CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Real estate held for investment, net	$ 645,871	$ 725,701
Real estate held for sale, net	58,475	158,378
Real estate equity securities	14,758	13,154
Total real estate and real estate-related investments, net	719,104	897,233
Cash and cash equivalents	19,991	56,000
Restricted cash	51,109	42,376
Investments in unconsolidated entities	64,166	88,087
Prepaid expenses and other assets	12,666	14,695
Other assets related to real estate held for sale, net	0	12,552
Total assets	884,799	1,124,956
Liabilities and (deficit) equity
Notes payable related to real estate held for investment, net	510,775	438,640
Bonds payable, net	290,276	319,394
Notes payable related to real estate held for sale, net	66,670	107,258
Notes and bonds payable, net	867,721	865,292
Accounts payable and accrued liabilities	26,403	30,492
Other liabilities related to real estate held for sale	4,775	3,407
Total liabilities	976,358	969,153
Commitments, contingencies and guarantees (Note 9)
(Deficit) 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 shares issued and outstanding as of September 30, 2025 and December 31, 2024	1,030	1,030
Additional paid-in capital	898,602	898,682
Cumulative distributions and net loss	(984,919)	(740,770)
Total stockholders’ (deficit) equity	(85,287)	158,942
Noncontrolling interests	(6,272)	(3,139)
Total (deficit) equity	(91,559)	155,803
Total liabilities and (deficit) equity	884,799	1,124,956
Related Party
Assets
Receivables	2,317	0
Liabilities and (deficit) equity
Liabilities	25,107	12,660
Nonrelated Party
Assets
Receivables	15,446	14,013
Liabilities and (deficit) equity
Liabilities	$ 52,352	$ 57,302