
	June 30, 2026
	General Contracting and Real Estate Services		Multifamily Real Estate		Real Estate Financing		Total
ASSETS
Net real estate investments	$	—	$	160,011	$	—	$	160,011
Cash and cash equivalents	—		7,839		—		7,839
Restricted cash	—		5,499		—		5,499
Accounts receivable, net	—		111		—		111
Notes receivable, net	—		—		14,380		14,380



Acquired lease intangible assets, net	—		452		—		452
Other assets	—		1,621		—		1,621
Total assets of discontinued operations	$	—	$	175,533	$	14,380	$	189,913

LIABILITIES
Indebtedness, net	$	—	$	76,288	$	—	$	76,288
Accounts payable and accrued liabilities	—		4,372		—		4,372



Other liabilities	—		351		—		351
Total liabilities of discontinued operations	$	—	$	81,011	$	—	$	81,011


	December 31, 2025
	General Contracting and Real Estate Services		Multifamily Real Estate		Real Estate Financing		Total
ASSETS
Net real estate investments	$	185	$	616,645	$	—	$	616,830
Cash and cash equivalents	1,802		8,408		—		10,210
Restricted cash	—		1,608		—		1,608
Accounts receivable, net	19		1,429		—		1,448
Notes receivable, net	—		—		128,674		128,674
Construction receivables, including retentions, net	19,337		—		—		19,337
Construction contract costs and estimated earnings in excess of billings	3,666		—		—		3,666
Finance leases right-of-use assets, net	—		9,934		—		9,934
Acquired lease intangible assets, net	—		1,198		—		1,198
Other assets	4,951		2,680		—		7,631
Total assets of discontinued operations	$	29,960	$	641,902	$	128,674	$	800,536

LIABILITIES
Indebtedness, net	$	—	$	242,171	$	—	$	242,171
Accounts payable and accrued liabilities	—		3,372		—		3,372
Construction payables, including retentions	26,950		—		—		26,950
Billings in excess of construction contract costs and estimated earnings	3,474		—		—		3,474
Finance lease liabilities	—		8,642		—		8,642
Other liabilities	175		1,708		10		1,893
Total liabilities of discontinued operations	$	30,599	$	255,893	$	10	$	286,502

Summarized results of discontinued operations for the three and six months ended June 30, 2026 and 2025 are shown below (in thousands):


	Three Months Ended June 30, 2026
	General Contracting and Real Estate Services(1)		Multifamily Real Estate(1)		Real Estate Financing		Total
Rental revenues	$	—	$	10,765	$	—	$	10,765
General contracting and real estate services revenues	5,328		—		—		5,328
Interest income (real estate financing)	—		—		4,962		4,962
Rental expenses	—		(3,596)		—		(3,596)
Real estate taxes	—		(1,835)		—		(1,835)
General contracting and real estate services expenses	(5,219)		—		—		(5,219)
Interest expense (real estate financing)(2)	—		—		(221)		(221)
Depreciation and amortization, net	—		(1,788)		—		(1,788)
General and administrative expenses	(219)		(74)		—		(293)
Impairment of real estate assets(3)	—		(20,880)		(13,490)		(34,370)
(Loss) gain on disposition, net	(2,227)		19,544		—		17,317
Non-operating income and expenses(4)(5)	24		(5,499)		154		(5,321)
Loss before taxes	(2,313)		(3,363)		(8,595)		(14,271)
Income tax provision from discontinued operations	(2,996)		—		—		(2,996)
Loss from discontinued operations, net of tax	$	(5,309)	$	(3,363)	$	(8,595)	$	(17,267)
Less: Net (income) loss from discontinued operations attributable to noncontrolling interests
Investment entities							(200)
Operating Partnership							4,045
Net loss from discontinued operations attributable to AH Realty Trust, Inc.							$	(13,422)

(1) The 2026 results of the general contracting and real estate services business reflect activity through April 30, 2026, the date on which the Company completed the sale of the business. The 2026 multifamily real estate results include results for all 13 properties classified within discontinued operations through May 20, 2026, the date on which the Company completed the First Closing of the Multifamily Portfolio Sale and sold nine of the 13 properties; results after that date reflect only the remaining properties included in discontinued operations.

(2) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 8.

(4) Non-operating income and expenses includes interest income (excluding real estate financing), acquisition, development, and other pursuit costs, interest expense (excluding real estate financing), loss on extinguishment of debt, change in fair value of derivatives and other, unrealized credit loss release (provision), and other income (expense), net.


