v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

16. Segment Reporting

The Company has two reportable segments: Diversified and Hospitality. For a description of the types of products and services from which these reportable segments derive their revenues, see Notes 1, 2 and 3. The accounting policies of both segments are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker primarily assesses performance for the segments and decides how to allocate resources based on segment net income (loss). The measures of segment assets are based on each segment’s total assets. The chief operating decision maker uses segment net income (loss) to evaluate profitability in deciding whether to reinvest profits into new or existing investments or into other parts of the entity, such as for dividend amounts. The Company’s two reportable segments serve different strategic purposes. The Diversified segment primarily consists of activities focused on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity. The majority of the Diversified segment's revenue is comprised of Rental income, Dividend income, and Interest income. The Hospitality segment is focused on operating and renovating its U.S. located hospitality assets that meet its investment objective and criteria. The majority of the Hospitality segment's revenue is comprised of revenue from renting rooms and selling food and beverages. Therefore, the Company has identified Diversified and Hospitality as the two operating segments and the two reportable segments. The Company’s chief operating decision maker is the president of the Company.

 

The following table presents measures of the reportable segment measures of profitability, along with significant segment expenses (in thousands):

 

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

 

Diversified

 

 

Hospitality

 

 

Total

 

 

Diversified

 

 

Hospitality

 

 

Total

 

Total Revenues

 

$

55,326

 

 

$

30,639

 

 

$

85,965

 

 

$

52,990

 

 

$

30,232

 

 

$

83,222

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expense

 

 

7,081

 

 

 

16,711

 

 

 

23,792

 

 

 

6,517

 

 

 

15,738

 

 

 

22,255

 

Property management fees

 

 

670

 

 

 

880

 

 

 

1,550

 

 

 

734

 

 

 

757

 

 

 

1,491

 

Real estate taxes and insurance

 

 

4,343

 

 

 

1,915

 

 

 

6,258

 

 

 

4,836

 

 

 

1,708

 

 

 

6,544

 

Advisory and administrative fees

 

 

13,175

 

 

 

3,898

 

 

 

17,073

 

 

 

13,286

 

 

 

879

 

 

 

14,165

 

Property general and administrative expenses

 

 

2,475

 

 

 

4,231

 

 

 

6,706

 

 

 

2,878

 

 

 

4,527

 

 

 

7,405

 

Corporate general and administrative expenses

 

 

10,574

 

 

 

1,327

 

 

 

11,901

 

 

 

9,947

 

 

 

2,856

 

 

 

12,803

 

Depreciation and amortization

 

 

13,245

 

 

 

4,494

 

 

 

17,739

 

 

 

11,698

 

 

 

3,902

 

 

 

15,600

 

Impairment loss

 

 

576

 

 

 

1,752

 

 

 

2,328

 

 

 

—

 

 

 

7,110

 

 

 

7,110

 

Interest expense

 

 

14,682

 

 

 

11,922

 

 

 

26,604

 

 

 

17,443

 

 

 

10,909

 

 

 

28,352

 

Equity in (income) losses of unconsolidated equity method ventures

 

 

1,289

 

 

 

—

 

 

 

1,289

 

 

 

(129

)

 

 

—

 

 

 

(129

)

Change in unrealized (gains) losses from non-real estate investments

 

 

103,904

 

 

 

—

 

 

 

103,904

 

 

 

1,348

 

 

 

—

 

 

 

1,348

 

Realized (gains) losses from non-real estate investments

 

 

(5,994

)

 

 

—

 

 

 

(5,994

)

 

 

21,479

 

 

 

—

 

 

 

21,479

 

Gain on sales of real estate

 

 

—

 

 

 

(37

)

 

 

(37

)

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

 

262

 

 

 

(373

)

 

 

(111

)

 

 

1,441

 

 

 

(69

)

 

 

1,372

 

Net loss

 

$

(110,956

)

 

$

(16,081

)

 

$

(127,037

)

 

$

(38,488

)

 

$

(18,085

)

 

$

(56,573

)

 

The following table presents total assets for the reportable segments (in thousands):

 

 

 

As of December 31, 2025

 

 

As of December 31, 2024

 

 

 

Diversified

 

 

Hospitality

 

 

Total

 

 

Diversified

 

 

Hospitality

 

 

Total

 

Total assets

 

$

928,231

 

 

$

146,421

 

 

$

1,074,652

 

 

$

1,039,392

 

 

$

185,447

 

 

$

1,224,839