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SEGMENT DISCLOSURE (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Office (1): |  |  |  |  |  |  |  |
Revenues |  | $ | 12,464 |  |  | $ | 13,819 |  |  | $ | 37,395 |  |  | $ | 42,531 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 6,832 |  |  | 7,444 |  |  | 18,912 |  |  | 20,634 |
General and administrative |  | 89 |  |  | 122 |  |  | 466 |  |  | 192 |
Total property expenses |  | 6,921 |  |  | 7,566 |  |  | 19,378 |  |  | 20,826 |
(Loss) income from unconsolidated entities |  | (528) |  |  | (834) |  |  | (382) |  |  | 487 |
Segment net operating income—office |  | 5,015 |  |  | 5,419 |  |  | 17,635 |  |  | 22,192 |
Hotel: |  |  |  |  |  |  |  |
Revenues |  | 7,590 |  |  | 7,142 |  |  | 31,906 |  |  | 31,151 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 6,530 |  |  | 6,147 |  |  | 21,986 |  |  | 21,763 |
General and administrative |  | 210 |  |  | 22 |  |  | 228 |  |  | 33 |
Total property expenses |  | 6,740 |  |  | 6,169 |  |  | 22,214 |  |  | 21,796 |
Segment net operating income—hotel |  | 850 |  |  | 973 |  |  | 9,692 |  |  | 9,355 |
Multifamily (1): |  |  |  |  |  |  |  |
Revenues |  | 3,875 |  |  | 4,773 |  |  | 11,910 |  |  | 14,971 |
Property expenses: |  |  |  |  |  |  |  |
Operating |  | 2,779 |  |  | 3,782 |  |  | 9,342 |  |  | 10,153 |
General and administrative |  | 135 |  |  | 78 |  |  | 304 |  |  | 212 |
Total property expenses |  | 2,914 |  |  | 3,860 |  |  | 9,646 |  |  | 10,365 |
Loss from unconsolidated entities |  | (169) |  |  | (405) |  |  | (1,903) |  |  | (929) |
Segment net operating income—multifamily |  | 792 |  |  | 508 |  |  | 361 |  |  | 3,677 |
Lending: |  |  |  |  |  |  |  |
Revenues |  | 2,218 |  |  | 2,724 |  |  | 6,686 |  |  | 7,928 |
Lending expenses: |  |  |  |  |  |  |  |
Interest expense |  | 700 |  |  | 786 |  |  | 1,823 |  |  | 2,586 |
Expense reimbursements to related parties—lending segment |  | 679 |  |  | 672 |  |  | 2,016 |  |  | 1,908 |
General and administrative |  | 525 |  |  | 578 |  |  | 1,990 |  |  | 1,214 |
Total lending expenses |  | 1,904 |  |  | 2,036 |  |  | 5,829 |  |  | 5,708 |
Segment net operating income—lending |  | 314 |  |  | 688 |  |  | 857 |  |  | 2,220 |
Total segment net operating income |  | $ | 6,971 |  |  | $ | 7,588 |  |  | $ | 28,545 |  |  | $ | 37,444 |
(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 nine months ended September 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Total segment net operating income |  | $ | 6,971 |  |  | $ | 7,588 |  |  | $ | 28,545 |  |  | $ | 37,444 |
Interest and other income |  | 87 |  |  | 158 |  |  | 321 |  |  | 472 |
Asset management and other fees to related parties |  | (331) |  |  | (515) |  |  | (1,040) |  |  | (1,334) |
Expense reimbursements to related parties—corporate |  | (1,174) |  |  | (592) |  |  | (2,691) |  |  | (1,809) |
Interest expense |  | (9,612) |  |  | (8,830) |  |  | (28,423) |  |  | (25,233) |
General and administrative |  | (1,189) |  |  | (1,421) |  |  | (3,142) |  |  | (3,592) |
Transaction-related costs |  | (598) |  |  | (526) |  |  | (1,427) |  |  | (1,351) |
Depreciation and amortization |  | (7,345) |  |  | (6,423) |  |  | (20,169) |  |  | (19,357) |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | (88) |  |  | — |
Impairment of real estate |  | — |  |  | — |  |  | (221) |  |  | — |
Gain on sale of real estate |  | 679 |  |  | — |  |  | 679 |  |  | — |
Loss before provision for income taxes |  | (12,512) |  |  | (10,561) |  |  | (27,656) |  |  | (14,760) |
Provision for income taxes |  | (74) |  |  | (15) |  |  | (353) |  |  | (573) |
Net loss |  | (12,586) |  |  | (10,576) |  |  | (28,009) |  |  | (15,333) |
Net loss attributable to non-controlling interests |  | 131 |  |  | 192 |  |  | 441 |  |  | 423 |
Net loss attributable to the Company |  | $ | (12,455) |  |  | $ | (10,384) |  |  | $ | (27,568) |  |  | $ | (14,910) |
Schedule of Segment Condensed Assets | The condensed assets for each of the segments as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Condensed assets: |  |  |  |
Office (1) |  | $ | 407,875 |  |  | $ | 421,438 |
Hotel |  | 114,676 |  |  | 108,963 |
Multifamily (1) |  | 273,938 |  |  | 279,308 |
Lending |  | 67,427 |  |  | 71,192 |
Non-segment assets |  | 7,910 |  |  | 8,654 |
Total assets |  | $ | 871,826 |  |  | $ | 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 September 30, 2025 and December 31, 2024 are included in with Multifamily.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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