Acquisitions and Divestitures	6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions During the three and six months ended June 30, 2026 and 2025, we had no significant acquisitions of properties or businesses other than properties acquired through loan foreclosure as discussed in Note 4 and properties acquired by Fundamental Income Properties, LLC (“Fundamental”) within our Property Segment as discussed in Note 6. Divestitures Commercial and Residential Lending Segment During the three and six months ended June 30, 2026, we sold two units in a previously foreclosed residential conversion project in New York for $11.5 million. In connection with these sales, there was no gain or loss recognized in our condensed consolidated statements of operations. During the six months ended June 30, 2026, we sold a multifamily property in Conyers, Georgia for $40.0 million, which qualified for sale accounting treatment under GAAP. The property had been acquired through foreclosure in February 2025 and during that year we recorded a $4.0 million impairment on the property. Upon sale, we recognized a net gain of $0.3 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the six months ended June 30, 2026. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser. During the three and six months ended June 30, 2025, we sold an office building in Texas for $60.0 million, which had been acquired via equity control of the related mezzanine borrower entity in May 2022. In 2023, we recorded a $30.1 million impairment on the property. Upon sale, we recognized a net gain of $4.1 million in our condensed consolidated statements of operations, representing: (i) forgiveness of debt totaling $23.5 million, which is reflected as gain on extinguishment of debt, offset by (ii) the excess of our carrying value over sales proceeds of $19.4 million, which is reflected within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the three and six months ended June 30, 2025, we sold an equity interest originally obtained in connection with a 2013 loan origination for gross proceeds of $70.0 million and recognized a gain of $51.4 million in our condensed consolidated statements of operations. Investing and Servicing Segment Property Portfolio (“REIS Equity Portfolio”) During the three and six months ended June 30, 2026, we sold a hospitality asset in New York City for $13.1 million. The property had been acquired through foreclosure in June 2024 after our Investing and Servicing segment acquired the related loan as nonperforming in October 2021. In connection with this sale, we recognized a gain of $2.3 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the three and six months ended June 30, 2026 and 2025, there were no other significant sales of property other than several properties sold by Fundamental as discussed in Note 6.

During the three and six months ended June 30, 2026 and 2025, we had no significant acquisitions of properties or businesses other than properties acquired through loan foreclosure as discussed in Note 4 and properties acquired by Fundamental Income Properties, LLC (“Fundamental”) within our Property Segment as discussed in Note 6.

During the three and six months ended June 30, 2026, we sold two units in a previously foreclosed residential conversion project in New York for $11.5 million. In connection with these sales, there was no gain or loss recognized in our condensed consolidated statements of operations.

During the six months ended June 30, 2026, we sold a multifamily property in Conyers, Georgia for $40.0 million, which qualified for sale accounting treatment under GAAP. The property had been acquired through foreclosure in February 2025 and during that year we recorded a $4.0 million impairment on the property. Upon sale, we recognized a net gain of $0.3 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the six months ended June 30, 2026. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.

During the three and six months ended June 30, 2025, we sold an office building in Texas for $60.0 million, which had been acquired via equity control of the related mezzanine borrower entity in May 2022. In 2023, we recorded a $30.1 million impairment on the property. Upon sale, we recognized a net gain of $4.1 million in our condensed consolidated statements of operations, representing: (i) forgiveness of debt totaling $23.5 million, which is reflected as gain on extinguishment of debt, offset by (ii) the excess of our carrying value over sales proceeds of $19.4 million, which is reflected within gain on sale of investments and other assets in our condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, we sold an equity interest originally obtained in connection with a 2013 loan origination for gross proceeds of $70.0 million and recognized a gain of $51.4 million in our condensed consolidated statements of operations.

During the three and six months ended June 30, 2026, we sold a hospitality asset in New York City for $13.1 million. The property had been acquired through foreclosure in June 2024 after our Investing and Servicing segment acquired the related loan as nonperforming in October 2021. In connection with this sale, we recognized a gain of $2.3 million within gain on sale of investments and other assets in our condensed consolidated statements of operations.

During the three and six months ended June 30, 2026 and 2025, there were no other significant sales of property other than several properties sold by Fundamental as discussed in Note 6.