v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
For the year ended December 31, 2025, the Company had two reportable segments with separately reportable information: Real Estate Properties and Real Estate Equity Securities. For the years ended December 31, 2024 and 2023, the Company had three reportable segments with separately reportable information: Real Estate Properties, Real Estate Equity Securities and Real Estate Loans. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment, and investment strategies and objectives. The Company's Chief Operating Decision Makers ("CODMs") are its Chief Executive Officer and President and its Chief Financial Officer. The CODMs utilize the operating income or loss of each segment, as shown below, to assess the performance and cash flows of each segment and to allocate resources among the segments.
The following tables set forth the carrying value, revenue and the components of operating income (loss) of the Company's segments reconciled to total assets as of December 31, 2025 and 2024, and net income (loss) for the years ended December 31, 2025, 2024 and 2023.
Real Estate PropertiesReal Estate Equity SecuritiesReal Estate LoansTotal
Carrying value as of December 31, 2025$352,388 $123 $— $352,511 
Receivables7,810 — — 7,810 
Deferred leasing costs2,036 — — 2,036 
Prepaid and other assets1,592 — — 1,592 
Subtotal$363,826 $123 $— $363,949 
Reconciliation to total assets of December 31, 2025
Carrying value per reportable segments$363,949 
Other assets8,527 
Total assets$372,476 
Carrying value as of December 31, 2024$378,531 $122 $— $378,653 
Receivables6,490 — — 6,490 
Deferred leasing cost1,870 — — 1,870 
Prepaid and other assets1,196 — — 1,196 
Subtotal$388,087 $122 $— $388,209 
Reconciliation to total assets of December 31, 2024
Carrying value per reportable segments$388,209 
Other assets9,777 
Total assets$397,986 
Real Estate PropertiesReal Estate Equity SecuritiesReal Estate LoansTotal
Year Ended December 31, 2025
Property related income$40,106 $— $— $40,106 
Investment income on marketable securities— 5 — 5 
Total revenues40,106 5 — 40,111 
Property operating expenses(12,272)— — (12,272)
Administration expenses— (22)— (22)
Net realized gain on sale of real estate22,424 — — 22,424 
Net realized gain upon sale of marketable securities— 2 — 2 
Net unrealized change in fair value of investment in marketable securities— (5)— (5)
Operating income (loss) - segments$50,258 $(20)$— $50,238 
Year Ended December 31, 2024
Property related income$38,771 $— $— $38,771 
Investment income on marketable securities— 4 — 4 
Total revenues38,771 4 — 38,775 
Property operating expenses(12,146)— — (12,146)
Administration expenses— (22)— (22)
Provision for impairment of real estate(2,201)— — (2,201)
Net realized gain on sale of real estate4,256 — — 4,256 
Net realized gain upon sale of marketable securities— 9 — 9 
Net realized gain upon partial sale of investment in CMBS Trust— — 2,321 2,321 
Net unrealized change in fair value of investment in marketable securities— — — — 
Change in net assets of consolidated CMBS trust— — (1,474)(1,474)
Operating income (loss) - segments$28,680 $(9)$847 $29,518 
Year Ended December 31, 2023
Property related income$41,904 $— $— $41,904 
Investment income on marketable securities— 46 — 46 
Total revenues41,904 46 — 41,950 
Property operating expenses(12,728)— — (12,728)
Administration expenses— (27)— (27)
Net realized gain on sale of real estate17,980 — — 17,980 
Net realized gain upon sale of marketable securities— 3,476 — 3,476 
Loss on extinguishment of debt(131)— — (131)
Net unrealized change in fair value of investment in marketable securities— (1,279)— (1,279)
Change in net assets of consolidated CMBS trust— — 2,598 2,598 
Operating income - segments$47,025 $2,216 $2,598 $51,839 
Year Ended December 31,
Reconciliation to net income (loss) 202520242023
Operating income - segments$50,238 $29,518 $51,839 
General and administrative expenses(2,277)(2,443)(2,373)
Interest Income125 153 — 
Advisory expenses(2,257)(2,565)(3,099)
Depreciation(9,913)(9,627)(10,844)
Amortization(1,887)(2,239)(4,200)
Operating income
34,029 12,797 31,323 
Interest expense(13,484)(12,868)(12,177)
Net income (loss)$20,545 $(71)$19,146