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SEGMENT DISCLOSURE (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Office:
Revenues						$	14,101					$	13,975					$	28,712					$	27,462
Property expenses:
Operating						6,331						6,369						13,190						12,892
General and administrative						66						57						70						157
Total property expenses						6,397						6,426						13,260						13,049
Income (loss) from unconsolidated entities						1,204						(710)						1,321						(774)
Segment net operating income—office						8,908						6,839						16,773						13,639
Hotel:
Revenues						12,155						11,668						24,009						23,160
Property expenses:
Operating						7,831						7,543						15,616						14,882
General and administrative						4						12						11						20
Total property expenses						7,835						7,555						15,627						14,902
Segment net operating income—hotel						4,320						4,113						8,382						8,258
Multifamily:
Revenues						5,449						4,078						10,198						5,301
Property expenses:
Operating						3,034						3,067						6,371						4,430
General and administrative						82						295						134						312
Total property expenses						3,116						3,362						6,505						4,742
(Loss) income from unconsolidated entity						(81)						(194)						(524)						638
Segment net operating income—multifamily						2,252						522						3,169						1,197
Lending:
Revenues						2,564						2,963						5,204						5,673
Lending expenses:
Interest expense						880						1,315						1,800						1,560
Expense reimbursements to related parties—lending segment						673						910						1,236						1,518
General and administrative						268						214						636						713
Total lending expenses						1,821						2,439						3,672						3,791
Segment net operating income—lending						743						524						1,532						1,882
Total segment net operating income						$	16,223					$	11,998					$	29,856					$	24,976

Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of segment net operating income to net income attributable to the Company for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Total segment net operating income						$	16,223					$	11,998					$	29,856					$	24,976
Interest and other income						170						76						314						76
Asset management and other fees to related parties						(425)						(627)						(819)						(1,347)
Expense reimbursements to related parties—corporate						(612)						(677)						(1,217)						(1,205)
Interest expense						(8,346)						(7,394)						(16,403)						(13,385)
General and administrative						(983)						(1,106)						(2,171)						(2,407)
Transaction-related costs						(135)						—						(825)						(3,360)
Depreciation and amortization						(6,456)						(20,472)						(12,934)						(29,974)
Gain on sale of real estate						—						—						—						1,104
Loss before provision for income taxes						(564)						(18,202)						(4,199)						(25,522)
Provision for income taxes						(288)						(159)						(558)						(415)
Net loss						(852)						(18,361)						(4,757)						(25,937)
Net loss attributable to non-controlling interests						56						1,002						231						1,627
Net loss attributable to the Company						$	(796)					$	(17,359)					$	(4,526)					$	(24,310)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of June 30, 2024 and December 31, 2023 are as follows (in thousands):

						June 30, 2024						December 31, 2023
Condensed assets:
Office						$	418,985					$	419,443
Hotel						102,067						95,998
Multifamily						273,951						278,492
Lending						75,663						76,374
Non-segment assets						20,562						20,893
Total assets						$	891,228					$	891,200

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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