of VICI Properties L.P. and the Board of Directors of VICI Properties Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of VICI Properties L.P. and subsidiaries (the "Partnership") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, partners' capital, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2026, expressed an unqualified opinion on the Partnership's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Critical Audit Matter

Allowance for Credit Losses — Refer to Notes 2 and 5 to the financial statements

Critical Audit Matter Description

The Partnership applies Accounting Standard Codification Topic 326 - Financial Instruments-Credit Losses to measure and record current expected credit losses (“CECL”) using a discounted cash flow model for its sales-type leases and lease financing receivables. This model requires the Partnership to develop cash flows which are used to project estimated credit losses over the life of the sales-type lease and lease financing receivable, and discount these cash flows at the lease’s effective interest rate.

Expected losses within the Partnership’s cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of its tenants and their parent guarantors over the life of each sales-type lease and lease financing receivable by using a model from an independent third-party provider. The PD and LGD are estimated during a reasonable and supportable period which is developed by using the current financial condition of the tenants and their parent guarantors and applying it to a projection of economic conditions over a two-year term. The PD and LGD are also estimated for a long-term period by using the average historical default rates and historical loss rates of public companies that have similar credit profiles or characteristics to the Partnership’s tenants and their parent guarantors. Significant inputs to the Partnership’s forecasting

F - 5

methods include the tenants’ short-term and long-term PD and LGD based on the tenants’ and their parent guarantors’ credit profile related to sales-type leases and lease financing receivables.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the allowance for credit losses for the Partnership’s sales-type leases and lease financing receivables included the following, among others:

We tested the effectiveness of controls over the allowance for credit losses, including management’s controls over the data used in the model.
With the assistance of our credit specialists, we evaluated the reasonableness of the model’s methodology, which includes PD and LGD assumptions.
We tested the inputs used to determine the short-term and long-term PD of the tenants and their parent guarantors by agreeing the respective credit rating and equity value of each entity to independent data.
We reconciled the cash flow inputs used in the CECL model by agreeing them to the respective contractual agreements.

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

We have served as the Partnership's auditor since 2022.

F - 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of VICI Properties L.P. and the Board of Directors of VICI Properties Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of VICI Properties L.P. and subsidiaries (the “Partnership”) as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Partnership and our report dated February 25, 2026, expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Definition and Limitations of Internal Control over Financial Reporting

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

F - 7

VICI PROPERTIES INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)


	December 31, 2025		December 31, 2024
Assets
Real estate portfolio:
Investments in leases - sales-type, net	$	23,706,563	$	23,581,101
Investments in leases - financing receivables, net	18,697,133		18,430,320
Investments in loans and securities, net	2,525,457		1,651,533

Land	148,002		150,727
Cash and cash equivalents	563,479		524,615

Short-term investments	44,484		—
Other assets	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

Note: 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.

See accompanying Notes to Consolidated Financial Statements.

F - 8

VICI PROPERTIES INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per share data)


	Year Ended December 31,
	2025		2024		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	—		—		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	$	2.61	$	2.56	$	2.48
Diluted	$	2.61	$	2.56	$	2.47

Weighted average number of shares of common stock outstanding
Basic	1,062,006,448		1,046,739,537		1,014,513,195
Diluted	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

See accompanying Notes to Consolidated Financial Statements.

F - 9

VICI PROPERTIES INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)


	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income		Retained Earnings		Total VICI Stockholders’ Equity		Non-controlling Interests		Total Stockholders’ Equity
Balance as of December 31, 2022	$	9,631	$	21,645,499	$	185,353	$	93,154	$	21,933,637	$	356,476	$	22,290,113
Net income	—		—		—		2,513,540		2,513,540		41,082		2,554,622
Issuance of common stock, net	791		2,478,929		—		—		2,479,720		—		2,479,720
Issuance of partnership units	—		—		—				—		24,390		24,390
Reallocation of equity	—		(8,993)		—		—		(8,993)		8,993		—
Dividends and distributions declared ($1.610 per common share)	—		—		—		(1,640,932)		(1,640,932)		(28,858)		(1,669,790)
Stock-based compensation, net of forfeitures	5		10,437		—		—		10,442		128		10,570
Reclassification of derivative gain to Interest expense	—		—		(23,860)		—		(23,860)		(288)		(24,148)
Unrealized loss on cash flow hedges	—		—		(9,551)		—		(9,551)		(104)		(9,655)
Foreign currency translation adjustments	—		—		1,928		—		1,928		24		1,952
Balance as of December 31, 2023	10,427		24,125,872		153,870		965,762		25,255,931		401,843		25,657,774
Net income	—		—		—		2,678,810		2,678,810		42,432		2,721,242
Issuance of common stock, net	132		378,554		—		—		378,686		—		378,686

