Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Infrastructure Lending Segment’s goodwill of $119.4 million at both March 31, 2026 and December 31, 2025 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform.

The Investing and Servicing Segment’s goodwill of $140.4 million at both March 31, 2026 and December 31, 2025 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets.

In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of March 31, 2026 and December 31, 2025, the balance of the domestic servicing intangible was net of $38.8 million and $37.3 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2026 and December 31, 2025, the domestic servicing intangible had a balance of $66.5 million and $65.5 million, respectively, which represents our economic interest in this asset.

In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets or unfavorable lease liabilities associated with certain non-cancelable operating leases of the acquired properties.

The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2026 and December 31, 2025 (amounts in thousands):


	As of March 31, 2026						As of December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Domestic servicing rights, at fair value	$	27,743	$	—	$	27,743	$	28,280	$	—	$	28,280
In-place lease intangible assets	397,893		(79,464)		318,429		399,387		(73,986)		325,401
Favorable lease intangible assets	95,228		(14,745)		80,483		95,943		(13,565)		82,378
Total net intangible assets	$	520,864	$	(94,209)	$	426,655	$	523,610	$	(87,551)	$	436,059
Memo: Unfavorable lease (liabilities) (1)	$	(35,776)	$	3,368	$	(32,408)	$	(35,460)	$	2,778	$	(32,682)

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(1)Unfavorable lease liabilities are classified within accounts payable, accrued expenses and other liabilities on our condensed consolidated balance sheets.


	Domestic Servicing Rights		In-place Lease Intangible Assets		Favorable Lease Intangible Assets		Total Intangible Assets		Memo: Unfavorable Lease Liabilities
Balance as of January 1, 2026	$	28,280	$	325,401	$	82,378	$	436,059	$	(32,682)
Acquisitions (1)	—		1,765		—		1,765		(316)
Amortization	—		(5,584)		(1,204)		(6,788)		590

Sales	—		(3,153)		(691)		(3,844)		—
Changes in fair value due to changes in inputs and assumptions	(537)		—		—		(537)		—
Balance as of March 31, 2026	$	27,743	$	318,429	$	80,483	$	426,655	$	(32,408)

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(1) Represents in-place and favorable lease intangible assets and unfavorable lease liabilities related to property acquisitions by Fundamental with in-place leases. The weighted average amortization period of these lease intangible assets and unfavorable lease liabilities is 15.0 years.

The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities for the next five years and thereafter (amounts in thousands):


	Asset Amortization		Liability Amortization
2026 (remainder of)	$	20,174	$	(1,770)
2027	26,676		(2,346)
2028	26,672		(2,344)
2029	26,638		(2,343)
2030	26,386		(2,343)
Thereafter	272,366		(21,262)
Total	$	398,912	$	(32,408)