
	September 30, 2026		December 31, 2025
Land and improvements	$	11,273	$	78,805
Buildings, building leaseholds, and improvements	93,386		287,767
Tenant improvements	7,876		13,781

Subtotal	$	112,535	$	380,353
Less: Accumulated depreciation	(34,403)		(86,871)

Net lease portfolio, net	$	78,132	$	293,482


	September 30, 2026		December 31, 2025
Land and improvements	$	117,697	$	127,614
Buildings, building leaseholds, and improvements	226,221		262,451
Tenant improvements	19,662		18,097
Furniture, fixtures and equipment	14,149		13,938
Construction-in-progress	5,279		7,972
Subtotal	$	383,008	$	430,072
Less: Accumulated depreciation	(48,096)		(43,775)

Other portfolio, net	$	334,912	$	386,297

Depreciation expense on real estate was $3.3 million and $6.8 million for the three months ended September 30, 2026 and 2025, respectively. Depreciation expense on real estate was $14.9 million and $20.3 million for the nine months ended September 30, 2026 and 2025, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Lease revenues
Minimum lease revenue	$	16,308	$	17,276	$	50,594	$	65,397
Variable lease revenue	1,877		2,012		3,549		7,980
	$	18,185	$	19,288	$	54,143	$	73,377
Hotel operating income	12,657		13,428		39,777		21,926
Total property operating income(1)	$	30,842	$	32,716	$	93,920	$	95,303

(1)Excludes de minimis net amortization expense for the three months ended September 30, 2026 and de minimis income for the nine months ended September 30, 2026 related to above and below-market leases. Excludes net amortization expense related to above and below-market leases of $0.2 million and $0.2 million for the three and nine months ended September 30, 2025, respectively.

For the nine months ended September 30, 2026, the Company had one property with property operating income equal to or greater than 10% of the Company’s total revenue. The property had property operating income of $39.8 million or 16% of the Company’s total revenue. For the nine months ended September 30, 2025, the Company had no single property with property operating income equal to or greater than 10% of total revenue of the Company.

During the nine months ended September 30, 2026, the Company acquired legal title to one multifamily property through foreclosure, which is included in real estate, net on the Company’s consolidated balance sheets.

During the year ended December 31, 2025, the Company acquired legal title to one multifamily construction/development project and one office property through deeds-in-lieu of foreclosure, and one hotel property via foreclosure, all of which are included in real estate, net on the Company’s consolidated balance sheets. The office property was subsequently sold. Refer to “Real Estate Sales” below for further detail on the gain on sale.

The Company previously held an investment in a senior loan collateralized by a multifamily property in Mesa, Arizona that was determined to be a VIE. The Company was determined to be the primary beneficiary of the VIE and consolidated the assets and liabilities as well as the operations of the multifamily property in February 2025. The multifamily property was included as real estate, net on the Company’s consolidated balance sheets. During the three months ended September 30, 2026, the multifamily property was sold, resulting in the deconsolidation of the associated assets and liabilities. Refer to “Real Estate Sales” below for further details.


					Purchase Price Allocation
Acquisition Date	Property Type and Location	Number of Buildings/Units(1)	Purchase Price		Land and Improvements(2)		Building and Improvements(2)		Furniture and Fixtures(2)		Lease Intangible Assets(2)		Other Assets		Lease Intangible Liabilities(2)		Other Liabilities
Nine Months Ended September 30, 2026
January 2026	Multifamily - Texas(3)	624	$	45,400	$	13,486	$	25,944	$	1,235	$	4,126	$	2,876	$	—	$	(2,267)


Year Ended December 31, 2025
September 2025	Office - Oregon(3)	8	21,100		10,913		5,105		—		4,567		1,849		(298)		(1,036)
July 2025	Multifamily/Pre-dev - California(3)(4)	n/a	39,760		39,760		—		—		—		—		—		—
May 2025	Hotel - California(3)	541	139,126		36,166		91,719		10,197		80		10,034		—		(9,070)
February 2025	Multifamily - Arizona(5)	285	31,965		9,007		21,051		270		1,456		708		—		(527)









			$	277,351	$	109,332	$	143,819	$	11,702	$	10,229	$	15,467	$	(298)	$	(12,900)

(2) Useful life of real estate acquired is 28 to 40 years for buildings, four to 15 years for tenant improvements, four to nine for furniture and fixtures, and one to 12 years for lease intangibles.

