On October 10, 2023, the Company exercised its right to terminate and replace the existing manager of SPG Alexander JV LLC, which owns a 280-unit multifamily property in Atlanta, Georgia (Alexander at the District).

On December 15, 2025, the Company exercised its right to terminate the manager of Mag & May, which owns a 240-unit multifamily property in Fort Worth, Texas. As such, the Company is the primary beneficiary of Mag & May and consolidates the property within our consolidated financial statements.

On May 13, 2026, the Company exercised its right to terminate the manager of Ridgeview Place, which owns a 390-unit multifamily property in Irving, Texas. As such, the Company is the primary beneficiary of Ridgeview Place and consolidates the property within our consolidated financial statements. Upon consolidation of Ridgeview Place, the Company derecognized the $12.5 million loan held for investment and recognized the underlying assets and liabilities of the consolidated entity, including $52.2 million of real estate owned, a $40.3 million mortgage payable, and approximately $1.3 million of net working capital. The recognition of these assets resulted in a $2.3 million gain upon consolidation, which was recorded as a reversal of the previously established individual reserve.

As of June 30, 2026, the components of the Company's investments in multifamily properties were as follows (in thousands):


Net Operating Real Estate Investments	Land		Buildings and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
Alexander at the District	$	7,806	$	61,008		$	—		$	61	$	1,832		$	70,707
Mag & May		5,105		42,907			694			—		705			49,411
Ridgeview Place		8,991		41,022			1,032			—		1,148			52,193
Accumulated depreciation and amortization		—		(6,282	)		(727	)		—		(1,495	)		(8,504	)
Net Operating Real Estate Investments	$	21,902	$	138,655		$	999		$	61	$	2,190		$	163,807

As of December 31, 2025, the components of the Company's investments in multifamily properties were as follows (in thousands):


Net Operating Real Estate Investments	Land		Buildings and Improvements			Intangible Lease Assets		Construction in Progress		Furniture, Fixtures and Equipment			Totals
Alexander at the District	$	7,806	$	59,854		$	—	$	643	$	1,515		$	69,818
Mag & May		5,105		42,907			694		—		705			49,411
Accumulated depreciation and amortization		—		(4,524	)		—		—		(826	)		(5,350	)
Net Operating Real Estate Investments	$	12,911	$	98,237		$	694	$	643	$	1,394		$	113,879

The following table reflects the revenues and expenses for the three and six months ended June 30, 2026 and 2025, for our multifamily properties (in thousands).


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Revenues
Rental income	$	2,096		$	2,454		$	4,233		$	4,832
Other income		62			48			105			79
Total revenues	$	2,158		$	2,502		$	4,338		$	4,911
Expenses
Interest expense		1,149			1,837			2,284			3,657
Real estate taxes and insurance		277			374			553			763
Property operating expenses		400			560			782			1,127
Property general and administrative expenses		1,063			117			1,999			241
Property management fees		64			71			127			141
Depreciation and amortization		1,728			614			3,154			1,693
Rate cap (income) expense		—			(2	)		—			(12	)
Total expenses	$	4,681		$	3,571		$	8,899		$	7,610
Net income (loss) from consolidated real estate owned	$	(2,523	)	$	(1,069	)	$	(4,561	)	$	(2,699	)