Real Estate (Tables)

9 Months Ended

Sep. 30, 2026

Real Estate

Schedule of real estate assets

The Company’s real estate assets were comprised of the following ($ in thousands):⁽¹⁾


		As of
		September 30, 2026			December 31, 2025
Land, at cost		$	4,984		$	5,570
Buildings and improvements, at cost			90,522			173,492
Less: accumulated depreciation			(28,945)			(29,713)
Real estate, net		$	66,561		$	149,349

(1)

In March 2026, a real estate asset was deconsolidated when a mezzanine loan provided by the Company was repaid in full and the Company’s senior loan guaranties were released by the lender (refer to Note 5). Additionally, during the nine months ended September 30, 2026, the Company recognized $14.4 million of “Income from sales of real estate” in the Company’s consolidated statements of operations resulting from the recognition of a sale of an asset with a carrying value of $2.6 million upon the expiration of a lease in June 2026 as the Company surrendered the property to a local municipality.

Schedule of future minimum lease payments to be collected under non-cancelable operating leases

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, in effect as of September 30, 2026, are as follows by year ($ in thousands):


Year		Amount
2026 (remaining three months)		$	1,133
2027			1,717
2028			13
2029			—
2030			—
Thereafter			—