REPORTING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

The following tables summarize information for the reporting segments (in thousands):



	Three Months Ended September 30, 2025
	Strategic Opportunistic Properties		Residential Homes		Hotel		Total
Total revenues	$	17,839	$	9,655	$	1,000	$	28,494
Less (1):
Operating, maintenance and management	(8,438)		(2,839)		—		(11,277)
Hotel expenses	—		—		(1,245)		(1,245)
Real estate taxes and insurance	(3,327)		(1,237)		—		(4,564)
Reportable segment total rental operating expenses	(11,765)		(4,076)		(1,245)		(17,086)
Reportable segment net operating income (loss)	6,074		5,579		(245)		11,408
Interest expense, net	(17,024)		(2,106)		(685)		(19,815)
Impairment charges on real estate and related intangibles	(70,538)		—		(6,259)		(76,797)
Impairment charges on goodwill	(949)		—		—		(949)
Other segment items (2)	(15,408)		(2,503)		(302)		(18,213)
Total expenses	(115,684)		(8,685)		(8,491)		(132,860)
Loss from unconsolidated entities							(8,558)
Other income							252
Gain on real estate equity securities							642
Loss on sale of real estate							(7,636)
Loss on extinguishment of debt, net							(1,045)
Net loss before income taxes							(120,711)
Income tax benefit							830
Net loss							$	(119,881)

	Nine Months Ended September 30, 2025
	Strategic Opportunistic Properties		Residential Homes		Hotel		Total
Total revenues	$	58,930	$	27,516	$	5,622	$	92,068
Less (1):
Operating, maintenance and management	(25,493)		(9,395)		—		(34,888)
Hotel expenses	—		—		(4,619)		(4,619)
Real estate taxes and insurance	(9,834)		(5,632)		—		(15,466)


Reportable segment total rental operating expenses	(35,327)	(15,027)	(4,619)	(54,973)
Reportable segment net operating income	23,603	12,489	1,003	37,095
Interest expense, net	(44,525)	(6,834)	(1,750)	(53,109)
Impairment charges on real estate and related intangibles	(119,415)	—	(9,361)	(128,776)
Impairment charges on goodwill	(949)	—	—	(949)
Other segment items (2)	(65,738)	(7,237)	(1,049)	(74,024)
Total expenses	(265,954)	(29,098)	(16,779)	(311,831)
Loss from unconsolidated entities				(22,824)
Other income				1,268
Gain on real estate equity securities				1,604
Loss on sale of real estate, net				(6,392)
Loss on extinguishment of debt, net				(1,045)


Net loss				$	(247,152)


	Three Months Ended September 30, 2024
	Strategic Opportunistic Properties		Residential Homes		Hotel		Total
Total revenues	$	22,306	$	8,945	$	1,186	$	32,437
Less (1):
Operating, maintenance and management	(9,362)		(2,429)		—		(11,791)
Hotel expenses	—		—		(1,363)		(1,363)
Real estate taxes and insurance	(3,564)		(2,054)		—		(5,618)
Reportable segment total rental operating expenses	$	(12,926)	$	(4,483)	$	(1,363)	(18,772)
Reportable segment net operating income	9,380		4,462		(177)		13,665
Interest expense, net	(17,629)		(2,344)		(612)		(20,585)
Impairment charges on real estate and related intangibles	(12,854)		—		(2,946)		(15,800)
Other segment items (2)	(17,749)		(3,690)		392		(21,047)
Total expenses	(61,158)		(10,517)		(4,529)		(76,204)
Loss from unconsolidated entities							(9,801)
Other income							379
Gain on real estate equity securities							8,726
Loss on sale of real estate							(1,243)



Net loss							$	(45,706)

	Nine Months Ended September 30, 2024
	Strategic Opportunistic Properties		Residential Homes		Hotel		Total
Total revenues	$	68,359	$	26,663	$	6,225	$	101,247


Less (1):
Operating, maintenance and management	(26,867)		(7,010)		—		(33,877)
Hotel expenses	—		—		(5,016)		(5,016)
Real estate taxes and insurance	(11,441)		(7,208)		—		(18,649)
Reportable segment total rental operating expenses	$	(38,308)	$	(14,218)	$	(5,016)	(57,542)
Reportable segment net operating income	30,051		12,445		1,209		43,705
Interest expense, net	(46,529)		(7,052)		(1,785)		(55,366)
Impairment charges on real estate and related intangibles	(69,690)		—		(6,400)		(76,090)
Other segment items (2)	(34,122)		(11,283)		(1,259)		(46,664)
Total expenses	(188,649)		(32,553)		(14,460)		(235,662)
Loss from unconsolidated entities							(26,531)
Other income							1,117
Loss on real estate equity securities							(7,905)
Gain on sale of real estate							(624)



Net loss							$	(168,358)

_____________________

(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, and depreciation and amortization. Corporate overhead is not allocated between segments; all corporate overhead is included in the strategic opportunistic properties segment.

Total assets related to the reporting segments as of September 30, 2025 and December 31, 2024 are as follows (in thousands):


	Strategic Opportunistic Properties		Residential Homes		Hotel		Total
Total assets as of September 30, 2025	$	574,895	$	284,505	$	25,399	$	884,799
Total assets as of December 31, 2024	$	800,597	$	288,908	$	35,451	$	1,124,956