Eddie has SHC real estate as collateral and inventory as collateral on the loan. This means that if SHC goes bankrupt Eddie gets the real estate and any money from the sale of what is left of the inventory.
He will take whatever real estate he has as collateral and sell it to SRG to rent to a higher rent tenant or redevelop it to lease or sell for more money. He also has been collecting interest on the loans which I believe is around 8%, so he is doing just fine. And as the holder of the debt he is first in line to be payed in bankruptcy, before shareholders, vendors, employees etc. For reference see how he bought the debt of KMart and used that money to buy Sears. Smart moves on his part really.
Lastly, he gets paid in options which means he can cash them in at a certain price. So he gets money from SHC stock which he cashes in for cash, but those shares also dilute the share price for everyone else.
As everyone else has pointed out Eddie has made money on every deal he has made. The only reason this company has not been shut down years ago was the real estate crash. Eddie just bid his time until the market came back. Retail is dead but land and property will always be valuable especially when you can get it for pennies on the dollar with interest.
Eddie is a real estate guy, not a retail guy. It has never been about retail but the real estate (once again see KMart). You may not like his methods but you have to respect his business and finance sense.