0000908311-26-000018 | 10-K | XBRL Viewer | Creative Media Community Trust Corp

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

In the ordinary course of business, the Company may use certain types of derivative instruments for the purpose of managing or hedging its interest rate risk.

The following table summarizes the terms of the Company’s interest rate cap agreements as of December 31, 2025 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets

Balance Sheet

Amount as of

Strike

Effective

Maturity

as of

Location

December 31, 2025

Rates (1)

Date

December 31, 2025

Interest Rate Caps

Other assets

171,955

4.5% to 5.75%

12/6/2024 - 8/04/2025

1/1/2027 - 1/31/2027

____________________________________

(1)The index used for the Company’s interest rate cap agreement is 1-Month Term SOFR.

Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 13. The notional amount under the derivative instruments are an indication of the extent of the Company’s involvement in the instruments, but does not represent exposure to credit, interest rate or market risks.

Accounting for changes in the fair value of a derivative instruments depends on the intended use and designation of the derivative instrument. The Company has an interest rate cap that is used to manage exposure to interest rate movements but does not meet the requirements to be designated as a hedging instrument. The change in fair value of the derivative instrument that is not designated as a hedge is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. During the year ended December 31, 2025, the Company recorded an unrealized loss of $149,000, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps. During the year ended December 31, 2024, the Company recorded an unrealized loss of $463,000, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Recognized Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Fixed lease payments	$ 56,047	$ 62,322
Variable lease payments	9,384	9,944
Rental and other property income	$ 65,431	$ 72,266
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental and other property income	Rental and other property income

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - property	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Number of types of commercial real estate properties	3	3

INCOME TAXES - Reconciliation of Net Income to REIT Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	$ (39,078)	$ (24,952)
Income tax provision	497	798
TRS
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	(27)	3,742
Expected federal income tax provision	(6)	785
State income taxes	(55)	1
Investment Tax Credits	(183)	0
Change in valuation allowance	425	151
Other	316	(139)
Income tax provision	$ 497	$ 798

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2020
Class of Stock [Line Items]
Reclassification of Series A Preferred stock to permanent equity		$ 20,799,000	$ 0
Non-issuance offering costs for preferred stock and warrants		11,900,000
Redeemable preferred stock dividends		$ 0	$ 755,000
Common stock, issued shares (in shares)		2,699,686	466,180
Warrant right to purchase a share of common stock (in shares)				0.25
Net proceeds from issuance of Preferred Stock		$ (165,000)	$ 40,445,000
Series A Preferred Warrants
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants		761,000
Issuance offering costs for preferred stock and warrants		142,000
Reclassification to deferred rent receivable and charges		$ 5,000
Number of warrants included in preferred stock unit (in shares)				1
Warrants issued (in shares)		4,603,287
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00	$ 25.00
Reclassification of Series A Preferred stock to permanent equity		$ 20,797,000
Preferred stock, shares issued (in shares)		12,240,878	11,327,248
Issuance offering costs for preferred stock and warrants		$ 22,000,000.0
Reclassification to deferred rent receivable and charges		5,000,000.0
Redeemable preferred stock dividends		$ 0	$ 755,000
Preferred stock including temporary equity shares outstanding (in shares)		8,749,542
Preferred stock, shares redeemed (in shares)		3,491,336
Redemption of preferred stock (in shares)		183,081
Common stock, issued shares (in shares)		1,202,761
Preferred stock, shares outstanding (in shares)		8,749,542	8,372,689
Series A1 Preferred Stock \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)	2,589,606	2,589,606
Series A1 Preferred Stock \| Preferred Stock, Redemption Period Two
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		718,649
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		12,040,878
Gross proceeds from issuance of preferred stock and warrants		$ 298,200,000
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		200,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)		$ 25.00	$ 25.00
Reclassification of Series A Preferred stock to permanent equity		$ 199,600,000
Preferred stock, shares issued (in shares)		8,820,338	8,820,338
Gross proceeds from issuance of preferred stock and warrants		$ 205,400,000
Issuance offering costs for preferred stock and warrants		17,000,000.0
Reclassification to deferred rent receivable and charges		$ 1,900,000
Preferred stock, shares redeemed (in shares)		5,151,320
Redemption of preferred stock (in shares)		2,330,186
Common stock, issued shares (in shares)		1,352,410
Preferred stock, shares outstanding (in shares)		3,669,018	4,125,363
Redeemed at the option of the Company (in shares)		17,080
Series A Preferred Stock \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of preferred stock paid in common stock (in shares)		671,058
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,251,657
Redemption of preferred stock (in shares)		2,313,106
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		568,681
Redemption of preferred stock paid in common stock (in shares)	2,150,076	2,150,076
Net proceeds from issuance of Preferred Stock		$ 0

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Shares and the Changes During the Year

The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share



Balance, December 31, 2023	196	$	1,125.00
Granted	428	$	510.00
Vested	(196)	$	1,125.00
Balance, December 31, 2024	428	$	510.00
Granted	34,644	$	6.35
Vested	(428)	$	510.00
Balance, December 31, 2025	34,644	$	6.35

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Management’s estimation of the fair value of the Company’s financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for the Company’s financial instruments and the Company utilizes other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value.

In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts the Company could realize in a current market exchange.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities.

Debt—The carrying amounts of the Company’s secured borrowings - government guaranteed loans, SBA 7(a) loan-backed notes, Lending Division Revolving Credit Facility and variable rate mortgage payable approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates. The Company determines the fair value of fixed rate mortgage notes payable and junior subordinated notes by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.

Loans Receivable—The Company determined the fair value of loans receivable by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk and using an anticipated prepayment rate. The value of the government guaranteed portions of loans held for sale was based

primarily on the anticipated proceeds to be received upon sale. The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:


	December 31, 2024

		Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk		7.30% - 10.75%	4.07% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes		9.00% - 10.75%	4.81% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings		10.25% - 10.25%	5.00% - 17.50%

As of December 31, 2025, the Company reclassified the assets and liabilities of First Western as held for sale, including the Company’s portfolio of loans receivable. See Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) later in this footnote for further discussion of the fair value measurement of the assets held for sale.

Derivative Instruments— The Company’s derivative instruments are comprised of two interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties.

Other Financial Instruments—The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2025 and 2024. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows:


	December 31, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to credit risk(1)	$	—	$	—	$	18,850	$	18,994	3
SBA 7(a) loans receivable, subject to loan-backed notes(1)	$	—	$	—	$	34,452	$	37,657	3
SBA 7(a) loans receivable, subject to secured borrowings(1)	$	—	$	—	$	1,383	$	1,383	3
SBA 7(a) loans receivable, held for sale(1)	$	—	$	—	$	1,525	$	1,600	3
Liabilities:
Mortgages payable (2)	$	268,403	$	251,632	$	269,100	$	233,364	3
Junior subordinated notes (2)	$	27,070	$	26,176	$	27,070	$	25,415	3

(1)Reclassed to held for sale as of December 31, 2025. See Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) for more detail.

(2)The carrying amounts for the mortgages payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance costs and discounts.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to investments in real estate is discussed in Note 2.

As discussed in Note 3, during the year ended December 31, 2025, one office property was deemed to be impaired due to the Company’s undiscounted future cash flow estimate for the property being less than its carrying value as result of a decline in performance. Such impairment resulted in the carrying value being reduced to an estimated fair value of $1.9 million,

resulting in an impairment charge of $221,000. In addition, one multifamily development site, currently being operated as a parking lot, was deemed to be impaired due to the Company’s undiscounted future cashflow estimate being less than its carrying value as a result of a decline in market conditions and a lack of immediate plans to develop the property. Such impairment resulted in the carrying value being reduced to an estimated fair value $11.2 million, resulting in an impairment charge of $3.5 million. The Company estimated fair values using Level 3 inputs and a market approach, specifically using the sales comparison approach. The sales comparison approach to valuing investments in real estate uses actual sales prices for comparable assets to determine the investment’s fair value. The sales prices of the comparable assets are adjusted to reflect their condition relative to the subject property, the time and resources necessary to ready the comparable properties for sale, and the terms of the comparable properties sales. No impairment charges were incurred during the year ended December 31, 2024.

As of December 31, 2025, the Company reclassified the assets and liabilities of First Western as held for sale, including the Company’s portfolio of loans receivable. Upon the reclassification of First Western to held for sale, the CECL balance related to the loans receivable was reversed. The loans receivable were subsequently written down to their estimated fair value (based on the contractual sales price) less costs to sell, resulting in a loss on assets held for sale of $298,000 for the year ended December 31, 2025. Following the loss on assets held for sale, as of December 31, 2025, the aggregate net assets and liabilities of First Western were recorded at fair value, less costs to sell. See note 5 for more detail on the assets and liabilities held for sale.

The following table presents the impairment charges by asset class recorded during the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
Asset class impaired:
Land	$	(2,586)
Land improvements	(870)



Work in progress	(236)
Total impairment loss	$	(3,692)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

OTHER INTANGIBLE ASSETS AND LIABILITIES - Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Acquired above-market leases
Future amortization of acquisition related intangible assets
Intangible lease assets, net	$ 0	$ 1
Acquired in-place Leases
Future amortization of acquisition related intangible assets
2026	0
2027	122
2028	123
2029	122
2030	72
Thereafter	0
Intangible lease assets, net	$ 439	$ 610

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

11. REDEEMABLE PREFERRED STOCK

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the years ended December 31, 2025 and 2024 (dollar amounts in thousands):



	Preferred Stock
		Series A1			Series A			Series D			Total
		Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2023		10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190		17,858,629	$	443,829





Issuance of Series A1 Preferred Stock		853,879	21,246		—	—		—	—			853,879	21,246
Redemption of Series A1 Preferred Stock paid in cash		(88,015)	(2,177)		—	—		—	—			(88,015)	(2,177)
Redemption of Series A1 Preferred Stock paid in Common Stock		(2,771,518)	(68,617)		—	—		—	—			(2,771,518)	(68,617)





Redemption of Series A Preferred Stock paid in cash		—	—		(941,687)	(23,501)		—	—			(941,687)	(23,501)
Redemption of Series A Preferred Stock paid in Common Stock		—	—		(2,364,789)	(58,877)		—	—			(2,364,789)	(58,877)


Balances, December 31, 2024		8,372,689	$	207,387	4,125,363	$	103,326	48,447	$	1,190		12,546,499	$	311,903







Redemption of Series A1 Preferred Stock paid in Common Stock		(536,737)	(13,321)		—	—		—	—			(536,737)	(13,321)

Reclassification of Series A1 Preferred Stock to Permanent Equity		913,590	23,385		—	—		—	—			913,590	23,385
Redemption of Series D Preferred Stock paid in common stock		—	—		—	—		(4,122)	(101)			(4,122)	(101)




Redemption of Series A Preferred Stock paid in Common Stock		—	—		(456,345)	(11,420)		—	—			(456,345)	(11,420)


Balances, December 31, 2025		8,749,542	$	217,451	3,669,018	$	91,906	44,325	$	1,089		12,462,885	$	310,446

Series A1 Preferred Stock—From June 2022 through September 2024, the Company conducted a public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment. As of September 2024, the Company has suspended its offering of Series A1 Preferred Stock.

Shares of Series A1 Preferred Stock issued from June 2022 through May 2024 were recorded in permanent equity at the time of their issuance. With respect to Series A1 Preferred Stock, for shares issued in June 2024 and thereafter, in the event a holder of Series A1 Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, net proceeds from the issuance of shares of Series A1 Preferred Stock from June 2024 and through September 2024 were initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A1 Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the issuance of a particular share of such Series A1 Preferred Stock, the Company reclassified such share of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapsed on the first anniversary date. As of December 31, 2025, the Company had reclassified an aggregate of $20.8 million in net proceeds from temporary equity to permanent equity.

As of December 31, 2025, the Company had issued in registered public offerings 12,040,878 shares of the Series A1 Preferred Stock and received gross proceeds of $298.2 million and additionally had issued 200,000 shares of Series A1 Preferred Stock as payment for services to CIM Service Provider, LLC (the “Administrator”), for which no cash proceeds were received. In connection with the issuance of shares of Series A1 Preferred Stock, $22.0 million of costs specifically identifiable to the offering of Series A1 Preferred Stock was allocated to the Series A1 Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $11.9 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2025, the Company had reclassified and allocated $5.0 million from deferred charges to Series A1 Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering.

If the net proceeds from the issuance of shares of Series A1 Preferred Stock are less than the redemption value of such shares at the time they were issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. The Company recorded no redeemable preferred stock deemed dividends related to such adjustments during the year ended December 31, 2025 and 755,000 during the year ended December 31, 2024.

As of December 31, 2025, there were 8,749,542 shares of Series A1 Preferred Stock outstanding and 3,491,336 shares of Series A1 Preferred Stock had been redeemed. Of the 3,491,336 shares of Series A1 Preferred Stock that have been redeemed, the redemption of 183,081 shares of Series A1 Preferred Stock were paid in cash (all of which were redeemed at the option of the holders). As of December 31, 2025, the Company, at its option, redeemed 2,589,606 shares of Series A1 Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date and, in addition, as of December 31, 2025, 718,649 shares redeemed at the option of the holders were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series A1 In-Kind Redemptions”). The Series A1 In-Kind Redemptions resulted in the aggregate issuance of 1,202,761 shares of Common Stock.

Series A Preferred Stock—The Company conducted a continuous public offering of Series A Preferred Stock, with each issued share of Series A Preferred Stock initially accompanied by one warrant (“Series A Preferred Warrant”) to purchase 0.25 of a share of Common Stock, subject to adjustment, from October 2016 through January 2020. Proceeds and expenses from the sale were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of the Company’s Series A Preferred Stock, which, since February 2020, was no longer being issued as a unit with an accompanying Series A Preferred Warrant. In June 2022, the Company concluded the offering of Series A Preferred Stock.

As of December 31, 2025, the Company had issued in registered public offerings 8,251,657 shares of Series A Preferred Stock and 4,603,287 Series A Preferred Warrants and received gross proceeds of $205.4 million and $761,000, respectively, and additionally, had issued 568,681 shares of Series A Preferred Stock as payment for services to the Administrator, for which no cash proceeds were received. In connection with the cumulative issuance of Series A Preferred Stock and Series A Preferred Warrants, $17.0 million and $142,000 of costs specifically identifiable to the offering of the Series A Preferred Stock and Series A Preferred Warrants, respectively, were allocated to the Series A Preferred Stock and Series A Preferred Warrants, respectively. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $11.9 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2025, the Company had reclassified and allocated $1.9 million and $5,000 from deferred charges to Series A Preferred Stock and Series A Preferred Warrants, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapsed on the first anniversary date. As of December 31, 2025, the Company had reclassified an aggregate of $199.6 million in net proceeds from temporary equity to permanent equity.

As of December 31, 2025, there were 3,669,018 shares of Series A Preferred Stock outstanding and 5,151,320 shares of Series A Preferred Stock had been redeemed. Of the 5,151,320 shares of Series A Preferred Stock that have been redeemed, the redemption of 2,330,186 shares of Series A Preferred Stock were paid in cash, 2,313,106 of which were redeemed at the option of the holders and 17,080 of which were redeemed at the option of the Company. As of December 31, 2025, the Company, at its option, redeemed 2,150,076 shares of Series A Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date and, in addition, as of December 31, 2025, 671,058 shares redeemed at the option of the holders were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series A In-Kind Redemptions”). The Series A In-Kind Redemptions resulted in the aggregate issuance of 1,352,410 shares of Common Stock.

Series D Preferred Stock—From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of its Series D Preferred Stock, par value $0.001 per share, subject to adjustment. The selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and

including June 28, 2020 and $24.50 per share thereafter. Shares of Series D Preferred Stock were recorded in permanent equity at the time of their issuance. In June 2022, the Company concluded the offering of its Series D Preferred Stock.

As of December 31, 2025, the Company had issued in registered public offerings 56,857 shares of Series D Preferred Stock and received gross proceeds of $1.4 million. In connection with such issuance, $35,000 of costs specifically identifiable to the offering of Series D Preferred Stock were allocated to the Series D Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $11.9 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2025, the Company had reclassified and allocated $13,000 from deferred charges to Series D Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering.

As of December 31, 2025, there were 44,325 shares of Series D Preferred Stock outstanding and 12,532 shares of Series D Preferred Stock had been redeemed. Of the 12,532 shares of Series D Preferred Stock that have been redeemed, the redemption of 8,410 shares of Series D Preferred Stock were paid in cash and 4,122 shares of Series D Preferred Stock were paid in shares of Common Stock, including all accrued and unpaid dividends as of the redemption date (collectively, the “Series D In-Kind Redemptions”). All such redemptions were redeemed at the option of the holders. The Series D In-Kind Redemptions resulted in the aggregate issuance of 11,556 shares of Common Stock.

Dividends—With respect to the payment of dividends or the distribution of amounts upon liquidation, dissolution or winding-up, the Series A1 Preferred Stock, the Series A Preferred Stock and Series D Preferred Stock rank on parity with respect to each other and senior to the Common Stock.

Holders of Series A1 Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends (the “Series A1 Dividend”) on each share of Series A1 Preferred Stock at the greater of (i) an annual rate of 6.0% of the Series A1 Preferred Stock Stated Value (i.e., the equivalent of $0.3750 per share per quarter) and (ii) the Federal Funds (Effective) Rate for such quarter and plus 2.5% of the Series A1 Preferred Stock Stated Value divided by four, up to a maximum of 2.5% of the Series A1 Preferred Stock Stated Value per quarter. Holders of Series A Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.50% of the Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter) (the “Series A Dividend”). Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (i.e., the equivalent of $0.35313 per share per quarter) (the “Series D Dividend”). Dividends on each share of Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock begin accruing on, and are cumulative from, the date of issuance.

During the year ended December 31, 2025, the Company paid $16.3 million, $5.6 million and $68,000 of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively. Additionally, during the year ended December 31, 2025, the Company paid dividends of $126,000 and $85,000 on the Series A1 Preferred Stock and Series A Preferred Stock, respectively, in shares of Common Stock due to these dividends being accrued and unpaid at the time that such applicable shares of Preferred Stock were redeemed in shares of Common Stock. During the year ended December 31, 2024, the Company paid $17.8 million, $7.8 million and $57,000 of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock, respectively. Additionally, during the year ended December 31, 2024, the Company paid dividends of $389,000 and $258,000 on the Series A1 Preferred Stock and Series A Preferred Stock, respectively, in shares of Common Stock due to these dividends being accrued and unpaid at the time that such applicable shares of Preferred Stock were redeemed in shares of Common Stock.

Redemptions—The Company’s Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock are redeemable at the option of the holder or the Company. The redemption schedule of the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A1 Preferred Stock Stated Value, Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. The Company has the right to redeem the Series A1 Preferred Stock after the date that is twenty-four months following the original issuance of such shares of Series A1 Preferred Stock at the Series A1 Preferred Stock Stated Value, plus accrued and

unpaid dividends. The Company has the right to redeem the Series A Preferred Stock or Series D Preferred Stock after the fifth anniversary of the date of original issuance of such shares at the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, plus accrued and unpaid dividends. With respect to redemptions of the Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock, at the Company’s discretion, the redemption price will be paid in cash and/or in Common Stock based on the volume weighted average price of the Company’s Common Stock for the 20 trading days prior to the redemption; provided that the redemption price of any shares of Series A1 Preferred Stock issued in June 2024 and thereafter that are redeemed prior to the first anniversary of the date of original issuance of such shares must be paid in cash. On or about March 16, 2026, the Company expects to redeem approximately 1,957,023 shares of Series A Preferred Stock, approximately 7,767,609 shares of Series A1 Preferred Stock and approximately 21,760 shares of Series D Preferred Stock (collectively “Preferred Stock”) in shares of Common Stock (the “March 2026 Redemption”). Other than the March 2026 Redemption, the company does not currently intend to redeem, at the Company’s election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of its shares of Preferred Stock at the time it receives them and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company’s discretion.

