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

)