(5) Represents a multifamily property held in a VIE for which the Company was deemed the primary beneficiary. The Company consolidated the assets, liabilities and the property's operations on the acquisition date in accordance with ASC 810.

The Company recorded $6.4 million of impairment related to two multifamily properties, which was due to a reduction in the current expected holding period of the properties. One property is classified as held for sale as of September 30, 2026. The estimated Level 2 fair value of $32.0 million is based on the execution of a purchase and sale agreement during the three months ended September 30, 2026. Refer to “Real Estate Held for Sale” below for further details. One property was sold during the three months ended September 30, 2026, and the impairment recorded was based on the sales proceeds received. Refer to “Real Estate Sales” below for further details.

During the nine months ended September 30, 2026, the Company received notice that it was in default on mortgage notes payable cross-collateralized by five retail properties. In connection with the foreclosure process for one Indiana retail property, one Illinois retail property and one Kansas retail property, receivers were appointed and took possession and full control, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet, and resulting in impairment of operating real estate of $8.8 million. The Company has no further involvement in the retail properties, and the lender is not a related party.

The Company expects the lender to continue to pursue remedies, and accordingly, will thereby lose control over the two remaining retail properties. At such time, the Company will deconsolidate the mortgage notes payable. The combined carrying value of the two remaining retail properties is $7.9 million, and the unpaid principal balance of the mortgage notes payable is $25.1 million.

In May 2025, an investment subsidiary reached a maturity default on its bond financing collateralized by the Company’s Norwegian net lease office campus. Following the maturity default, the lenders exercised remedies and took control by equity pledge of the underlying investment subsidiary, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet. The deconsolidation resulted in impairment of operating real estate of $49.3 million. The Company has no further involvement in the Norwegian net lease office campus, and the lenders are not a related party.

In January 2025, an investment subsidiary defaulted on its mortgage note payable collateralized by one Pennsylvania office property included in the Company’s other real estate, net portfolio. In July 2025, a receiver was appointed and took possession and full control of the property, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet in the third quarter of 2025. The deconsolidation resulted in impairment of operating real estate of $4.3 million. The Company has no further involvement in the Pennsylvania office property, and the lenders are not a related party.

During the three months ended September 30, 2026, a purchase and sale agreement was executed for one multifamily property for a gross sale price of $32.5 million. As of September 30, 2026, the carrying value of the multifamily property is $32.0 million. Subsequent to September 30, 2026, the property was sold.


	September 30, 2026
Assets
Land and improvements	$	5,665
Buildings, building leaseholds, and improvements	23,241

Furniture, fixtures and equipment	775
Construction-in-progress	4,517
Subtotal	34,198
Less: Accumulated depreciation	(2,186)



Total assets held for sale	$	32,012

During the nine months ended September 30, 2026, the Company sold one industrial portfolio, one office property and one multifamily property for a total gross sale price of $351.4 million. As part of the sale of the industrial portfolio, the purchaser assumed the $200.0 million mortgage note payable. The net gain of $60.4 million on the industrial portfolio and one office property is included in other gain, net on the Company’s consolidated statement of operations. Refer to “Impairment” above for the impairment recorded on the one multifamily property.

During the year ended December 31, 2025, the Company sold three office properties and one multifamily property previously acquired through deeds-in-lieu of foreclosure for a total gross sales price of $85.6 million. Prior to the sale of one office property, the Company recorded an impairment loss of $6.3 million due to shortening the expected hold period. The impairment loss was based on the net proceeds received from the sale. This is included in impairment of operating real estate in the Company’s consolidated statement of operations. The net gain of $1.1 million on three office properties and one multifamily property is included in other gain (loss), net on the Company’s consolidated statement of operations.