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SEGMENT DISCLOSURE (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and 2024 is as follows (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Office (1):
Revenues						$	11,877					$	14,101					$	24,931					$	28,712
Property expenses:
Operating						6,444						6,331						12,080						13,190
General and administrative						89						66						377						70
Total property expenses						6,533						6,397						12,457						13,260
Income from unconsolidated entities						175						1,204						146						1,321
Segment net operating income—office						5,519						8,908						12,620						16,773
Hotel:
Revenues						11,635						12,155						24,316						24,009
Property expenses:
Operating						7,470						7,831						15,456						15,616
General and administrative						7						4						18						11
Total property expenses						7,477						7,835						15,474						15,627
Segment net operating income—hotel						4,158						4,320						8,842						8,382
Multifamily (1):
Revenues						3,944						5,449						8,035						10,198
Property expenses:
Operating						3,060						3,034						6,563						6,371
General and administrative						83						82						169						134
Total property expenses						3,143						3,116						6,732						6,505
Loss from unconsolidated entity						(612)						(81)						(1,734)						(524)
Segment net operating income (loss)—multifamily						189						2,252						(431)						3,169
Lending:
Revenues						2,090						2,564						4,468						5,204
Lending expenses:
Interest expense						549						880						1,123						1,800
Expense reimbursements to related parties—lending segment						678						673						1,337						1,236
General and administrative						910						268						1,465						636
Total lending expenses						2,137						1,821						3,925						3,672
Segment net operating (loss) income—lending						(47)						743						543						1,532
Total segment net operating income						$	9,819					$	16,223					$	21,574					$	29,856

(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.

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, 2025 and 2024 is as follows (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Total segment net operating income						$	9,819					$	16,223					$	21,574					$	29,856
Interest and other income						143						170						234						314
Asset management and other fees to related parties						(349)						(425)						(709)						(819)
Expense reimbursements to related parties—corporate						(891)						(612)						(1,517)						(1,217)
Interest expense						(9,627)						(8,346)						(18,811)						(16,403)
General and administrative						(712)						(983)						(1,953)						(2,171)
Transaction-related costs						(803)						(135)						(829)						(825)
Depreciation and amortization						(6,264)						(6,456)						(12,824)						(12,934)
Loss on early extinguishment of debt						(88)						—						(88)						—
Impairment of real estate						(221)						—						(221)						—
Loss before benefit (provision) for income taxes						(8,993)						(564)						(15,144)						(4,199)
Provision for income taxes						(158)						(288)						(279)						(558)
Net loss						(9,151)						(852)						(15,423)						(4,757)
Net loss attributable to non-controlling interests						152						56						310						231
Net loss attributable to the Company						$	(8,999)					$	(796)					$	(15,113)					$	(4,526)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of June 30, 2025 and December 31, 2024 are as follows (in thousands):

						June 30, 2025						December 31, 2024
Condensed assets:
Office (1)						$	422,106					$	421,438
Hotel						113,590						108,963
Multifamily (1)						274,307						279,308
Lending						70,849						71,192
Non-segment assets						4,172						8,654
Total assets						$	885,024					$	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 June 30, 2025 and December 31, 2024 are included in with Multifamily.

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- 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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