
	June 30, 2026								December 31, 2025
	Multifamily		Office		Land		Total		Multifamily		Office		Land		Total
Land	$	115,576	$	13,599	$	7,947	$	137,122	$	109,788	$	13,599	$	7,947	$	131,334
Building and intangible assets	424,250		58,152		—		482,402		363,281		48,882		—		412,163
Less: Impairment loss	(40,600)		(2,500)		—		(43,100)		(20,500)		(2,500)		—		(23,000)
Less: Accumulated depreciation and amortization	(26,920)		(3,558)		—		(30,478)		(18,015)		(3,544)		—		(21,559)
Real estate owned, net	$	472,306	$	65,693	$	7,947	$	545,946	$	434,554	$	56,437	$	7,947	$	498,938
Number of foreclosed loans	19		2		2		23		15		2		2		19
Number of properties	32		2		2		36		31		2		2		35

During the three and six months ended June 30, 2026, we foreclosed on three and five multifamily bridge loans, respectively, each of which was collateralized by one property, and received ownership of the underlying collateral as REO assets. The loans foreclosed during the three and six months ended June 30, 2026 had an aggregate net carrying value of $68.8 million and $102.8 million, respectively, net of CECL reserves of $3.5 million in each period. Upon foreclosure, we recorded charge-offs against the allowance for credit losses of $6.0 million during both the three and six months ended June 30, 2026, which included $2.5 million of additional provision for credit losses recognized upon foreclosure. There were no reversals of previously recorded allowance for credit losses upon foreclosure during either period.

During the three and six months ended June 30, 2026, we sold three and four existing multifamily REO properties for $37.3 million and $45.3 million, respectively, and repaid mortgage notes outstanding of $24.5 million in the second quarter of 2026. During the three and six months ended June 30, 2026, we recognized losses of $0.4 million, and $2.4 million, respectively, relating to these dispositions, excluding the loss associated with the significant financing component discussed below. Additionally, we provided new bridge loan financing to two and three of the buyers, respectively, totaling $31.9 million and $41.4 million, respectively. The bridge loans bear interest at floating rates generally equal to the greater of stated floors ranging from 5.17% to 6.65% and SOFR plus spreads ranging from 1.50% to 3.00%, with one loan increasing in year two to the greater of 6.17% and SOFR plus 2.50%. One of the new financings provided

was deemed to have a significant financing component and, as a result, during the six months ended June 30, 2026, we recorded a loss and corresponding liability of $0.1 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan. The net losses of these transactions were recorded through gain (loss) on real estate on the consolidated statements of operations.

The newly originated loans described above represent loan-to-capitalization ratios ranging from 72%-88%, reflecting additional equity contributed by the new borrowers to fund the agreed upon purchase price, closing costs, capital expenditures and other reserve requirements.

During the three and six months ended June 30, 2026, we determined that certain of our REO assets exhibited indicators of impairment based on expected disposition strategies, our evaluation of current market conditions and other property-specific assumptions, including expected disposition proceeds, recent market bids or broker opinions of value, projected property-level operating performance, occupancy and net operating income expectations. Based on our impairment analysis performed, we recorded an impairment loss of $13.7 million and $26.2 million, related to two and six properties, for the three and six months ended June 30, 2026, respectively, which represents the extent to which the carrying value of the properties exceeded their estimated fair value less costs to sell. The fair value measurements for these impaired REO assets were determined on a nonrecurring basis and were classified as Level 3 within the fair value hierarchy, including, as applicable, expected sales proceeds, broker opinions of value, appraisals, capitalization rates, projected property-level cash flows and estimated selling costs.

At June 30, 2026 and December 31, 2025, we had notes payable totaling $270.4 million and $223.0 million, respectively, which are collateralized by our REO assets. Interest rates on the notes range from SOFR plus 2.18% to SOFR plus 3.25%, with maturities spanning from August 2026 to September 2027.

At June 30, 2026 and December 31, 2025, our multifamily REO properties had a weighted average occupancy rate of approximately 51% and 45%, respectively, excluding three and two properties, respectively, that were vacant due to renovations. At June 30, 2026 and December 31, 2025, both our office buildings were vacant.

We recorded depreciation expense related to the REO assets of $5.2 million and $11.2 million for the three and six months ended June 30, 2026, respectively, and $4.8 million and $7.5 million for the three and six months ended June 30, 2025, respectively.