As of June 30, 2026, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands):


Real Estate Investments	Land		Buildings and Improvements			Intangible Lease Assets			Intangible Lease Liabilities			Right of Use Assets		Construction in Progress		Furniture, Fixtures, and Equipment			Totals
White Rock Center	$	1,315	$	10,775		$	1,921		$	(101	)	$	—	$	17	$	13		$	13,940
5916 W Loop 289		851		2,594			—			—			—		—		—			3,445
Cityplace		18,812		195,429			9,058			(6,669	)		—		19,302		379			236,311
NexPoint Dominion Land, LLC		26,500		—			—			—			—		—		—			26,500
Dallas Hilton Garden Inn		4,116		24,837			—			—			—		1,008		1,587			31,548
St. Petersburg Marriott		5,829		37,879			—			—			—		2,612		2,310			48,630
Hyatt Place Park City		3,737		20,312			—			—			—		973		3,166			28,188
HUB Research Triangle Park		—		—			—			—			442		—		—			442
		61,160		291,826			10,979			(6,770	)		442		23,912		7,455			389,004
Accumulated depreciation and amortization		—		(42,448	)		(9,599	)		5,231			—		—		(2,679	)		(49,495	)
Total Operating Properties	$	61,160	$	249,378		$	1,380		$	(1,539	)	$	442	$	23,912	$	4,776		$	339,509

As of December 31, 2025, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheet, were as follows (in thousands):


Real Estate Investments	Land		Buildings and Improvements			Intangible Lease Assets			Intangible Lease Liabilities			Right of Use Assets			Construction in Progress		Furniture, Fixtures, and Equipment			Totals
White Rock Center	$	1,315	$	10,672		$	1,921		$	(101	)	$	—		$	—	$	13		$	13,820
5916 W Loop 289		851		2,594			—			—			—			—		—			3,445
Cityplace		18,812		195,416			9,058			(6,669	)		—			19,239		379			236,235
NexPoint Dominion Land, LLC		26,500		—			—			—			—			—		—			26,500
Dallas Hilton Garden Inn		4,116		24,838			—			—			—			74		1,587			30,615
St. Petersburg Marriott		5,829		37,879			—			—			—			731		2,307			46,746
Hyatt Place Park City		3,737		20,327			—			—			—			876		3,166			28,106
Bradenton Hampton Inn & Suites		837		25,669			—			—			1,464			317		2,904			31,191
HUB Research Triangle Park		—		—			—			—			534			—		—			534
		61,997		317,395			10,979			(6,770	)		1,998			21,237		10,356			417,192
Accumulated depreciation and amortization		—		(37,837	)		(9,215	)		4,705			(68	)		—		(2,908	)		(45,323	)
Total Operating Properties	$	61,997	$	279,558		$	1,764		$	(2,065	)	$	1,930		$	21,237	$	7,448		$	371,869

Depreciation expense was $3.2 million and $6.6 million for the three and six months ended June 30, 2026 and $3.5 million and $7.1 million for the three and six months ended June 30, 2025. Amortization expense related to the Company’s intangible lease assets was $0.2 million and $0.4 million for the three and six months ended June 30, 2026 and $0.2 million and $0.4 million for the three and six months ended June 30, 2025. Amortization expense related to the Company's intangible lease

liabilities was $0.3 million and $0.5 million for the three and six months ended June 30, 2026 and $0.3 million and $0.5 million for the three and six months ended June 30, 2025. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.2 million and $0.5 million for the three and six months ended June 30, 2025, respectively.

There were no acquisitions by the Company during the six months ended June 30, 2026 and 2025.