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INVESTMENTS IN UNCONSOLIDATED ENTITIES
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED ENTITIES INVESTMENTS IN UNCONSOLIDATED ENTITIES
As of September 30, 2025 and December 31, 2024, the Company’s investments in unconsolidated entities were composed of the following (in thousands):
Number of Properties as of
Investment Balance as of
Joint VentureLocationOwnership %September 30, 2025December 31, 2024
110 William Joint Venture1New York, New York
(1)
$46,336 
(1)
$68,467 
Pacific Oak Opportunity Zone Fund I4Various47.0%17,830 
(2)
19,620 
$64,166 $88,087 
_____________________
(1) As of September 30, 2025, the Company owned 77.5% of preferred interest and 100% of common interest in the 110 William Joint Venture.
(2) The maximum exposure to loss as a result of the Company’s investment in the Pacific Oak Opportunity Zone Fund I is limited to the carrying amount of the investment.
Summarized financial information for investments in unconsolidated entities are as follows (in thousands):
September 30, 2025
December 31, 2024
Assets:
Real estate, net$431,213 $486,177 
Total assets488,031 558,371 
Liabilities:
Notes payable, net
379,669 446,843 
Total liabilities426,365 484,040 
Total equity$61,666 $74,331 
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025202420252024
Total revenues$5,677 $8,869 $22,054 $27,314 
Operating loss(10,230)(13,607)(34,332)(35,852)
Net loss$(10,701)$(13,598)$(11,708)$(35,825)