
	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended September 30, 2025
Revenues:
Rental and other property income	$	27,438	$	—	$	—	$	27,438
Interest income	—		77,023		—		77,023
Total revenues	27,438		77,023		—		104,461
Expenses:
General and administrative	132		664		6,106		6,902
Interest expense, net	5,748		37,424		—		43,172
Property operating	1,552		—		1,216		2,768
Real estate tax	1,146		—		95		1,241
Expense reimbursements to related parties	—		—		3,707		3,707
Management fees	2,403		9,278		—		11,681
Transaction-related	—		—		12		12
Depreciation and amortization	8,980		—		—		8,980

Increase in provision for credit losses	—		6,445		—		6,445
Total expenses	19,961		53,811		11,136		84,908
Other income:


Gain on disposition of real estate and condominium developments, net	1,128		—		1,152		2,280
Gain on investment in unconsolidated entities	—		3,781		—		3,781
Unrealized gain on equity securities	—		2,458		—		2,458
Other income, net	77		1,152		1,008		2,237

Total other income	1,205		7,391		2,160		10,756
Segment net income (loss)	$	8,682	$	30,603	$	(8,976)	$	30,309
Net income allocated to non-controlling interest	—		27		—		27
Segment net income (loss) attributable to the Company	$	8,682	$	30,576	$	(8,976)	$	30,282
Total assets as of September 30, 2025	$	1,026,391	$	3,786,524	$	170,513	$	4,983,428

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	Real Estate		Credit		Corporate/Other (1)		Company Total
Nine Months Ended September 30, 2025
Revenues:
Rental and other property income	$	85,357	$	—	$	68	$	85,425
Interest income	—		232,630		—		232,630
Total revenues	85,357		232,630		68		318,055
Expenses:
General and administrative	259		1,982		17,425		19,666
Interest expense, net	17,454		115,806		—		133,260
Property operating	6,025		—		3,643		9,668
Real estate tax	3,285		—		278		3,563
Expense reimbursements to related parties	—		—		10,121		10,121
Management fees	7,075		28,017		—		35,092
Transaction-related	114		—		41		155
Depreciation and amortization	27,578		—		—		27,578
Real estate impairment	7,674		—		—		7,674
Increase in provision for credit losses	—		73,423		—		73,423
Total expenses	69,464		219,228		31,508		320,200
Other income:


Gain on disposition of real estate and condominium developments, net	1,539		—		6,337		7,876
Gain on investment in unconsolidated entities	—		7,703		—		7,703
Unrealized gain on equity securities	—		3,648		—		3,648
Other income, net	136		2,603		2,829		5,568

Total other income	1,675		13,954		9,166		24,795
Segment net income (loss)	$	17,568	$	27,356	$	(22,274)	$	22,650
Net income allocated to non-controlling interest	—		59		—		59
Segment net income (loss) attributable to the Company	$	17,568	$	27,297	$	(22,274)	$	22,591
Total assets as of September 30, 2025	$	1,026,391	$	3,786,524	$	170,513	$	4,983,428


	Real Estate		Credit		Corporate/Other (1)		Company Total
Three Months Ended September 30, 2024
Revenues:
Rental and other property income	$	22,829	$	—	$	99	$	22,928
Interest income	—		98,430		—		98,430
Total revenues	22,829		98,430		99		121,358
Expenses:
General and administrative	115		627		5,208		5,950
Interest expense, net	5,814		54,820		—		60,634
Property operating	965		—		1,364		2,329
Real estate tax	658		—		219		877
Expense reimbursements to related parties	—		—		3,864		3,864
Management fees	2,008		10,194		—		12,202
Transaction-related	—		2		—		2
Depreciation and amortization	7,381		—		—		7,381
Real estate impairment	9		—		3,477		3,486
Increase in provision for credit losses	—		24,527		—		24,527
Total expenses	16,950		90,170		14,132		121,252
Other income (expense):


Gain on disposition of real estate and condominium developments, net	—		—		1,210		1,210
Gain on investment in unconsolidated entities	—		4,608		—		4,608
Unrealized gain on equity security	—		4,486		—		4,486
Other income (expense), net	120		(3,730)		1,465		(2,145)
Loss on extinguishment of debt	—		(950)		—		(950)
Total other income	120		4,414		2,675		7,209
Segment net income (loss)	$	5,999	$	12,674	$	(11,358)	$	7,315
Net income allocated to noncontrolling interest	—		3		—		3
Segment net income (loss) attributable to the Company	$	5,999	$	12,671	$	(11,358)	$	7,312
Total assets as of September 30, 2024	$	1,054,259	$	4,091,734	$	219,854	$	5,365,847


	Real Estate		Credit		Corporate/Other (1)		Company Total
Nine Months Ended September 30, 2024
Revenues:
Rental and other property income	$	70,778	$	—	$	286	$	71,064
Interest income	—		306,594		—		306,594
Total revenues	70,778		306,594		286		377,658
Expenses:
General and administrative	360		2,630		15,221		18,211
Interest expense, net	17,436		172,711		—		190,147
Property operating	2,791		—		5,868		8,659
Real estate tax	2,532		—		796		3,328
Expense reimbursements to related parties	—		—		10,583		10,583
Management fees	6,180		31,326		—		37,506
Transaction-related	—		20		48		68
Depreciation and amortization	24,320		—		—		24,320
Real estate impairment	51,478		—		8,940		60,418
Increase in provision for credit losses	—		308,542		—		308,542
Total expenses	105,097		515,229		41,456		661,782
Other income (expense):


Gain on disposition of real estate and condominium developments, net	—		—		4,460		4,460
Gain on investment in unconsolidated entities	—		9,875		—		9,875
Unrealized loss on equity security	—		(11,156)		—		(11,156)
Other income, net	268		651		3,948		4,867
Loss on extinguishment of debt	—		(950)		—		(950)
Total other income (expense)	268		(1,580)		8,408		7,096
Segment net loss	$	(34,051)	$	(210,215)	$	(32,762)	$	(277,028)
Net income allocated to noncontrolling interest	—		3		—		3
Segment net loss attributable to the Company	$	(34,051)	$	(210,218)	$	(32,762)	$	(277,031)
Total assets as of September 30, 2024	$	1,054,259	$	4,091,734	$	219,854	$	5,365,847