
	June 30, 2026		December 31, 2025
Land and improvements	$	11,955	$	78,805
Buildings, building leaseholds, and improvements	96,972		287,767
Tenant improvements	7,910		13,781

Subtotal	$	116,837	$	380,353
Less: Accumulated depreciation	(34,920)		(86,871)

Net lease portfolio, net	$	81,917	$	293,482


	June 30, 2026		December 31, 2025
Land and improvements	$	123,467	$	127,614
Buildings, building leaseholds, and improvements	250,072		262,451
Tenant improvements	19,641		18,097
Furniture, fixtures and equipment	14,727		13,938
Construction-in-progress	8,165		7,972
Subtotal	$	416,072	$	430,072
Less: Accumulated depreciation	(47,651)		(43,775)

Other portfolio, net	$	368,421	$	386,297

Depreciation expense on real estate was $5.6 million and $7.4 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense on real estate was $11.5 million and $14.5 million for the six months ended June 30, 2026 and 2025, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease revenues
Minimum lease revenue	$	16,882	$	24,251	$	34,286	$	48,121
Variable lease revenue	806		2,921		1,672		5,968
	$	17,688	$	27,172	$	35,958	$	54,089
Hotel operating income	12,747		8,498		27,120		8,498
Total property operating income(1)	$	30,435	$	35,670	$	63,078	$	62,587

(1)Excludes de minimis net amortization expense for the three months ended June 30, 2026 and de minimis income for the six months ended June 30, 2026 related to above and below-market leases. Excludes net amortization expense related to above and below-market leases of a de minimis amount and $0.1 million for the three and six months ended June 30, 2025, respectively.

For the six months ended June 30, 2026, the Company had one property with property operating income equal to or greater than 10% of the Company’s total revenue. The property had property operating income of $27.2 million or 16% of the Company’s total revenue. For the six months ended June 30, 2025, the Company had no single property with property operating income equal to or greater than 10% of total revenue of the Company.

During the six months ended June 30, 2026, the Company acquired legal title to one multifamily property through foreclosure, which is included in real estate, net on the Company’s consolidated balance sheets.

During the year ended December 31, 2025, the Company acquired legal title to one multifamily construction/development project and one office property through deeds-in-lieu of foreclosure, and one hotel property via foreclosure, all of which are included in real estate, net on the Company’s consolidated balance sheets. The office property was subsequently sold. See “Real Estate Sales” below for further detail on the gain on sale.

The Company previously held an investment in a senior loan collateralized by a multifamily property in Mesa, Arizona that was determined to be a VIE. The Company was determined to be the primary beneficiary of the VIE and consolidated the assets and liabilities as well as the operations of the multifamily property in February 2025. The multifamily property is included in real estate, net on the Company’s consolidated balance sheets. The consolidation did not result in a gain or loss.


					Purchase Price Allocation
Acquisition Date	Property Type and Location	Number of Buildings/Units(1)	Purchase Price		Land and Improvements(2)		Building and Improvements(2)		Furniture and Fixtures(2)		Lease Intangible Assets(2)		Other Assets		Lease Intangible Liabilities(2)		Other Liabilities
Six Months Ended June 30, 2026
January 2026	Multifamily - Texas(3)	624	$	45,400	$	13,486	$	25,944	$	1,235	$	4,126	$	2,876	$	—	$	(2,267)


Year Ended December 31, 2025
September 2025	Office - Oregon(3)	8	21,100		10,913		5,105		—		4,567		1,849		(298)		(1,036)
July 2025	Multifamily/Pre-dev - California(3)(4)	n/a	39,760		39,760		—		—		—		—		—		—
May 2025	Hotel - California(3)	541	139,126		36,166		91,719		10,197		80		10,034		—		(9,070)
February 2025	Multifamily - Arizona(5)	285	31,965		9,007		21,051		270		1,456		708		—		(527)









			$	277,351	$	109,332	$	143,819	$	11,702	$	10,229	$	15,467	$	(298)	$	(12,900)

(2) Useful life of real estate acquired is 28 to 40 years for buildings, four to 15 years for tenant improvements, four to nine for furniture and fixtures, and one to 12 years for lease intangibles.

