Properties

3 Months Ended

Mar. 31, 2025

Our properties are held within the following portfolios:

Property Segment - Medical Office Portfolio

The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $785.9 million and debt of $480.3 million as of March 31, 2025.

Property Segment - D.C. Multifamily Conversion

A vacant office building in Washington, D.C. was acquired in a loan foreclosure in May 2024 and transferred to our Property Segment with the expectation that we will convert it to multifamily use. That property has a carrying value of $115.9 million, of which $89.8 million represents construction in progress and $26.1 million represents land and land improvements, and no associated debt as of March 31, 2025.

Investing and Servicing Segment Property Portfolio (“REIS Equity Portfolio”)

The REIS Equity Portfolio is comprised of 7 commercial real estate properties and one equity interest in an unconsolidated real estate property (see Note 8), which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $116.1 million and debt of $58.1 million as of March 31, 2025.

Commercial and Residential Lending Segment Property Portfolio

The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or exercise of control over a mezzanine loan borrower’s pledged equity interests. This portfolio includes total gross properties and lease intangibles of $731.5 million and debt of $98.8 million as of March 31, 2025.

Woodstar Portfolios

Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below.

The table below summarizes our properties held-for-investment as of March 31, 2025 and December 31, 2024 (dollars in thousands):


	Depreciable Life	March 31, 2025		December 31, 2024
Property Segment
Land and land improvements	0 - 15 years	$	95,642	$	95,642
Buildings and building improvements	0 - 40 years	636,042		635,636
Construction in progress	N/A	89,798		89,167
Furniture & fixtures	3 - 5 years	1,160		1,139
Investing and Servicing Segment
Land and land improvements	0 - 15 years	23,345		23,345
Buildings and building improvements	3 - 40 years	69,987		69,582
Furniture & fixtures	1 - 5 years	3,323		3,251
Commercial and Residential Lending Segment
Land and land improvements	0 - 13 years	122,079		117,983
Buildings and building improvements	0 - 50 years	367,463		326,603
Construction in progress	N/A	222,570		219,868
Furniture & fixtures	5 years	2,003		2,003
Properties, cost		1,633,412		1,584,219
Less: accumulated depreciation		(220,178)		(210,541)
Properties, net		$	1,413,234	$	1,373,678

On February 29, 2024, we sold the 16 retail properties which comprised our Property Segment’s Master Lease Portfolio for a gross sale price of $387.1 million. In connection with the sale, the purchaser assumed the related mortgage debt of $194.9 million, which resulted in net proceeds of $188.0 million after selling costs. We recognized a gain of $92.0 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the three months ended March 31, 2024, and a $1.2 million loss on extinguishment of debt. Pretax income attributable to the Master Lease Portfolio prior to its sale was $3.3 million during the three months ended March 31, 2024

During the three months ended March 31, 2025 and 2024, there were no other significant sales of property.