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REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables summarize information for the reporting segments (in thousands):
As of or for the Year Ended December 31, 2024
Strategic Opportunistic Properties
Residential HomesHotelTotal
Total revenues$89,264 $35,200 $9,061 $133,525 
Less (1):
Operating, maintenance and management(35,554)(10,413)— (45,967)
Hotel expenses— — (6,874)(6,874)
Real estate taxes and insurance(14,042)(8,646)(722)(23,410)
Reportable segment total rental operating expenses(49,596)(19,059)(7,596)(76,251)
Reportable segment net operating income39,668 16,141 1,465 57,274 
Interest expense(60,157)(9,371)(2,364)(71,892)
Other segment items (2)
(125,647)(14,617)(7,267)(147,531)
Total expenses(235,400)(43,047)(17,227)(295,674)
Loss from unconsolidated entities, net(35,397)
Other income1,765 
Loss on real estate equity securities, net(12,076)
Gain on sale of real estate, net119,018 
Loss on extinguishment of debt(6,033)
Total other income, net67,277 
Net loss before income taxes(94,872)
Income tax provision(10,000)
Net loss$(104,872)
Total assets
$800,597 $288,908 $35,451 $1,124,956 
As of or for the Year Ended December 31, 2023
Strategic Opportunistic Properties
Residential HomesHotelTotal
Total revenues$98,463 $37,800 $9,153 $145,416 
Less (1):
Operating, maintenance and management(35,769)(9,930)— (45,699)
Hotel expenses— — (6,944)(6,944)
Real estate taxes and insurance(16,236)(11,586)(478)(28,300)
Reportable segment total rental operating expenses(52,005)(21,516)(7,422)(80,943)
Reportable segment net operating income46,458 16,284 1,731 64,473 
Interest expense(55,590)(10,279)(2,347)(68,216)
Other segment items (2)
(144,206)(16,148)(1,454)(161,808)
Total expenses(251,801)(47,943)(11,223)(310,967)
Loss from unconsolidated entities, net(54,758)
Other income2,907 
Loss on real estate equity securities, net(4,598)
Gain on sale of real estate, net82,099 
Total other income, net25,650 
Net loss before income taxes(139,901)
Income tax provision(6,576)
Net loss$(146,477)
Total assets
$1,024,555 $315,957 $47,631 $1,388,143 
Year Ended December 31, 2022
Strategic Opportunistic Properties
Residential HomesHotelTotal
Total revenues$102,179 $29,130 $30,749 $162,058 
Less (1):
Operating, maintenance and management(35,124)(9,193)— (44,317)
Hotel expenses— — (19,252)(19,252)
Real estate taxes and insurance(14,421)(6,296)(415)(21,132)
Reportable segment total rental operating expenses(49,545)(15,489)(19,667)(84,701)
Reportable segment net operating income52,634 13,641 11,082 77,357 
Interest expense(38,665)(7,912)(1,553)(48,130)
Other segment items (2)
(51,952)(11,621)(10,288)(73,861)
Total expenses(140,162)(35,022)(31,508)(206,692)
Loss from unconsolidated entities, net(8,019)
Other income228 
Loss on real estate equity securities, net(51,943)
Gain on sale of real estate, net46,513 
Gain on extinguishment of debt2,367 
Gain from consolidation of previously unconsolidated entity18,742 
Total other income, net7,888 
Net loss before income taxes(36,746)
Income tax provision(4,924)
Net loss$(41,670)
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(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. All corporate related costs are included in the strategic opportunistic properties segment to align with how financial information is presented.
(2) Other segment items for each reportable segment include: asset management fees to affiliate, general and administrative expenses, foreign currency transaction loss or gain, net, depreciation and amortization, impairment charges on real estate and related intangibles, and impairment charges on goodwill. Corporate overhead is not allocated between segments; all corporate overhead is included in the strategic opportunistic properties segment.