SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the years ended December 31, 2024 and 2023 is as follows:


	Year Ended December 31,
	2024		2023
	(in thousands)
Office (1):
Revenues	$	54,283	$	55,033
Property expenses:
Operating	26,608		25,731
General and administrative	719		344
Total property expenses	27,327		26,075
Income (loss) from unconsolidated entities	462		(582)
Segment net operating income—office	27,418		28,376
Hotel:
Revenues	39,407		41,096
Property expenses:
Operating	27,807		27,959
General and administrative	148		33
Total property expenses	27,955		27,992
Segment net operating income—hotel	11,452		13,104
Multifamily (1):
Revenues	19,515		11,224
Property expenses:
Operating	13,547		8,803
General and administrative	168		661
Total property expenses	13,715		9,464
(Loss) income from unconsolidated entities	(1,268)		155
Segment net operating income—multifamily	4,532		1,915
Lending:
Revenues	10,756		11,458
Lending expenses:
Interest expense	3,283		3,692
Expense reimbursements to related parties—lending segment	2,571		2,579
General and administrative	1,702		1,628
Total lending expenses	7,556		7,899
Segment net operating income—lending	3,200		3,559
Total segment net operating income	$	46,602	$	46,954

(1)Beginning in the quarter ended December 31, 2024, the Company reclassified its investment in the 4750 Wilshire JV to include income from the investment in the multifamily segment from its previous classification in the office segment. This change corresponded with the 4750 Wilshire JV’s substantial completion of the 4750 Wilshire Project. In the above table, the Company’s income earned from its investment in the 4750 Wilshire JV prior to October 1, 2024 is included within the

office segment and its income earned from its investment in the 4750 Wilshire JV subsequent to October 1, 2024 is included within the multifamily segment. In addition, beginning in the quarter ended December 31, 2024, the Company reclassified its consolidated property located at 4750 Wilshire Boulevard (Backlot) in Los Angeles, California to include the property it in the multifamily segment, from its previous classification in the office segment. In the above table, activity related to 4750 Wilshire Boulevard (Backlot) occurring prior to October 1, 2024 is included within the office segment and such activity subsequent to October 1, 2024 is included within the multifamily segment. In the above table, activity related to both the 1910 Sunset JV and 1015 N Mansfield JV are included within the office segment, while activity related to the 1902 Park JV is included in the multifamily segment.

Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2024 and 2023 is as follows:


	Year Ended December 31,
	2024		2023
	(in thousands)
Total segment net operating income	$	46,602	$	46,954
Interest and other income	551		447
Asset management and other fees to related parties	(1,797)		(2,627)
Expense reimbursements to related parties—corporate	(2,281)		(2,342)
Interest expense	(33,589)		(31,406)
General and administrative	(4,267)		(5,453)
Transaction costs	(1,382)		(4,421)
Depreciation and amortization	(27,373)		(52,484)
Loss on early extinguishment of debt	(1,416)		—

Gain on sale of real estate	—		1,104
(Loss) income before provision for income taxes	(24,952)		(50,228)
Provision for income taxes	(798)		(1,228)
Net (loss) income	(25,750)		(51,456)
Net loss (income) attributable to noncontrolling interests	575		2,971
Net (loss) income attributable to the Company	$	(25,175)	$	(48,485)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2024 and 2023 are as follows:


	December 31,
	2024		2023
	(in thousands)
Condensed assets:
Office	$	421,438	$	419,443
Hotel	108,963		95,998
Multifamily	279,308		278,492
Lending	71,192		76,374
Non-segment assets	8,654		20,893
Total assets	$	889,555	$	891,200

(1)Beginning in the quarter ended December 31, 2024, the Company reclassified its consolidated property located at 4750 Wilshire Boulevard (Backlot) in Los Angeles, California to include the property it in the multifamily segment, from its previous classification in the office segment. In the above table, the assets related to 4750 Wilshire Boulevard (Backlot) as of December 31, 2024 and 2023 are included in with Multifamily and Office, respectively.