We are exclusive, having sex and dating, but he says he is not ready for a relationship yet, nor is in a hurry to be in one. What is happening?

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We have been seeing each other for one year.
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Situationship.

He introduced me to his friends and family, we date, and yes have sex, friends with benefits only have sex and thst is it! He says he is only seeing me, if he wasn't he'd have patience in finding another girl, and not rush.

We talked from the start that we wanted a relationship and eventually get married and have kids.

He lives with his parents, im unvaccinated so i can't visit, parents rules. His ex of 10 years got pregnant from another man & spent 30K from him.
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One of his friends from childhood, has a wife who I happen to know for a while now, she gave me the some information on this guy I was seeing, she says she knows him to be mentally and emotionally unstable!

I wish I knew this earlier.
We are exclusive, having sex and dating, but he says he is not ready for a relationship yet, nor is in a hurry to be in one. What is happening?
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