REDEEMABLE PREFERRED STOCK - Redemptions - Narrative (Details)		12 Months Ended
	Mar. 16, 2026 shares	Dec. 31, 2025 day shares
Series A1 Preferred Stock
Class of Stock [Line Items]
Redemption period		24 months
Preferred stock redemption, trading days prior to redemption \| day		20
Redemption of preferred stock (in shares)		183,081
Series A1 Preferred Stock \| Forecast
Class of Stock [Line Items]
Redemption of preferred stock (in shares)	7,767,609
Series A Preferred Stock
Class of Stock [Line Items]
Redemption of preferred stock (in shares)		2,330,186
Series A Preferred Stock \| Forecast
Class of Stock [Line Items]
Redemption of preferred stock (in shares)	1,957,023
Series D Preferred Stock
Class of Stock [Line Items]
Redemption of preferred stock (in shares)		8,410
Series D Preferred Stock \| Forecast
Class of Stock [Line Items]
Redemption of preferred stock (in shares)	21,760

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Minimum Rental Revenue Under Long-Term Operating Leases

Future minimum rental revenue under long-term operating leases as of December 31, 2025, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands):


Years Ended December 31,	Total

2026	$	50,194
2027	32,751
2028	19,789
2029	15,955
2030	9,415
Thereafter	51,974
	$	180,078

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2025 and 2024, is as follows:


	As of December 31,
	2025		2024

	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $1,874 and $5,195, respectively, with an average useful life of 2 and 6 years, respectively.	$	439	$	610
Acquired above-market leases, net of accumulated amortization of $0 and $36, respectively, with an average useful life of 0 and 7 years, respectively.	—		1
Trade name and license (1)	—		2,957
Total intangible assets, net	$	439	$	3,568

(1)The trade name and license was reclassified to held for sale as of December 31, 2025.

Schedule of Amortization of Acquired Leases

During the years ended December 31, 2025 and 2024, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
		2025		2024
	(in thousands)
Acquired above-market lease amortization		$	1	$	6
Acquired in-place lease amortization		$	171	$	374

Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2025, is as follows:


	Assets
	Acquired
	In-Place
Years Ending December 31,	Leases
	(in thousands)
2026	$	—
2027	122
2028	123
2029	122
2030	72
Thereafter	—
	$	439

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details)	1 Months Ended			12 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft² unit investor	Feb. 28, 2022 USD ($)	Dec. 31, 2025 USD ($) ft² unit	Dec. 31, 2024 USD ($)	Nov. 01, 2024	Sep. 30, 2024 unit	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Outstanding balance				$ 514,478,000
Work in progress				18,631,000	$ 36,929,000
Loss from unconsolidated entities				$ 3,760,000	806,000
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest				44.20%
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Interests acquired		20.00%
Ownership Interest				20.00%
4750 Wilshire Boulevard \| Three Co-Investors
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 34,400,000
Number of co-investors \| investor		3
Interests acquired		80.00%
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest				25.50%
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest				28.80%
Multifamily \| 1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				36
Multifamily \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit		68					68
Multifamily \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				76
Office Building \| 1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²				105,064
Office Building \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²		30,335		30,335
Office Building \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²				44,141
Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Outstanding balance				$ 476,959,000	440,446,000
Corporate Joint Venture \| 1915 Park Project
Schedule of Equity Method Investments [Line Items]
Work in progress				12,700,000
Corporate Joint Venture \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Project cost				28,800,000
Corporate Joint Venture \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 19,100,000
Ownership Interest		50.00%				25.50%
Corporate Joint Venture \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 18,000,000.0
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
Loss from unconsolidated entities				3,800,000	$ 806,000
Corporate Joint Venture \| Office Building \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Area of land (square feet) \| ft²	44,141
Corporate Joint Venture \| Mortgages Payable \| 1915 Park Project
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount				9,400,000
Outstanding balance				6,800,000
Corporate Joint Venture \| Mortgages Payable \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount				38,500,000
Outstanding balance				$ 37,900,000
Corporate Joint Venture \| Mortgages Payable \| 1902 Park JV
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount		$ 9,600,000
Office Property, Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 22,400,000
Office Property, Los Angeles, California \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 51,000,000.0
Office Property, Los Angeles, California \| Corporate Joint Venture \| Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount								$ 23,900,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Unamortized retained loan discounts	$ 6,900,000	$ 7,900,000
Loan receivable, nonaccrual, past due period (more than)	60 days
Allowance for credit losses	$ 0	$ 2,032,000	$ 1,680,000
Reversal of CECL balance related to loans reclassified as held for sale	$ 2,557,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

EARNINGS PER SHARE ("EPS") - Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to common stockholders	$ (61,648)	$ (73,343)
Redeemable preferred stock dividends declared on dilutive shares	0	0
Diluted net loss attributable to common stockholders	$ (61,648)	$ (73,343)
Denominator:
Basic weighted average shares of Common Stock outstanding (in shares)	919	170
Effect of dilutive securities—contingently issuable shares (in shares)	0	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	919	170
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (67.08)	$ (431.43)
Diluted (in usd per share)	$ (67.08)	$ (431.43)

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
REVENUES:
Rental and other property income	$ 65,431,000	$ 72,266,000
Hotel income	39,642,000	37,679,000
Interest and other income	11,596,000	14,567,000
Total Revenues	116,669,000	124,512,000
EXPENSES:
Rental and other property operating	67,043,000	67,962,000
Asset management and other fees to related parties	1,356,000	1,797,000
Interest	40,191,000	36,872,000
General and administrative	5,355,000	7,004,000
Transaction-related costs	1,475,000	1,382,000
Depreciation and amortization	27,081,000	27,373,000
Loss on early extinguishment of debt (Note 7)	88,000	1,416,000
Impairment of real estate (Note 3)	3,692,000	0
Loss on assets held for sale (Note 5)	298,000	0
Total Expenses	152,666,000	148,658,000
Loss from unconsolidated entities	(3,760,000)	(806,000)
Gain on sale of real estate (Note 3)	679,000	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(39,078,000)	(24,952,000)
Provision for income taxes	497,000	798,000
NET LOSS	(39,575,000)	(25,750,000)
Net loss attributable to noncontrolling interests	573,000	575,000
NET LOSS ATTRIBUTABLE TO THE COMPANY	(39,002,000)	(25,175,000)
Redeemable preferred stock dividends declared or accumulated (Note 11)	(21,207,000)	(29,686,000)
Redeemable preferred stock deemed dividends (Note 11)	0	(755,000)
Redeemable preferred stock redemptions (Note 11)	(1,439,000)	(17,727,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (61,648,000)	$ (73,343,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (67.08)	$ (431.43)
Diluted (in usd per share)	$ (67.08)	$ (431.43)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	919	170
Diluted (in shares)	919	170
Series A1 Preferred Stock
EXPENSES:
Redeemable preferred stock deemed dividends (Note 11)	$ 0	$ (755,000)
Redeemable preferred stock redemptions (Note 11)		(5,100,000)
Non-segment assets
EXPENSES:
Expense reimbursements to related parties	3,496,000	2,281,000
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 2,591,000	$ 2,571,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Hotel income	$ 39,642	$ 37,679
Rental and other property income	65,431	72,266
Interest and other income	11,596	14,567
Hotel revenues	116,669	124,512
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	39,642	37,679
Rental and other property income	1,622	1,344
Interest and other income	76	384
Hotel revenues	$ 41,341	$ 39,407

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SEGMENT DISCLOSURE - Narrative (Details) - property	12 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of reportable segments not disclosed flag	reportable segments
Number of types of commercial real estate properties	3	3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Principles of Consolidation—The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. As of December 31, 2025, the Company has determined that the trust formed for the benefit of the note holders (the “Trust”) for the securitization of the unguaranteed portion of certain of the Company’s SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. In addition, as of December 31, 2025, the Company has determined that its Unconsolidated Joint Ventures (as defined below) are considered VIEs. Applying the consolidation requirements for VIEs, the Company determined that it is not the primary beneficiary based on its lack of power to direct activities and its obligations to

absorb losses and right to receive benefits. Therefore, the Unconsolidated Joint Ventures do not qualify for consolidation. The Company accounts for its investments in Unconsolidated Joint Ventures as equity method investments.

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded at fair value to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective relative fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

Capitalized Project Costs

The Company capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate—The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the asset. The Company recognized impairments of long-lived assets of $3.7 million during the year ended December 31, 2025. No impairment of long-lived assets was recognized during the year ended December 31, 2024 (Note 3).

Investments in Unconsolidated Entities—The Company accounts for its investments in the unconsolidated joint ventures (the “Unconsolidated Joint Ventures”) under the equity method, as the Company has the ability to exercise significant influence over the investments. The Unconsolidated Joint Ventures record their assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Ventures’ unrealized gains or losses as well as its share of the revenues and expenses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and such share is recognized within the Company’s income from unconsolidated entities on the consolidated statements of operations.

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

Restricted Cash—The Company’s mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash at the lending division, which had been reclassified as held for sale as of December 31, 2025 in connection with

sale of the lending division (“First Western”) in January 2026, also included cash required to be segregated in connection with certain of the Company’s loans receivable and with its SBA 7(a) loan-backed notes.

Key Money—Key money received in connection with the hotel management agreement which the Company has entered into with the franchisor of its hotel property in Sacramento, California (the “Sheraton Management Agreement”) following the completion of specific capital projects is deferred and amortized over the 30-year term of the agreement. Deferred key money is classified as deferred income and recorded in other liabilities in the Company’s accompanying consolidated balance sheet and amortized as an offset to management fees paid to the franchisor under the Sheraton Management Agreement. As of December 31, 2025, deferred key money of $4.7 million was presented net of accumulated amortization of $48,000. No deferred key money had been recorded as of December 31, 2024.

Loans Receivable—The Company’s loans receivable were carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and reserves for expected credit losses. Acquisition discounts or premiums, origination fees and retained loan discounts were amortized as a component of interest and other income using the effective interest method over the expected life of the respective loans, or on a straight-line basis when it approximates the effective interest method. All loans were originated pursuant to programs sponsored by the Small Business Administration (the “SBA”) under the SBA 7(a) Small Business Loan Program (the “SBA 7(a) Program”).

Pursuant to the SBA 7(a) Program, prior to the sale of our lending business in January 2026, the Company sold the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which were accounted for as sales, the unguaranteed portion of the loan retained by the Company was recorded at fair value and a discount is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $6.9 million and $7.9 million as of December 31, 2025 and 2024, respectively.

A loan receivable was generally classified as non-accrual (a “Non-Accrual Loan”) if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans were charged-off when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in interest and other income, on a Non-Accrual Loan were recognized on the cost recovery basis.

All loans receivable were reclassified as held for sale as of December 31, 2025.

Current Expected Credit Losses—The current expected credit losses (“CECL”) required under Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments Credit Losses, and subsequent amendments (“ASU 2016-13”) reflects the Company’s estimate of potential credit losses related to the Company’s loans receivable included in the consolidated balance sheets. While ASU 2016-13 does not require any particular method for determining CECL, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

As of December 31, 2025, the Company had a no remaining CECL balance, following the reversal of $2.6 million of CECL related to the Company’s loans being reclassifed as held for sale during the year ended December 31, 2025 in connection with the sale of First Western. As of December 31, 2024, the Company had a total CECL of $2.0 million.

The Company estimates CECL for its loans primarily using its historical experience with loan write-offs, historical charge-offs from third-party firms, and the weighted average remaining maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No. 1. This method requires the Company to reference historical loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loans that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans with respect to which the Company determines

foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan.

Quarterly, the Company evaluates the risk of all loans receivable and assigns a risk rating based on a variety of factors, which are grouped as follows: (i) loan and credit structure, including the as-is loan-to-value (“LTV”) ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, local market, physical condition and stability of cash flow; and (iii) quality, experience and financial condition of the borrower.

Based on a 5-point scale, the Company’s loans receivable are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-Acceptable — These are assets of high quality;

2-Other Assets Especially Mentioned (“OAEM”) — These are assets that are generally profitable but exhibit potential weakness or weaknesses, including, but not limited to, no significant pay history as detailed below for loans originated generally within the last year. Such weaknesses could result in deterioration if not corrected;

3-Substandard — These assets generally have a well-defined weakness or weaknesses which could hinder collection efforts;

4-Doubtful — These assets have weakness or weaknesses similar to substandard loans; however, the weakness or weaknesses are so extreme that significant loss potential exists in all cases; and

5-Loss — Assets assigned this classification have no value and thus have been or are in the process of being charged off.

The Company generally assigns a risk rating of “1” to all newly originated loans (generally within one year of origination) due to lack of management experience and/or lack of adequate historical debt coverage at the origination date.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11), deferred financing costs and other deferred costs.

Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight-line basis over the terms of the related leases.

Deferred offering costs represented direct costs incurred in connection with the Company’s offerings of Series A1 Preferred Stock (as defined below), Series A Preferred Stock (as defined below), and Series D Preferred Stock (as defined below), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other offering fees and expenses. Generally, for a specific issuance of securities, issuance-specific offering costs are recorded as a reduction of proceeds raised on the issuance date and offering costs incurred but not directly related to a specifically identifiable closing of a security are deferred. Deferred offering costs were first allocated to each issuance of a security on a pro-rata basis equal to the ratio of the number of securities issued in a given issuance to the maximum number of securities that were expected to be issued in the related offering. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, in the event a holder of Series A1 Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, from June 2024 through September 2024, deferred offering costs allocated to each issuance were recorded as reductions to temporary equity and will subsequently be reclassified to permanent equity on the first anniversary of each issuance. In the case of the Series A Preferred Stock issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance were further allocated to the Series A Preferred Stock and Series A Preferred Warrants issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Series A Preferred Warrants were reductions to temporary equity and permanent equity, respectively, with the deferred offering costs allocated to Series A Preferred Stock being reclassified from temporary equity to permanent equity on the first anniversary of each issuance.

In September 2024, the Company, at its option, redeemed 2,589,606 and 2,150,076 shares of its Series A1 Preferred Stock and Series A Preferred Stock, respectively, in shares of Common Stock and suspended its offering of Series A1

Preferred Stock. Following the suspension of its Series A1 Preferred Stock’s offering, the Company no longer deemed it

probable that future proceeds would be raised from the sale of these securities and, as a result, the Company recognized $5.1 million of redeemable preferred stock redemptions in its consolidated statement of operations for the year ended December 31, 2024 related to amounts that had been recorded as deferred offering costs.

Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities.

As of December 31, 2025 and 2024, deferred rent receivable and charges, net consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Deferred rent receivable	$	10,850	$	12,931
Deferred leasing costs, net of accumulated amortization of $5,749 and $11,870, respectively	7,137		6,351

Deferred financing costs, net of accumulated amortization of $112 and $2,654, respectively	705		614

Deferred rent receivable and charges, net	$	18,692	$	19,896

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $0.001 per share (“Series A1 Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series A1 Preferred Stock Stated Value”), Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), or Series D Preferred Stock, par value $0.001 per share (“Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”), the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 11. The Company records the activity related to the Series A1 Preferred Stock (for issuances prior to June 2024), Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock in permanent equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, in the event a holder of Series A1 Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, beginning from June 2024 through September 2024, the Company recorded issuances of Series A1 Preferred Stock in temporary equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the date of original issuance of each particular share of Series A1 Preferred Stock the Company reclassified such share of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapsed on the first anniversary date.

Purchase Accounting for Acquisition of Investments in Real Estate—The Company applies the acquisition method to all acquired real estate assets. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded at fair value to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their relative fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land (or acquired ground lease if the land is subject to a ground lease), land improvements, building and improvements, and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating

carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases, including leasing commissions, legal, and other related costs.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market leases, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Revenue Recognition—At the inception of a revenue-producing contract, the Company determines if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate treatment in accordance with GAAP is applied to the contract, including its revenue recognition.

Revenue from leasing activities

The Company operates as a lessor of both office and multifamily real estate assets. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria:

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s tenants constitute leases.

All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. As of December 31, 2025 and 2024, lease incentives of $1.3 million and $3.9 million, respectively, are presented net of accumulated amortization of $1.1 million and $3.6 million, respectively.

Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue and are included in rental and other property income in the period the expenses are incurred, with the corresponding expenses included in rental and other property operating expense. Tenant reimbursements are recognized and presented on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the

tenant. The Company has elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in the Company’s leases.

In addition to minimum rents, certain leases, including the Company’s parking leases with third-party operators, provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Percentage rent is recognized once lessees’ specified sales targets have been met.

For the years ended December 31, 2025 and 2024, the Company recognized rental income as follows (in thousands):


	Year Ended December 31,
		2025		2024
Rental and other property income
Fixed lease payments (1)		$	56,047	$	62,322
Variable lease payments (2)		9,384		9,944
Rental and other property income		$	65,431	$	72,266

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collections.

Collectability of Future Lease Payments

The Company continually reviews whether collection of future lease payments, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of future lease payments is not probable, the Company will record a reduction to rental and other property income and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of future lease payments is based on the best information available at the time of estimate. The Company does not use a general reserve approach. As of December 31, 2025 and 2024, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $371,000 and $640,000, respectively.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and the Company’s short-term investments and the accretion of loan discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan (as defined below).

Revenue from hotel activities

The Company recognizes revenue from hotel activities separate from its leasing activities. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows:

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with

noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer.

Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time when the good or service is delivered to the customer.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18 (in thousands):


	Year Ended December 31,
		2025		2024
Hotel properties
Hotel income		$	39,642	$	37,679
Rental and other property income		1,622		1,344

Interest and other income		76		384
Hotel revenues		$	41,341	$	39,407

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which the Company’s tenants have agreed to fully reimburse the Company for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. No such amounts were recognized for tenant recoveries outside of the lease agreements for the years ended December 31, 2025 and 2024. As of December 31, 2025, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

Premiums and Discounts on Debt— Premiums and discounts on debt are amortized or accreted to interest expense using the effective interest method or on a straight-line basis over the respective term of the debt, which approximates the effective interest method.

Stock-Based Compensation Plans—The Company has issued and continues to issue restricted shares under stock-based compensation plans described more fully in Note 9. The Company uses fair value recognition provisions to account for all awards granted, modified or settled.

Earnings per Share (“EPS”)—Basic EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Net income attributable to common stockholders includes a deduction for dividends due to preferred stockholders. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the dilutive effect, if any, of securities such as stock-based compensation awards, preferred stock, including the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company. The dilutive effect of stock-based compensation awards is reflected in the weighted average diluted shares calculation by application of the treasury stock method. The dilutive effect of preferred stock, including the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company, is reflected in the weighted average diluted shares calculation by application of the if-converted method.

Distributions—Distributions on the Company’s Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock, and Common Stock are recorded when they are authorized by its Board of Directors and declared by the Company.

Assets Held for Sale and Discontinued Operations—In the ordinary course of business, the Company may periodically enter into agreements to dispose of its assets. Some of these agreements are non-binding because either they do not obligate either party to pursue any transactions until the execution of a definitive agreement or they provide the potential buyer with the ability to terminate without penalty or forfeiture of any material deposit, subject to certain specified contingencies, such as completion of due diligence at the discretion of such buyer. The Company does not classify assets that are subject to such non-binding agreements as held for sale.

The Company classifies assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally believes that it meets these criteria when the plan for sale has been approved by its management, having the authority to approve the sale, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year.

Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. In addition, if the Company were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition.

As of December 31, 2025, the Company had reclassifed the assets and liabilities of First Western as held for sale

Derivative Financial Instruments—As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements, but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. See Note 8 for further disclosures about our derivative financial instruments and hedging activities.

