In July 2025, we acquired Fundamental by way of merger. As of March 31, 2026, Fundamental owned 515 single-tenant properties, spanning 15.1 million square feet across 44 states, 68 industries and 114 tenants. The properties, which consist of retail, industrial and service facilities, among others, are leased under 129 individual and master net operating lease agreements with a 17.4 year weighted-average lease base term. Fundamental had total gross properties and lease intangibles of $2.5 billion and debt of $1.5 billion as of March 31, 2026. During the three months ended March 31, 2026, Fundamental acquired 32 additional net lease properties for cash of $129.6 million and sold one portfolio and two single-asset net lease properties for $22.4 million. Upon sale, we recognized a total net gain of $0.5 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the three months ended March 31, 2026.

The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $794.1 million and debt of $443.5 million as of March 31, 2026.

A vacant office building in Washington, D.C. was acquired in a loan foreclosure in May 2024 and transferred to our Property Segment with the expectation that we will convert it to multifamily use. That property has a carrying value of $121.2 million, of which $95.1 million represents construction in progress and $26.1 million represents land and land improvements, and no associated debt as of March 31, 2026.

The REIS Equity Portfolio is comprised of 5 commercial real estate properties and one equity interest in an unconsolidated real estate property (see Note 8), which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $83.8 million and debt of $37.4 million as of March 31, 2026.

The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or exercise of control over a mezzanine loan borrower’s pledged equity interests. This portfolio includes total gross properties and lease intangibles of $1.1 billion and debt of $29.8 million as of March 31, 2026.


	Depreciable Life	March 31, 2026		December 31, 2025
Property Segment
Land and land improvements	0 - 15 years	$	791,518	$	769,318
Buildings and building improvements	0 - 40 years	2,073,466		1,978,498
Construction in progress	N/A	147,599		138,069
Furniture & fixtures	3 - 5 years	1,455		1,451
Investing and Servicing Segment
Land and land improvements	0 - 15 years	16,567		16,567
Buildings and building improvements	3 - 33 years	49,898		49,719
Furniture & fixtures	1 - 5 years	2,328		2,328
Commercial and Residential Lending Segment
Land and land improvements	0 - 13 years	184,276		143,090
Buildings and building improvements	30 - 50 years	613,395		356,440
Construction in progress	N/A	246,914		245,794
Furniture & fixtures	5 - 7 years	12,323		2,003
Properties, cost		4,139,739		3,703,277
Less: accumulated depreciation		(280,605)		(254,625)
Properties, net		$	3,859,134	$	3,448,652

During the three months ended March 31, 2026, we sold a multifamily property in Conyers, Georgia for $40.0 million, which qualified for sale accounting treatment under GAAP. The property had been acquired through foreclosure in February 2025 and during that year we recorded a $4.0 million impairment on the property. Upon sale, we recognized a net gain of $0.3 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the three months ended March 31, 2026. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.