Reallocation of equity	—		(975)		—		—		(975)		975		—
Dividends and distributions declared ($1.695 per common share)	—		—		—		(1,777,172)		(1,777,172)		(31,447)		(1,808,619)
Stock-based compensation, net of forfeitures	5		11,966		—		—		11,971		198		12,169
Reclassification of derivative gain to Interest expense	—		—		(24,384)		—		(24,384)		(278)		(24,662)
Unrealized gain on cash flow hedges	—		—		26,668		—		26,668		305		26,973
Foreign currency translation adjustments	—		—		(11,580)				(11,580)		(182)		(11,762)
Balance as of December 31, 2024	10,564		24,515,417		144,574		1,867,400		26,537,955		413,846		26,951,801
Net income	—		—		—		2,775,493		2,775,493		43,051		2,818,544
Issuance of common stock, net	121		375,229		—		—		375,350		—		375,350

Reallocation of equity	—		(639)		—		—		(639)		639		—
Dividends and distributions declared ($1.765 per common share)	—		—		—		(1,875,840)		(1,875,840)		(32,423)		(1,908,263)
Stock-based compensation, net of forfeitures	3		8,861		—		—		8,864		100		8,964
Reclassification of derivative gain to Interest expense	—		—		(25,218)		—		(25,218)		(291)		(25,509)
Unrealized loss on cash flow hedges	—		—		(5,881)		—		(5,881)		(68)		(5,949)
Foreign currency translation adjustments	—		—		7,556		—		7,556		93		7,649
Balance as of December 31, 2025	$	10,688	$	24,898,868	$	121,031	$	2,767,053	$	27,797,640	$	424,947	$	28,222,587

See accompanying Notes to Consolidated Financial Statements.

F - 10

VICI PROPERTIES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2025		2024		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)		—		—
Net proceeds from settlement of derivatives	1,767		9,602		—
Income from unconsolidated affiliate	—		—		(1,280)
Distributions from unconsolidated affiliate	—		—		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	—		(411,800)		(241,139)
Investments in leases - financing receivables	—		(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	—		—		(1,266,905)

Capitalized transaction costs	(4,692)		(5,863)		(1,468)
Investments in short-term investments	(44,484)		(29,579)		—
Maturities of short-term investments	—		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)

F - 11

VICI PROPERTIES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2025		2024		2023

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		—
Redemption of senior unsecured notes	(1,300,000)		(1,800,000)		—

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	—		15,523		82,099

See accompanying Notes to Consolidated Financial Statements.

F - 12

VICI PROPERTIES L.P.

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit and per unit data)


	December 31, 2025		December 31, 2024
Assets
Real estate portfolio:
Investments in leases - sales-type, net	$	23,706,563	$	23,581,101
Investments in leases - financing receivables, net	18,697,133		18,430,320
Investments in loans and securities, net	2,525,457		1,651,533

Land	148,002		150,727
Cash and cash equivalents	553,412		456,899

Short-term investments	44,484		—
Other assets	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 partners’ capital	$	46,636,278	$	45,285,760

See accompanying Notes to Consolidated Financial Statements.

F - 13

VICI PROPERTIES L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except unit and per unit data)


	Year Ended December 31,
	2025		2024		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	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	—		—		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 partners	$	2,801,482	$	2,704,255	$	2,535,066

Net income per Partnership unit
Basic	$	2.61	$	2.55	$	2.47
Diluted	$	2.61	$	2.55	$	2.47

Weighted average number of Partnership units outstanding
Basic	1,074,237,821		1,058,970,910		1,026,744,568
Diluted	1,074,924,435		1,059,906,484		1,028,008,070

Other comprehensive income
Net income attributable to partners	$	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 partners	$	2,777,673	$	2,694,804	$	2,503,215

See accompanying Notes to Consolidated Financial Statements.