Income Taxes—The Company has elected to be taxed as a REIT under the provisions of the Code. To the extent the Company qualifies for taxation as a REIT, it generally will not be subject to a federal corporate income tax on its taxable income that is distributed to its stockholders. The Company may, however, be subject to certain federal excise taxes and state and local taxes on its income and property. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and will not be able to qualify as a REIT for four subsequent taxable years. In order to remain qualified as a REIT under the Code, the Company must satisfy various requirements in each taxable year, including, among others, limitations on share ownership, asset diversification, sources of income, and the distribution of at least 90% of its taxable income within the specified time in accordance with the Code.

The Company has wholly owned taxable REIT subsidiaries (“TRS’s”) which are subject to federal income taxes. The income generated from the taxable REIT subsidiaries is taxed at normal corporate rates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases.

The Company has established a policy on classification of penalties and interest related to audits of its federal and state income tax returns. If incurred, the Company’s policy for recording interest and penalties associated with audits will be to record such items as a component of general and administrative expense. Penalties, if incurred, will be recorded in general and

administrative expense and interest paid or received will be recorded in interest expense or interest income, respectively, in the Company’s consolidated statements of operations.

ASC 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. The Company has reviewed all open tax years and concluded that the application of ASC 740 resulted in no material effect to its consolidated financial position or results of operations.

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances at such time. Actual results could differ from those estimates.

Concentration of Credit Risk—Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents and interest rate swap agreements. The Company has its cash and cash equivalents on deposit with what it believes to be high-quality financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Management routinely assesses the financial strength of its tenants and, as a consequence, believes that its accounts receivable credit risk exposure is limited.

The majority of the Company’s revenues are earned from properties located in California. The Company is subject to risks incidental to the ownership and operation of commercial real estate. These include, among others, the risks normally associated with changes in the general economic climate in the communities in which the Company operates, trends in the real estate industry, changes in tax laws, interest rate levels, availability of financing, and the potential liability under environmental and other laws.

Segment Information—Segment information is prepared on the same basis that the Company’s management reviews information for operational decision-making purposes. The Company’s reportable segments for the years ended December 31, 2025 and 2024 consist of three types of commercial real estate properties, namely office, hotel and multifamily, as well as a segment for the Company’s lending business. As previously disclosed, we completed the sale of our lending business on January 21, 2026, and, as a result, our lending business will cease to be one of our reportable segments in future periods. The products for the Company’s office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for the Company’s multifamily segment primarily include revenues generated from residential and other lease income. The products for the Company’s hotel segment include revenues generated from the operations of hotel properties and rental income generated from a garage located directly across the street from the hotel. The income from the Company’s lending segment includes premium income recognized from the sale of the government guaranteed portion of loans receivable, income from the yield on its loans receivable and other related fee income earned on its loans receivable.

Recently Issued Accounting Pronouncements—In August 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The adoption of ASU 2023-05 did not impact the Company’s financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, (“ASU 2023-09”). ASU 2023-09 enhances annual income tax disclosures by requiring additional disaggregation of information in the effective tax rate reconciliation and regarding income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2025, and interim periods within fiscal years beginning after December 15, 2026, and early adoption is permitted. The adoption of ASU No. 2023-09 has not impacted the Company’s financial statements but has resulted in incremental disclosures, which are included within Note 16 — Income Taxes.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Fees and Expense Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 1,356	$ 1,797
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	2,114	2,295
Property management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	96	95
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction	6,852	7,733
Onsite management and other cost reimbursement \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	450	511
Lease commission
Related Party Transaction [Line Items]
Related party, amount of transaction	235	808
Lease commission \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	69	48
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	532	1,061
Construction management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	147	172
Development management reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction	1,136	1,747
Development management reimbursement \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	382	756
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	3,496	2,281
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction	2,591	2,571
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction	0	546
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction	0	606
Personnel fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred personnel costs	$ 72	$ 132

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Loan Commitments—Commitments to extend credit are agreements to lend to a customer when the terms established in the contract are met. The Company’s outstanding commitments to fund loans were $7.9 million as of December 31, 2025, all of which are for prime-based loans to be originated by the Company’s subsidiary engaged in SBA 7(a) Small Business Loan Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. The Company’s lending business was sold in January 2026. General—In connection with the ownership and operation of real estate properties, the Company has certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. The Company had a total of $5.2 million in future obligations under leases to fund tenant improvement as of December 31, 2025. As of December 31, 2025, $13.4 million was funded to reserve accounts included in restricted cash on the Company’s consolidated balance sheet for these tenant improvement obligations in connection with various mortgage loan agreements. Under the terms of the Sheraton Management Agreement, the Company is obligated to complete specific renovation projects at its hotel property (the “Sheraton Renovations”). As of December 31, 2025, the expected costs to complete the Sheraton Renovations was $4.1 million. As of December 31, 2025, the Company was entitled to receive an additional $3.3 million of key money under the Sheraton Management Agreement, to be made available to the Company upon completion of specific aspects of the Sheraton Renovation. The Company also has available borrowings of $1.2 million under a mortgage loan agreement at its hotel property which can be used to finance remaining costs related to the Sheraton Renovations. Employment Agreements—The Company had an employment agreement with one of its officers. Under certain circumstances, this employment agreement provided for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officer. Litigation—The Company is not currently involved in any material pending or threatened legal proceedings nor, to the Company’s knowledge, are any material legal proceedings currently threatened against the Company, other than routine litigation arising in the ordinary course of business. In the normal course of business, the Company is periodically party to certain legal actions and proceedings involving matters that are generally incidental to the Company’s business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management’s opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on its Preferred Stock or renew dividends on its Common Stock. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. Such subsidiary has reached an agreement in principle to settle the lawsuit with the plaintiff, pursuant to which such subsidiary’s share of the settlement payment is expected to be approximately $700,000. The Company anticipates that such payment will be made directly from the Company’s insurance carrier, which will be responsible for the entire payment. Accordingly, the Company does not expect this lawsuit to have any adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain the level of distributions on the Company’s Preferred Stock or any renewed dividends on our Common Stock. SBA Related—If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the SBA 7(a) Small Business Loan Program, the SBA may seek recovery of the principal loss related to the deficiency from the Company. As of December 31, 2025, the Company serviced an aggregate of $201.3 million of the guaranteed portion of SBA 7(a) loans. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from the Company in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, the Company does not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on our Preferred Stock or any renewed dividends on our Common Stock. Environmental Matters—In connection with the ownership and operation of real estate properties, the Company may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. The Company has not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and the Company is not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on our Preferred Stock or any renewed dividends on our Common Stock.

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the debt balances as of December 31, 2025 and 2024, and the debt activity for the year ended December 31, 2025 (in thousands):


			During the Year Ended December 31,
	Balances as of December 31, 2024		Debt Issuances & Assumptions		Repayments (1)		Accretion & (Amortization)		Reclassified to Held for Sale		Balances as of December 31, 2025
Mortgages Payable:
Fixed rate mortgages payable	$	269,100	$	—	$	(697)	$	—	$	—	$	268,403
Variable rate mortgages payable	171,346		43,609		(6,399)		—		—		208,556
	440,446		43,609		(7,096)		—		—		476,959
Deferred debt issuance costs — Mortgages Payable	(3,995)		(1,971)		—		2,446		—		(3,520)
Total Mortgages Payable	436,451		41,638		(7,096)		2,446		—		473,439
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	1,361		—		(52)		—		(1,309)		—
Unamortized premiums	22		—		—		(3)		(19)		—
Total Secured Borrowings—Government Guaranteed Loans	1,383		—		(52)		(3)		(1,328)		—
Other Debt:
Lending division credit facility	—		11,895		(1,446)		—		—		10,449
2022 credit facility revolver	1,367		—		(1,367)		—		—		—
2022 credit facility term loan	13,633		—		(13,633)		—		—		—
Junior subordinated notes	27,070		—		—		—		—		27,070
SBA 7(a) loan-backed notes	27,857		—		(11,453)		—		(16,404)		—
Deferred debt issuance costs — other	(733)		—		59		272		402		—
Discount on junior subordinated notes	(1,296)		—		—		106		—		(1,190)
Total Other Debt	67,898		11,895		(27,840)		378		(16,002)		36,329
Total Debt, Net	$	505,732	$	53,533	$	(34,988)	$	2,821	$	(17,330)	$	509,768

(1)The write-off of $59,000 of deferred debt issuance costs associated with the 2022 Credit Facility Term Loan (as defined below) resulting from the early extinguishment of debt incurred during the year ended December 31, 2025 is reflected here within deferred debt issuance costs — other. See further discussion under 2022 Credit Facility.

Fixed Rate Mortgages Payable—The Company’s fixed rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the fee simple interests in properties underlying such mortgages and assignments of rents receivable. As of December 31, 2025, the Company’s fixed rate mortgages payable had fixed interest rates of 6.25%, 4.14% and 7.41% per annum, with payments of interest only and initial maturity dates of June 7, 2026, July 1, 2026 and January 11, 2030, respectively.

In regards to the mortgage payable with a balance of $66.3 million as of December 31, 2025 maturing on June 7, 2026 (the “1150 Clay Mortgage”), the Company executed the final one-year extension option under the mortgage in June 2025. The Company intends to work with the lender in order to refinance the 1150 Clay Mortgage beyond its stated maturity date of June 7, 2026. Although the Company believes it is likely it will be able to refinance the 1150 Clay Mortgage prior to June 7, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1150 Clay Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

In regards to the mortgage payable with a balance of $97.1 million as of December 31, 2025 maturing on July 1, 2026 (the “1 Kaiser Mortgage”), the Company intends to work with the lender in order to refinance the 1 Kaiser Mortgage beyond its stated maturity date of July 1, 2026. Although the Company believes it is likely it will be able to refinance the 1 Kaiser Mortgage prior to July 1, 2026, there can be no assurance that such refinancing will occur. If the Company and the lender under the 1 Kaiser Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its

contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

Variable Rate Mortgages Payable—The Company’s variable rate mortgages payable are non-recourse and are secured by, among other things, first priority deeds of trust, security agreements or other similar security instruments on the Company’s fee simple and leasehold interests in its hotel asset and adjacent parking garage and by a deed of trust on and assignment of rents receivable from a multifamily property. As of December 31, 2025, the Company’s variable rate mortgages payable had a variable interest rate of SOFR plus 4.35%, SOFR plus 3.36%, SOFR plus 3.00% and SOFR plus 2.95%, with a maturity date of January 1, 2027 (with three one-year extension options), January 31, 2027, February 14, 2027 and April 3, 2028, respectively. The mortgages with maturity dates of January 1, 2027, January 31, 2027, and February 14, 2027 have monthly payments of interest only, while the mortgage with an initial maturity date of April 3, 2028 has monthly payments of interest plus $50,000 of principal.

With regards to the mortgage payable with a balance of $81.0 million as of December 31, 2025 secured by a multifamily property in Oakland, California (the “Channel House Mortgage”), on August 4, 2025 the Company reached an agreement with the lender to extend the maturity date through January 31, 2027 (the “Channel House Mortgage Extension”). In connection with the Channel House Mortgage Extension, the Company made a repayment of $6.0 million under the Channel House Mortgage, reducing it from its previous balance of $87.0 million. Although the Company believes it is likely it will be able to refinance the Channel House Mortgage prior to January 31, 2027, there can be no assurance that such refinancing will occur. If the Company and the lender under the Channel House Mortgage cannot agree on an extension of the mortgage and the Company fails to repay the loan in full upon its contractual maturity date, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, take possession of the property.

Secured Borrowings—Government Guaranteed Loans—Secured borrowings—government guaranteed loans represent sold loans which are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral. These loans included cash premiums that are amortized as a reduction to interest expense over the life of the loan using the effective interest method and are fully amortized when the underlying loan is repaid in full. As of December 31, 2025, the Company’s secured borrowings-government guaranteed loans included $337,000 of loans sold for a premium and excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 7.96% at December 31, 2025, and $1.0 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 5.60% at December 31, 2025. Secured borrowings—government guaranteed loans were reclassified as held for sale as of December 31, 2025, and were included in the sale of First Western, which closed in January 2026.

Lending Division Revolving Credit Facility—In June 2025, a subsidiary of the Company, as borrower, entered into an agreement (the “Lending Division Revolving Credit Facility”) with a bank that included a $20.0 million revolving credit facility secured by the unguaranteed portion of certain of such subsidiary’s SBA 7(a) loans receivable and other assets of such subsidiary, subject to a borrowing base calculation, and fully guaranteed by the Company. The Lending Division Revolving Credit Facility bore interest at (i) the base rate plus 2.00% or (ii) SOFR plus 3.00%, at the borrower’s election and, as of December 31, 2025, had an effective interest rate of 6.79%. In connection with the Company’s guaranty of the Lending Division Revolving Credit Facility (the “Parent Guaranty”), the Company is subject to certain financial covenants, including maintenance of (i) a consolidated fixed charge coverage ratio of at least 1.05 to 1.00, (ii) a minimum net worth of $200.0 million, (iii) a total leverage ratio no greater than 2.50 to 1.00 and (iv) $10.0 million of liquidity. If the Company fails to comply with the financial covenants set forth in the Parent Guaranty, the lender under the Lending Division Revolving Credit Facility has the right to require the Company to post cash collateral for the benefit of the lender in an amount equal to 105% of the outstanding principal balance under the facility plus all accrued and unpaid interest under such facility. On October 22, 2025, the Company entered into an amendment to the Parent Guaranty to modify the Parent Guaranty’s consolidated fixed charge coverage ratio covenant. Pursuant to the amendment, the Company must maintain a consolidated fixed charge coverage ratio of (x) for the fiscal quarters ending September 30, 2025 and December 31, 2025, not less than 1.00 to 1.00, and (y) for any fiscal quarter ending after December 31, 2025, not less than 1.15 to 1.00. As previously announced on November 12, 2025, the Company and First Western entered into the Membership Interest Purchase Agreement with the Buyer. The Closing contemplated by the Membership Interest Purchase Agreement occurred on January 21, 2026. At the Closing, Buyer purchased from the Company all of the issued and outstanding equity interests of First Western SBLC, LLC, and the remaining balance of $10.5 million under the Lending Division Revolving Credit Facility was paid in full, resulting in the termination of the Lending Division Revolving Credit Facility.

2022 Credit Facility—In December 2022, the Company refinanced its 2018 credit facility and replaced it with a new 2022 credit facility (the “2022 Credit Facility”), entered into with a bank syndicate, that included a $56.2 million term loan (the “2022 Credit Facility Term Loan”) as well as a revolver that originally allowed the Company to borrow up to $150.0 million (the “2022 Credit Facility Revolver”), both of which were collectively subject to a borrowing base calculation. At the time the 2022 Credit Facility was entered into, it was collateralized by six of the Company’s office properties, as well as the Company’s hotel property and adjacent parking garage (the “Hotel Properties”). The 2022 Credit Facility originally had a maturity date in December 2025 and provided for two one-year extension options. In December 2024, using proceeds from the closing of a variable rate mortgage on the Hotel Properties and a fixed rate mortgage on three of the Company’s office properties, the Company repaid $111.7 million on the 2022 Credit Facility Revolver and $42.6 million on the 2022 Credit Facility Term Loan. On April 3, 2025, the Company completed the refinancing of an office property in Austin, Texas and used a portion of the proceeds from such refinancing to repay the 2022 Credit Facility in full and, in connection with such repayment, the 2022 Credit Facility was terminated. In connection with termination of the 2022 Credit Facility, the Company recorded a loss on early extinguishment of debt during the year ended December 31, 2025 of $88,000 related to the write-off of deferred debt origination costs of $29,000 associated with the 2022 Credit Facility Revolver and $59,000 associated with the 2022 Credit Facility Term Loan.

Junior Subordinated Notes—The Company has junior subordinated notes with a variable interest rate which resets quarterly based on the three-month SOFR plus 3.51%, with quarterly interest only payments. The junior subordinated balance is due at maturity on March 30, 2035. The junior subordinated notes may be redeemed at par at the Company’s option.

SBA 7(a) Loan-Backed Notes—On March 9, 2023, the Company completed a securitization of the unguaranteed portion of certain of its SBA 7(a) loans receivable with the issuance of $54.1 million of unguaranteed SBA 7(a) loan-backed notes (the “SBA 7(a) Loan-Backed Notes”). The SBA 7(a) Loan-Backed Notes were collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of the Company’s SBA 7(a) loans receivable. The SBA 7(a) Loan-Backed Notes were reclassified as held for sale as of December 31, 2025, and were included in the sale of First Western, which closed in January 2026.

Other—Deferred debt issuance costs, which represent legal and third-party fees incurred in connection with the Company’s borrowing activities, are capitalized and amortized to interest expense on a straight-line or effective interest method over the life of the related loan. Deferred debt issuance costs are presented net of accumulated amortization and are a reduction to total debt.

As of December 31, 2025 and December 31, 2024, accrued interest and unused commitment fees payable of $1.8 million and $1.1 million, respectively, are included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of December 31, 2025 are as follows:


Years Ending December 31,	Mortgages Payable (1)		Lending Division Revolving Credit Facility(2)		Junior Subordinated Notes		Total
	(in thousands)
2026	$	164,004	$	—	$	—	$	164,004
2027	177,555		10,449		—		188,004
2028	30,400		—		—		30,400
2029	—		—		—		—
2030	105,000		—		—		105,000
Thereafter	—		—		27,070		27,070
	$	476,959	$	10,449	$	27,070	$	514,478

(1)In regards to the $66.3 million 1150 Clay Mortgage, which matures on June 7, 2026, see the discussion under Fixed Rate Mortgages Payable. In regards to the $97.1 million 1 Kaiser Mortgage, which matures on July 1, 2026, see the discussion under Fixed Rate Mortgages Payable. In regards to the $81.0 million Channel House Mortgage, which matures on January 31, 2027, see the discussion under Variable Rate Mortgages Payable.

(2)The Lending Division Revolving Credit Facility was repaid in full and terminated in January 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2022
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	25.00	25.00	$ 25.00
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	0.001	0.001
Preferred stock, liquidation preference per share (in usd per share)	25.00	25.00
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	0.001	0.001		$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

+ References + Details

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

18. SEGMENT DISCLOSURE

The Company’s reportable segments during the years ended December 31, 2025 and 2024 consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for the Company’s lending business. As previously disclosed, we completed the sale of our lending business on January 21, 2026, and, as a result, our lending business will cease to be one of our reportable segments in future periods. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are

not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in Note 2.

For the Company’s real estate segments, the Company defines net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses.

The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, comprised of the Chief Executive Officer, Chief Investment Officer, Chief Financial Officer, and the 1st Vice President for portfolio oversight of CIM.

The CODM evaluates performance and allocates resources based on segment net operating income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net operating income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.

The net operating income (loss) of the Company’s segments for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
		2025		2024
		(in thousands)
Office (1), (2):
Revenues		$	50,140	$	54,283
Property expenses:
Operating		25,213		26,608
General and administrative		591		719
Total property expenses		25,804		27,327
Income (loss) from unconsolidated entities		(254)		462
Segment net operating income—office		24,082		27,418
Hotel:
Revenues		41,341		39,407
Property expenses:
Operating		29,491		27,807
General and administrative		107		148
Total property expenses		29,598		27,955
Segment net operating income—hotel		11,743		11,452
Multifamily (1), (2):
Revenues		15,783		19,515
Property expenses:
Operating		12,339		13,547
General and administrative		447		168
Total property expenses		12,786		13,715
(Loss) income from unconsolidated entities		(3,506)		(1,268)
Segment net operating income—multifamily		(509)		4,532
Lending:
Revenues		8,960		10,756
Lending expenses:
Interest expense		2,471		3,283
Expense reimbursements to related parties—lending segment		2,591		2,571
General and administrative (3)		(224)		1,702
Total lending expenses		4,838		7,556
Segment net operating income—lending		4,122		3,200
Total segment net operating income		$	39,438	$	46,602

(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 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.