	Three Months Ended June 30, 2025
	General Contracting and Real Estate Services		Multifamily Real Estate		Real Estate Financing		Total
Rental revenues	$	—	$	14,427	$	—	$	14,427
General contracting and real estate services revenues	31,975		—		—		31,975
Interest income (real estate financing)	—		—		3,673		3,673
Rental expenses	—		(4,948)		—		(4,948)
Real estate taxes	—		(1,534)		—		(1,534)
General contracting and real estate services expenses	(30,592)		—		—		(30,592)
Interest expense (real estate financing)(1)	—		—		(1,927)		(1,927)
Depreciation and amortization, net	(55)		(5,036)		—		(5,091)
General and administrative expenses	(1,703)		(73)		—		(1,776)


Non-operating income and expenses(2)(3)	(97)		(1,669)		71		(1,695)
(Loss) income before taxes	(472)		1,167		1,817		2,512
Income tax benefit from discontinued operations	567		—		—		567
Income from discontinued operations, net of tax	$	95	$	1,167	$	1,817	$	3,079
Less: Net (income) loss from discontinued operations attributable to noncontrolling interests
Investment entities							(67)
Operating Partnership							(682)
Net income from discontinued operations attributable to AH Realty Trust, Inc.							$	2,330

(1) Interest expense within the real estate financing segment is allocated based on the average outstanding principal of notes receivable in the real estate financing portfolio, and the effective interest rate on the credit facility, the M&T term loan facility, and the TD term loan facility, each as defined in Note 8.

(2) Non-operating income and expenses includes interest income (excluding real estate financing), acquisition, development, and other pursuit costs, interest expense (excluding real estate financing), gain on consolidation of real estate entities, change in fair value of derivatives and other, equity in loss of unconsolidated real estate entities, unrealized credit loss release (provision), and other income (expense), net.


	Six Months Ended June 30, 2026
	General Contracting and Real Estate Services(1)		Multifamily Real Estate(1)		Real Estate Financing		Total
Rental revenues	$	—	$	27,508	$	—	$	27,508
General contracting and real estate services revenues	18,829		—		—		18,829
Interest income (real estate financing)	—		—		7,217		7,217
Rental expenses	—		(9,521)		—		(9,521)
Real estate taxes	—		(3,364)		—		(3,364)
General contracting and real estate services expenses	(18,634)		—		—		(18,634)
Interest expense (real estate financing)(2)	—		—		(1,760)		(1,760)
Depreciation and amortization, net	(30)		(7,973)		—		(8,003)
General and administrative expenses	(625)		(243)		—		(868)
Impairment of real estate assets(3)	—		(20,880)		(42,719)		(63,599)
(Loss) gain on disposition, net	(2,227)		19,544		—		17,317
Non-operating income and expenses(4)(5)	138		(11,147)		2,090		(8,919)
Loss before taxes	(2,549)		(6,076)		(35,172)		(43,797)
Income tax provision from discontinued operations	(3,359)		—		—		(3,359)
Loss from discontinued operations, net of tax	$	(5,908)	$	(6,076)	$	(35,172)	$	(47,156)
Less: Net (income) loss from discontinued operations attributable to noncontrolling interests
Investment entities							(183)
Operating Partnership							10,542
Net loss from discontinued operations attributable to AH Realty Trust, Inc.							$	(36,797)

(3) Impairment of real estate assets recognized for the three months ended June 30, 2026 represents impairment of the note receivable secured by the Solis Kennesaw real estate financing investment of $13.5 million, and impairment of the multifamily assets The Everly and Solis Gainesville II of $12.2 million and Greenside Apartments of $8.7 million. Impairment of real estate assets recognized for the six months ended June 30, 2026 also includes impairment of notes receivable secured by the Solis Peachtree Corners, Solis North Creek, and Solis Kennesaw real estate financing investments of $4.4 million, $1.0 million, and $23.8 million, respectively.


	Six Months Ended June 30, 2025
	General Contracting and Real Estate Services		Multifamily Real Estate		Real Estate Financing		Total
Rental revenues	$	—	$	28,046	$	—	$	28,046
General contracting and real estate services revenues	78,590		—		—		78,590
Interest income (real estate financing)	—		—		7,409		7,409
Rental expenses	—		(9,203)		—		(9,203)
Real estate taxes	—		(2,755)		—		(2,755)
General contracting and real estate services expenses	(75,842)		—		—		(75,842)
Interest expense (real estate financing)(1)	—		—		(3,641)		(3,641)
Depreciation and amortization, net	(97)		(9,180)		—		(9,277)
General and administrative expenses	(1,826)		(182)		—		(2,008)


Non-operating income and expenses(2)(3)	127		(6,325)		(158)		(6,356)
Income before taxes	952		401		3,610		4,963
Income tax benefit from discontinued operations	377		—		—		377
Income from discontinued operations, net of tax	$	1,329	$	401	$	3,610	$	5,340
Less: Net (income) loss from discontinued operations attributable to noncontrolling interests
Investment entities							73
Operating Partnership							(1,167)
Net income from discontinued operations attributable to AH Realty Trust, Inc.							$	4,246

