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SEGMENT DISCLOSURE
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT DISCLOSURE 17. SEGMENT DISCLOSURE
The Company’s reportable segments during the three months ended March 31, 2025 and 2024 consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for the Company’s lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
For the Company’s real estate segments, the Company defines net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses.
The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, comprised of the Chief Executive Officer, Chief Investment Officer, Chief Financial Officer, and the 1st Vice President for portfolio oversight of CIM.
The CODM evaluates performance and allocates resources based on segment net operating income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net operating income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.
The net operating income (loss) of the Company’s segments for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
 Three Months Ended March 31,
 20252024
Office (1):
Revenues$13,054 $14,611 
Property expenses:  
Operating5,636 6,859 
General and administrative288 4 
Total property expenses5,924 6,863 
(Loss) income from unconsolidated entities(29)117 
Segment net operating income—office7,101 7,865 
Hotel:  
Revenues12,681 11,854 
Property expenses:  
Operating7,986 7,785 
General and administrative11 7 
Total property expenses7,997 7,792 
Segment net operating income—hotel4,684 4,062 
Multifamily (1):
Revenues4,091 4,749 
Property expenses:
Operating3,503 3,337 
General and administrative86 52 
Total property expenses3,589 3,389 
Loss from unconsolidated entity(1,122)(443)
Segment net operating (loss) income—multifamily(620)917 
Lending:
Revenues2,378 2,640 
Lending expenses: 
Interest expense574 920 
Expense reimbursements to related parties—lending segment659 563 
General and administrative555 368 
Total lending expenses1,788 1,851 
Segment net operating income—lending590 789 
Total segment net operating income$11,755 $13,633 
(1)Beginning in the quarter ended December 31, 2024, the Company reclassified its investment in the 4750 Wilshire JV to include income from the investment in the multifamily segment from its previous classification in the office segment. This change corresponded with the 4750 Wilshire JV’s substantial completion of the 4750 Wilshire Project. In the above table, the Company’s income earned from its investment in the 4750 Wilshire JV prior to October 1, 2024 is included within the office segment and its income earned from its investment in the 4750 Wilshire JV subsequent to October 1, 2024 is included within the multifamily segment. In addition, beginning in the quarter ended December 31, 2024, the Company reclassified its consolidated property located at 4750 Wilshire Boulevard (Backlot) in Los Angeles, California to include the property in the multifamily segment, from its previous classification in the office segment. In the above table, activity related to 4750 Wilshire Boulevard (Backlot) occurring prior to October 1, 2024 is included within the office segment and such activity subsequent to October 1, 2024 is included within the multifamily segment. In the above table, activity related to both the 1910 Sunset JV and 1015 N Mansfield JV are included within the office segment, while activity related to the 1902 Park JV is included in the multifamily segment.
A reconciliation of segment net operating income to net income attributable to the Company for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
 Three Months Ended March 31,
 20252024
Total segment net operating income$11,755 $13,633 
Interest and other income91 144 
Asset management and other fees to related parties(360)(394)
Expense reimbursements to related parties—corporate(626)(605)
Interest expense(9,184)(8,057)
General and administrative(1,241)(1,188)
Transaction-related costs(26)(690)
Depreciation and amortization(6,560)(6,478)
Loss before provision for income taxes(6,151)(3,635)
Provision for income taxes(121)(270)
Net loss(6,272)(3,905)
Net loss attributable to non-controlling interests158 175 
Net loss attributable to the Company$(6,114)$(3,730)
The condensed assets for each of the segments as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
 March 31, 2025December 31, 2024
Condensed assets:  
Office (1)$417,243 $421,438 
Hotel109,971 108,963 
Multifamily (1)277,449 279,308 
Lending70,392 71,192 
Non-segment assets7,288 8,654 
Total assets$882,343 $889,555 
(1)Beginning in the quarter ended December 31, 2024, the Company reclassified its consolidated property located at 4750 Wilshire Boulevard (Backlot) in Los Angeles, California to include the property in the multifamily segment, from its previous classification in the office segment. In the above table, the assets related to 4750 Wilshire Boulevard (Backlot) as of March 31, 2025 and December 31, 2024 are included in with Multifamily.