(2)Beginning on October 1, 2025, in connection with the 1910 Sunset JV’s commencement of leasing at the 1915 Park Project, the Company began reporting its share of the income from the operations of the 1915 Park Project in its multifamily segment, while income from the operations of the 1910 Sunset Office Building continue to be reported in its office segment.

(3)Lending segment general and administrative expenses for the year ended December 31, 2025 included the reversal of the CECL balance of $2.6 million in connection with the reclassification of the loans receivable as held-for-sale as of December 31, 2025, in connection with the sale of First Western.

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
		2025		2024
		(in thousands)
Total segment net operating income		$	39,438	$	46,602
Interest and other income		445		551
Asset management and other fees to related parties		(1,356)		(1,797)
Expense reimbursements to related parties—corporate		(3,496)		(2,281)
Interest expense		(37,720)		(33,589)
General and administrative		(4,434)		(4,267)
Transaction-related costs		(1,475)		(1,382)
Depreciation and amortization		(27,081)		(27,373)
Loss on early extinguishment of debt		(88)		(1,416)
Impairment of real estate		(3,692)		—
Loss on assets held for sale		(298)		—
Gain on sale of real estate		679		—
Loss before provision for income taxes		(39,078)		(24,952)
Provision for income taxes		(497)		(798)
Net loss		(39,575)		(25,750)
Net loss attributable to noncontrolling interests		573		575
Net loss attributable to the Company		$	(39,002)	$	(25,175)

The condensed assets for each of the segments as of December 31, 2025 and 2024 are as follows:


	December 31, 2025		December 31, 2024
	(in thousands)
Condensed assets:
Office (1)	$	402,151	$	421,438
Hotel	114,994		108,963
Multifamily (1)	270,645		279,308
Lending (2)	67,867		71,192
Non-segment assets	3,530		8,654
Total assets	$	859,187	$	889,555

(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 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, 2025 and 2024 are included in with Multifamily.

(2)As of December 31, 2025, the Company had reclassified $65.9 million of lending segment assets as held-for-sale, in connection with the sale of First Western.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Deferred rent receivable	$ 10,850	$ 12,931
Deferred leasing costs, net of accumulated amortization of $5,749 and $11,870, respectively	7,137	6,351
Deferred financing costs, net of accumulated amortization of $112 and $2,654, respectively	705	614
Deferred rent receivable and charges, net	18,692	19,896
Deferred leasing costs, accumulated amortization	5,749	11,870
Deferred loan costs, accumulated amortization	$ 112	$ 2,654

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Dec. 31, 2025 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 20,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REDEEMABLE PREFERRED STOCK - Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 21,959	$ 25,574
Series A1 Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	6.00%
Preferred stock, dividend rate (in usd per share)	$ 0.3750
Dividend increase per year for failure to timely declare or pay dividends, maximum increase	2.50%
Payments on preferred stock dividends	$ 16,300	17,800
Dividends, preferred stock, aggregate value	$ 126	389
Series A Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.50%
Preferred stock, dividend rate (in usd per share)	$ 0.34375
Payments on preferred stock dividends	$ 5,600	7,800
Dividends, preferred stock, aggregate value	$ 85	258
Series D Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.65%
Preferred stock, dividend rate (in usd per share)	$ 0.35313
Payments on preferred stock dividends	$ 68	$ 57

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to REIT Taxable Income

The provision for income taxes results in effective tax rates that differ from federal and state statutory rates. A reconciliation of the provision for income tax attributable to the TRSs’ income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:


	Year Ended December 31,
	2025		2024
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	(27)	$	3,742

Expected federal income tax provision	$	(6)	$	785
State income taxes (1)	(55)		1
Investment Tax Credits	(183)		—
Change in valuation allowance	425		151
Other	316		(139)
Income tax provision	$	497	$	798

(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

Schedule of Components of Net Deferred Tax Asset

The components of the Company’s net deferred tax asset, which are included in other assets, are as follows:


	Year Ended December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Net operating losses	$	622	$	196
Secured borrowings—government guaranteed loans	4		5
Other	422		286
Total gross deferred tax assets	1,048		487
Valuation allowance	(630)		(205)
	418		282
Deferred tax liabilities:
Loans receivable	—		—

	—		—
Deferred tax asset, net	$	418	$	282

Schedule of Income Taxes Paid (Net of Refunds)

Income taxes paid (net of refunds) for the years ended December 31, 2025 and 2024 are as follows:


	Year Ended December 31,
	2025		2024
	(in thousands)
Federal	$	66	$	845
State and Local	2		2
Income tax provision	$	68	$	847

LOANS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,032,000	$ 1,680,000
Net adjustment to reserve for expected credit losses	525,000	352,000
Reversal of CECL balance related to loans reclassified as held for sale	(2,557,000)
Ending balance	$ 0	$ 2,032,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Noncontrolling Interests	Series A1 Preferred Stock	Series A1 Preferred Stock Total Stockholders' Equity	Series A1 Preferred Stock Common Stock	Series A1 Preferred Stock Preferred Stock	Series A1 Preferred Stock Additional Paid-in Capital	Series A1 Preferred Stock Distributions in Excess of Earnings	Series D Preferred Stock	Series D Preferred Stock Total Stockholders' Equity	Series D Preferred Stock Common Stock	Series D Preferred Stock Preferred Stock	Series D Preferred Stock Additional Paid-in Capital	Series D Preferred Stock Distributions in Excess of Earnings	Series A Preferred Stock	Series A Preferred Stock Total Stockholders' Equity	Series A Preferred Stock Common Stock	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Distributions in Excess of Earnings
Beginning balance (in shares) at Dec. 31, 2023			91,146
Beginning balance at Dec. 31, 2023	$ 376,769	$ 374,403	$ 23	$ 443,829	$ 852,476	$ (921,925)	$ 2,366				$ 256,935						$ 1,190						$ 185,704
Beginning balance (in shares) at Dec. 31, 2023				17,858,629							10,378,343						48,447						7,431,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to noncontrolling interests	(43)						(43)
Stock-based compensation expense (in shares)			431
Stock-based compensation expense	220	220			220
Common dividends	(3,874)	(3,874)				(3,874)
Common dividends (in shares)			6,738
Common dividends - stock dividend	0	0	$ 3		3,336	(3,339)
Reclassification of Series A1 Preferred Stock to Permanent Equity	0
Redeemable preferred stock accretion	(755)	(755)				(755)
Issuance of A1 Preferred Stock (in shares)											853,879
Issuance of A1 Preferred Stock								$ 19,066	$ 19,066		$ 21,246	$ (2,180)
Redemption of preferred stock (in shares)											88,015												941,687
Redemption of Preferred Stock								(2,043)	(2,043)		$ (2,177)	191	$ (57)							$ (23,279)	$ (23,279)		$ (23,501)	$ 2,015	$ (1,793)
Redemption of preferred stock paid in common stock (in shares)										192,698	2,771,518											175,167	2,364,789
Redemption of Preferred Stock paid in Common Stock								(2,148)	(2,148)	$ 48	$ (68,617)	74,793	(8,372)							(2,213)	(2,213)	$ 45	$ (58,877)	64,122	(7,503)
Dividends to holders of Series Preferred Stock								$ (21,059)	(21,059)				(21,059)	$ (68)	$ (68)				$ (68)	$ (8,559)	(8,559)				(8,559)
Net loss	$ (25,750)	(25,175)				(25,175)	(575)
Ending balance (in shares) at Dec. 31, 2024	466,180		466,180
Ending balance at Dec. 31, 2024	$ 306,264	304,516	$ 119	$ 311,903	994,973	(1,002,479)	1,748				$ 207,387						$ 1,190						$ 103,326
Ending balance (in shares) at Dec. 31, 2024				12,546,499				8,372,689			8,372,689			48,447			48,447			4,125,363			4,125,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions to noncontrolling interests	8						8
Distributions to noncontrolling interests	(295)						(295)
Stock-based compensation expense (in shares)			34,644
Stock-based compensation expense	222	222	$ 2		220
Par value adjustment	0		$ (126)		126
Reclassification of Series A preferred Stock to permanent equity (in shares)											913,590
Reclassification of Series A1 Preferred Stock to Permanent Equity	20,799							$ 20,797	20,797		$ 23,385	(2,588)								$ 199,600
Redemption of preferred stock (in shares)								183,081						8,410		11,556	4,122			2,330,186
Redemption of Preferred Stock														$ (102)	(102)		$ (101)	$ 3	(4)
Redemption of preferred stock paid in common stock (in shares)										1,010,063	536,737											1,177,243	456,345
Redemption of Preferred Stock paid in Common Stock								$ (168)	(168)	$ 5	$ (13,321)	$ 13,768	(620)							$ 308	308	$ 3	$ (11,420)	$ 12,542	(817)
Dividends to holders of Series Preferred Stock								$ (15,650)	$ (15,650)				$ (15,650)	$ (68)	$ (68)				$ (68)	$ (5,492)	$ (5,492)				$ (5,492)
Net loss	$ (39,575)	(39,002)				(39,002)	(573)
Ending balance (in shares) at Dec. 31, 2025	2,699,686		2,699,686
Ending balance at Dec. 31, 2025	$ 266,249	$ 265,361	$ 3	$ 310,446	$ 1,019,044	$ (1,064,132)	$ 888				$ 217,451						$ 1,089						$ 91,906
Ending balance (in shares) at Dec. 31, 2025				12,462,885				8,749,542			8,749,542			44,325			44,325			3,669,018			3,669,018

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company’s Cybersecurity Risk Management Approach The Company utilizes and relies on CIM Group for its IT and IT administration. CIM Group’s cybersecurity strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats, effective management of security risks and resiliency against incidents. CIM Group's cybersecurity risk management policies and procedures include, among other things: enterprise-wide hardware and software management and security controls; employee training; security assessments; penetration testing; security audits and ongoing risk assessments; due diligence on, and monitoring and oversight of, key third-party providers; vulnerability management; and management oversight to assess, identify and manage material risks from cybersecurity threats. CIM Group’s controls leverage the National Institute of Standards and Technology Cybersecurity Framework. CIM Group also utilizes industry and government associations, the results from regular internal and third-party audits and other similar resources to inform its cybersecurity processes and to allocate resources. In addition, all employees of the Company and CIM Group receive mandatory training on cybersecurity matters upon hiring and annually thereafter, periodic training and information updates that address new cybersecurity threats and trends, and quarterly “phishing” and social engineering testing to evaluate the effectiveness of the cybersecurity training program and raise employee awareness of cybersecurity threats. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced undetected cybersecurity incidents. For further discussion of cybersecurity risks, see “Item 1A. Risk Factors—Cybersecurity risks and cybersecurity incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.” Management Oversight of Cybersecurity Risk Management CIM Group’s internal processes require escalation of material cybersecurity risks to its management and its Cybersecurity Committee (the “Committee”) for evaluation. The Committee consists of CIM Group’s Head of Enterprise Technology, CIM Group’s Chief Compliance Officer (the “CCO”), CIM Group’s Head of Transformation and representatives from CIM Group’s operations, technology, and compliance departments as needed. The Committee is responsible for CIM Group’s cybersecurity policy and overseeing the activities of CIM Group’s cybersecurity practices, including assessing CIM Group’s risks and controls. The Committee is chaired by CIM’s Head of Enterprise Technology and collectively the group has more than 30 years of experience in the fields of information technology, cybersecurity and adjacent roles, including serving on cybersecurity advisory councils. In addition, members of the Committee have relevant industry experience in enterprise risk management and compliance. The Cybersecurity Committee is tasked with assisting CIM Group-managed public companies (that are subject to the SEC’s cybersecurity rules adopted in 2023), including us, in complying with such cybersecurity rules. The Committee conducts both regular quarterly and as-needed meetings throughout the year during which members of the CIM Group’s IT Department provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the Committee’s respective reporting frameworks, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, CIM Group maintains incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents based on the potential impact to CIM Group’s business, IT systems, network or data, including data held by third parties, or to the IT or other critical services provided by third-party vendors and service providers. CIM Group’s personnel responsible for cybersecurity policy comprises of individuals with either formal education and degrees in IT or cybersecurity, or with experience working in IT and cybersecurity, including relevant industry experience in security related industries. We believe that the processes, policies and procedures established by the Committee provide guidance for consistent and effective incident handling and response and set standards for internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification in accordance with applicable laws.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company utilizes and relies on CIM Group for its IT and IT administration. CIM Group’s cybersecurity strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats, effective management of security risks and resiliency against incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors Oversight of Cybersecurity Risk Management The Audit Committee of our Board of Directors has oversight of our cybersecurity risks. The Audit Committee receives quarterly updates from CIM Group with respect to the effectiveness of its cyber readiness and cybersecurity program. This oversight includes briefing and a report by CIM Group’s Head of Transformation or CIM Head of Enterprise Technology, as well as a discussion of any cybersecurity breaches detected by CIM Group and a summary of, among other things, the current cybersecurity threat landscape, defensibility measures implemented by CIM Group, the health of CIM Group’s information security system, effectiveness of CIM Group’s cybersecurity controls and recoverability and business continuity testing. Pursuant to the Company’s cybersecurity policy, the Audit Committee will be promptly notified of any material cybersecurity incident required to be disclosed under Item 1.05 on a Current Report on Form 8-K and shall oversee the Company’s response to such matter.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors has oversight of our cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	CIM Group’s internal processes require escalation of material cybersecurity risks to its management and its Cybersecurity Committee (the “Committee”) for evaluation. The Committee consists of CIM Group’s Head of Enterprise Technology, CIM Group’s Chief Compliance Officer (the “CCO”), CIM Group’s Head of Transformation and representatives from CIM Group’s operations, technology, and compliance departments as needed.
Cybersecurity Risk Role of Management [Text Block]	Management Oversight of Cybersecurity Risk Management CIM Group’s internal processes require escalation of material cybersecurity risks to its management and its Cybersecurity Committee (the “Committee”) for evaluation. The Committee consists of CIM Group’s Head of Enterprise Technology, CIM Group’s Chief Compliance Officer (the “CCO”), CIM Group’s Head of Transformation and representatives from CIM Group’s operations, technology, and compliance departments as needed. The Committee is responsible for CIM Group’s cybersecurity policy and overseeing the activities of CIM Group’s cybersecurity practices, including assessing CIM Group’s risks and controls. The Committee is chaired by CIM’s Head of Enterprise Technology and collectively the group has more than 30 years of experience in the fields of information technology, cybersecurity and adjacent roles, including serving on cybersecurity advisory councils. In addition, members of the Committee have relevant industry experience in enterprise risk management and compliance. The Cybersecurity Committee is tasked with assisting CIM Group-managed public companies (that are subject to the SEC’s cybersecurity rules adopted in 2023), including us, in complying with such cybersecurity rules. The Committee conducts both regular quarterly and as-needed meetings throughout the year during which members of the CIM Group’s IT Department provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the Committee’s respective reporting frameworks, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, CIM Group maintains incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents based on the potential impact to CIM Group’s business, IT systems, network or data, including data held by third parties, or to the IT or other critical services provided by third-party vendors and service providers. CIM Group’s personnel responsible for cybersecurity policy comprises of individuals with either formal education and degrees in IT or cybersecurity, or with experience working in IT and cybersecurity, including relevant industry experience in security related industries. We believe that the processes, policies and procedures established by the Committee provide guidance for consistent and effective incident handling and response and set standards for internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification in accordance with applicable laws.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	CIM Group’s internal processes require escalation of material cybersecurity risks to its management and its Cybersecurity Committee (the “Committee”) for evaluation. The Committee consists of CIM Group’s Head of Enterprise Technology, CIM Group’s Chief Compliance Officer (the “CCO”), CIM Group’s Head of Transformation and representatives from CIM Group’s operations, technology, and compliance departments as needed. The Committee is responsible for CIM Group’s cybersecurity policy and overseeing the activities of CIM Group’s cybersecurity practices, including assessing CIM Group’s risks and controls. The Committee is chaired by CIM’s Head of Enterprise Technology and collectively the group has more than 30 years of experience in the fields of information technology, cybersecurity and adjacent roles, including serving on cybersecurity advisory councils. In addition, members of the Committee have relevant industry experience in enterprise risk management and compliance. The Cybersecurity Committee is tasked with assisting CIM Group-managed public companies (that are subject to the SEC’s cybersecurity rules adopted in 2023), including us, in complying with such cybersecurity rules.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Committee is chaired by CIM’s Head of Enterprise Technology and collectively the group has more than 30 years of experience in the fields of information technology, cybersecurity and adjacent roles, including serving on cybersecurity advisory councils. In addition, members of the Committee have relevant industry experience in enterprise risk management and compliance. The Cybersecurity Committee is tasked with assisting CIM Group-managed public companies (that are subject to the SEC’s cybersecurity rules adopted in 2023), including us, in complying with such cybersecurity rules.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Committee conducts both regular quarterly and as-needed meetings throughout the year during which members of the CIM Group’s IT Department provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the Committee’s respective reporting frameworks, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, CIM Group maintains incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents based on the potential impact to CIM Group’s business, IT systems, network or data, including data held by third parties, or to the IT or other critical services provided by third-party vendors and service providers. CIM Group’s personnel responsible for cybersecurity policy comprises of individuals with either formal education and degrees in IT or cybersecurity, or with experience working in IT and cybersecurity, including relevant industry experience in security related industries. We believe that the processes, policies and procedures established by the Committee provide guidance for consistent and effective incident handling and response and set standards for internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification in accordance with applicable laws.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 116,669	$ 124,512
EXPENSES:
Interest expense	40,191	36,872
General and administrative	5,355	7,004
Total Expenses	152,666	148,658
Income (loss) from unconsolidated entities	(3,760)	(806)
Reversal of CECL balance related to loans reclassified as held for sale	2,557
Hotel
Segment Reporting Information [Line Items]
Revenues	41,341	39,407
Lending Segment
EXPENSES:
Expense reimbursements to related parties	2,591	2,571
Segment net operating income (loss)	39,438	46,602
Lending Segment \| Office
Segment Reporting Information [Line Items]
Revenues	50,140	54,283
EXPENSES:
Operating	25,213	26,608
General and administrative	591	719
Total Expenses	25,804	27,327
Income (loss) from unconsolidated entities	(254)	462
Segment net operating income (loss)	24,082	27,418
Lending Segment \| Hotel
Segment Reporting Information [Line Items]
Revenues	41,341	39,407
EXPENSES:
Operating	29,491	27,807
General and administrative	107	148
Total Expenses	29,598	27,955
Segment net operating income (loss)	11,743	11,452
Lending Segment \| Multifamily
Segment Reporting Information [Line Items]
Revenues	15,783	19,515
EXPENSES:
Operating	12,339	13,547
General and administrative	447	168
Total Expenses	12,786	13,715
Income (loss) from unconsolidated entities	(3,506)	(1,268)
Segment net operating income (loss)	(509)	4,532
Lending Segment \| Lending
Segment Reporting Information [Line Items]
Revenues	8,960	10,756
EXPENSES:
Interest expense	2,471	3,283
Expense reimbursements to related parties	2,591	2,571
General and administrative	(224)	1,702
Total Expenses	4,838	7,556
Segment net operating income (loss)	$ 4,122	$ 3,200

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Reserve for uncertain tax positions	$ 0	$ 0
TRS
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 425,000

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS As previously announced on November 12, 2025, the Company and First Western entered into the Membership Interest Purchase Agreement with the Buyer. The Closing occurred on January 21, 2026. At the Closing, pursuant to the Membership Interest Purchase Agreement, and upon the terms and subject to the conditions therein, Buyer purchased from the Company all of the issued and outstanding equity interests of First Western SBLC, LLC for a purchase price of approximately $44.9 million (which is net of the outstanding balance of debt related to the 2023 securitization of certain loan receivables), subject to adjustment. At the Closing and upon giving effect to the payment of other debt, transaction expenses and other matters, the Transactions yielded net cash proceeds to the Company of approximately $31.2 million, after giving effect to transaction costs and the repayment of the $10.4 million balance on the Lending Division Revolving Credit Facility. On February 13, 2026, the Company and the lender under the variable rate mortgage loan secured by our office property at 3601 S Congress, Avenue in Austin, Texas (the “Penn Field Mortgage”) executed an amendment to the Penn Field Mortgage to provide additional borrowing advances in the amount of $2.5 million under the Penn Field Mortgage.