On April 27, 2026, the Company executed a purchase and sale agreement to sell its general contracting and real estate services business for aggregate economic consideration of $2.4 million, which subsequently closed on April 30, 2026. Economic consideration included assumed severance contracts with certain members of the general contracting and real estate services management, as well as GAAP consideration of a nominal amount of cash and a note receivable recorded at fair value of $0.8 million. The note receivable has a stated principal amount of $0.8 million, matures three years from the closing date, bears no interest for the first 24 months following closing, and thereafter bears interest at the WSJ prime rate plus 2%, with interest payable monthly in arrears. The difference between the stated principal amount and the initial fair value of the note receivable was recorded as a discount of less than $0.1 million and will be accreted to interest income over the term of the note.

In connection with the transaction, the buyer assumed certain employment-related severance economics through a mirror severance arrangement for certain transferred employees. The Company determined that the mirror severance arrangement was substantially equivalent to the pre-existing severance arrangement and represented employment-related obligations associated with the disposed business and covered employees, rather than consideration received by the Company for the membership interests sold. Accordingly, the severance arrangement was not included in sale consideration used to measure the loss on disposition.

As a result of the transaction, the Company recognized a loss on disposition of $2.2 million related to the sale of the general contracting and real estate services business, which is included in loss from discontinued operations in the accompanying condensed consolidated statements of comprehensive (loss) income.

The Company accelerated vesting of 47,784 outstanding stock‑based compensation awards held by employees who transferred to the buyer in connection with the transaction. Following the disposition, the Company entered into a 90-day transition services agreement to provide human resources, payroll, and information technology services to the buyer. Amounts related to the transition services arrangement were not material for the three and six months ended June 30, 2026.

The Company also retained certain limited indemnification obligations and other retained exposures under the purchase and sale agreement relating to work performed under the prior ownership structure. Retained balances arising from the disposition, including the note receivable and other post-closing receivables or obligations, are presented in the appropriate balance sheet captions.

Construction contract costs and estimated earnings in excess of billings represent reimbursable costs and amounts earned under contracts in progress as of the balance sheet date. Such amounts become billable according to contract terms, which usually consider the passage of time, achievement of certain milestones, or completion of the project. Following the disposition of the general contracting and real estate services business, all construction contract costs and estimated earnings in excess of billings were disposed, and no further contracts are expected to be billed or collected as of June 30, 2026.

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2026 and 2025 (in thousands):


	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings		Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	3,666	$	3,474	$	6	$	5,871
Revenue recognized that was included in the balance at the beginning of the period	—		(3,474)		—		(5,871)
Increases due to billings, excluding amounts recognized as revenue during the period	—		3,376		—		6,990
Transferred to receivables	(3,667)		—		(6)		—
Construction contract costs and estimated earnings not billed during the period	273		—		2,990		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	—		(14)		—		(326)
Disposed of as a result of the general contracting and real estate services disposition	(272)		(3,362)		$	—	$	—
Ending balance	$	—	$	—	$	2,990	$	6,664

The Company deferred pre-contract costs when such costs were directly associated with specific anticipated contracts and their recovery was probable. Deferred pre-contract costs included in the construction business were $2.6 million at the date of the sale on April 30, 2026. No deferred pre-contract costs remained on the Company's balance sheet as of June 30, 2026. Pre-contract costs of $2.4 million were deferred as of December 31, 2025. Amortization of pre-contract costs for the six months ended June 30, 2026 and 2025 was less than $0.1 million and less than $0.1 million, respectively.

Construction receivables and payables include retentions, which are amounts that are generally withheld until the completion of the contract or the satisfaction of certain restrictive conditions such as fulfillment guarantees. As of the date of the sale on April 30, 2026, construction receivables included retentions of $4.0 million. No construction receivables or retentions remained on the Company's balance sheet as of June 30, 2026. As of December 31, 2025, construction receivables included retentions of $5.7 million. As of the date of the sale on April 30, 2026, construction payables included retentions of $5.8 million. No construction payables or retentions remained on the Company's balance sheet as of June 30, 2026. As of December 31, 2025, construction payables included retentions of $7.4 million. Following the disposition of the


	June 30, 2026		December 31, 2025
Costs incurred on uncompleted construction contracts	$	798,767	$	958,225
Estimated earnings	22,125		32,338
Billings	(823,982)		(990,371)
Disposed of as a result of the general contracting and real estate services disposition	3,090		—
Net position	$	—	$	192

Construction contract costs and estimated earnings in excess of billings	$	—	$	3,666
Billings in excess of construction contract costs and estimated earnings	—		(3,474)
Net position	$	—	$	192

As of the date of the sale on April 30, 2026, construction contract costs and estimated earnings in excess of billings was $3.4 million and billings in excess of construction contract costs and estimate earnings was $0.3 million. As of June 30, 2026, the Company has no uncompleted construction contracts. A negative net position indicates that billings exceed costs and recognized profits. Changes in the net position from December 31, 2025 primarily reflect the Company's disposal of the general contracting and real estate services business, as well as project progress, timing of customer billings, and costs incurred on ongoing contracts.


