Real Estate Owned, Net (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Asset Acquisition

The

following table presents the REO asset that was acquired during the six months ended June 30, 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):

	June 30, 2025	December 31, 2024
Assets
Building and building improvements	$431,825	$410,546
Land and land improvements	200,931	181,083
Total	$632,756	$591,629
Less: accumulated depreciation	(17,539)	(3,444)
Real estate owned, net	$615,217	$588,185
Intangible real estate assets	$95,568	$83,253
Less: accumulated amortization	(24,444)	(5,964)
Intangible real estate assets, net(1)	$71,124	$77,289
Liabilities
Intangible real estate liabilities	$1,479	$1,422
Less: accumulated amortization	(233)	(1)
Intangible real estate liabilities, net(2)	$1,246	$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 and Expenses From Real Estate Owned

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Rental income	$16,207	$—	$30,541	$—
Other operating income	22,605	—	45,304	—
Revenue from real estate owned	$38,812	$—	$75,845	$—
Operating expense	$31,089	$778	$61,177	$778
Depreciation and amortization expense	16,707	185	32,921	185
Total expenses from real estate owned	$47,796	$963	$94,098	$963
Net loss from real estate owned	$(8,984)	$(963)	$(18,253)	$(963)

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

June 30, 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)	$29,993
2026	43,290
2027	31,627
2028	24,867
2029	21,009
Thereafter	40,400
Total	$191,186

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)	$14,621	$2,666	$(159)
2026	17,156	3,447	(281)
2027	8,969	2,445	(253)
2028	5,788	1,933	(114)
2029	4,343	1,304	(138)
Thereafter	6,202	2,250	(301)
Total	$57,079	$14,045	$(1,246)

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)	$14,621	$2,666	$(159)
2026	17,156	3,447	(281)
2027	8,969	2,445	(253)
2028	5,788	1,933	(114)
2029	4,343	1,304	(138)
Thereafter	6,202	2,250	(301)
Total	$57,079	$14,045	$(1,246)