ORGANIZATION AND OPERATIONS - Narrative (Details)	Apr. 15, 2025	Jan. 06, 2025	Dec. 31, 2025 hotel $ / shares	Dec. 31, 2024 $ / shares
Class of Stock [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001	$ 0.001
Reverse stock split ratio, common stock	0.4	0.1
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| hotel			1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2022	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 11,900
Common stock, issued shares (in shares)	2,699,686	466,180
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	56,857	56,857
Gross proceeds from issuance of preferred stock and warrants	$ 1,400
Issuance offering costs for preferred stock and warrants	35
Reclassification to deferred rent receivable and charges	$ 13
Preferred stock, shares outstanding (in shares)	44,325	48,447
Preferred stock, shares redeemed (in shares)	12,532
Redemption of preferred stock (in shares)	8,410
Common stock, issued shares (in shares)	11,556
Series D Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Redemption of preferred stock (in shares)	4,122
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25.00

INVESTMENTS IN REAL ESTATE - Narrative (Details)	12 Months Ended
INVESTMENTS IN REAL ESTATE - Narrative (Details)	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Depreciation expense	$ 24,900,000	$ 24,900,000
Impairment of real estate	3,692,000	0
Gain on sale of real estate	679,000	$ 0
Repayments of debt	$ 34,988,000
Number of property acquisitions or dispositions \| property		0
Texas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties \| property	1
Impairment of real estate	$ 221,000
California
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties \| property	1
Impairment of real estate	$ 3,500,000
Mortgages Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repayments of debt	7,096,000
Fixed Rate Mortgage Payable Due June 7, 2026 \| Mortgages Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repayments of debt	696,000
1150 Clay
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale, property	1,200,000
Transaction costs	89,000
Gain on sale of real estate	679,000
Carrying Amount \| Texas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	2,100,000
Carrying Amount \| California
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	14,700,000
Estimated Fair Value \| Texas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	1,900,000
Estimated Fair Value \| California
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 11,200,000

INCOME TAXES - Schedule of Income Taxes Paid (Net of Refunds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal	$ 66	$ 845
State and Local	2	2
Income tax provision	$ 68	$ 847

STOCKHOLDERS' EQUITY - Cash Dividends Declared and Paid (Details)	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Stockholders' Equity Note [Abstract]
Common stock, dividends, shares per share, declared (in usd per share)	5.05
Share price (in usd per share) \| $ / shares	$ 496.25
Common stock issued as dividends (in shares)	6,739

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Asset Management and Other Fees to Related Parties - Narrative (Details)				12 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Apr. 01, 2020 USD ($)	Dec. 31, 2025 subsidiary
Related Party Transaction [Line Items]
Incentive fee	$ 0
Master Services Agreement, Base Service Fee \| C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, amount of transaction			$ 1,000,000.0
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate	0.4375%
Affiliated Entity \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%
Affiliated Entity \| Master Services Agreement, Amendment, Annual Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate		15.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%	1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%	7.00%
Affiliated Entity \| Capital Gain Fee
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary				4

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (39,575,000)	$ (25,750,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	27,199,000	27,732,000
Loss (gain) on interest rate caps	149,000	(463,000)
Gain on sale of real estate	(679,000)	0
Impairment of real estate	3,692,000	0
Loss on early extinguishment of debt	88,000	1,416,000
Loss on assets held for sale	298,000	0
Amortization of deferred debt origination costs	2,845,000	2,134,000
Amortization of premiums and discounts on debt	103,000	24,000
Unrealized premium adjustment	557,000	1,019,000
Amortization of deferred costs and accretion of fees on loans receivable, net	(344,000)	(249,000)
(Recoveries) write-offs of uncollectible receivables	(1,515,000)	1,263,000
Write-off of other deferred costs	0	491,000
Deferred income taxes	(137,000)	(36,000)
Stock-based compensation	220,000	220,000
Loss from unconsolidated entities	3,760,000	806,000
Loans funded, held for sale to secondary market	(18,655,000)	(30,191,000)
Proceeds from sale of guaranteed loans	19,133,000	28,760,000
Principal collected on loans subject to secured borrowings	51,000	1,646,000
Commitment fees remitted and other operating activity	(421,000)	(806,000)
Changes in operating assets and liabilities:
Accounts receivable	597,000	91,000
Other assets	2,607,000	4,670,000
Accounts payable and accrued expenses	1,482,000	(2,023,000)
Deferred leasing costs	(2,799,000)	(1,840,000)
Other liabilities	(1,619,000)	(2,493,000)
Due to related parties	8,751,000	10,605,000
Net cash provided by operating activities	5,788,000	17,026,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(20,786,000)	(23,262,000)
Receipt of deferred key money	4,713,000	0
Investment in unconsolidated entity	(1,208,000)	(2,263,000)
Return of investment from unconsolidated entity	30,000	1,285,000
Proceeds from sale of real estate, net	1,161,000	1,096,000
Loans funded	(6,218,000)	(10,064,000)
Principal collected on loans	10,328,000	10,838,000
Other investing activity	0	82,000
Net cash used in investing activities	(11,980,000)	(22,288,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(34,995,000)	(171,767,000)
Proceeds from revolving credit facilities, term notes and mortgages	55,504,000	209,746,000
Payment of principal on secured borrowings	(52,000)	(1,646,000)
Payment of deferred preferred stock offering costs	0	(1,586,000)
Payment of deferred costs	(2,614,000)	(4,489,000)
Payment of common dividends	0	(5,811,000)
Net proceeds from issuance of Preferred Stock	(165,000)	40,445,000
Payment of preferred stock dividends	(21,959,000)	(25,574,000)
Redemption of Preferred Stock	0	(25,373,000)
Noncontrolling interests’ distributions	(295,000)	(43,000)
Noncontrolling interests’ contributions	8,000	0
Net cash (used in) provided by financing activities	(4,568,000)	13,902,000
Decrease in cash balances included in assets held for sale	(4,423,000)	0
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(15,183,000)	8,640,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	52,868,000	44,228,000
End of period	37,685,000	52,868,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	15,439,000	20,262,000
Restricted cash	22,246,000	32,606,000
Total cash and cash equivalents and restricted cash	37,685,000	52,868,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	36,407,000	34,874,000
Federal income taxes paid	384,000	845,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	4,747,000	7,569,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets	396,000	396,000
Accrued deferred debt origination costs	362,000	425,000
Accrual of dividends payable to preferred stockholders	5,012,000	5,976,000
Preferred stock offering costs offset against redeemable preferred stock	0	1,420,000
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	20,799,000	0
Write-off of preferred stock deferred offering costs	0	4,966,000
Redeemable preferred stock deemed dividends	0	755,000
Accrued Redeemable Preferred Stock fees	$ 203,000	$ 186,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 11,596,000	$ 14,567,000
Asset management and other fees to related parties	(1,356,000)	(1,797,000)
Interest expense	(40,191,000)	(36,872,000)
General and administrative	(5,355,000)	(7,004,000)
Transaction-related costs	(1,475,000)	(1,382,000)
Depreciation and amortization	(27,081,000)	(27,373,000)
Loss on early extinguishment of debt	(88,000)	(1,416,000)
Impairment of real estate	(3,692,000)	0
Loss on assets held for sale	(298,000)	0
Gain on sale of real estate	679,000	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(39,078,000)	(24,952,000)
Provision for income taxes	(497,000)	(798,000)
NET LOSS	(39,575,000)	(25,750,000)
Net loss attributable to noncontrolling interests	573,000	575,000
NET LOSS ATTRIBUTABLE TO THE COMPANY	(39,002,000)	(25,175,000)
Lending Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	39,438,000	46,602,000
Expense reimbursements to related parties—corporate	(2,591,000)	(2,571,000)
Corporate And Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	445,000	551,000
Asset management and other fees to related parties	(1,356,000)	(1,797,000)
Interest expense	(37,720,000)	(33,589,000)
General and administrative	(4,434,000)	(4,267,000)
Transaction-related costs	(1,475,000)	(1,382,000)
Depreciation and amortization	(27,081,000)	(27,373,000)
Loss on early extinguishment of debt	(88,000)	(1,416,000)
Impairment of real estate	(3,692,000)	0
Loss on assets held for sale	(298,000)	0
Gain on sale of real estate	679,000	0
Non-segment assets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (3,496,000)	$ (2,281,000)

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
		2025		2024
		(in thousands)
Office (1), (2):
Revenues		$	50,140	$	54,283
Property expenses:
Operating		25,213		26,608
General and administrative		591		719
Total property expenses		25,804		27,327
Income (loss) from unconsolidated entities		(254)		462
Segment net operating income—office		24,082		27,418
Hotel:
Revenues		41,341		39,407
Property expenses:
Operating		29,491		27,807
General and administrative		107		148
Total property expenses		29,598		27,955
Segment net operating income—hotel		11,743		11,452
Multifamily (1), (2):
Revenues		15,783		19,515
Property expenses:
Operating		12,339		13,547
General and administrative		447		168
Total property expenses		12,786		13,715
(Loss) income from unconsolidated entities		(3,506)		(1,268)
Segment net operating income—multifamily		(509)		4,532
Lending:
Revenues		8,960		10,756
Lending expenses:
Interest expense		2,471		3,283
Expense reimbursements to related parties—lending segment		2,591		2,571
General and administrative (3)		(224)		1,702
Total lending expenses		4,838		7,556
Segment net operating income—lending		4,122		3,200
Total segment net operating income		$	39,438	$	46,602

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, 2025 and 2024 is as follows:


	Year Ended December 31,
		2025		2024
		(in thousands)
Total segment net operating income		$	39,438	$	46,602
Interest and other income		445		551
Asset management and other fees to related parties		(1,356)		(1,797)
Expense reimbursements to related parties—corporate		(3,496)		(2,281)
Interest expense		(37,720)		(33,589)
General and administrative		(4,434)		(4,267)
Transaction-related costs		(1,475)		(1,382)
Depreciation and amortization		(27,081)		(27,373)
Loss on early extinguishment of debt		(88)		(1,416)
Impairment of real estate		(3,692)		—
Loss on assets held for sale		(298)		—
Gain on sale of real estate		679		—
Loss before provision for income taxes		(39,078)		(24,952)
Provision for income taxes		(497)		(798)
Net loss		(39,575)		(25,750)
Net loss attributable to noncontrolling interests		573		575
Net loss attributable to the Company		$	(39,002)	$	(25,175)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2025 and 2024 are as follows:


	December 31, 2025		December 31, 2024
	(in thousands)
Condensed assets:
Office (1)	$	402,151	$	421,438
Hotel	114,994		108,963
Multifamily (1)	270,645		279,308
Lending (2)	67,867		71,192
Non-segment assets	3,530		8,654
Total assets	$	859,187	$	889,555

(2)As of December 31, 2025, the Company had reclassified $65.9 million of lending segment assets as held-for-sale, in connection with the sale of First Western.

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 50,194
2027	32,751
2028	19,789
2029	15,955
2030	9,415
Thereafter	51,974
Total	$ 180,078

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable preferred stock redemptions		$ 1,439	$ 17,727
Series A1 Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable preferred stock redemptions			$ 5,100
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redemption of preferred stock paid in common stock (in shares)	2,150,076	2,150,076
Preferred Stock, Redemption Period One \| Series A1 Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redemption of preferred stock paid in common stock (in shares)	2,589,606	2,589,606
Preferred Stock, Redemption Period One \| Series A Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redemption of preferred stock paid in common stock (in shares)		671,058

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 93: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (e)(2)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 94: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (e)(3)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 95: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 96: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 97: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480424/946-10-50-3

Reference 98: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 99: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 100: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 101: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 102: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

Reference 103: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 104: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 105: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

Reference 106: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) officer	Dec. 31, 2024 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments and approvals to fund loans	$ 7,900
Future obligations under leases to fund tenant improvements and in other future construction obligation	5,200
Restricted cash	22,246	$ 32,606
Expected costs	4,100
Key money receivable	3,300
SBA 7(a) Loans \| Government guaranteed portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced	201,300
Mortgages Payable
Commitment and Contingencies [Line Items]
Debt instrument, unused borrowing capacity, amount	1,200
Subsidiary of Common Parent
Commitment and Contingencies [Line Items]
Litigation settlement amount	$ 700
Executive officers \| Employment agreements
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer	1
Multiplier to annual base salary paid in event of death	2
Multiplier to annual base salary paid in event of disability	1
Restricted cash for tenant improvement allowance
Commitment and Contingencies [Line Items]
Restricted cash	$ 13,400

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s Equity Incentive Plan (the “Equity Incentive Plan”), which was approved by the Company’s stockholders. On June 27, 2023, the Equity Incentive Plan was amended by the Board of Directors, and subsequently approved by the Company’s stockholders, to authorize additional shares of Common Stock for issuance as compensation.

The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share



Balance, December 31, 2023	196	$	1,125.00
Granted	428	$	510.00
Vested	(196)	$	1,125.00
Balance, December 31, 2024	428	$	510.00
Granted	34,644	$	6.35
Vested	(428)	$	510.00
Balance, December 31, 2025	34,644	$	6.35

Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $220,000 for both the years ended December 31, 2025 and 2024. As of December 31, 2025, there was $128,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

DEBT - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
2026	$ 164,004
2027	188,004
2028	30,400
2029	0
2030	105,000
Thereafter	27,070
Total Debt	514,478
Mortgages Payable
Debt Instrument [Line Items]
2026	164,004
2027	177,555
2028	30,400
2029	0
2030	105,000
Thereafter	0
Total Debt	476,959	$ 440,446
Mortgages Payable \| Fixed Rate Mortgage Payable Due June 7, 2026
Debt Instrument [Line Items]
Total Debt	66,300
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Total Debt	97,100
Line of Credit \| Lending Division Revolving Credit Facility(2)
Debt Instrument [Line Items]
2026	0
2027	10,449
2028	0
2029	0
2030	0
Thereafter	0
Total Debt	10,449
Junior subordinated notes
Debt Instrument [Line Items]
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	27,070
Total Debt	$ 27,070	$ 27,070

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest Rate Caps
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Unrealized loss on derivatives	$ 149	$ 463

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

LOANS RECEIVABLE - Schedule of Carrying Amounts of Assets and Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total assets, net	$ 65,859,000	$ 0
Liabilities:
Total liabilities	21,966,000	0
Loss on assets held for sale	298,000	$ 0
Loan-backed notes	17,330,000
Held-for-sale \| First Western
Assets:
Restricted cash	4,423,000
Loans receivable, net	54,213,000
Accounts receivable, net	633,000
Other intangible assets	2,957,000
Other assets	3,633,000
Total assets, net	65,859,000
Liabilities:
Debt, net	17,330,000
Accounts payable and accrued expenses	2,508,000
Other liabilities	2,128,000
Total liabilities	21,966,000
Loans receivable	54,213,000
Other intangible assets	2,957,000
SBA 7(a) Loans \| Held-for-sale \| First Western
Assets:
Loans receivable, net	53,200,000
Liabilities:
Loans receivable	53,200,000
Net deferred capitalized costs	1,000,000.0
Secured Borrowings Principal
Liabilities:
Loan-backed notes	1,309,000
Amortization of debt discount (premium), reclassified	19,000
Secured Borrowings Principal \| Held-for-sale \| First Western
Liabilities:
Loan-backed notes	1,300,000
Amortization of debt discount (premium), reclassified	(19,000)
SBA 7(a) loan-backed notes
Liabilities:
Loan-backed notes	16,404,000
SBA 7(a) loan-backed notes \| Held-for-sale \| First Western
Liabilities:
Loan-backed notes	16,400,000
Deferred debt issuance costs — other
Liabilities:
Deferred debt issuance costs — other, reclassified	402,000
Deferred debt issuance costs — other \| Held-for-sale \| First Western
Liabilities:
Deferred debt issuance costs — other, reclassified	$ 402,000

