Real Estate Owned, Net (Tables)

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Asset Acquisition

The

following table presents the REO assets that were acquired during the three months ended March 31, 2025 ($ in

thousands):

Acquisition Date	Location	Property Type	Acquisition Date Fair Value
February 2025	Chicago, IL	Office	$45,045

Real Estate Owned Assets

The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):

	March 31, 2025	December 31, 2024
Assets
Building and building improvements	$429,249	$410,546
Land and land improvements	200,916	181,083
Total	$630,165	$591,629
Less: accumulated depreciation	(10,369)	(3,444)
Real estate owned, net	$619,796	$588,185
Intangible real estate assets	$95,569	$83,253
Less: accumulated amortization	(14,188)	(5,964)
Intangible real estate assets, net(1)	$81,381	$77,289
Liabilities
Intangible real estate liabilities	$1,479	$1,422
Less: accumulated amortization	(104)	(1)
Intangible real estate liabilities, net(2)	$1,375	$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 Revenue From Real Estate Owned

Revenue from real estate owned consisted of the following ($ in thousands):

	Three Months Ended March 31,
	2025
Rental income	$14,334
Other operating income	22,699
Revenue from real estate owned	$37,033

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

March 31, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included

($ in thousands):

	Future Minimum Rents
2025 (remaining)	$40,779
2026	41,431
2027	29,852
2028	23,233
2029	19,634
Thereafter	37,262
Total	$192,191

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 (remaining)	$23,316	$4,097	$(285)
2026	17,205	3,453	(282)
2027	8,977	2,445	(254)
2028	5,791	1,933	(174)
2029	4,384	1,306	(138)
Thereafter	6,219	2,255	(242)
Total	$65,892	$15,489	$(1,375)

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 (remaining)	$23,316	$4,097	$(285)
2026	17,205	3,453	(282)
2027	8,977	2,445	(254)
2028	5,791	1,933	(174)
2029	4,384	1,306	(138)
Thereafter	6,219	2,255	(242)
Total	$65,892	$15,489	$(1,375)