Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

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.

Schedule of Activity Within Intangible Assets and Intangible Liabilities

The following table summarizes the activity within intangible assets for the three months ended March 31, 2026 (amounts in thousands):


	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.

Schedule of Future Amortization Expense

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)