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Real Estate Owned, Net (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Asset Acquisition | The following table presents the REO assets that were acquired during the nine months ended September 30, 2025 ($ in thousands):
Acquisition Date |  | Location |  | Property Type |  | Acquisition Date Fair Value
February 2025 |  | Chicago, IL |  | Office |  | $45,045
September 2025 |  | Atlanta, GA |  | Office |  | $132,974
September 2025 |  | New York, NY |  | Hospitality |  | $228,253
|  |  |  |  |  | $406,272
Real Estate Owned Assets | The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):
| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Building and building improvements | $555,879 |  | $410,546
Land and land improvements | 402,248 |  | 181,083
Total | $958,127 |  | $591,629
Less: accumulated depreciation | (24,492) |  | (3,444)
Real estate owned, net | $933,635 |  | $588,185
Intangible real estate assets | $130,099 |  | $83,253
Less: accumulated amortization | (33,427) |  | (5,964)
Intangible real estate assets, net(1) | $96,672 |  | $77,289
Liabilities |  |  |
Intangible real estate liabilities | $4,545 |  | $1,422
Less: accumulated amortization | (317) |  | (1)
Intangible real estate liabilities, net(2) | $4,228 |  | $1,421
(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information. (2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.
Schedule of Revenue and Expenses From Real Estate Owned | Revenue and expenses from real estate owned consisted of the following ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rental income | $15,263 |  | $1,037 |  | $45,803 |  | $1,037
Other operating income | 18,470 |  | 177 |  | 63,775 |  | 177
Revenue from real estate owned | $33,733 |  | $1,214 |  | $109,578 |  | $1,214
Operating expense | $28,061 |  | $1,654 |  | $89,238 |  | $2,432
Depreciation and amortization expense | 15,039 |  | 1,030 |  | 47,960 |  | 1,215
Total expenses from real estate owned | $43,100 |  | $2,684 |  | $137,198 |  | $3,647
Net loss from real estate owned | $(9,367) |  | $(1,470) |  | $(27,620) |  | $(2,433)
Schedule of Undiscounted Future Minimum Rental Income | The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of September 30, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ($ in thousands):
| Future Minimum Rents
2025 (remaining) | $17,836
2026 | 61,740
2027 | 50,111
2028 | 41,736
2029 | 34,329
Thereafter | 72,948
Total | $278,700
Below Market Lease, Future Amortization Income | The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
| In-place lease intangibles |  | Above-market lease intangibles |  | Below-market lease intangibles
2025 (remaining) | $9,561 |  | $1,427 |  | $(292)
2026 | 26,096 |  | 4,121 |  | (1,140)
2027 | 15,437 |  | 3,077 |  | (995)
2028 | 11,225 |  | 2,505 |  | (872)
2029 | 7,765 |  | 1,708 |  | (498)
Thereafter | 11,002 |  | 2,748 |  | (431)
Total | $81,086 |  | $15,586 |  | $(4,228)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
| In-place lease intangibles |  | Above-market lease intangibles |  | Below-market lease intangibles
2025 (remaining) | $9,561 |  | $1,427 |  | $(292)
2026 | 26,096 |  | 4,121 |  | (1,140)
2027 | 15,437 |  | 3,077 |  | (995)
2028 | 11,225 |  | 2,505 |  | (872)
2029 | 7,765 |  | 1,708 |  | (498)
Thereafter | 11,002 |  | 2,748 |  | (431)
Total | $81,086 |  | $15,586 |  | $(4,228)

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