v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company intends to operate in three reportable segments: (1) Real Estate Properties, (2) Real Estate Equity Securities and (3) Real Estate Loans. For the three months ended March 31, 2026 and 2025, the Company had two reportable segments with separately reportable information: Real Estate Properties and Real Estate Equity Securities. 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 of the Company's segments reconciled to total assets as of March 31, 2026 and December 31, 2025 and net income (loss) for the three months ended March 31, 2026 and 2025.
Real Estate PropertiesReal Estate Equity SecuritiesTotal
Carrying value as of March 31, 2026$318,209 $131 $318,340 
Receivables6,491 — 6,491 
Deferred leasing costs1,861 — 1,861 
Prepaid and other assets1,710 — 1,710 
Subtotal$328,271 $131 $328,402 
Reconciliation to total assets of March 31, 2026
Carrying value per reportable segments$328,402 
Other assets8,628 
Total assets$337,030 
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 
Three Months Ended March 31, 2026Real Estate PropertiesReal Estate Equity SecuritiesTotal
Property related income$8,693 $— $8,693 
Investment income on marketable securities— 1 1 
Total revenues8,693 1 8,694 
Property operating expenses(2,132)— (2,132)
Administration expenses— (6)(6)
Net realized gain on sale of real estate231 — 231 
Net realized loss upon sale of marketable securities— (1)(1)
Net unrealized change in fair value of investment in marketable securities— 7 7 
Operating income - segments$6,792 $1 $6,793 
Three Months Ended March 31, 2025
Property related income$10,053 $— $10,053 
Investment income on marketable securities— 1 1 
Total revenues10,053 1 10,054 
Property operating expenses(3,341)— (3,341)
Administration expenses— (6)(6)
Net realized loss on sale of real estate(91)— (91)
Net realized gain upon sale of marketable securities— 1 1 
Net unrealized change in fair value of investment in marketable securities— (3)(3)
Operating income (loss) - segments$6,621 $(7)$6,614 
Three Months Ended March 31,
Reconciliation to net income (loss)
2026
2025
Operating income - segments$6,793 $6,614 
Interest income44 46 
General and administrative expenses(870)(658)
Advisory expenses(508)(591)
Depreciation(2,384)(2,373)
Amortization(421)(460)
Operating income 2,654 2,578 
Interest expense(3,079)(3,376)
Net loss$(425)$(798)