Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Rental income (1)

$

—

$

8,942

$

10,070

$

18,165

Property operating expenses

Property taxes

—

993

1,041

2,039

Contract maintenance

—

513

933

1,250

Utilities

—

397

370

881

Repairs

—

372

229

604

Other segment items (2)

—

459

532

966

Total property operating expenses

—

2,734

3,105

5,740

Segment net operating income

—

6,208

6,965

12,425

Reconciliation of segment net operating income to net loss

Commissions

459

824

1,166

1,326

Management and other income

382

52

439

110

Straight-line rent revenue

—

394

(143

)

746

Amortization of above and below market lease, net

—

(81

)

(85

)

(145

)

Cost of services

(307

)

(644

)

(883

)

(1,065

)

Depreciation and amortization

(6

)

(3,790

)

(3,586

)

(7,609

)

Impairment of real estate assets

—

(331

)

(43

)

(441

)

Bad debt (expense) recovery

(37

)

(68

)

34

(210

)

General and administrative

(2,169

)

(3,022

)

(5,748

)

(6,502

)

Net interest and other income

—

251

165

468

Derivative fair value adjustment

—

78

(582

)

967

Net gain (loss) on fair value change on debt held under the fair value option

—

210

(240

)

2,553

Interest expense

(19

)

(4,556

)

(4,784

)

(8,889

)

Loss on extinguishment of debt

—

—

—

(7

)

Other expense

—

(26

)

(1

)

(32

)

Gain on deconsolidation of Eagles Sub-OP

56,875

—

56,875

—

Loss from investment in Eagles Sub-OP

(9,280

)

—

(9,280

)

—

Income tax expense

(1,188

)

—

(1,188

)

(134

)

Net income (loss)

$

44,710

$

(4,501

)

$

39,081

$

(6,439

)