During the nine months ended September 30, 2025, the Company took control of the assets securing two of its risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure, with an aggregate fair value at the time of acquisition of $151.0 million. Additionally, the Company acquired 14 commercial properties for an aggregate purchase price of $28.7 million (together, the “2025 Property Acquisitions”), which includes $550,000 of external acquisition-related expenses that were capitalized. During the nine months ended September 30, 2024, the Company acquired two commercial properties for an aggregate purchase price of $44.1 million (the “2024 Property Acquisitions”), which includes $148,000 of external acquisition-related expenses that were capitalized.


	2025 Property Acquisitions		2024 Property Acquisitions
Land	$	72,641	$	3,132
Buildings, fixtures and improvements	72,627		28,709
Acquired in-place leases and other intangibles (1)	22,618		12,307
Acquired above-market leases (2)	15,294		—
Acquired below-market leases (3)	(3,416)		—

Total purchase price	$	179,764	$	44,148

During the nine months ended September 30, 2025 and 2024, the Company capitalized $8.3 million and $14.5 million, respectively, of expenditures associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying condensed consolidated balance sheets. No capitalized interest expense was included in the capitalized expenditures during the nine months ended September 30, 2025 or 2024.

During the nine months ended September 30, 2025, the Company disposed of condominium units for an aggregate sales price of $68.1 million, resulting in proceeds of $62.5 million after closing costs and a gain of $6.3 million. During the nine months ended September 30, 2024, the Company disposed of condominium units for an aggregate sales price of $37.4 million, resulting in proceeds of $34.1 million after closing costs and a gain of $4.5 million. The Company has no continuing involvement that would preclude sale treatment with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations.

During the nine months ended September 30, 2025, the Company disposed of five properties, including four retail properties and one office property, for an aggregate gross sales price of $107.1 million, resulting in proceeds of $102.7 million after closing costs and a gain of $1.5 million. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. During the nine months ended September 30, 2024, the Company disposed of three properties, including one retail property, one industrial property and one office property, for an aggregate gross sales price of $60.8 million, resulting in proceeds of $58.7 million after closing costs. No gain or loss was recorded. The Company has no continuing involvement with the 2025 or 2024 dispositions that would preclude sale treatment with these properties.

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets.

During the nine months ended September 30, 2025, three properties totaling approximately 498,000 square feet with a carrying value of $112.7 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $105.0 million, resulting in impairment charges of $7.7 million, which were recorded in the condensed consolidated statements of operations. During the nine months ended September 30, 2025, no condominium units were deemed to be impaired.

During the nine months ended September 30, 2024, seven properties totaling approximately 824,000 square feet with a carrying value of $166.9 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $115.4 million, resulting in impairment charges of $51.5 million, which were recorded in the condensed consolidated statements of operations. Additionally, during the nine months ended September 30, 2024, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $8.9 million, which were recorded in the condensed consolidated statements of operations.