REAL ESTATE SALES

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

During the year ended December 31, 2025, the Company sold one office property and one mixed-use office/retail property to purchasers unaffiliated with the Company or the Advisor. In July 2025, the Company completed the sale of one office property for $126.5 million, before third-party closing costs, credits and disposition fees payable to the Advisor, and in September 2025, the Company sold one mixed-use office/retail property for $100.0 million, before third-party closing costs, credits and disposition fees payable to the Advisor. The Company recognized a gain on sale of $77.4 million related to these dispositions. During the three months ended March 31, 2026, the Company sold one office property to a purchaser unaffiliated with the Company or the Advisor for $50.0 million, before third-party closing costs, credits and disposition fees payable to the Advisor. The Company recognized a gain on sale of $22.8 million related to this disposition.

The following summary presents the major components of assets and liabilities related to real estate held for sale (in thousands):


	March 31, 2026		December 31, 2025
Assets related to real estate held for sale:
Total real estate, at cost	$	—	$	37,935
Accumulated depreciation and amortization	—		(15,826)
Real estate held for sale, net	—		22,109
Other assets	—		4,187
Total assets related to real estate held for sale	$	—	$	26,296
Liabilities related to real estate held for sale:
Notes payable, net	$	—	$	47,500
Other liabilities	—		317
Total liabilities related to real estate held for sale	$	—	$	47,817

The results of operations for the properties sold during the year ended December 31, 2025 and the three months ended March 31, 2026 are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the year ended December 31, 2025 and the three months ended March 31, 2026, which were included in continuing operations (in thousands):


	For the Three Months Ended March 31,
		2026		2025
Revenues
Rental income		$	1,446	$	8,783
Other operating income		31		484
Total revenues		$	1,477	$	9,267
Expenses
Operating, maintenance, and management		$	279	$	2,138
Real estate taxes and insurance		127		1,675
Asset management fees to affiliate		83		538
General and administrative expenses		—		25
Depreciation and amortization		453		3,053
Interest expense (1)		—		1,102

Total expenses		$	942	$	8,531

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(1) Interest expense includes interest expense incurred related to the Park Place Village Mortgage Loan. Upon the sale of Park Place Village in September 2025, the borrower under the Park Place Village Mortgage Loan paid off the outstanding principal and accrued interest due under the Park Place Village Mortgage Loan. Interest expense incurred on portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, interest expense incurred for the properties sold in July 2025 and March 2026 is not shown in this table. The office property sold in July 2025 had served as collateral for the Amended and Restated Portfolio Loan Facility. The office property sold in March 2026 had served as collateral for the Modified Portfolio Revolving Loan Facility. Upon the sale of the office property in July 2025, $87.7 million of the net sale proceeds from the sale of the property was applied to reduce the outstanding principal of the Amended and Restated Portfolio Loan Facility. Upon the sale of the office property in March 2026, $47.5 million of the net sale proceeds from the sale of the property was applied to reduce the outstanding principal of the Modified Portfolio Revolving Loan Facility. See Note 8, “Notes Payable – Recent Financing Transactions – Modified Portfolio Revolving Loan Facility” and Note 14, “Subsequent Events – Fifth Modification of the Modified Portfolio Revolving Loan Facility.”