(5) Represents a multifamily property held in a VIE for which the Company was deemed the primary beneficiary. The Company consolidated the assets, liabilities and the property's operations on the acquisition date in accordance with ASC 810.

The Company recorded $3.8 million of impairment related to one multifamily property, which was due to a reduction in the current expected holding period of the property. The estimated fair value of the property was determined based on the execution of a purchase and sale agreement, resulting in a Level 2 fair value of $25.3 million as of the June 30, 2026 measurement date. The multifamily property is classified as held for sale at June 30, 2026. See “Real Estate Held for Sale” below for further details.

During the six months ended June 30, 2026, the Company received notice that it was in default on mortgage notes payable cross-collateralized by five retail properties. In April 2026, a receiver was appointed and took possession and full control of one Indiana retail property in connection with the foreclosure process, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet in the second quarter of 2026, and resulting in impairment of operating real estate of $2.4 million. The Company has no further involvement in the Indiana retail property, and the lender is not a related party.

Similarly, as a result of the foreclosure process, for one Illinois retail property, a receiver was appointed and took possession and full control subsequent to June 30, 2026. As such, the Company recorded $3.1 million of impairment of operating real estate during the three months ended June 30, 2026.

The Company expects the lender to continue to pursue remedies, and accordingly, will thereby lose control over the three remaining retail properties. At such time, the Company will deconsolidate the mortgage notes payable. The combined carrying value of the three remaining retail properties is $11.1 million, and the unpaid principal balance of the mortgage notes payable is $25.3 million.

In May 2025, an investment subsidiary reached a maturity default on its bond financing collateralized by the Company’s Norwegian net lease office campus. Following the maturity default, the lenders exercised remedies and took control by equity pledge of the underlying investment subsidiary, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet. The deconsolidation resulted in impairment of operating real estate of $49.3 million. The Company has no further involvement in the Norwegian net lease office campus, and the lenders are not a related party.

In January 2025, an investment subsidiary defaulted on its mortgage note payable collateralized by one Pennsylvania office property included in the Company’s other real estate, net portfolio. In July 2025, a receiver was appointed and took possession and full control of the property, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet in the third quarter of 2025. The deconsolidation resulted in impairment of operating real estate of $4.3 million. The Company has no further involvement in the Pennsylvania office property, and the lenders are not a related party.

During the six months ended June 30, 2026, purchase and sale agreements were executed for one industrial portfolio and one multifamily property for a gross sale price of $300.0 million and $26.0 million, respectively. Both the industrial portfolio and multifamily property were classified as held for sale as of June 30, 2026. As part of the sale of the industrial portfolio, the purchaser will assume the $200.0 million mortgage note payable. As of June 30, 2026, the carrying value for the industrial portfolio is $223.1 million and the multifamily property is $25.3 million. The Company expects both sales to close in the third quarter of 2026.


	June 30, 2026
Assets
Land and improvements	$	75,800
Buildings, building leaseholds, and improvements	201,040
Tenant improvements	5,551
Furniture, fixtures and equipment	236

Subtotal	282,627
Less: Accumulated depreciation	(56,035)
Total real estate, net	$	226,592

Deferred leasing costs and intangible assets, net	$	21,826
Total assets held for sale	$	248,418

Liabilities
Mortgage and other notes payable, net	$	200,000
Total liabilities related to assets held for sale	$	200,000

During the six months ended June 30, 2026, the Company sold one office property for a total gross sales price of $28.0 million. The Company recorded a net gain on the sale of $0.1 million and it is included in other loss, net on the Company’s consolidated statement of operations.

During the year ended December 31, 2025, the Company sold three office properties and one multifamily property previously acquired through deeds-in-lieu of foreclosure for a total gross sales price of $85.6 million. Prior to the sale of one office property, the Company recorded an impairment loss of $6.3 million due to shortening the expected hold period. The impairment loss was based on the net proceeds received from the sale. This is included in impairment of operating real estate in the Company’s consolidated statement of operations. The net gain of $1.1 million on three office properties and one multifamily property is included in other gain (loss), net on the Company’s consolidated statement of operations.