The following table summarizes the Company's real estate owned, held for investment assets as of March 31, 2026 and December 31, 2025 (dollars in thousands):


			As of March 31, 2026
Acquisition Date	Property Type	Primary Location(s)	Land		Building and Improvements		Furniture, Fixtures and Equipment		Accumulated Depreciation		Real Estate Owned, net
September 2021(1)	Industrial	Jeffersonville, GA	$	3,436	$	84,259	$	2,929	$	(10,359)	$	80,265
August 2023	Office	Portland, OR	16,479		2,065		—		(133)		18,411
Total			$	19,915	$	86,324	$	2,929	$	(10,492)	$	98,676

________________________


			As of December 31, 2025
Acquisition Date	Property Type	Primary Location(s)	Land		Building and Improvements		Furniture, Fixtures and Equipment		Accumulated Depreciation		Real Estate Owned, net
September 2021(1)	Industrial	Jeffersonville, GA	$	3,436	$	84,259	$	2,929	$	(9,783)	$	80,841
August 2023	Office	Portland, OR	16,479		2,065		—		(120)		18,424
Total			$	19,915	$	86,324	$	2,929	$	(9,903)	$	99,265

(1) The Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the “Jeffersonville JV”) to acquire a triple net lease property in Jeffersonville, GA. Refer to Note 18 - Related Party Transactions and Arrangements for details.

The following table summarizes the Company's real estate owned, held for sale assets and liabilities as of March 31, 2026 and December 31, 2025 (dollars in thousands):


		As of March 31, 2026
Property Type	Primary Location(s)	Assets, Net		Liabilities, Net
Office(1)	Denver, CO	$	17,442	$	1,514
Multifamily(2)	Various	176,650		2,815
Total		$	194,092	$	4,329


		As of December 31, 2025
Property Type	Primary Location(s)	Assets, Net		Liabilities, Net
Office(1)	Denver, CO	$	17,267	$	1,321
Multifamily(2)	Various	180,942		3,911
Retail(3)	Various	2,980		217
Total		$	201,189	$	5,449

(1) During the three months ended March 31, 2026, the Company recognized a net loss of $0.3 million included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations related to this property.

(2) As of March 31, 2026, the Company's real estate owned, held for sale assets included four multifamily properties that previously collateralized four commercial mortgage loans. During the three months ended March 31, 2026, the Company recognized a net loss of $3.7 million included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations primarily related to the fair value write-down of one of these properties.

(3) In November 2022, the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens JV") to assume a group of 24 retail properties with various locations throughout the United States (the "Walgreens Portfolio"). Refer to Note 18 - Related Party Transactions and Arrangements. The Company sold the final property within the Walgreens Portfolio during the first quarter of 2026. As a result, the Company recorded a loss of $0.5 million for the three months ended March 31, 2026 included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations.

As of March 31, 2026, the Company has designated certain properties included within the real estate owned business segment as held for sale in accordance with ASC 360. The properties are currently being marketed and sales are probable to occur within one year.