Owned Real Estate, Net

As of December 31, 2025 and December 31, 2024, we had 12 and seven owned real estate assets, respectively. During the

year ended December 31, 2025, we acquired five owned real estate assets through deed-in-lieu of foreclosure transactions

or loan modifications that resulted in us consolidating the collateral assets, for a total acquisition price of $654.3 million.

We allocated $279.7 million to land and land improvements, $287.7 million to building and building improvements,

$81.1 million to acquired intangible assets, and $5.8 million to other components of the purchase price. In aggregate, we

charged off $220.7 million of CECL reserves relating to the loans that had previously been secured by these assets, as the

loans’ aggregate carrying value of $875.0 million at the time of the owned real estate acquisitions exceeded the acquisition

date fair value noted above. See Note 2 for further discussion of owned real estate assets.

The acquisition of five owned real estate assets during the year ended December 31, 2025 were accounted for as asset

acquisitions under ASC 805, and we recognized these properties as owned real estate assets held for investment. The

following table presents the owned real estate assets that were acquired during the year ended December 31, 2025 ($ in

thousands):

The following table presents the assets and liabilities related to owned real estate held for investment included in our

consolidated balance sheets ($ in thousands):


	December 31, 2025	December 31, 2024
Assets
Building and building improvements	$708,097	$410,546
Land and land improvements	461,585	181,083
Total	$1,169,682	$591,629
Less: accumulated depreciation	(34,707)	(3,444)
Owned Real Estate, net	$1,134,975	$588,185

Intangible real estate assets	$161,690	$83,253
Less: accumulated amortization	(44,601)	(5,964)
Intangible real estate assets, net(1)	$117,089	$77,289

Liabilities
Intangible real estate liabilities	$3,985	$1,422
Less: accumulated amortization	(570)	(1)
Intangible real estate liabilities, net(2)	$3,415	$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.

Revenue and expenses from owned real estate consisted of the following ($ in thousands):


	Year Ended December 31,
	2025	2024
Rental revenue	$66,216	$8,789
Hospitality revenue	96,244	2,245
Other operating revenue	22,520	2,006
Revenue from owned real estate	$184,980	$13,040

Operating expense	$146,738	$12,846
Depreciation and amortization expense	68,840	9,214
Total expenses from owned real estate	$215,578	$22,060

Loss from owned real estate	$(30,598)	$(9,020)

There was no revenue or expense from owned real estate during the year ended December 31, 2023.

The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of

December 31, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not

included ($ in thousands):

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
2026	$30,117	$6,171	$(424)
2027	18,395	4,251	(254)
2028	13,143	3,415	(173)
2029	9,933	2,521	(78)
2030	7,378	2,164	(132)
Thereafter	14,500	5,101	(2,354)
Total	$93,466	$23,623	$(3,415)