REAL ESTATE OWNED (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate Owned [Abstract]

Schedule of Real Estate Owned Held for Investment

The following table summarizes the Company’s real estate owned held for investment as of March 31, 2026 and December 31, 2025 ($ in thousands):

	As of
	March 31, 2026		December 31, 2025
Land	$	21,337	$	34,245
Buildings and improvements	52,649		81,691
Lease intangibles	21,276		34,735
Above-market lease intangibles	547		4,490
Below-market lease intangibles	(11,084)		(11,105)
Total real estate owned held for investment	84,725		144,056
Less: Accumulated depreciation and amortization	(7,877)		(13,891)
Real estate owned held for investment, net	$	76,848	$	130,165

Schedule of Intangible Lease Assets and Liabilities

The following table summarizes the Company’s intangible lease assets and liabilities that are included within real estate owned held for investment as of March 31, 2026 and December 31, 2025 ($ in thousands):

	As of March 31, 2026						As of December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Assets:
Lease intangibles	$	21,276	$	(5,798)	$	15,478	$	34,735	$	(9,772)	$	24,963
Above-market lease intangibles	547		(256)		291		4,490		(1,468)		3,022
Liabilities:
Below-market lease intangibles	(11,084)		2,567		(8,517)		(11,105)		2,398		(8,707)

Schedule of Amortization of Intangible Lease Assets and Liabilities

The following table summarizes the amortization of intangible lease assets and liabilities related to real estate owned held for investment for the three months ended March 31, 2026 and 2025 ($ in thousands):

	Consolidated Statement of Operations Location	For the Three Months Ended March 31,
		2026		2025
Assets:
Lease intangibles	Expenses from real estate owned	$	482	$	1,527
Above-market lease intangibles	Revenue from real estate owned	(19)		(271)
Liabilities:
Below-market lease intangibles	Revenue from real estate owned	190		262

Schedule of Estimated Net Amortization for Intangible Lease Assets and Liabilities

The following table summarizes the estimated net amortization schedule for the Company’s intangible lease assets and liabilities that are included within real estate owned held for investment as of March 31, 2026 ($ in thousands):

			Above-Market		Below-Market
	Lease Intangibles		Lease Intangibles		Lease Intangibles
Remainder of 2026	$	1,325	$	57	$	(428)
2027	1,701		51		(571)
2028	1,603		41		(542)
2029	1,596		41		(539)
2030	1,592		41		(539)
Thereafter	7,661		60		(5,898)
Total	$	15,478	$	291	$	(8,517)

Schedule of the Future Minimum Lease Payments

The following table summarizes the future minimum contractual lease payments to be collected by the Company under non-cancelable operating leases related to real estate owned held for investment, excluding tenant reimbursements of expenses and variable lease payments, as of March 31, 2026 ($ in thousands):

Remainder of 2026	$	7,815
2027	10,170
2028	10,156
2029	10,344
2030	10,237
Thereafter	14,007
Total	$	62,729