Real Estate Owned

6 Months Ended

Jun. 30, 2026

Note 16. Real Estate Owned

The table below presents details on the real estate owned portfolio.


(in thousands)	June 30, 2026	December 31, 2025
REO, held for sale:
Mixed use	$7,420	$19,709
Multi-family	80,617	79,141
Lodging	25,030	8,730
Residential	133,553	168,659
Office	9,875	9,686
Retail	3,880	3,880
Land	54,859	70,152
Other	594	187
Total REO, held for sale	$315,828	$360,144
REO, held for use:
Land	21,469	21,469
Building and improvements, net	223,174	225,355
Furniture, fixtures and equipment, net	12,379	13,257
Total REO, held for use	$257,022	$260,081
Total real estate owned	$572,850	$620,225

In the table above:

•Depreciation expense related to REO, held for use was $1.6 million and $3.2 million for the three and six

months ended June 30, 2026. Accumulated depreciation related to REO, held for use was $6.0 million as of

June 30, 2026. There was no such depreciation expense or accumulated depreciation as of or for the three and

six months ended June 30, 2025.

•Other REO excludes $15.3 million as of both June 30, 2026 and December 31, 2025, of real estate owned, held

for sale within consolidated VIEs.