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Real Estate Owned, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Asset Acquisition The following table presents the REO assets that were acquired during the year ended December 31, 2024 ($ in thousands):
Acquisition Date
Location
Property Type
Acquisition Date Fair Value
March 2024
Mountain View, CA
Office$60,203 
July 2024
San Antonio, TX
Multifamily
33,607 
September 2024
Burlington, MA
Office64,628 
October 2024
Washington, DC
Office107,016 
December 2024
San Francisco, CA
Hospitality201,530 
December 2024
El Segundo, CA
Office145,363 
December 2024
Denver, CO
Office33,337 
Total645,684 
Real Estate Owned Assets
The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):
December 31, 2024
Assets
Building and building improvements$410,546 
Land and land improvements181,083 
Total$591,629 
Less: accumulated depreciation(3,444)
Real estate owned, net$588,185 
Intangible real estate assets$83,253 
Less: accumulated amortization(5,964)
Intangible real estate assets, net(1)
$77,289 
Liabilities
Intangible real estate liabilities
$(1,420)
Less: accumulated amortization1 
Intangible real estate liabilities, net(2)
$(1,421)
(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for additional information.
(2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for additional information.
Schedule of Undiscounted Future Minimum Rental Income
The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of December 31, 2024. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included. ($ in thousands):
Future Minimum Rents
2025$47,185 
202635,141 
202725,745 
202819,579 
202917,199 
Thereafter
33,976 
Total
$178,825 
Schedule of Finite-Lived Intangible Assets
The following table presents the amortization of lease intangibles for the year ended December 31, 2024. There was no amortization of lease intangibles during the years ended December 31, 2023 and 2022 ($ in thousands):
Year Ended December 31,
2024
In-place lease intangibles(1)
$5,770 
Above-market lease intangibles(2)
194 
Below-market lease intangibles(2)
(1)
Total amortization of lease intangibles
5,963 
(1)Included within expenses of real estate owned on our consolidated statements of operations.
(2)Included within revenue from real estate owned on our consolidated statements of operations.
Below Market Lease, Future Amortization Income
The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
In-place lease intangibles
Above-market lease intangibles
Below-market lease intangibles
2025$27,003 $4,973 $(330)
202613,645 2,950 (282)
20277,395 2,262 (254)
20284,525 1,781 (174)
20293,686 1,192 (138)
Thereafter
5,662 2,215 (243)
Total
$61,916 $15,373 $(1,421)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
In-place lease intangibles
Above-market lease intangibles
Below-market lease intangibles
2025$27,003 $4,973 $(330)
202613,645 2,950 (282)
20277,395 2,262 (254)
20284,525 1,781 (174)
20293,686 1,192 (138)
Thereafter
5,662 2,215 (243)
Total
$61,916 $15,373 $(1,421)