During the year ended December 31, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure, with an aggregate fair value at the time of acquisition of $151.0 million. Additionally, the Company acquired 18 commercial properties for an aggregate purchase price of $58.1 million (the “2025 Property Acquisitions”), which includes $720,000 of external acquisition-related expenses that were capitalized. The Company funded the 2025 Property Acquisitions with cash on hand. During the year ended December 31, 2024, the Company acquired two commercial properties for an aggregate purchase price of $44.1 million (the “2024 Property Acquisitions”), which includes $148,000 of external acquisition-related expenses that were capitalized. The Company funded the 2024 Property Acquisitions with proceeds from the sale of loans held-for-investment. During the year ended December 31, 2023, the Company did not acquire any properties.


	2025 Property Acquisitions		2024 Property Acquisitions
Land	$	75,442	$	3,132
Buildings, fixtures and improvements	96,598		28,709
Acquired in-place leases and other intangibles (1)	25,011		12,307
Acquired above-market leases (2)	15,765		—
Acquired below-market leases (3)	(3,696)		—

Total purchase price	$	209,120	$	44,148

During the years ended December 31, 2025 and 2024, the Company capitalized $7.8 million and $16.5 million, respectively, of expenses associated with the development of condominiums acquired via foreclosure. As of December 31,

2025, $5.5 million of the capitalized expenses remain included in condominium developments in the accompanying consolidated balance sheets. No capitalized interest expense was included in capitalized expenditures during the years ended December 31, 2025 and 2024.

During the year ended December 31, 2025, the Company disposed of condominium units for an aggregate sales price of $74.0 million, resulting in proceeds of $68.0 million after closing costs and a gain of $6.6 million. During the year ended December 31, 2024, the Company disposed of condominium units for an aggregate sales price of $37.4 million, resulting in proceeds of $34.4 million after closing costs and a gain of $4.7 million. During the year ended December 31, 2023, the Company disposed of condominium units for an aggregate sales price of $51.2 million, resulting in proceeds of $47.1 million after closing costs and a gain of $3.6 million. The Company has no continuing involvement that would preclude sale treatment with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.

During the year ended December 31, 2025, the Company disposed of five properties, including four retail properties and one office property, for an aggregate gross sales price of $107.1 million, resulting in proceeds of $102.7 million after closing costs and a gain of $1.5 million. The Company has no continuing involvement that would preclude sale treatment with these properties.

During the year ended December 31, 2024, the Company disposed of seven properties, including five retail properties, one industrial property and one office property, for an aggregate gross sales price of $90.6 million, resulting in proceeds of $87.2 million after closing costs and a gain of $1.9 million. The Company has no continuing involvement that would preclude sale treatment with these properties.

On December 29, 2022, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale (the “Realty Income Purchase and Sale Agreement”) with certain subsidiaries of Realty Income Corporation (NYSE: O) (“Realty Income”), to sell to Realty Income 185 single-tenant net lease properties encompassing approximately 4.6 million gross rentable square feet of commercial space across 34 states for total consideration of $894.0 million. The consideration was paid in cash.

During the year ended December 31, 2023, the Company disposed of 188 properties, including 184 retail properties, three industrial properties and one office building, for an aggregate gross sales price of $925.9 million, resulting in net proceeds of $914.4 million after closing costs and a net gain of $44.4 million. The sale of 178 of these properties closed pursuant to the Realty Income Purchase and Sale Agreement for total consideration of $861.0 million, resulting in proceeds of $852.6 million after closing costs and a gain of $32.3 million. No properties are remaining to be sold pursuant to the Realty Income Purchase and Sale Agreement. The Company has no continuing involvement that would preclude sale treatment with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.

During the year ended December 31, 2023, the Company received $5.3 million in additional earnout proceeds upon the settlement of earnout claims related to the disposition of the properties pursuant to an Agreement of Purchase and Sale, entered into by certain subsidiaries of the Company with The Necessity Retail REIT, Inc. (formerly known as American Finance Trust, Inc.), and The Necessity Retail REIT Operating Partnership, L.P. (formerly known as American Finance Operating Partnership, L.P.), and certain of their subsidiaries, dated December 20, 2021, as amended. Both entities subsequently entered into an agreement and plan of merger with Global Net Lease, Inc., among others. The earnout proceeds are included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets.

During the year ended December 31, 2025, four properties totaling approximately 512,000 square feet with a carrying value of $121.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $111.3 million, resulting in impairment charges of $9.9 million, which were recorded in the consolidated statements of operations. No condominium units were deemed to be impaired during the year ended December 31, 2025.

During the year ended December 31, 2024, 10 properties totaling approximately 915,000 square feet with a carrying value of $183.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $131.0 million, resulting in impairment charges of $52.2 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2024, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $9.1 million, which were recorded in the consolidated statements of operations.

During the year ended December 31, 2023, six properties totaling approximately 377,000 square feet with a carrying value of $100.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $79.8 million, resulting in impairment charges of $20.4 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2023, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $14.7 million, which were recorded in the consolidated statements of operations.

As of December 31, 2025, the Company had properties located in Virginia and Ohio, which accounted for 16% and 12%, respectively, of the Company’s 2025 annualized rental income. In addition, the Company had tenants in the health and personal care stores and manufacturing industries; each of which accounted for 13% of the Company’s 2025 annualized rental income.