v3.26.1
SEGMENT DISCLOSURE (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Net Operating Income (Loss)
The net operating income (loss) of the Company’s segments for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Office (1):
Revenues$12,491 $11,877 $25,069 $24,931 
Property expenses:
Operating6,140 6,444 11,979 12,080 
General and administrative87 89 389 377 
Total property expenses6,227 6,533 12,368 12,457 
(Loss) income from unconsolidated entities(2,217)175 (2,155)146 
Segment net operating income—office4,047 5,519 10,546 12,620 
Hotel:
Revenues12,780 11,635 25,156 24,316 
Property expenses:
Operating8,009 7,470 16,409 15,456 
General and administrative147 7 167 18 
Total property expenses8,156 7,477 16,576 15,474 
Segment net operating income—hotel4,624 4,158 8,580 8,842 
Multifamily (1):
Revenues4,268 3,944 8,140 8,035 
Property expenses:
Operating2,480 3,060 5,388 6,563 
General and administrative145 83 284 169 
Total property expenses2,625 3,143 5,672 6,732 
Loss from unconsolidated entities(1,005)(612)(2,443)(1,734)
Segment net operating income (loss)—multifamily638 189 25 (431)
Lending (2):
Revenues— 2,090 — 4,468 
Lending expenses:
Interest expense— 549 — 1,123 
Expense reimbursements to related parties—lending segment— 678 — 1,337 
General and administrative— 910 — 1,465 
Total lending expenses— 2,137 — 3,925 
Segment net operating (loss) income—lending— (47)— 543 
Total segment net operating income$9,309 $9,819 $19,151 $21,574 
(1)In the above table, activity related to 1015 N Mansfield JV is included within the office segment, while activity related to the 1902 Park JV and the 4750 Wilshire JV is included in the multifamily segment. Beginning on October 1, 2025, in connection with the 1910 Sunset JV’s commencement of leasing at the 1915 Park Project, the Company began reporting its share of the income from the operations of the 1915 Park Project in its multifamily segment, while income from the operations of the 1910 Sunset Office Building continue to be reported in its office segment.
(2)Lending segment was sold in connection with the closing of the sale of First Western on January 21, 2026. As the lending segment activity was de minimis during the period it remained under the Company’s ownership for the six months ended
June 30, 2026, the related amounts are included within non-segment interest and other income, interest expense, and general and administrative, as applicable, in the following table.
Schedule of Reconciliation of Segment Net Operating Income to Net Loss Attributable to the Company
A reconciliation of the Company’s segment net operating income to net loss attributable to the Company for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands): 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total segment net operating income$9,309 $9,819 $19,151 $21,574 
Interest and other income144 143 735 234 
Asset management and other fees to related parties(859)(349)(1,443)(709)
Expense reimbursements to related parties—corporate(852)(891)(1,727)(1,517)
Interest expense(9,046)(9,627)(18,170)(18,811)
General and administrative(1,139)(712)(2,710)(1,953)
Transaction-related costs(17)(803)(24)(829)
Depreciation and amortization(7,071)(6,264)(14,792)(12,824)
Loss on early extinguishment of debt— (88)(705)(88)
Impairment of real estate— (221)— (221)
Casualty loss, net(455)— (455)— 
Gain on sale of First Western— 0— 1,737 — 
Loss before provision for income taxes(9,986)(8,993)(18,403)(15,144)
Provision for income taxes— (158)— (279)
Net loss(9,986)(9,151)(18,403)(15,423)
Net loss attributable to noncontrolling interests90 152 198 310 
Net loss attributable to the Company$(9,896)$(8,999)$(18,205)$(15,113)