As of June 30, 2026, assets and liabilities related to REO consisted of six properties: four multifamily properties, one located in each of Arlington Heights, IL and Chicago, IL; two located in San Antonio, TX; and two office properties, one located in each of Manhattan, NY, and Houston, TX. The Company acquired no REO properties during the three and six months ended June 30, 2026.

During June 2023, the Company obtained from a third party a $31.2 million first mortgage loan secured by the Houston, TX office property, which is classified as Mortgage loan payable, net on the Company's consolidated balance sheets. See Note 6 for details of the Mortgage loan payable.


	June 30, 2026		December 31, 2025
Assets
Cash	$	20,926	$	18,018
Real estate owned - Building and building improvements	175,861		172,724
Real estate owned - Land and land improvements	54,845		54,845

Real estate owned - Tenant improvements	10,140		9,113
Real estate owned	240,846		236,682
Accumulated depreciation	(16,067)		(12,296)
Real estate owned, net	224,779		224,386
In-place lease intangibles, net(1)	9,401		10,687
Above-market lease intangibles, net(1)	1,473		1,685
Leasing commissions, net(1)	2,609		2,748
Other assets, net(1)	9,397		9,555
Total assets	$	268,585	$	267,079
Liabilities
Mortgage loan payable, net(2)	$	30,910	$	30,838
Below-market lease intangibles, net(3)	1,442		1,763
Other liabilities(3)	6,058		8,453
Total liabilities	$	38,410	$	41,054

(1)Included within Other assets within the Company's consolidated balance sheets. Other assets, net includes $1.9 million and $3.7 million of cash proceeds from the Company's mortgage loan payable escrowed for tenant improvements and leasing costs, and other working capital balances as of June 30, 2026 and December 31, 2025, respectively.

(2)During the three and six months ended June 30, 2026, the Company incurred interest expense of $0.6 million and $1.3 million, respectively, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income. During the three and six months ended June 30, 2025, the Company incurred interest expense of $0.6 million and $1.3 million, respectively, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income.

(3)Included within Accrued expenses and other liabilities within the Company's consolidated balance sheets. Other liabilities includes $0.2 million and $0.2 million of accrued interest payable as of June 30, 2026 and December 31, 2025, respectively, which is included within Accrued interest payable within the Company's consolidated balance sheets.

Rental income primarily relates to the Company's acquired and newly executed tenant leases. These leases entitle the Company to receive contractual rent payments during the lease periods and in some instances tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate taxes. The Company elected the practical expedient to not separate the lease and non-lease components of the rent payments and accounts for these leases as operating leases.


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Rental income
Minimum lease payments	$	6,816	$	7,385	$	13,622	$	15,031
Variable lease payments	1,028		830		2,071		1,355
Total rental income	7,844		8,215		15,693		16,386
Other revenue from REO	1,237		16		1,676		2,124
Revenue from real estate owned operations	9,081		8,231		17,369		18,510
Rental property operating expenses(1)	4,644		6,833		10,336		13,191
Depreciation and amortization(2)	2,622		3,423		5,199		7,415
Expenses from real estate owned operations	7,266		10,256		15,535		20,606
Net income (loss) from REO	$	1,815	$	(2,025)	$	1,834	$	(2,096)

(1)Excludes $0.6 million and $1.3 million, respectively, of interest expense incurred during the three and six months ended June 30, 2026, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income. Excludes $0.6 million and $1.3 million, respectively, of interest expense incurred during the three and six months ended June 30, 2025, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income.

(2)During the three and six months ended June 30, 2026, the Company incurred $1.9 million and $3.8 million, respectively, of depreciation expense. During the three and six months ended June 30, 2025, the Company incurred $2.0 million and $4.1 million, respectively, of depreciation expense.

For the six months ended June 30, 2026, the Company's capital expenditures were $5.2 million, as shown on the Company's consolidated statements of cash flows, which includes $0.2 million of accrued capital expenditures. For the six months ended June 30, 2025, the Company's capital expenditures were $1.4 million, as shown on the Company's consolidated statements of cash flows, which includes $0.03 million of accrued capital expenditures.


	June 30, 2026		December 31, 2025
Intangible assets:
In-place lease intangibles	$	25,165	$	25,165
Above-market lease intangibles	2,670		2,670
Leasing commissions	3,169		3,164
Total intangible assets	31,004		30,999
Accumulated amortization:
In-place lease intangibles	(15,764)		(14,478)
Above-market lease intangibles	(1,197)		(985)
Leasing commissions	(560)		(416)
Total accumulated amortization	(17,521)		(15,879)
Intangible assets, net	$	13,483	$	15,120

Intangible liabilities:
Below-market lease intangibles	$	4,311	$	4,311
Total intangible liabilities	4,311		4,311
Accumulated amortization:
Below-market lease intangibles	(2,869)		(2,548)
Total accumulated amortization	(2,869)		(2,548)
Intangible liabilities, net	$	1,442	$	1,763


Year	In-place lease intangibles		Above-market lease intangibles		Leasing commissions		Below-market lease intangibles
2026 (remaining)	$	887	$	209	$	203	$	(171)
2027	1,315		374		370		(297)
2028	1,266		368		348		(289)
2029	872		110		335		(202)
2030	731		58		325		(142)
2031	631		56		280		(73)

The weighted average amortization period for the in-place lease intangibles, above-market lease intangibles, leasing commissions, and below-market lease intangibles as of June 30, 2026, were 10.1 years, 6.6 years, 7.9 years, and 6.7 years, respectively.

Minimum rental amounts due under tenant leases are generally subject either to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under non-cancelable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of June 30, 2026 and excludes leases at the Company's multifamily properties as they are short term, generally 12 months or less (dollars in thousands):