CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Total real estate, net	$ 881,991	$ 970,821
Real estate held for sale, net	2,088	123,933
Real estate equity securities	13,154	41,609
Total real estate and real estate-related investments, net	897,233	1,136,363
Cash and cash equivalents	56,000	99,160
Restricted cash	42,376	56,049
Investments in unconsolidated entities	88,087	45,901
Rents and other receivables, net	22,084	22,500
Prepaid expenses and other assets	19,176	26,292
Assets related to real estate held for sale, net	0	1,878
Total assets	1,124,956	1,388,143
Liabilities and equity
Notes and bonds payable related to real estate held for investment, net	864,251	949,701
Notes payable related to real estate held for sale, net	1,041	78,982
Notes and bonds payable, net	865,292	1,028,683
Accounts payable and accrued liabilities	31,233	30,409
Total liabilities	969,153	1,124,779
Commitments, contingencies and guarantees (Note 10)
Equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value; 1,000,000,000 shares authorized, 102,951,395 and 103,310,648 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1,030	1,033
Additional paid-in capital	898,682	901,049
Cumulative distributions and net loss	(740,770)	(639,933)
Total stockholders’ equity	158,942	262,149
Noncontrolling interests	(3,139)	1,215
Total equity	155,803	263,364
Total liabilities and equity	1,124,956	1,388,143
Due to affiliate
Liabilities and equity
Payable as of	12,660	7,902
Other liabilities
Liabilities and equity
Payable as of	$ 59,968	$ 57,785