VICI

• Tenant Relationship Model: The firm has only 16 total tenants, far fewer than most triple-net REITs, enabling deeper, more frequent collaborative conversations with partners. It continues active, positive discussions with its two largest tenants, even as those tenants face potential acquisition, with ongoing joint development opportunities.
• Las Vegas Market Position: Las Vegas is the firm's core high-growth market, with a well-established, unrivaled competitive advantage as a top global convention and entertainment destination. Local operators have demonstrated strong creative adaptation to market conditions, with MGM reporting 93% occupancy for its Strip assets in Q2, an exceptional performance. The firm is jointly developing a 50-acre plot with Caesars Entertainment to host a potential new NBA arena in Las Vegas.
• Capital Allocation Strategy: The firm prioritizes deploying capital into high-yielding internal opportunities (its loan book carries a close to 9.5% yield) over share repurchases, as share buybacks do not make strategic sense for a growth-focused net lease REIT with attractive existing investment prospects. New investments such as the Club Med transaction deliver attractive risk-adjusted returns.
• Sports Infrastructure Development: The firm is actively pursuing long-term university sports infrastructure opportunities, focusing on relationship building and educational outreach to explain its value as a patient, flexible long-term capital partner. No deals have been announced to date due to gradual decision-making on both sides, not due to pricing issues. The firm structures deals to avoid placing debt on university balance sheets to protect institutional credit ratings.
• Transparency for Private Tenants: Regardless of whether tenants are public or private, the firm receives monthly state-level gaming reporting, property-level financial statements, and additional disclosures from borrowers/tenants. The investment team reviews every single lease and loan in the portfolio on a quarterly basis to maintain full visibility into performance.

No formal forward-looking financial guidance (including revenue, earnings, or capital deployment targets, or revisions to prior guidance) was provided in this Q&A section of the transcript.

No segment-level financial performance figures (absolute revenue or revenue contribution percentages) were provided in the Q&A section of the transcript.

• No major widespread portfolio credit risks were identified; the firm reviews all holdings quarterly for full visibility. One $90 million leisure and hospitality loan was modified during the quarter to extend maturity, reduce the interest rate, and receive additional collateral in exchange, as the asset continues to ramp up operations; interest is currently paid monthly in cash, and the modification is part of the firm's active asset management strategy. This modification is unrelated to the non-accrual golf course development loan disclosed in a prior quarter.
• The Caesars Entertainment (CSER) portfolio discussion timeline is dependent on the completion of CSER's ongoing large M&A transaction, which includes extended regulatory and stakeholder timelines (estimated at roughly 12 months for completion), creating uncertainty around the timing of any portfolio resolution.
• New convention center supply in other U.S. cities creates marginal long-term competition for Las Vegas, though management views Las Vegas' ecosystem advantage as unassailable at present.
• Expanding into international experiential real estate requires complex tax, legal, and financing structuring that the firm is still evaluating.

Q: Two of the company's largest tenants are reported to be potential acquisition targets. How have conversations with these tenants changed, and are any projects on hold because of potential ownership changes?

A: Management reports ongoing, positive collaborative conversations about existing and new opportunities, with no projects put on hold. As an example, the company is actively working with Caesars to develop a Las Vegas plot for a potential new NBA arena despite Caesars' ownership uncertainties. The company's concentrated tenant base (only 16 total tenants) enables frequent, deep engagement with partners.

Q: Will the company consider share repurchases in the near future, given current free cash flow levels?

A: Management prioritizes deploying free cash flow into existing high-yield opportunities, including the loan portfolio that yields close to 9.5%. Current investments like the Club Med transaction deliver more attractive returns than share repurchases, which do not make strategic sense for a growth-focused net lease REIT at this time.

Q: How does the growth of private market ownership for gaming operators change the M&A and operating landscape for the company?

A: Management notes that private ownership allows gaming operators to focus on long-term capital investments rather than short-term quarterly earnings, which aligns well with the company's long-term partnership model. Private operators have been more receptive to the company's growth capital, as it delivers attractive IRRs for their long-term projects. Management is generally enthusiastic about this shift.

Q: What is the update on potential resolutions for the Caesars regional portfolio, and is there increased urgency due to the upcoming annual rent escalator and strong recent operating performance?

A: Management states no precise timeline can be given, as any discussions are dependent on the completion of Caesars' ongoing large M&A transaction, which is expected to take roughly 12 months to finalize due to regulatory and stakeholder requirements. Recent operating improvement does not eliminate the need for a conversation, though the company collects all rent owed in the interim.