v3.26.1
Real Estate Owned (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
The following table presents the REO held-for-investment assets and liabilities included in our condensed consolidated balance sheets:
(in thousands)June 30,
2026		December 31,
2025
Building and building improvements
$23,390 $86,350 
Land and land improvements
10,374 10,396 
Accumulated Depreciation
(3,780)(4,707)
Real estate owned, net$29,984 $92,039 
Intangible real estate assets
$11,750 $18,909 
Accumulated amortization
(5,861)(5,615)
Intangible real estate assets, net(1)
$5,889 $13,294 
Lease liability
$— $(7,239)
Intangible real estate liabilities
(146)(195)
Accumulated amortization
53 61 
Real estate liabilities, net(2)
$(93)$(7,373)
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(1)Included in “Other assets” on the condensed consolidated balance sheets.
(2)Included in “Other liabilities” on the condensed consolidated balance sheets.
Schedule of Income (Loss) from Real Estate Owned
The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
Real Estate Owned, Net2026202520262025
Rental income
Minimum lease payments$2,059 $2,450 $4,173 $4,679 
Variable lease payments857 919 1,649 1,726 
Total rental income2,916 3,369 5,822 6,405 
Other operating income571 384 885 442 
Revenue from real estate owned operations3,487 3,753 6,707 6,847 
Expenses from real estate owned operations (1)
(5,273)(5,227)(11,033)(9,731)
Total$(1,786)$(1,474)$(4,326)$(2,884)
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(1) Includes $(2.0) million and $(4.0) million and $(2.1) million and $(3.5) million of depreciation and amortization for the three and six months ended June 30, 2026, and 2025, respectively.
Schedule of Amortization of Lease Intangibles Included on Income
The following table presents the amortization of REO, held-for-investment, net lease intangibles included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
Income Statement Location2026202520262025
Asset
In-place lease intangiblesExpenses from real estate owned operations$733 $944 $1,511 $1,679 
Lease commissionsExpenses from real estate owned operations115 74 220 135 
Above-market lease intangiblesRevenue from real estate owned operations(55)(78)(112)(148)
Liability
Below-market lease intangiblesRevenue from real estate owned operations14 13 28 21 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents the amortization of lease intangibles related to REO, held-for-investment, net for each of the succeeding fiscal years:
(in thousands)In-place Lease Intangible AssetsAbove-market Lease Intangible AssetsLease CommissionsBelow-market Lease Intangible Liabilities
2026$566 $42 $229 $(13)
2027801 35 459 (27)
2028775 23 443 (27)
2029766 15 437 (26)
2030342 — 297 — 
Thereafter189 — 470 — 
Schedule of Below Market Lease, Future Amortization Income
The following table presents the amortization of lease intangibles related to REO, held-for-investment, net for each of the succeeding fiscal years:
(in thousands)In-place Lease Intangible AssetsAbove-market Lease Intangible AssetsLease CommissionsBelow-market Lease Intangible Liabilities
2026$566 $42 $229 $(13)
2027801 35 459 (27)
2028775 23 443 (27)
2029766 15 437 (26)
2030342 — 297 — 
Thereafter189 — 470 — 
Schedule of Future Minimum Lease Payments
The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, as of June 30, 2026:
(in thousands)Contractual Lease Payments
2026$3,831 
20278,056 
20288,001 
20297,832 
20304,845 
Thereafter7,891