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 371,959,000
Initial Cost
Land	175,715,000
Building and Improvements	641,436,000
Net Improvements (Write-Offs) Since Acquisition	76,325,000
Gross Amount at Which Carried
Land	172,614,000
Building and Improvements	720,862,000
Investments in real estate	893,476,000	$ 894,785,000
Accumulated Depreciation	195,389,000	185,591,000	$ 164,116,000
Other disclosures
Federal tax cost basis (unaudited)	1,100,000,000
Outstanding balance	514,478,000
Impairment of real estate (Note 3)	3,692,000	0
Reduction in land cost basis	486,000
Mortgages Payable
Other disclosures
Outstanding balance	476,959,000	440,446,000
Mortgages Payable \| Fixed rate mortgages payable
Other disclosures
Outstanding balance	268,403,000	269,100,000
Mortgages Payable \| Variable rate mortgages payable
Other disclosures
Outstanding balance	208,556,000	$ 171,346,000
Office Building \| Mortgages Payable \| Fixed rate mortgages payable
Other disclosures
Outstanding balance	105,000,000.0
Office Building \| 3601 S Congress Avenue Austin, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	31,600,000
Initial Cost
Land	9,569,000
Building and Improvements	18,593,000
Net Improvements (Write-Offs) Since Acquisition	15,439,000
Gross Amount at Which Carried
Land	9,569,000
Building and Improvements	34,032,000
Investments in real estate	43,601,000
Accumulated Depreciation	13,154,000
Office Building \| 1 Kaiser Plaza Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	97,100,000
Initial Cost
Land	9,261,000
Building and Improvements	113,619,000
Net Improvements (Write-Offs) Since Acquisition	4,089,000
Gross Amount at Which Carried
Land	9,261,000
Building and Improvements	117,708,000
Investments in real estate	126,969,000
Accumulated Depreciation	51,741,000
Office Building \| 2 Kaiser Plaza Parking Lot Oakland, CA
Initial Cost
Land	10,931,000
Building and Improvements	110,000
Net Improvements (Write-Offs) Since Acquisition	158,000
Gross Amount at Which Carried
Land	8,345,000
Building and Improvements	2,854,000
Investments in real estate	11,199,000
Accumulated Depreciation	0
Other disclosures
Impairment of real estate (Note 3)	3,500,000
Office Building \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477,000
Building and Improvements	18,522,000
Net Improvements (Write-Offs) Since Acquisition	2,698,000
Gross Amount at Which Carried
Land	3,477,000
Building and Improvements	21,220,000
Investments in real estate	24,697,000
Accumulated Depreciation	9,027,000
Office Building \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672,000
Building and Improvements	51,999,000
Net Improvements (Write-Offs) Since Acquisition	8,870,000
Gross Amount at Which Carried
Land	7,671,000
Building and Improvements	60,870,000
Investments in real estate	68,541,000
Accumulated Depreciation	24,868,000
Office Building \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	4,000,000
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	443,000
Gross Amount at Which Carried
Land	4,000,000
Building and Improvements	443,000
Investments in real estate	4,443,000
Accumulated Depreciation	0
Office Building \| Lindblade Media Center Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	5,000,000
Initial Cost
Land	6,341,000
Building and Improvements	11,568,000
Net Improvements (Write-Offs) Since Acquisition	627,000
Gross Amount at Which Carried
Land	6,341,000
Building and Improvements	12,195,000
Investments in real estate	18,536,000
Accumulated Depreciation	3,200,000
Office Building \| 1037 N Sycamore Los Angeles, CA
Initial Cost
Land	1,839,000
Building and Improvements	1,094,000
Net Improvements (Write-Offs) Since Acquisition	135,000
Gross Amount at Which Carried
Land	1,839,000
Building and Improvements	1,229,000
Investments in real estate	3,068,000
Accumulated Depreciation	157,000
Office Building \| 1130 Howard Street San Francisco, CA
Initial Cost
Land	8,290,000
Building and Improvements	10,480,000
Net Improvements (Write-Offs) Since Acquisition	(220,000)
Gross Amount at Which Carried
Land	8,290,000
Building and Improvements	10,260,000
Investments in real estate	18,550,000
Accumulated Depreciation	2,068,000
Office Building \| 9460 Wilshire Boulevard Los Angeles, CA
Initial Cost
Land	52,199,000
Building and Improvements	76,730,000
Net Improvements (Write-Offs) Since Acquisition	10,844,000
Gross Amount at Which Carried
Land	52,199,000
Building and Improvements	87,574,000
Investments in real estate	139,773,000
Accumulated Depreciation	17,287,000
Office Building \| 1021 East 7th Street, Austin, TX
Initial Cost
Land	4,979,000
Building and Improvements	733,000
Net Improvements (Write-Offs) Since Acquisition	(119,000)
Gross Amount at Which Carried
Land	4,979,000
Building and Improvements	614,000
Investments in real estate	5,593,000
Accumulated Depreciation	194,000
Office Building \| 1007 E 7th Street Austin, TX
Initial Cost
Land	1,866,000
Building and Improvements	6,000
Net Improvements (Write-Offs) Since Acquisition	38,000
Gross Amount at Which Carried
Land	1,866,000
Building and Improvements	44,000
Investments in real estate	1,910,000
Accumulated Depreciation	1,000
Other disclosures
Impairment of real estate (Note 3)	221,000
Office Building \| 3101 S Western Avenue Los Angeles, CA
Initial Cost
Land	2,279,000
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	1,351,000
Gross Amount at Which Carried
Land	2,279,000
Building and Improvements	1,351,000
Investments in real estate	3,630,000
Accumulated Depreciation	1,000
Office Building \| 3022 S Western Avenue Los Angeles, CA
Initial Cost
Land	5,638,000
Building and Improvements	156,000
Net Improvements (Write-Offs) Since Acquisition	1,957,000
Gross Amount at Which Carried
Land	5,638,000
Building and Improvements	2,113,000
Investments in real estate	7,751,000
Accumulated Depreciation	27,000
Office Building \| 3109 S Western Avenue Los Angeles, CA
Initial Cost
Land	712,000
Building and Improvements	2,000
Net Improvements (Write-Offs) Since Acquisition	233,000
Gross Amount at Which Carried
Land	712,000
Building and Improvements	235,000
Investments in real estate	947,000
Accumulated Depreciation	1,000
Office Building \| Channel House Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	81,000,000
Initial Cost
Land	17,214,000
Building and Improvements	103,553,000
Net Improvements (Write-Offs) Since Acquisition	366,000
Gross Amount at Which Carried
Land	17,208,000
Building and Improvements	103,925,000
Investments in real estate	121,133,000
Accumulated Depreciation	9,350,000
Office Building \| 1150 Clay Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	66,304,000
Initial Cost
Land	16,643,000
Building and Improvements	115,828,000
Net Improvements (Write-Offs) Since Acquisition	256,000
Gross Amount at Which Carried
Land	16,141,000
Building and Improvements	116,586,000
Investments in real estate	132,727,000
Accumulated Depreciation	10,780,000
Office Building \| F3 Land Site, Oakland, CA
Initial Cost
Land	251,000
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	41,000
Gross Amount at Which Carried
Land	250,000
Building and Improvements	42,000
Investments in real estate	292,000
Accumulated Depreciation	0
Office Building \| 466 Water Street Land Site, Oakland, CA
Initial Cost
Land	2,505,000
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	153,000
Gross Amount at Which Carried
Land	2,500,000
Building and Improvements	158,000
Investments in real estate	2,658,000
Accumulated Depreciation	0
Hotel \| Sheraton Grand Hotel Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	90,955,000
Initial Cost
Land	3,498,000
Building and Improvements	107,447,000
Net Improvements (Write-Offs) Since Acquisition	28,651,000
Gross Amount at Which Carried
Land	3,498,000
Building and Improvements	136,098,000
Investments in real estate	139,596,000
Accumulated Depreciation	49,424,000
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
Initial Cost
Land	6,551,000
Building and Improvements	10,996,000
Net Improvements (Write-Offs) Since Acquisition	315,000
Gross Amount at Which Carried
Land	6,551,000
Building and Improvements	11,311,000
Investments in real estate	17,862,000
Accumulated Depreciation	4,109,000
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA \| Mortgages Payable \| Variable rate mortgages payable
Other disclosures
Outstanding balance	$ 91,000,000.0

OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

6. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2025 and 2024, is as follows:


	As of December 31,
	2025		2024

	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $1,874 and $5,195, respectively, with an average useful life of 2 and 6 years, respectively.	$	439	$	610
Acquired above-market leases, net of accumulated amortization of $0 and $36, respectively, with an average useful life of 0 and 7 years, respectively.	—		1
Trade name and license (1)	—		2,957
Total intangible assets, net	$	439	$	3,568

(1)The trade name and license was reclassified to held for sale as of December 31, 2025.

Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations.

During the years ended December 31, 2025 and 2024, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
		2025		2024
	(in thousands)
Acquired above-market lease amortization		$	1	$	6
Acquired in-place lease amortization		$	171	$	374

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2025, is as follows:


	Assets
	Acquired
	In-Place
Years Ending December 31,	Leases
	(in thousands)
2026	$	—
2027	122
2028	123
2029	122
2030	72
Thereafter	—
	$	439

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 fee was calculated (without giving effect to the Fee Waiver) as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows:


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage
(in thousands)
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):


	Year Ended December 31,
		2025		2024

Asset Management Fees:
Asset management fees		$	1,356	$	1,797
Property Management Fees and Reimbursements:
Property management fees(1)		$	2,114	$	2,295
Onsite management and other cost reimbursement(2)		$	6,852	$	7,733
Leasing commissions(3)		$	235	$	808
Construction management fees(4)		$	532	$	1,061
Development management reimbursements(5)		$	1,136	$	1,747
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate		$	3,496	$	2,281
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)		$	2,591	$	2,571
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (7)		$	—	$	546
Non-issuance specific offering costs		$	—	$	606

Does not include the company’s share of the property management fees from the Unconsolidated Joint Ventures of $96,000 and $95,000 for the years ended December 31, 2025 and 2024, respectively.

(2)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $450,000 and $511,000 for the years ended December 31, 2025 and 2024, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $69,000 and $48,000 for the years ended December 31, 2025 and 2024, respectively.

(4)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $147,000 and $172,000 for the years ended December 31, 2025 and 2024, respectively.

(5)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $382,000 and $756,000 for the year ended December 31, 2025 and 2024, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $72,000 and $132,000 for the years ended December 31, 2025 and 2024, respectively.

(7)Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock.

As of December 31, 2025 and December 31, 2024, due to related parties consisted of the following:


	December 31, 2025		December 31, 2024
	(in thousands)
Asset management fees	$	1,303	$	1,403
Property management fees and reimbursements	13,574		8,237
Expense reimbursements - corporate	3,968		1,676
Expense reimbursements - lending segment	3,255		1,994
Upfront dealer manager and trailing dealer manager fees	203		186
Non-issuance specific offering costs	—		289
Other amounts due to the CIM Management Entities and certain of its affiliates	516		283
Total due to related parties	$	22,819	$	14,068

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	December 31, 2024
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	19,306
SBA 7(a) loans receivable, subject to loan-backed notes	34,930

SBA 7(a) loans receivable, subject to secured borrowings	1,383
SBA 7(a) loans receivable, held for sale	1,494
Loans receivable	57,113
Deferred capitalized costs, net	1,129
Current expected credit losses	(2,032)
Loans receivable, net	$	56,210

Schedule of Allowance for Credit Losses

The following table presents the activity in the Company’s CECL for the year ended December 31, 2025 and 2024 (dollar amounts in thousands):


	Loans Receivable
Allowance for credit losses as of December 31, 2023	$	1,680
Net adjustment to reserve for expected credit losses	352
Allowance for credit losses as of December 31, 2024	2,032
Net adjustment to reserve for expected credit losses	525
Reversal of CECL balance related to loans reclassified as held for sale	(2,557)
Allowance for credit losses as of December 31, 2025	$	—

Schedule of Carrying Amounts of Assets and Liabilities Held for Sale

The following is the detail of the carrying amounts of assets and liabilities classified as held for sale on the consolidated balance sheets as of December 31, 2025:


	December 31, 2025
Assets:



Restricted cash	$	4,423
Loans receivable, net (1)	54,213
Accounts receivable, net	633

Other intangible assets (2)	2,957
Other assets	3,633

Total assets held for sale	$	65,859

Liabilities:
Debt, net (3)	$	17,330
Accounts payable and accrued expenses	2,508


Other liabilities	2,128

Total liabilities associated with assets held for sale	$	21,966

(1)Loans receivable, net as of December 31, 2025 consisted of total SBA 7(a) loans receivable of $53.2 million and net deferred capitalized costs of $1.0 million. Upon the reclassification of First Western to held for sale, the CECL balance related to the loans receivable was reversed. The loans receivable were subsequently written down to their estimated fair value (based on the contractual sales price) less costs to sell, resulting in a loss on assets held for sale of $298,000 for the year ended December 31, 2025. Following the loss on assets held for sale, as of December 31, 2025, the aggregate net assets and liabilities of First Western were recorded at fair value, less costs to sell.

(2)Other intangible assets as of December 31, 2025 represented First Western’s trade name and SBA license, with an aggregate carrying value of $3.0 million.

(3)Debt, net as of December 31, 2025 consisted of the following: Secured borrowings – government guaranteed loans of $1.3 million, along with net unamortized premiums of $19,000, and SBA 7(a) loan-backed notes of $16.4 million, net of deferred debt origination costs of $402,000.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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+ Details

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	12 Months Ended		44 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	May 31, 2022
Equity [Abstract]
Stock repurchase program authorized amount				$ 10,000,000.0
Shares repurchased (in shares)	0	0	2,650
Cost of shares repurchased			$ 4,700,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Cap Derivatives

The following table summarizes the terms of the Company’s interest rate cap agreements as of December 31, 2025 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets

Balance Sheet

Amount as of

Strike

Effective

Maturity

as of

Location

December 31, 2025

Rates (1)

Date

December 31, 2025

Interest Rate Caps

Other assets

171,955

4.5% to 5.75%

12/6/2024 - 8/04/2025

1/1/2027 - 1/31/2027

____________________________________

(1)The index used for the Company’s interest rate cap agreement is 1-Month Term SOFR.

EARNINGS PER SHARE (''EPS'') (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations

The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
		2025		2024
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders		$	(61,648)	$	(73,343)
Redeemable preferred stock dividends declared on dilutive shares		—		—
Diluted net loss attributable to common stockholders		$	(61,648)	$	(73,343)

Denominator:
Basic weighted average shares of Common Stock outstanding		919		170
Effect of dilutive securities—contingently issuable shares		—		—
Diluted weighted average shares and common stock equivalents outstanding		919		170

Net loss attributable to common stockholders per share:
Basic		$	(67.08)	$	(431.43)
Diluted		$	(67.08)	$	(431.43)

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2025

(in thousands)


				Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (1)
Property Name, City and State	Encumbrances			Land		Building and Improvements				Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
3601 S Congress Avenue
Austin, TX	31,600			$	9,569	$	18,593	$	15,439	$	9,569	$	34,032	$	43,601	$	13,154	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	97,100			9,261		113,619		4,089		9,261		117,708		126,969		51,741		1970 / 2008	2008
2 Kaiser Plaza Parking Lot (2)
Oakland, CA			—	10,931		110		158		8,345		2,854		11,199		—		N/A	2015
11600 Wilshire Boulevard (3)
Los Angeles, CA	—			3,477		18,522		2,698		3,477		21,220		24,697		9,027		1955	2010
11620 Wilshire Boulevard (3)
Los Angeles, CA	—			7,672		51,999		8,870		7,671		60,870		68,541		24,868		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			—	4,000		—		443		4,000		443		4,443		—		1984 / 2014	2014
Lindblade Media Center (4)
Los Angeles, CA	5,000			6,341		11,568		627		6,341		12,195		18,536		3,200		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA			—	1,839		1,094		135		1,839		1,229		3,068		157		2000 / 2021	2021
1130 Howard Street
San Francisco, CA			—	8,290		10,480		(220)		8,290		10,260		18,550		2,068		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard (3)
Los Angeles, CA	—			52,199		76,730		10,844		52,199		87,574		139,773		17,287		1959 / 2008	2018
1021 E 7th Street
Austin, TX			—	4,979		733		(119)		4,979		614		5,593		194		1972 / 2001	2020
1007 E 7th Street (5)
Austin, TX			—	1,866		6		38		1,866		44		1,910		1		1920	2022
Multifamily
3101 S Western Avenue
Los Angeles, CA			—	2,279		—		1,351		2,279		1,351		3,630		1		N/A	2022
3022 S Western Avenue
Los Angeles, CA			—	5,638		156		1,957		5,638		2,113		7,751		27		N/A	2022
3109 S Western Avenue
Los Angeles, CA			—	712		2		233		712		235		947		1		N/A	2022
Channel House
Oakland, CA	81,000			17,214		103,553		366		17,208		103,925		121,133		9,350		2021	2023
1150 Clay (6)
Oakland, CA	66,304			16,643		115,828		256		16,141		116,586		132,727		10,780		2021	2023
F3 Land Site
Oakland, CA			—	251		—		41		250		42		292		—		N/A	2023
466 Water Street Land Site
Oakland, CA			—	2,505		—		153		2,500		158		2,658		—		N/A	2023
Hotel
Sheraton Grand Hotel
Sacramento, CA	90,955			3,498		107,447		28,651		3,498		136,098		139,596		49,424		2025	2008
Sheraton Grand Hotel Parking & Retail (6)
Sacramento, CA	—			6,551		10,996		315		6,551		11,311		17,862		4,109		2001	2008
	$	371,959		$	175,715	$	641,436	$	76,325	$	172,614	$	720,862	$	893,476	$	195,389

(1)The aggregate gross cost of property included above for federal income tax purposes approximates $1.1 billion (unaudited) as of December 31, 2025.

(2)Net improvements (write-offs) since acquisition includes impairments of $3.5 million.

(3)Collectively, these properties collateralize a secured fixed rate mortgage, which had a $105.0 million outstanding balance as of December 31, 2025.

(4)Includes 8944 Lindblade Street and 8960 & 8966 Washington Boulevard.

(5)Net improvements (write-offs) since acquisition includes impairments of $221,000.

(6)During the year ended December 31, 2025, there was a partial land sale related to this property thus reducing its land cost basis by $486,000.

(7)This property also collateralizes the Sheraton Grand Hotel’s variable rate mortgage, which has a $91.0 million outstanding balance as of December 31, 2025.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2025

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2024 to December 31, 2025:


	Year Ended December 31,
	2025		2024
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	894,785	$	868,878

Additions:
Improvements	17,968		29,329
Property acquisitions	—		—
Deductions:

Asset sales	(486)		—
Impairment	(3,692)		—
Retirements	(15,099)		(3,422)
Balance, end of period	$	893,476	$	894,785

The following table reconciles the accumulated depreciation from January 1, 2024 to December 31, 2025:


	Year Ended December 31,
	2025		2024
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(185,591)	$	(164,116)

Additions: depreciation	(24,897)		(24,897)
Deductions:
Assets held for sale	—		—
Asset sales	—		—
Retirements	15,099		3,422
Balance, end of period	$	(195,389)	$	(185,591)

FAIR VALUE MEASUREMENTS - Narrative (Details)	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Dec. 31, 2025 USD ($) property interest_rate_cap	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of interest rate caps \| interest_rate_cap	2
Impairment of real estate (Note 3)	$ 3,692,000	$ 0
Loss on assets held for sale (Note 5)	$ 298,000	$ 0
Texas
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of real estate, number of properties \| property	1
Impairment of real estate (Note 3)	$ 221,000
California
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of real estate, number of properties \| property	1
Impairment of real estate (Note 3)	$ 3,500,000
Estimated Fair Value \| Texas
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate asset deemed to be impaired	1,900,000
Estimated Fair Value \| California
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate asset deemed to be impaired	$ 11,200,000

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

DEBT - 2022 Revolving Credit Facility (Narrative) (Details)	1 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) office_property	Dec. 31, 2022 USD ($) hotel extension	Dec. 31, 2025 USD ($) hotel	Dec. 31, 2024 USD ($) office_property
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 88,000	$ 1,416,000
Write-off of other deferred costs			$ 0	$ 491,000
Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel			1
Office Building
Debt Instrument [Line Items]
Number of real estate properties owned \| office_property	3			3
Line of Credit
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 88,000
2022 credit facility revolver \| Line of Credit
Debt Instrument [Line Items]
Number of extension options \| extension		2
Extension option, term		1 year
2022 credit facility term loan \| Line of Credit
Debt Instrument [Line Items]
Write-off of other deferred costs			$ 59,000
2022 credit facility term loan \| 2022 credit facility revolver \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount		$ 56,200,000
2022 credit facility term loan \| 2022 credit facility revolver \| Line of Credit \| Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel		6
2022 credit facility term loan \| 2022 Credit Facility Term Loan \| Line of Credit
Debt Instrument [Line Items]
Repaid of credit facilities	42,600,000
Write-off of other deferred costs			59,000
Revolving Credit Facility \| 2022 credit facility revolver \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000.0
Repaid of credit facilities	$ 111,700,000
Write-off of other deferred costs			$ 29,000

FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Dec. 31, 2024
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0730
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0407
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0900
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0481
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1025
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1075
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1075
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1025
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

12 Months Ended

Dec. 31, 2025

14. RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

Asset Management and Other Fees to Related Parties

Asset Management Fees; Administrative Fees and Expenses—CIM Urban Partners, L.P., a wholly owned subsidiary of the Company, and CIM Capital, LLC, an affiliate of CIM Group (“CIM Capital”), have an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). CIM Capital has assigned its duties under the Investment Management Agreement to its four wholly owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The “Operator” refers to CIM Capital and its four wholly owned subsidiaries.

The Company and its subsidiaries have a master services agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Administrator”), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to the Company and its subsidiaries.

On January 5, 2022, the Company and certain of its subsidiaries entered into a Fee Waiver (the “Fee Waiver”) with the Operator and the Administrator with respect to fees that are payable to them. The Fee Waiver is effective retroactively to January 1, 2022 (the “Effective Date”). Pursuant to the Fee Waiver, the Administrator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Master Service Agreement, and the Operator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Investment Management Agreement. Following the end of each quarter, the Administrator will deliver to the Company (i) a calculation of the cumulative fees earned by the Operator and the Administrator under the methodology prescribed by the Fee Waiver from the Effective Date through the end of such quarter and (ii) a calculation of the cumulative fees that would have been earned by the Operator and the Administrator during such period under the Master Services Agreement and the Investment Management Agreement without giving effect to the Fee Waiver. If, in respect of any quarter, the aggregate fees that are payable under the

methodology prescribed by the Fee Waiver exceed the aggregate fees that would have been payable under the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, such quarter will be deemed an “Excess Quarter”. For any quarter following an Excess Quarter, the Company (upon the direction of the independent members of the Board) may, at its option and upon written notice to Administrator, elect to calculate all fees due to the Administrator and the Operator in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, from and after such Excess Quarter. Any such election by the Company will be irrevocable, and all fees due to the Administrator and the Operator from and after such election will be calculated in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver.

The fees payable to the Operator and the Administrator are determined as follows under the Fee Waiver.

