Note 18 – Subsequent Events

As previously disclosed, on April 8, 2025, the Fortress Member provided the Rescission and Removal Notice, which rescinded the Temporary Waiver and removed the Operating Partnership as the managing member of the Eagles Sub-OP in accordance with the terms of the Eagles Sub-OP Operating Agreement. As such, the Company has determined that it is no longer the primary beneficiary of the Eagles Sub-OP as the Company no longer has a controlling financial interest in the Eagles Sub-OP. As a result, the Company will deconsolidate the Eagles Sub-OP in the second quarter of 2025 and account for its investment in the Eagles Sub-OP using the equity method of accounting in accordance with ASC 323 at the time of deconsolidation. The deconsolidation of the Eagles Sub-OP will materially impact the Company’s financial condition and operating results beginning in the second quarter of 2025 since the Eagles Sub-OP owns all of the Company’s income-producing real estate assets. The Company expects to recognize approximately $62.3 million gain on deconsolidation of VIE in its condensed consolidated statements of operations for the three and six months ended June 30, 2025, which is the difference between the net carrying value of the Company’s investment in the Eagles Sub-OP and the fair value of the Company’s investment in the Eagles Sub-OP.