Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Operating Real Estate Properties

The following table presents the Company’s net lease portfolio, net, as of September 30, 2026 and December 31, 2025 (dollars in thousands):


	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

The following table presents the Company’s portfolio of other real estate, net as of September 30, 2026 and December 31, 2025 (dollars in thousands):


	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

The following table summarizes the Company’s assets held for sale related to real estate (dollars in thousands):


	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

Schedule of Property Operating Income

For the three and nine months ended September 30, 2026 and 2025 the components of property operating income were as follows (dollars in thousands):


	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

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(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.

Schedule of Asset Acquisition

The following table summarizes the Company’s real estate acquisitions for the nine months ended September 30, 2026 and year ended December 31, 2025 (dollars in thousands):


					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)

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(1) For multifamily properties, represents number of units. For hotels, it represents number of rooms.

(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.

(3) Represents assets acquired by the Company through foreclosure or a deed-in-lieu of foreclosure.

(4) Represents a multifamily construction/development project located in California.

(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.