
	Year Ended December 31, 2025
	Real Estate		Credit		Corporate/Other (1)		Company Total
Revenues:
Rental and other property income	$	111,615	$	—	$	68	$	111,683
Interest income	—		304,321		—		304,321
Total revenues	111,615		304,321		68		416,004
Expenses:
General and administrative	255		2,441		23,298		25,994

Interest expense, net	23,274		151,008		—		174,282
Property operating	8,437		—		4,196		12,633
Real estate tax	4,238		—		590		4,828
Expense reimbursements to related parties	—		—		13,105		13,105
Management fees	9,348		37,440		—		46,788
Transaction-related	169		—		89		258
Depreciation and amortization	36,402		—		—		36,402
Real estate impairment	9,860		—		—		9,860
Increase in provision for credit losses	—		70,807		—		70,807
Total expenses	91,983		261,696		41,278		394,957
Other income (expense)
Gain on disposition of real estate and condominium developments, net	1,540		—		6,643		8,183


Gain on investment in unconsolidated entities	—		9,140		—		9,140
Unrealized gain on equity security	—		5,719		—		5,719
Other income, net	177		3,875		4,508		8,560
Loss on extinguishment of debt	—		(274)		—		(274)
Total other income	1,717		18,460		11,151		31,328
Segment net income (loss)	21,349		61,085		(30,059)		52,375
Segment net income attributable to non-controlling interest	—		19		—		19
Segment net income (loss) attributable to the Company	$	21,349	$	61,066	$	(30,059)	$	52,356
Total assets as of December 31, 2025	$	1,046,585	$	3,939,655	$	108,857	$	5,095,097


	Year Ended December 31, 2024
	Real Estate		Credit		Corporate/Other (1)		Company Total
Revenues:
Rental and other property income	$	93,525	$	—	$	387	$	93,912
Interest income	—		389,988		—		389,988
Total revenues	93,525		389,988		387		483,900
Expenses:
General and administrative	399		3,327		21,793		25,519
Interest expense, net	23,248		216,218		—		239,466
Property operating	3,639		—		6,267		9,906
Real estate tax	3,051		—		1,127		4,178
Expense reimbursements to related parties	—		—		13,501		13,501
Management fees	8,218		41,454		—		49,672
Transaction-related	—		23		48		71
Depreciation and amortization	31,981		—		—		31,981
Real estate impairment	52,243		—		9,066		61,309
Increase in provision for credit losses	—		342,815		—		342,815
Total expenses	122,779		603,837		51,802		778,418
Other income (expense):
Gain on disposition of real estate and condominium developments, net	1,855		—		4,750		6,605
Gain on investment in unconsolidated entities	—		13,599		—		13,599
Unrealized gain on equity security	—		(15,888)		—		(15,888)
Other income (expense), net	413		(6,795)		5,244		(1,138)
Loss on extinguishment of debt	—		(950)		—		(950)
Total other income (expense)	2,268		(10,034)		9,994		2,228
Segment net loss	(26,986)		(223,883)		(41,421)		(292,290)
Segment net income attributable to non-controlling interest	—		11		—		11
Segment net loss attributable to the Company	$	(26,986)	$	(223,894)	$	(41,421)	$	(292,301)
Total assets as of December 31, 2024	$	1,021,918	$	3,983,392	$	192,439	$	5,197,749


	Year Ended December 31, 2023
	Real Estate		Credit		Corporate/Other (1)		Company Total
Revenues:
Rental and other property income	$	115,056	$	—	$	323	$	115,379
Interest income	—		453,480		—		453,480
Total revenues	115,056		453,480		323		568,859
Expenses:
General and administrative	709		3,952		12,911		17,572
Interest expense, net	22,884		233,615		4,269		260,768
Property operating	5,203		—		8,147		13,350
Real estate tax	3,430		—		1,408		4,838
Expense reimbursements to related parties	—		—		13,285		13,285
Management fees	10,702		40,273		—		50,975
Transaction-related	10		212		3,431		3,653
Depreciation and amortization	42,532		—		—		42,532
Real estate impairment	20,404		—		14,675		35,079
Increase in provision for credit losses	—		134,289		—		134,289
Total expenses	105,874		412,341		58,126		576,341
Other income (expense):
Gain on disposition of real estate and condominium developments, net	49,731		—		3,610		53,341

Gain on investment in unconsolidated entities	—		11,723		—		11,723
Unrealized gain on equity security	—		4,751		—		4,751
Other (expense) income, net	(4,380)		(31,984)		9,905		(26,459)
Loss on extinguishment of debt	(1,192)		(2,164)		(4,432)		(7,788)
Total other income (expense)	44,159		(17,674)		9,083		35,568
Segment net income (loss)	53,341		23,465		(48,720)		28,086
Segment net income attributable to non-controlling interest	8		—		—		8
Segment net income (loss) attributable to the Company	$	53,333	$	23,465	$	(48,720)	$	28,078
Total assets as of December 31, 2023	$	1,156,761	$	5,091,365	$	198,350	$	6,446,476