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Real Estate Owned, Net (Tables)

9 Months Ended

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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