1.Base Fee: A base asset management fee (the “Base Fee”) is payable quarterly in arrears to the Operator in an amount equal to an annual rate of 1% (or 0.25% per quarter) of the average of the “Net Asset Value Attributable to Common Stockholders” as of the first and last day of the applicable quarter. Net Asset Value Attributable to Common stockholders is defined as (a) the sum of the Company’s (1) investments in real estate at fair value, (2) cash, (3) loans receivable at fair value and (4) the book value of the other assets of the Company, excluding deferred costs and net of other liabilities at book value, less (b) the Company’s (i) debt at face value, (ii) outstanding preferred stock at stated value, and (iii) non-controlling interests at book value; provided, that, non-controlling interests in any UPREIT operating partnership relating to the Company shall not be excluded.

2.Incentive Fee: An incentive fee (the “Revised Incentive Fee”) is payable quarterly in arrears to the Administrator with respect to the quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s “Adjusted Common Equity” (as defined below) for such quarter (“Excess Core FFO”) as follows: (i) no Revised Incentive Fee in any quarter in which the Excess Core FFO is $0; (ii) 100% of any Excess Core FFO up to an amount equal to the product of (x) the average of the Adjusted Common Equity as of the first and last day of the applicable quarter and (y) 0.4375%; and (iii) 20% of any Excess Core FFO thereafter. Revised Incentive Fees payable for any partial quarter will be appropriately prorated.

“Adjusted Common Equity” means Common Equity plus Excluded Depreciation and Amortization. “Common Equity” means Total Stockholders’ Equity minus Excluded Equity. “Total Stockholders’ Equity” means the amount reflected as total stockholders’ equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Equity” means the sum of all preferred securities of the Company and its subsidiaries classified as permanent equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Depreciation and Amortization” means, for a given quarter, the amount of all accumulated depreciation and amortization of (i) the Company and its subsidiaries and (ii) to the extent allocable to the Company and its subsidiaries, the unconsolidated affiliates, in each case as of the last day of such quarter that corresponds to the periodic depreciation and amortization expense calculated in each case in accordance with GAAP that is a permitted add back to net income calculated in accordance with GAAP when calculating funds from operations.

3.Capital Gains Fee: A capital gains fee (the “Capital Gains Fee”) is payable quarterly in arrears to the Administrator in an amount equal to (i) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses (in each case since the Effective Date), minus (ii) the aggregate capital gains fees paid since the Effective Date. Realized capital gains and realized capital losses are calculated by subtracting from the sales price of a property: (a) any costs incurred to sell such property, and (b) the current gross value of the property (meaning the property’s original acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid for by the Company).


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage
(in thousands)
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Asset management fees are included in asset management and other fees to related parties in the accompanying consolidated statements of operations.

Under the Master Services Agreement, for fiscal quarters prior to April 1, 2020, the Company paid a base service fee (the “Base Service Fee”) to the Administrator initially set at $1.0 million per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with an incentive fee pursuant to which the Administrator was entitled to receive, on a quarterly basis, 15.00% of the Company’s quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s average Adjusted Common Equity (defined above) for such quarter. The amendment was effective as of April 1, 2020 and was further modified by the Fee Waiver described above. No such incentive fee was paid by the Company.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and/or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Fee. During the years ended December 31, 2025 and 2024, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, operational and ongoing support in connection with the Company’s Preferred Stock. The Company will also reimburse the Administrator for the Company’s share of broken deal expenses that are incurred by the Administrator and its affiliates (i.e., fees and expenses relating to investments that were contemplated but the Company did not make and/or transactions that could have been executed by the Company but that the Company did not consummate, including fees and expenses associated with performing due diligence review and negotiating the terms of such investments or transactions). The Administrator’s compensation is based on the salaries and benefits of the employees of the Administrator and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of the Company and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations.

Property Management Fees and Reimbursements—CIM Management, Inc. and certain of its affiliates (collectively, the “CIM Management Entities”), all affiliates of CIM Group, provide property management, leasing, and development services to properties owned by the Company. Property management fees earned by the CIM Management entities and onsite management costs incurred are included in rental and other property operating expenses in the accompanying consolidated statements of operations, with the exception of certain onsite management costs which are capitalized in some cases. Leasing commissions earned are capitalized to deferred charges on the accompanying consolidated balance sheets. Construction management fees and development management reimbursements are capitalized to investments in real estate on the accompanying consolidated balance sheets.

Lending Segment Expenses—As of December 31, 2025, the Company had a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, and the Company’s subsidiary, PMC Commercial Lending, LLC. The agreement provided that CIM SBA would provide personnel and resources to the Company and that the Company would reimburse CIM SBA for the costs and expenses of providing such personnel and resources. The expense for such services is included in expense reimbursements to related parties—lending segment in the accompanying consolidated statements of operations.

Offering-Related Fees—CCO Capital, LLC (“CCO Capital”) became the exclusive dealer manager for the Company’s prior public offering of the Series A Preferred Stock and Series A Preferred Warrants effective as of May 31, 2019. CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. The Company’s offering of the Series A Preferred Warrants ended at the end of January 2020. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acted as the exclusive dealer manager for the Company’s prior public offering of its Series A Preferred Stock and Series D Preferred Stock. The Second Amended and Restated Dealer Manager Agreement was subsequently amended by the Company and CCO Capital to address changes to, among other things, selling commissions and dealer manager fees.

On November 22, 2022, the Company entered into the Fourth Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acted as the exclusive dealer manager for the Company’s prior public offering of its Series A1 Preferred Stock.


	Year Ended December 31,
		2025		2024

Asset Management Fees:
Asset management fees		$	1,356	$	1,797
Property Management Fees and Reimbursements:
Property management fees(1)		$	2,114	$	2,295
Onsite management and other cost reimbursement(2)		$	6,852	$	7,733
Leasing commissions(3)		$	235	$	808
Construction management fees(4)		$	532	$	1,061
Development management reimbursements(5)		$	1,136	$	1,747
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate		$	3,496	$	2,281
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)		$	2,591	$	2,571
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (7)		$	—	$	546
Non-issuance specific offering costs		$	—	$	606

Does not include the company’s share of the property management fees from the Unconsolidated Joint Ventures of $96,000 and $95,000 for the years ended December 31, 2025 and 2024, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $69,000 and $48,000 for the years ended December 31, 2025 and 2024, respectively.

(7)Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock.

As of December 31, 2025 and December 31, 2024, due to related parties consisted of the following:


	December 31, 2025		December 31, 2024
	(in thousands)
Asset management fees	$	1,303	$	1,403
Property management fees and reimbursements	13,574		8,237
Expense reimbursements - corporate	3,968		1,676
Expense reimbursements - lending segment	3,255		1,994
Upfront dealer manager and trailing dealer manager fees	203		186
Non-issuance specific offering costs	—		289
Other amounts due to the CIM Management Entities and certain of its affiliates	516		283
Total due to related parties	$	22,819	$	14,068

Investments with Affiliates of CIM Group

In February 2022, the Company invested with the 1910 Sunset JV Partner, a CIM-managed separate account, in the 1910 Sunset JV which purchased an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the 1910 Sunset JV Partner initially contributed the remaining balance. See Note 2 and Note 4 for more information.

In February 2023, the Company and the 1902 Park JV Partner invested in the 1902 Park JV, which purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million, with the Company owning a 50% interest. In October 2024, the 1902 Park JV admitted a new third-party co-investor and used part of the net capital contribution of such third party co-investor to satisfy the 1902 Park JV’s mortgage loan in full. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was 25.5%. See Note 2 and Note 4 for more information.

In October 2023, the Company and the 1015 N Mansfield JV Partner acquired from an unrelated third party a 100% fee-simple interest in a plot of land located in the Sycamore media district of Los Angeles, California for a gross purchase price of $18.0 million (excluding transaction costs). The property has a site area of approximately 44,141 square feet and contains a parking garage that has been leased to a third-party tenant. The Company owns 28.8% of the 1015 N Mansfield JV.

Other

On May 15, 2019, an affiliate of CIM Group entered into an approximately 11-year lease that runs through May 2030 for approximately 30,000 rentable square feet with respect to a property owned 4750 Wilshire JV, in which the Company has a 20% interest. For the year ended December 31, 2025, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $335,000. For the year ended December 31, 2024, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $342,000.

In connection with the loan agreement for one of the Company’s fixed rate mortgages payable secured by three of the Company’s office properties in Los Angeles, California (the “Wilshire Mortgage Loan”), the Company (in such capacity, the “REIT Guarantor”) and CIM Group Investments, LLC, an affiliate of CIM Group (the “CIM Guarantor,” and, together with the REIT Guarantor, the “Guarantor”), delivered a customary non-recourse carveout guaranty to the lenders (the “Guaranty Agreement”), under which (i) the Company agreed to indemnify the lenders with respect to certain “non-recourse carveout events” and to be fully liable for the Wilshire Mortgage Loan in certain circumstances (e.g., the voluntary bankruptcy of the Borrowers and other insolvency events (collectively, the “Bankruptcy Events”)) and (ii) the CIM Guarantor is jointly and severally fully liable with the Company for the Wilshire Mortgage Loan in the case of Bankruptcy Events (collectively, the “Guaranties”). The Guaranty Agreement requires the Guarantor to maintain a net worth of no less than $105.0 million and liquid assets of no less than $6.0 million, in each case, exclusive of the values of the collateral for the Wilshire Mortgage Loan, provided that in the event of any partial prepayment or partial defeasance of the Wilshire Mortgage Loan, the above-referenced net worth and liquidity requirements will be reduced in proportion to the principal amount of the Wilshire Mortgage Loan that is partially prepaid and/or defeased, as the case may be.

On December 29, 2025, an affiliate of CIM Group extended an unsecured term loan facility to the Company with total available principal of $4.0 million and with an applicable interest rate of 7.5%. The unsecured term loan facility expired concurrent with the closing of the sale of First Western on January 21, 2026, and the Company did not borrow any amounts under the facility prior to its maturity.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE MEASUREMENTS - Impairment Charges by Asset Class (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	$ (3,692,000)	$ 0
Land
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	(2,586,000)
Land improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	(870,000)
Work in progress
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate	$ (236,000)

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0
Series A1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity



	Preferred Stock
		Series A1			Series A			Series D			Total
		Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2023		10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190		17,858,629	$	443,829





Issuance of Series A1 Preferred Stock		853,879	21,246		—	—		—	—			853,879	21,246
Redemption of Series A1 Preferred Stock paid in cash		(88,015)	(2,177)		—	—		—	—			(88,015)	(2,177)
Redemption of Series A1 Preferred Stock paid in Common Stock		(2,771,518)	(68,617)		—	—		—	—			(2,771,518)	(68,617)





Redemption of Series A Preferred Stock paid in cash		—	—		(941,687)	(23,501)		—	—			(941,687)	(23,501)
Redemption of Series A Preferred Stock paid in Common Stock		—	—		(2,364,789)	(58,877)		—	—			(2,364,789)	(58,877)


Balances, December 31, 2024		8,372,689	$	207,387	4,125,363	$	103,326	48,447	$	1,190		12,546,499	$	311,903







Redemption of Series A1 Preferred Stock paid in Common Stock		(536,737)	(13,321)		—	—		—	—			(536,737)	(13,321)

Reclassification of Series A1 Preferred Stock to Permanent Equity		913,590	23,385		—	—		—	—			913,590	23,385
Redemption of Series D Preferred Stock paid in common stock		—	—		—	—		(4,122)	(101)			(4,122)	(101)




Redemption of Series A Preferred Stock paid in Common Stock		—	—		(456,345)	(11,420)		—	—			(456,345)	(11,420)


Balances, December 31, 2025		8,749,542	$	217,451	3,669,018	$	91,906	44,325	$	1,089		12,462,885	$	310,446

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

DEBT - Schedule of Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt [Roll Forward]
Long-term debt, beginning balance	$ 505,732
Repayments	(34,988)
Accretion & (Amortization)	2,845	$ 2,134
Amortization of debt discount (premium)	103	24
Accretion & (Amortization)	2,821
Reclassified to Held for Sale	(17,330)
Net proceeds	53,533
Long-term debt, ending balance	509,768	505,732
Outstanding, ending balance	514,478
Write off deferred debt issuance costs	0	491
Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	440,446
Deferred debt origination costs — other	(3,520)	(3,995)
Long-term debt, beginning balance	436,451
Debt Issuances & Assumptions	43,609
Payment of deferred debt origination costs	(1,971)
Repayments	(7,096)
Accretion & (Amortization)	2,446
Net proceeds	41,638
Long-term debt, ending balance	473,439	436,451
Outstanding, ending balance	476,959	440,446
Mortgages Payable \| Fixed rate mortgages payable
Debt [Roll Forward]
Outstanding, beginning balance	269,100
Debt Issuances & Assumptions	0
Repayments	(697)
Outstanding, ending balance	268,403	269,100
Mortgages Payable \| Variable rate mortgages payable
Debt [Roll Forward]
Outstanding, beginning balance	171,346
Debt Issuances & Assumptions	43,609
Repayments	(6,399)
Outstanding, ending balance	208,556	171,346
Secured Borrowings Principal
Debt [Roll Forward]
Outstanding, beginning balance	1,361
Long-term debt, beginning balance	1,383
Premiums (discounts), beginning balance	22
Repayments	(52)
Amortization of debt discount (premium)	(3)
Reclassified to Held for Sale	(1,309)
Unamortized premiums	(19)
Long-term debt reclassified	(1,328)
Premiums (discounts), ending balance	0	22
Long-term debt, ending balance	0	1,383
Outstanding, ending balance	0	1,361
Other Debt
Debt [Roll Forward]
Long-term debt, beginning balance	67,898
Repayments	(27,840)
Accretion & (Amortization)	378
Long-term debt reclassified	(16,002)
Net proceeds	11,895
Long-term debt, ending balance	36,329	67,898
Line of Credit \| Revolving Credit Facility
Debt [Roll Forward]
Outstanding, ending balance	10,449
Line of Credit \| Revolving Credit Facility \| Lending division credit facility
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	11,895
Repayments	(1,446)
Outstanding, ending balance	10,449	0
Line of Credit \| Revolving Credit Facility \| 2022 credit facility revolver
Debt [Roll Forward]
Outstanding, beginning balance	1,367
Debt Issuances & Assumptions	0
Repayments	(1,367)
Outstanding, ending balance	0	1,367
Write off deferred debt issuance costs	29
Line of Credit \| 2022 credit facility term loan
Debt [Roll Forward]
Outstanding, beginning balance	13,633
Debt Issuances & Assumptions	0
Repayments	(13,633)
Outstanding, ending balance	0	13,633
Write off deferred debt issuance costs	59
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,296)
Debt Issuances & Assumptions	0
Repayments	0
Accretion & (Amortization)	106
Premiums (discounts), ending balance	(1,190)	(1,296)
Outstanding, ending balance	27,070	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	27,857
Debt Issuances & Assumptions	0
Repayments	(11,453)
Reclassified to Held for Sale	(16,404)
Outstanding, ending balance	0	27,857
Deferred debt issuance costs — other
Debt [Roll Forward]
Deferred debt origination costs — other	0	$ (733)
Payment of deferred debt origination costs	0
Repayments	(59)
Accretion & (Amortization)	272
Deferred debt issuance costs — other, reclassified	$ 402

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Lease incentives	$ 1,300,000	$ 3,900,000
Lease incentives, accumulated amortization	1,100,000	3,600,000
Allowance for uncollectible accounts receivable	371,000	640,000
Tenant recoveries outside of lease agreements	0	$ 0
Performance obligations	$ 0

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Affiliate Investments and Other - Narrative (Details)	1 Months Ended			12 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2022 USD ($)	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 29, 2025 USD ($)	Nov. 01, 2024	May 15, 2019 ft²
Related Party Transaction [Line Items]
Other liabilities				$ 1,208,000	$ 2,263,000
Rental and other property income				65,431,000	72,266,000
Loss from unconsolidated entities				(3,760,000)	(806,000)
Corporate Joint Venture \| Eleven year lease
Related Party Transaction [Line Items]
Operating lease term								11 years
Square Feet \| ft²								30,000
Rental and other property income				335,000
Affiliated Entity
Related Party Transaction [Line Items]
Consolidated net worth				105,000,000.0
Liquid assets				$ 6,000,000.0
Aggregate principal amount						$ 4,000,000.0
Fixed interest rate						7.50%
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Other liabilities			$ 22,400,000
Ownership Interest				44.20%
1910 Sunset Boulevard \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²				105,064
1910 Sunset Boulevard \| Corporate Joint Venture
Related Party Transaction [Line Items]
Other liabilities			$ 51,000,000.0
1902 Park Avenue
Related Party Transaction [Line Items]
Ownership Interest				25.50%
1902 Park Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price		$ 19,100,000
Ownership Interest		50.00%					25.50%
1015 N Mansfield Avenue
Related Party Transaction [Line Items]
Ownership Interest				28.80%
1015 N Mansfield Avenue \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²				44,141
1015 N Mansfield Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price	$ 18,000,000.0
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
Loss from unconsolidated entities				$ (3,800,000)	(806,000)
1015 N Mansfield Avenue \| Corporate Joint Venture \| Office Building
Related Party Transaction [Line Items]
Area of land (square feet) \| ft²	44,141
4750 Wilshire Boulevard
Related Party Transaction [Line Items]
Ownership Interest				20.00%
4750 Wilshire Boulevard \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²		30,335		30,335
4750 Wilshire JV \| Eleven year lease
Related Party Transaction [Line Items]
Ownership Interest		20.00%
4750 Wilshire JV \| Corporate Joint Venture \| Eleven year lease
Related Party Transaction [Line Items]
Loss from unconsolidated entities					$ 342,000

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Loans receivable consist of the following:


	December 31, 2024
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	19,306
SBA 7(a) loans receivable, subject to loan-backed notes	34,930

SBA 7(a) loans receivable, subject to secured borrowings	1,383
SBA 7(a) loans receivable, held for sale	1,494
Loans receivable	57,113
Deferred capitalized costs, net	1,129
Current expected credit losses	(2,032)
Loans receivable, net	$	56,210

Note: As of December 31, 2025, all loans receivable balances were reclassified as held for sale. See Assets and Liabilities Held for Sale, included later in this footnote, for more detail.

SBA 7(a) Loans Receivable, Subject to Credit Risk—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were retained by the Company.

SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were transferred to a trust and are held as collateral in connection with a

securitization transaction. The proceeds received from the transfer were reflected as loan-backed notes payable (Note 7). These loans were subject to credit risk.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—Represents the government guaranteed portions of loans originated under the SBA 7(a) Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There was no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SBA 7(a) Loans Receivable, Held for Sale— Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the end of the period.

Current Expected Credit Losses

CECL reflects the Company’s current estimate of potential credit losses related to loans receivable included in the Company’s consolidated balance sheets as of period end pursuant to ASU 2016-13. Refer to Note 2 for further discussion of CECL.

The following table presents the activity in the Company’s CECL for the year ended December 31, 2025 and 2024 (dollar amounts in thousands):


	Loans Receivable
Allowance for credit losses as of December 31, 2023	$	1,680
Net adjustment to reserve for expected credit losses	352
Allowance for credit losses as of December 31, 2024	2,032
Net adjustment to reserve for expected credit losses	525
Reversal of CECL balance related to loans reclassified as held for sale	(2,557)
Allowance for credit losses as of December 31, 2025	$	—

The net adjustments to the reserve for expected credit losses are recognized through net income on the Company’s consolidated statements of operations. During the year ended December 31, 2025, the Company recorded an increase of $525,000 in its CECL related to its loans receivable prior to its CECL balance of $2.6 million reversed as a result of the Company’s loans receivable being reclassified as held for sale at December 31, 2025. Such amounts were recorded in general and administrative expenses in the consolidated statement of operations. During the year ended December 31, 2024, the Company recorded an increase of $352,000, respectively, in its CECL related to its loans receivable, which was recorded in general and administrative expenses in the consolidated statement of operations.

