Owned Real Estate, Net

As of June 30, 2026 and December 31, 2025, we had 14 and 12 owned real estate assets, respectively. During the six

months ended June 30, 2026, we acquired two owned real estate assets through foreclosure transactions with an aggregate

acquisition price of $191.0 million. We allocated $128.8 million to building and building improvements, $51.6 million to

land and land improvements, $4.8 million to acquired intangible assets, and $5.8 million to other components of the

purchase price, including cash held in reserves at the time of acquisition. In aggregate, we charged off $76.2 million of

CECL reserves relating to the loans that had previously been secured by these assets, as the loans’ aggregate carrying value

of $267.2 million at the time of the acquisitions exceeded the acquisition date fair value noted above. See Note 2 for further

discussion of owned real estate assets.

The acquisition of two owned real estate assets during the six months ended June 30, 2026 were accounted for as asset

acquisitions under ASC 805, and we recognized the properties as owned real estate assets held for investment. The

following table presents the owned real estate assets that were acquired during the six months ended June 30, 2026 ($ in

Dispositions

During the six months ended June 30, 2026, we completed a partial sale of one owned real estate asset, a multifamily

property located in San Antonio, TX. The carrying value of the asset at the time of disposition was $15.3 million, and we

received net cash proceeds of $15.1 million, resulting in a net loss of $0.2 million, which is included in net loss on

disposition of owned real estate on our consolidated statements of operations.

The following table presents the assets and liabilities related to owned real estate held for investment included in our

consolidated balance sheets ($ in thousands):


	June 30, 2026	December 31, 2025
Assets
Building and building improvements	$844,474	$708,097
Land and land improvements	507,719	461,585
Total	$1,352,193	$1,169,682
Less: accumulated depreciation	(55,204)	(34,707)
Owned real estate, net	$1,296,989	$1,134,975

Intangible real estate assets	$163,108	$161,690
Less: accumulated amortization	(62,191)	(44,601)
Intangible real estate assets, net(1)	$100,917	$117,089

Liabilities
Intangible real estate liabilities	$3,985	$3,985
Less: accumulated amortization	(1,072)	(570)
Intangible real estate liabilities, net(2)	$2,913	$3,415

(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.

(2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.

Revenue and expenses from owned real estate consisted of the following ($ in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Rental revenue	$24,024	$16,207	$48,198	$30,541
Hospitality revenue	42,802	16,643	87,263	33,679
Other operating revenue	8,671	5,962	14,630	11,625
Revenue from owned real estate	$75,497	$38,812	$150,091	$75,845

Operating expense	$61,128	$31,089	$122,218	$61,177
Depreciation and amortization expense	20,312	16,707	41,197	32,921
Total expenses from owned real estate	$81,440	$47,796	$163,415	$94,098

Loss from owned real estate	$(5,943)	$(8,984)	$(13,324)	$(18,253)

The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of

June 30, 2026. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included

The following table presents the estimated future amortization of lease intangibles for each of the next five years and

thereafter as June 30, 2026 ($ in thousands):


	In-place lease intangibles	Above-market lease intangibles	Below-market lease intangibles
2026 (remaining)	$17,367	$2,991	$(461)
2027	18,406	4,248	(769)
2028	13,119	3,408	(644)
2029	9,861	2,518	(491)
2030	7,382	2,165	(304)
Thereafter	14,363	5,089	(244)
Total	$80,498	$20,419	$(2,913)