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Goodwill and Intangibles | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both December 31, 2025 and 2024 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform and is fully tax deductible over 15 years. As discussed in Note 2, goodwill is tested for impairment at least annually. Based on our quantitative assessment during the fourth quarter of 2025, we determined that the fair value of the Infrastructure Lending Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Infrastructure Lending Segment was not impaired. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both December 31, 2025 and 2024 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. The tax deductible component of this goodwill as of April 19, 2013 was $149.9 million and is deductible over 15 years. Based on our quantitative assessment during the fourth quarter of 2025, we determined that the fair value of the Investing and Servicing Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Investing and Servicing Segment was not impaired. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of December 31, 2025 and 2024, the balance of the domestic servicing intangible was net of $37.3 million and $35.7 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of December 31, 2025 and 2024, the domestic servicing intangible had a balance of $65.5 million and $58.1 million, respectively, which represents our economic interest in this asset. Lease Intangibles In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets or unfavorable lease liabilities associated with certain non-cancelable operating leases of the acquired properties. The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of December 31, 2025 and 2024 (amounts in thousands):
| As of December 31, 2025 |  | As of December 31, 2024
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Domestic servicing rights, at fair value | $ | 28,280 |  |  | $ | — |  |  | $ | 28,280 |  |  | $ | 22,390 |  |  | $ | — |  |  | $ | 22,390 |
In-place lease intangible assets | 399,387 |  |  | (73,986) |  |  | 325,401 |  |  | 93,826 |  |  | (70,569) |  |  | 23,257 |
Favorable lease intangible assets | 95,943 |  |  | (13,565) |  |  | 82,378 |  |  | 27,798 |  |  | (12,741) |  |  | 15,057 |
Total net intangible assets | $ | 523,610 |  |  | $ | (87,551) |  |  | $ | 436,059 |  |  | $ | 144,014 |  |  | $ | (83,310) |  |  | $ | 60,704 |
Memo: Unfavorable lease (liabilities) (1) | $ | (35,460) |  |  | $ | 2,778 |  |  | $ | (32,682) |  |  | $ | (3,105) |  |  | $ | 2,019 |  |  | $ | (1,086) |
_____________________________________________________________________________________________________________________ (1)Unfavorable lease liabilities are classified within accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. The following table summarizes the activity within intangible assets for the years ended December 31, 2025 and 2024 (amounts in thousands):
| Domestic Servicing Rights |  | In-place Lease Intangible Assets |  | Favorable Lease Intangible Assets |  | Total |  | Memo: Unfavorable Lease Liabilities
Balance as of January 1, 2024 | $ | 19,384 |  |  | $ | 28,738 |  |  | $ | 16,845 |  |  | $ | 64,967 |  |  | $ | (1,903) |
Amortization | — |  |  | (5,481) |  |  | (1,788) |  |  | (7,269) |  |  | 302 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | 515 |
Changes in fair value due to changes in inputs and assumptions | 3,006 |  |  | — |  |  | — |  |  | 3,006 |  |  | — |
Balance as of December 31, 2024 | $ | 22,390 |  |  | $ | 23,257 |  |  | $ | 15,057 |  |  | $ | 60,704 |  |  | $ | (1,086) |
Acquisitions (1) | — |  |  | 319,904 |  |  | 72,217 |  |  | 392,121 |  |  | (33,087) |
Amortization | — |  |  | (11,993) |  |  | (3,075) |  |  | (15,068) |  |  | 1,130 |
Sales | — |  |  | (5,767) |  |  | (1,821) |  |  | (7,588) |  |  | 361 |
Changes in fair value due to changes in inputs and assumptions | 5,890 |  |  | — |  |  | — |  |  | 5,890 |  |  | — |
Balance as of December 31, 2025 | $ | 28,280 |  |  | $ | 325,401 |  |  | $ | 82,378 |  |  | $ | 436,059 |  |  | $ | (32,682) |
_________________________________________________ (1) Represents in-place and favorable lease intangible assets and unfavorable lease liabilities related to the acquisition of Fundamental in July 2025 and subsequent property acquisitions by Fundamental with in-place leases. The weighted average amortization period of these lease intangible assets and unfavorable lease liabilities is 17.3 years and 15.2 years, respectively. The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities for the next five years and thereafter (amounts in thousands):
| Asset Amortization |  | Liability Amortization
2026 | $ | 27,049 |  |  | $ | (2,348) |
2027 | 26,786 |  |  | (2,324) |
2028 | 26,783 |  |  | (2,323) |
2029 | 26,749 |  |  | (2,322) |
2030 | 26,497 |  |  | (2,322) |
Thereafter | 273,915 |  |  | (21,043) |
Total | $ | 407,779 |  |  | $ | (32,682) |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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