F - 14

VICI PROPERTIES L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(In thousands)


	Partners’ Capital		Accumulated Other Comprehensive Income		Non-controlling Interest		Total
Balance as of December 31, 2022	$	21,900,511	$	185,201	$	79,504	$	22,165,216
Net income	2,535,066		—		10,904		2,545,970
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
Distributions to non-controlling interest	—		—		(9,166)		(9,166)
Stock-based compensation, net of forfeitures	10,570		—		—		10,570
Reclassification of derivative gain to Interest expense	—		(24,148)		—		(24,148)
Unrealized loss on cash flow hedges	—		(9,655)		—		(9,655)
Foreign currency translation adjustments	—		1,952		—		1,952
Balance as of December 31, 2023	25,288,647		153,350		105,632		25,547,629
Net income	2,704,255		—		11,200		2,715,455
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
Reclassification of derivative gain to Interest expense	—		(24,662)		—		(24,662)
Unrealized gain on cash flow hedges	—		26,973		—		26,973
Foreign currency translation adjustments	—		(11,762)		—		(11,762)
Balance as of December 31, 2024	26,634,873		143,899		106,116		26,884,888
Net income	2,801,482		—		11,165		2,812,647
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
Reclassification of derivative gain to Interest expense	—		(25,509)		—		(25,509)
Unrealized loss on cash flow hedges	—		(5,949)		—		(5,949)
Foreign currency translation adjustments	—		7,649		—		7,649
Balance as of December 31, 2025	$	27,923,645	$	120,090	$	106,443	$	28,150,178

See accompanying Notes to Consolidated Financial Statements.

F - 15

VICI PROPERTIES L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2025		2024		2023
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)		—		—
Net proceeds from settlement of derivatives	1,767		9,602		—
Income from unconsolidated affiliate	—		—		(1,280)
Distributions from unconsolidated affiliate	—		—		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	—		(411,800)		(241,139)
Investments in leases - financing receivables	—		(248)		(1,131,996)
Investments in loans and securities	(887,246)		(579,057)		(959,135)

Principal repayments of loans 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	—		—		(1,266,905)
Capitalized transaction costs	(4,692)		(5,863)		(1,468)
Investments in short-term investments	(44,484)		(29,579)		—
Maturities of short-term investments	—		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)

F - 16

VICI PROPERTIES L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Year Ended December 31,
	2025		2024		2023
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
Paydown of Revolving Credit Facility	(439,942)		(94,306)		(250,000)
Proceeds from senior unsecured notes offerings	1,284,437		1,771,168		—
Redemption of senior unsecured notes	(1,300,000)		(1,800,000)		—

Debt issuance costs	(19,481)		(5,303)		(105)
Repurchase of stock for tax withholding	(7,232)		(5,341)		(4,966)
Distributions to non-controlling interest	(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 (decrease) 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	—		15,523		82,099
Contributions receivable	—		63,216		—

See accompanying Notes to Consolidated Financial Statements.

F - 17

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In this Annual Report on Form 10-K, the words the “Company,” “VICI,” “we,” “our,” and “us” refer to VICI Properties Inc. and its subsidiaries, including VICI Properties L.P. (“VICI LP”), on a consolidated basis, unless otherwise stated or the context requires otherwise.

We refer to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Balance Sheets as our “Balance Sheets,” (iii) our Consolidated Statements of Operations and Comprehensive Income as our “Statement of Operations,” and (iv) our Consolidated Statement of Cash Flows as our “Statement of Cash Flows.” References to numbered “Notes” refer to the Notes to our Consolidated Financial Statements.

Note 1 — 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.

Note 2 — 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

F - 18

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

F - 19

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F - 20

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F - 21

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F - 22

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

F - 23

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

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

F - 24

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F - 25

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 3 — 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

F - 26

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F - 27

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

F - 28

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

(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.

Note 4 — 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

(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.

F - 29

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

(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.

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.

F - 30

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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	18 years	30 years
Initial term maturity	4/30/2047	7/31/2035	7/31/2035	2/28/2050
Renewal terms	Three, 10-year terms	Four, 5-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)	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	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.

F - 31

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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)	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	N/A	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.

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.

F - 32

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

Note 5 — 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	%

(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.

F - 33

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

F - 34

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6 — 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

F - 35

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 — 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

F - 36

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


($ 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%.

F - 37

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

F - 38

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

F - 39

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 8 — 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	4	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

F - 40

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 9 — 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.

F - 41

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 10 — 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.

F - 42

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

F - 43

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 11 — 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

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.

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.

F - 44

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

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

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

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

F - 45

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

Note 12 — 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).

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

F - 46

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	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

F - 47

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	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

Note 13 — 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

F - 48

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 14 — 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.

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.

F - 49

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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)	%

F - 50

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

Note 15 — 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.

F - 51

Previous: Item 15. Exhibits and Financial Statement Schedules