During the three months ended March 31, 2026, the Company did not acquire any properties. During the three months ended March 31, 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, (together, the “2025 Property Acquisitions”).


	2025 Property Acquisitions
Land	$	69,189
Buildings, fixtures and improvements	46,544
Acquired in-place leases and other intangibles (1)	20,131
Acquired above-market leases (1)	15,294
Acquired below-market leases (2)	(115)

Total purchase price	$	151,043

During the three months ended March 31, 2026 and 2025, the Company capitalized $58,000 and $3.9 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 three months ended March 31, 2026 or 2025.

During the three months ended March 31, 2025, the Company disposed of condominium units for an aggregate sales price of $18.4 million, resulting in proceeds of $16.9 million after closing costs and a gain of $1.1 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 three months ended March 31, 2026, the Company disposed of three retail properties for an aggregate gross sales price of $20.1 million, resulting in proceeds of $18.6 million after closing costs and a gain of $5.7 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 three months ended March 31, 2025, the Company disposed of three retail properties for an aggregate gross sales price of $13.0 million, resulting in proceeds of $12.3 million after closing costs and a gain of $418,000. The Company has no continuing involvement with the 2026 or 2025 dispositions that would preclude sale treatment with these properties.

As of March 31, 2026, the Company identified two properties with an aggregate net book value of $5.1 million as held for sale. Subsequent to March 31, 2026, the Company disposed of these properties for $6.0 million, as further discussed in Note 16 — Subsequent Events.

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 three months ended March 31, 2025, one property totaling approximately 136,000 square feet with a carrying value of $22.0 million was deemed to be impaired and its carrying value was reduced to an estimated fair value of $15.0 million, resulting in impairment charges of $7.0 million, which was recorded in the condensed consolidated statements of operations. Additionally, during the three months ended March 31, 2025, no condominium units were deemed to be impaired.