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SEGMENT DISCLOSURE (Tables)

9 Months Ended

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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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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