Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

	For the Six Months Ended June 30, 2025						For the Six Months Ended June 30, 2024
	Diversified		Hospitality		Total		Diversified		Hospitality			Total
Total Revenues	$	31,191	$	18,917	$	50,108	$	25,693	$	9,386		$	35,079
Less:
Advisory and administrative fees	6,764		3,898		10,662		6,420		269			6,689
Corporate general and administrative expenses	5,577		(1,630)		3,947		5,460		570			6,030
Real estate taxes and insurance	2,375		1,039		3,414		2,466		548			3,014
Property operating expense	3,090		9,394		12,484		3,335		4,998			8,333
Interest expense	7,513		6,400		13,913		8,911		3,471			12,382
Realized (gains) losses from non-real estate investments	(4,981)		—		(4,981)		21,875		—			21,875
Change in unrealized (gains) losses from non-real estate investments	74,959		—		74,959		(3,136)		—			(3,136)
Gain on sales of real estate	—		(37)		(37)		—		—			—
Property general and administrative expenses	1,147		2,460		3,607		1,326		1,566			2,892
Impairment loss	—		1,752		1,752		—		—			—
Income tax expense (benefit)	484		88		572		853		—			853
Depreciation and amortization	5,721		2,216		7,937		5,543		1,355			6,898
Equity in (income) losses of unconsolidated equity method ventures	167		—		167		958		—			958
Other segment items (1)	363		543		906		342		19		~	361
Net loss	$	(71,988)	$	(7,206)	$	(79,194)	$	(28,662)	$	(3,408)		$	(32,070)

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

	As of June 30, 2025						As of December 31, 2024
	Diversified		Hospitality		Total		Diversified		Hospitality		Total
Total assets	$	959,694	$	151,296	$	1,110,990	$	1,039,392	$	185,447	$	1,224,839

(1) Other segment items includes: Property management fees.