		Outstanding loan amount
		June 30, 2026						December 31, 2025
Real Estate Financing Project	Maturity Date	Principal		Accrued interest and fees(1)		Total loan amount(2)		Total loan amount(2)		Maximum principal commitment		Interest rate			Interest compounding

Solis Kennesaw	5/25/2027	14,380		—		14,380		50,437		37,870		14.0	%	(3)	Annually
Solis Peachtree Corners(4)	10/31/2027	—		—		—		38,434		—		9.0	%	(3)	Annually
The Allure at Edinburgh(5)	1/16/2028	—		—		—		11,678		—		10.0	%	(6)	None

Solis North Creek(4)	8/8/2030	—		—		—		30,039		—		12.0	%	(3)	Annually
Total preferred equity		$	14,380	$	—	$	14,380	$	130,588	$	37,870


Allowance for credit losses (7)						—		(1,914)

Total notes receivable						$	14,380	$	128,674

Interest on the notes receivable is accrued and funded utilizing the interest reserves for each loan and such accrued interest is generally added to the loan receivable balances. The Company recognized interest income for the three and six months ended June 30, 2026 and 2025 as follows (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
Real Estate Financing Project	2026		2025			2026			2025
Solis Gainesville II(1)	$	—	$	394	(2)(3)	$	—		$	784	(2)(3)
Solis Kennesaw	—		1,291		(2)(3)	1,217		(2)	2,721		(2)(3)
Solis Peachtree Corners(4)	—		1,233		(2)(3)	465		(2)	2,453		(2)(3)
The Allure at Edinburgh(5)	4,962		230			5,240			499

Solis North Creek(4)	—		524		(3)	294			951		(3)
Total interest income	4,962		3,672			7,216			7,408

The Company is exposed to credit losses primarily through its real estate financing investment. As of June 30, 2026, the Company had one real estate financing investment, which is secured by a development project in lease-up. The project is subject to a loan that is senior to the Company’s loan. Interest on the loan is paid in kind and is generally not expected to be paid until a sale of the project after completion of the development.

•Substandard: loans in this category may not be fully collected by the Company unless remediation actions are taken. Remediation actions may include obtaining additional collateral or assisting the borrower with asset management activities to prepare the project for sale. The Company will also consider placing the loan on non-accrual status if it does not believe that additional interest accruals will ultimately be collected.

During the current year, the Company updated the risk ratings for its notes receivables and obtained industry loan loss data relative to these risk ratings. In the first quarter, Solis Kennesaw was classified as held for sale, and, as a result, the Company recorded $37.3 million in impairment due to the stabilization status of the investment. Additionally, Solis North Creek and Solis Peachtree Corners were classified as held for sale in the first quarter, resulting in impairment recorded of $1.0 million and $4.4 million, respectively, and were subsequently sold on March 27, 2026. As of June 30, 2026, the Company re-evaluated the fair value of Solis Kennesaw based on recent market data and recorded an additional $13.5 million in impairment. See Note 6 for further information.

At June 30, 2026, the Company reported 14.4 million of notes receivable. At December 31, 2025, the Company reported $128.7 million of notes receivable, net of allowances of $1.9 million. Changes in the allowance for the six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	Funded		Unfunded		Total		Funded		Unfunded		Total
Beginning balance	$	1,914	$	10	$	1,924	$	1,852	$	509	$	2,361
Unrealized credit loss provision (release)	174		1		175		338		(284)		54
Release due to disposition	(1,204)		(7)		(1,211)		—		—		—


Reductions due to intent to sell	(710)		(3)		(713)		—		—		—
Release due to redemption	(174)		(1)		(175)		(210)		(32)		(242)

Ending balance	$	—	$	—	$	—	$	1,980	$	193	$	2,173

The Company has certain commitments related to a notes receivable investment that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of the Company's direct control. As of June 30, 2026, the Company had one note receivable with a total of $2.0 million of unfunded commitments, all of which relates to unfunded contingencies. The Company considers the probability of contingency funding to be remote. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. As of June 30, 2026, the Company had no CECL allowance that relates to the unfunded commitments.