
	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended June 30, 2025
Revenues:
Rental and other property income	$	29,179	$	—	$	—	$	29,179
Interest income	—		78,011		—		78,011
Total revenues	29,179		78,011		—		107,190
Expenses:
General and administrative	60		639		6,450		7,149
Interest expense, net	5,885		38,953		—		44,838
Property operating	2,830		—		1,605		4,435
Real estate tax	1,253		—		65		1,318
Expense reimbursements to related parties	—		—		3,411		3,411
Management fees	2,376		9,312		—		11,688
Transaction-related	61		—		23		84
Depreciation and amortization	9,770		—		—		9,770
Real estate impairment	648		—		—		648
Increase in provision for credit losses	—		5,201		—		5,201
Total expenses	22,883		54,105		11,554		88,542
Other income (expense):


Gain on disposition of real estate and condominium developments, net	—		—		4,044		4,044
Gain on investment in unconsolidated entities	—		2,911		—		2,911
Unrealized loss on equity securities	—		(2,110)		—		(2,110)
Other income, net	18		769		935		1,722

Total other income	18		1,570		4,979		6,567
Segment net income (loss)	$	6,314	$	25,476	$	(6,575)	$	25,215
Net income allocated to non-controlling interest	—		23		—		23
Segment net income (loss) attributable to the Company	$	6,314	$	25,453	$	(6,575)	$	25,192
Total assets as of June 30, 2025	$	1,026,587	$	3,860,787	$	156,836	$	5,044,210

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	Real Estate		Credit		Corporate/Other (1)		Company Total
Six Months Ended June 30, 2025
Revenues:
Rental and other property income	$	57,919	$	—	$	68	$	57,987
Interest income	—		155,607		—		155,607
Total revenues	57,919		155,607		68		213,594
Expenses:
General and administrative	127		1,318		11,319		12,764
Interest expense, net	11,706		78,382		—		90,088
Property operating	4,473		—		2,427		6,900
Real estate tax	2,139		—		183		2,322
Expense reimbursements to related parties	—		—		6,414		6,414
Management fees	4,672		18,739		—		23,411
Transaction-related	114		—		29		143
Depreciation and amortization	18,598		—		—		18,598
Real estate impairment	7,674		—		—		7,674
Increase in provision for credit losses	—		66,978		—		66,978
Total expenses	49,503		165,417		20,372		235,292
Other income (expense):


Gain on disposition of real estate and condominium developments, net	411		—		5,185		5,596
Gain on investment in unconsolidated entities	—		3,922		—		3,922
Unrealized gain on equity securities	—		1,190		—		1,190
Other income, net	59		1,451		1,821		3,331

Total other income	470		6,563		7,006		14,039
Segment net income (loss)	$	8,886	$	(3,247)	$	(13,298)	$	(7,659)
Net income allocated to non-controlling interest	—		32		—		32
Segment net income (loss) attributable to the Company	$	8,886	$	(3,279)	$	(13,298)	$	(7,691)
Total assets as of June 30, 2025	$	1,026,587	$	3,860,787	$	156,836	$	5,044,210


	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended June 30, 2024
Revenues:
Rental and other property income	$	23,492	$	—	$	70	$	23,562
Interest income	—		98,309		—		98,309
Total revenues	23,492		98,309		70		121,871
Expenses:
General and administrative	117		956		5,038		6,111
Interest expense, net	5,811		58,126		—		63,937
Property operating	765		—		1,558		2,323
Real estate tax	833		—		340		1,173
Expense reimbursements to related parties	—		—		3,726		3,726
Management fees	2,034		10,579		—		12,613
Transaction-related	—		6		—		6
Depreciation and amortization	8,397		—		—		8,397
Real estate impairment	51,469		—		5,463		56,932
Increase in provision for credit losses	—		216,898		—		216,898
Total expenses	69,426		286,565		16,125		372,116
Other income (expense):


Gain on disposition of real estate and condominium developments, net	—		—		2,468		2,468
Gain on investment in unconsolidated entities	—		2,742		—		2,742
Unrealized loss on equity security	—		(4,229)		—		(4,229)
Other income, net	80		2,175		1,208		3,463

Total other income	80		688		3,676		4,444
Segment net loss	$	(45,854)	$	(187,568)	$	(12,379)	$	(245,801)


Total assets as of June 30, 2024	$	1,033,875	$	4,647,726	$	228,329	$	5,909,930


	Real Estate		Credit		Corporate/Other (1)		Company Total
Six Months Ended June 30, 2024
Revenues:
Rental and other property income	$	47,949	$	—	$	187	$	48,136
Interest income	—		208,164		—		208,164
Total revenues	47,949		208,164		187		256,300
Expenses:
General and administrative	245		2,003		10,013		12,261
Interest expense, net	11,622		117,891		—		129,513
Property operating	1,826		—		4,504		6,330
Real estate tax	1,874		—		577		2,451
Expense reimbursements to related parties	—		—		6,719		6,719
Management fees	4,172		21,132		—		25,304
Transaction-related	—		18		48		66
Depreciation and amortization	16,939		—		—		16,939
Real estate impairment	51,469		—		5,463		56,932
Increase in provision for credit losses	—		284,015		—		284,015
Total expenses	88,147		425,059		27,324		540,530
Other income (expense):


Gain on disposition of real estate and condominium developments, net	—		—		3,250		3,250
Gain on investment in unconsolidated entities	—		5,267		—		5,267
Unrealized loss on equity security	—		(15,642)		—		(15,642)
Other income, net	148		4,381		2,483		7,012

Total other income (expense)	148		(5,994)		5,733		(113)
Segment net loss	$	(40,050)	$	(222,889)	$	(21,404)	$	(284,343)


Total assets as of June 30, 2024	$	1,033,875	$	4,647,726	$	228,329	$	5,909,930