Assets and Liabilities Held for Sale

As previously announced on November 12, 2025, the Company and First Western SBLC, LLC, a Florida limited liability company (formerly known as First Western SBLC, Inc.) and an indirect wholly owned subsidiary of the Company (“First Western”), entered into a membership interest purchase agreement, dated as of November 6, 2025 (the “Membership Interest Purchase Agreement”), with PG FR Holding, LLC, a Delaware limited liability company (the “Buyer”). The closing (the “Closing”) of the transactions contemplated by the Membership Interest Purchase Agreement (the “Transactions”) occurred on January 21, 2026.

As of December 31, 2025, the Company classified the assets and liabilities of First Western as held for sale. The following is the detail of the carrying amounts of assets and liabilities classified as held for sale on the consolidated balance sheets as of December 31, 2025:


	December 31, 2025
Assets:



Restricted cash	$	4,423
Loans receivable, net (1)	54,213
Accounts receivable, net	633

Other intangible assets (2)	2,957
Other assets	3,633

Total assets held for sale	$	65,859

Liabilities:
Debt, net (3)	$	17,330
Accounts payable and accrued expenses	2,508


Other liabilities	2,128

Total liabilities associated with assets held for sale	$	21,966

(2)Other intangible assets as of December 31, 2025 represented First Western’s trade name and SBA license, with an aggregate carrying value of $3.0 million.

There were no assets or liabilities classified as held for sale as of December 31, 2024.

OTHER INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 1	$ 6
Acquired in-place Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 171	$ 374

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investment in Real Estate

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2025 and 2024, deferred rent receivable and charges, net consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Deferred rent receivable	$	10,850	$	12,931
Deferred leasing costs, net of accumulated amortization of $5,749 and $11,870, respectively	7,137		6,351

Deferred financing costs, net of accumulated amortization of $112 and $2,654, respectively	705		614

Deferred rent receivable and charges, net	$	18,692	$	19,896

Schedule of Recognized Rental Income

For the years ended December 31, 2025 and 2024, the Company recognized rental income as follows (in thousands):


	Year Ended December 31,
		2025		2024
Rental and other property income
Fixed lease payments (1)		$	56,047	$	62,322
Variable lease payments (2)		9,384		9,944
Rental and other property income		$	65,431	$	72,266

Schedule of Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18 (in thousands):


	Year Ended December 31,
		2025		2024
Hotel properties
Hotel income		$	39,642	$	37,679
Rental and other property income		1,622		1,344

Interest and other income		76		384
Hotel revenues		$	41,341	$	39,407

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based compensation plans
Award vesting period	1 year
Unrecognized compensation expense	$ 128
Directors Independent
Share-based compensation plans
Restricted shares of common stock	$ 220	$ 220

- Definition

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+ Details

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2025		2024
	(in thousands)
Land	$	172,614	$	175,682
Land improvements	5,595		5,863
Buildings and improvements	652,102		636,525
Furniture, fixtures, and equipment	19,702		12,844
Tenant improvements	24,832		26,942
Work in progress	18,631		36,929
Investments in real estate	893,476		894,785
Accumulated depreciation	(195,389)		(185,591)
Net investments in real estate	$	698,087	$	709,194

For the years ended December 31, 2025 and 2024, the Company recorded depreciation expense of $24.9 million and $24.9 million, respectively.

Impairment—The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its investments in real estate may not be recoverable. See Note 2 for a discussion of the Company’s accounting policies regarding impairment of investments in real estate.

During the year ended December 31, 2025, one office property in Austin, Texas was deemed to be impaired, with its carrying value of $2.1 million being reduced to an estimated fair value of $1.9 million, and one multifamily development site, currently being operated as a parking lot, in Oakland, California was deemed to be impaired, with its carrying value of $14.7 million being reduced to an estimated fair value $11.2 million, collectively resulting in impairment charges of $3.7 million during the year ended December 31, 2025. The Company recorded no impairment charges during the year ended December 31, 2024. See Note 2 for a discussion of the Company’s policies regarding impairment of real estate assets.

See Note 13 for a further discussion regarding these impairment charges during the year ended December 31, 2025.

2025 Transactions—In July 2025, the Company sold a vacant land parcel adjacent to its multifamily property at 1150 Clay Street in Oakland, California (“1150 Clay”). The Company received proceeds of $1.2 million, net of transaction costs of $89,000, and recorded a gain on the sale of $679,000 during the year ended December 31, 2025. In connection with the sale, the Company used a portion of the proceeds to make a repayment of $696,000 under the mortgage loan at 1150 Clay.

2024 Transactions—There were no acquisitions or dispositions during the year ended December 31, 2024.

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
Consolidated Statements of Operations (Parenthetical)	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Temporary equity, par value (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	24,508,664	25,045,401
Temporary equity, shares issued (in shares)	0	913,630
Temporary equity, shares outstanding (in shares)	0	913,590
Temporary equity, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	900,000,000	900,000,000
Common stock, issued shares (in shares)	2,699,686	466,180
Common stock, outstanding shares (in shares)	2,699,686	466,180
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	30,848,680	31,305,025
Preferred stock, shares issued (in shares)	8,820,338	8,820,338
Preferred stock, shares outstanding (in shares)	3,669,018	4,125,363
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, issued shares (in shares)	1,352,410
Series A1 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	24,508,664	25,045,401
Preferred stock, shares issued (in shares)	12,240,878	11,327,248
Preferred stock, shares outstanding (in shares)	8,749,542	8,372,689
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, issued shares (in shares)	1,202,761
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	26,987,468	26,991,590
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	44,325	48,447
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, issued shares (in shares)	11,556

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Principles of Consolidation

Investments in Real Estate

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Capitalized Project Costs

Recoverability of Investments in Real Estate

Investments in Unconsolidated Entities

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

Restricted Cash

Key Money

Loans Receivable and Current Expected Credit Losses

Based on a 5-point scale, the Company’s loans receivable are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-Acceptable — These are assets of high quality;

3-Substandard — These assets generally have a well-defined weakness or weaknesses which could hinder collection efforts;

4-Doubtful — These assets have weakness or weaknesses similar to substandard loans; however, the weakness or weaknesses are so extreme that significant loss potential exists in all cases; and

5-Loss — Assets assigned this classification have no value and thus have been or are in the process of being charged off.

Deferred Rent Receivable and Charges

Preferred Stock. Following the suspension of its Series A1 Preferred Stock’s offering, the Company no longer deemed it

Noncontrolling Interests

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Redeemable Preferred Stock

Purchase Accounting for Acquisition of Investments in Real Estate

Revenue Recognition

Revenue from leasing activities

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

Collectability of Future Lease Payments

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

Tenant recoveries outside of the lease agreements

Premiums and Discounts on Debt

Stock-Based Compensation Plans

Earnings per Share ("EPS")

Distributions

Assets Held for Sale and Discontinued Operations

As of December 31, 2025, the Company had reclassifed the assets and liabilities of First Western as held for sale.

Derivative Financial Instruments

Income Taxes

administrative expense and interest paid or received will be recorded in interest expense or interest income, respectively, in the Company’s consolidated statements of operations.

Use of Estimates

Concentration of Credit Risk

Segment Information

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments in Real Estate
Balance, beginning of period	$ 894,785	$ 868,878
Additions:
Improvements	17,968	29,329
Property acquisitions	0	0
Deductions:
Asset sales	(486)	0
Impairment	(3,692)	0
Retirements	(15,099)	(3,422)
Balance, end of period	893,476	894,785
Accumulated Depreciation
Balance, beginning of period	(185,591)	(164,116)
Additions: depreciation	(24,897)	(24,897)
Assets held for sale	0	0
Asset sales	0	0
Retirements	15,099	3,422
Balance, end of period	$ (195,389)	$ (185,591)

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 09, 2023	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable		$ 1.8	$ 1.1
Junior subordinated notes
Debt Instrument [Line Items]
Interest rate margin (in percentage)		3.51%
SBA 7(a) loan-backed notes
Debt Instrument [Line Items]
Payment of principal on SBA 7(a) loan-backed notes	$ 54.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Unconsolidated Entities

The following table details the Company’s equity method investments in the Unconsolidated Joint Ventures. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands):


				Ownership Interest	Carrying Value
Joint Venture	Asset Type	Location	Date of Acquisition	December 31, 2025	December 31, 2025		December 31, 2024
1910 Sunset Boulevard (1)	Office / Multifamily	Los Angeles, CA	February 11, 2022	44.2%	$	12,941	$	12,898
4750 Wilshire Boulevard (2)	Multifamily / Office	Los Angeles, CA	February 17, 2023	20.0%	5,368		8,622
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	25.5%	5,866		5,730
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,920		6,427
Total investments in unconsolidated entities					$	31,095	$	33,677

______________________

(1)1910 Sunset Boulevard is an office building with 105,064 square feet of office space and 2,760 square feet of retail space. The 1910 Sunset JV (defined below) has completed construction on its 1915 Park Project (defined below) to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building.

(2)4750 Wilshire Boulevard is a three-story office building with 30,335 square feet of office space located on the first floor. The remainder of the building was substantially converted into 68 for-lease multifamily units in September 2024.

(3)1902 Park Avenue is a 76-unit four-story multifamily building.

(4)1015 N Mansfield Avenue is an office building with a 44,141 square foot site area and a parking garage. The site is being evaluated for different development options, including creative office or other commercial space. As of December 31, 2025, this property was in pre-development phase and the Company has not finalized the formal development plan for the property.

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

Cash dividends per share of Common Stock paid in respect of the year ended December 31, 2024 consisted of the following (no cash dividends were declared for the year ended December 31, 2025):

Declaration Date

Payment Date

Type

Dividend Per Common Share

September 16, 2024

October 8, 2024

Regular Quarterly

(a.)

June 25, 2024

July 22, 2024

Regular Quarterly

21.250

March 27, 2024

April 22, 2024

Regular Quarterly

21.250

_____________________

a.The Company’s Board of Directors declared a stock dividend of $10.00 (or 5.05 shares of Common Stock, as determined on a reverse split-adjusted basis) per share of Common Stock, payable in shares of Common Stock, using a price of $496.25 per share, resulting in the issuance of 6,739 shares of Common Stock. The stock dividend was retrospectively applied to the periods reflected in the consolidated statements of operations included in this Annual Report on Form 10-K.

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investments in real estate, net	$ 698,087,000	$ 709,194,000
Investments in unconsolidated entities	31,095,000	33,677,000
Cash and cash equivalents	15,439,000	20,262,000
Restricted cash	22,246,000	32,606,000
Loans receivable, net (Note 5)	0	56,210,000
Accounts receivable, net	2,598,000	4,345,000
Deferred rent receivable and charges, net	18,692,000	19,896,000
Other intangible assets, net	439,000	3,568,000
Other assets	4,732,000	9,797,000
Assets held for sale, net (Note 5)	65,859,000	0
TOTAL ASSETS	859,187,000	889,555,000
LIABILITIES:
Debt, net	509,768,000	505,732,000
Accounts payable and accrued expenses	26,979,000	32,204,000
Due to related parties	22,819,000	14,068,000
Other liabilities	11,406,000	10,488,000
Liabilities associated with assets held for sale, net (Note 5)	21,966,000	0
Total liabilities	592,938,000	562,492,000
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,508,664 and 25,045,401 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares issued and outstanding as of December 31, 2025, respectively and 913,630 and 913,590 shares issued and outstanding as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment	0	20,799,000
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 2,699,686 shares issued and outstanding as of December 31, 2025 and 466,180 shares issued and outstanding as of December 31, 2024	3,000	119,000
Additional paid-in capital	1,019,044,000	994,973,000
Distributions in excess of earnings	(1,064,132,000)	(1,002,479,000)
Total stockholders’ equity	265,361,000	304,516,000
Noncontrolling interests	888,000	1,748,000
Total equity	266,249,000	306,264,000
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	859,187,000	889,555,000
Series A Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	91,906,000	103,326,000
Series A1 Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	217,451,000	207,387,000
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 1,089,000	$ 1,190,000

DEBT - Lending Division Revolving Credit Facility (Narrative) (Details) - Revolving Credit Facility - Lending division credit facility - Line of Credit			1 Months Ended	37 Months Ended
	Jan. 21, 2026 USD ($)	Oct. 22, 2025	Jun. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20,000,000.0	$ 20,000,000.0
Fixed charge coverage ratio			1.05
Minimum net worth				$ 200,000,000.0
Leverage ratio				2.50
Liquid assets				$ 10,000,000.0
Collateral requirement				105.00%
Fiscal Quarters Ending September 30, 2025 and December 31, 2025
Debt Instrument [Line Items]
Fixed charge coverage ratio		1.00
Fiscal Quarters Ending After December 31, 2025
Debt Instrument [Line Items]
Fixed charge coverage ratio		1.15
Subsequent event
Debt Instrument [Line Items]
Repayment of lines of credit	$ 10,500,000
Base rate
Debt Instrument [Line Items]
Interest rate margin (in percentage)			2.00%
Effective interest rate (in percentage)					6.79%
SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)			3.00%

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CREATIVE MEDIA & COMMUNITY TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	4700 Wilshire Boulevard
Entity Address, Address Line Two
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	(866)
Local Phone Number	242-1266
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 5.6
Entity Common Stock, Shares Outstanding		2,699,686
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference specified portions of an amendment to this Annual Report on Form 10-K or Creative Media & Community Trust Corporation’s Proxy Statement for its 2026 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than April 30, 2026.
Entity Central Index Key	0000908311
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY

Dividends

Holders of the Company’s Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by the Company out of legally available funds. In determining the Company’s dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, the Company’s financial position, applicable requirements of the MGCL, any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. Cash dividends per share of Common Stock paid in respect of the year ended December 31, 2024 consisted of the following (no cash dividends were declared for the year ended December 31, 2025):

Declaration Date

Payment Date

Type

Dividend Per Common Share

September 16, 2024

October 8, 2024

Regular Quarterly

(a.)

June 25, 2024

July 22, 2024

Regular Quarterly

21.250

March 27, 2024

April 22, 2024

Regular Quarterly

21.250

_____________________

Series A Preferred Warrants

Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock and one Series A Preferred Warrant that could be exercised to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. Proceeds and expenses from the sale of the Series A Preferred Stock and Series A Preferred Warrants were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of December 31, 2025, all of the Series A Preferred Warrants had expired.

Share Repurchase Program

In May 2022, the Company’s Board of Directors approved a repurchase program of up to $10.0 million of the Company’s Common Stock (the “SRP”). Under the SRP, the Company, in its discretion, may purchase shares of its Common Stock from time to time in the open market or in privately negotiated transactions. The amount and timing of purchases of shares will depend on a number of factors, including, without limitation, the price and availability of shares, trading volume, general market conditions and compliance with applicable securities law. The SRP has no termination date and may be suspended or discontinued at any time.

There were no repurchases during the years ended December 31, 2025 or 2024. As of December 31, 2025, the Company had repurchased 2,650 shares of Common Stock (adjusted for the Reverse Stock Splits) for $4.7 million.

- Definition

The entire disclosure for equity.

+ References

+ Details

FAIR VALUE MEASUREMENTS - Unobservable Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Liabilities:
Fixed rate mortgages payable	$ 268,403	$ 269,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	0	18,850
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	0	34,452
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	0	1,383
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	0	1,525
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Fixed rate mortgages payable	251,632	233,364
Junior subordinated notes	26,176	25,415
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes \| Fair Value, Nonrecurring
Assets:
Loans receivable	0	18,994
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk \| Fair Value, Nonrecurring
Assets:
Loans receivable	0	37,657
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings \| Fair Value, Nonrecurring
Assets:
Loans receivable	0	1,383
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale \| Fair Value, Nonrecurring
Assets:
Loans receivable	$ 0	$ 1,600

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Key Money (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Deferred key money amortization period (in years)	30 years
Deferred key money	$ 4,700,000	$ 0
Deferred key money, accumulated amortization	$ 48,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Tempe, Arizona

STOCKHOLDERS' EQUITY - Narrative (Details) - $ / shares	3 Months Ended			12 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)	$ 10.00	$ 21.250	$ 21.250	$ 0	$ 1.70
Warrant right to purchase a share of common stock (in shares)						0.25
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)						1
Warrant right to purchase a share of common stock (in shares)						0.25
Series A Preferred Stock \| Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)						1

OTHER INTANGIBLE ASSETS AND LIABILITIES - Schedule of Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Intangible assets:
Total intangible assets, net	$ 439	$ 3,568
Trade name and license
Intangible assets:
Trade name and license	0	2,957
Acquired in-place Leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 1,874	$ 5,195
Acquired finite lived intangible lease assets average useful life	2 years	6 years
Intangible assets, net	$ 439	$ 610
Acquired above-market leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 0	$ 36
Acquired finite lived intangible lease assets average useful life	0 years	7 years
Intangible assets, net	$ 0	$ 1

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

10. EARNINGS PER SHARE (“EPS”)

The computation of basic EPS is based on the Company’s weighted average shares outstanding. No shares of Series D Preferred Stock, Series A Preferred Stock, or Series A1 Preferred Stock outstanding as of December 31, 2025 or 2024 were included in the computation of diluted EPS because they had no dilutive effect. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the years ended December 31, 2025 and 2024 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 12).

EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.


	Year Ended December 31,
		2025		2024
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders		$	(61,648)	$	(73,343)
Redeemable preferred stock dividends declared on dilutive shares		—		—
Diluted net loss attributable to common stockholders		$	(61,648)	$	(73,343)

Denominator:
Basic weighted average shares of Common Stock outstanding		919		170
Effect of dilutive securities—contingently issuable shares		—		—
Diluted weighted average shares and common stock equivalents outstanding		919		170

Net loss attributable to common stockholders per share:
Basic		$	(67.08)	$	(431.43)
Diluted		$	(67.08)	$	(431.43)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investments in Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments in Real Estate
Impairment of real estate	$ 3,692,000	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Dividends declared, common (in usd per share)	$ 0	$ 1.70
Series A1 Preferred Stock
Preferred stock, dividends per share, declared (in usd per share)	1.723	1.958
Series D Preferred Stock
Preferred stock, dividends per share, declared (in usd per share)	1.413	1.413
Series A Preferred Stock
Preferred stock, dividends per share, declared (in usd per share)	$ 1.375	$ 1.375

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community Trust Corporation (the “Company”) is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments. The Company also owns one hotel in northern California. The Company seeks to apply the expertise of CIM Group Management, LLC (“CIM Group”) and its affiliates to the acquisition, development and operation of premier multifamily properties and creative office assets that cater to rapidly growing industries such as technology, media and entertainment in vibrant and emerging communities throughout the United States. The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “CMCT.” On August 15, 2025, the Company voluntarily delisted its Common Stock from the Tel Aviv Stock Exchange, where it had previously been listed under the ticker symbol “CMCT.” On January 6, 2025, the Company effected a 1-for-10 reverse stock split on its Common Stock, and on April 15, 2025, the Company effected a 1-for-25 reverse stock split on its Common Stock (collectively, the “Reverse Stock Splits”). Unless otherwise specified, all Common Stock and per share of Common Stock amounts set forth in this Annual Report on Form 10-K have been adjusted to give retroactive effect to the Reverse Stock Splits. On April 14, 2025, the Company received approval from the Listing Qualifications Department of The Nasdaq Stock Market, LLC to transfer the listing of the Company’s Common Stock from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer of listing became effective on April 17, 2025. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market. All companies whose securities are listed on the Nasdaq Capital Market must meet certain financial requirements and adhere to Nasdaq’s corporate governance standards. Any references to building square footage or number of multifamily units set forth in the financial statements are unaudited.

INVESTMENT IN UNCONSOLIDATED ENTITIES

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED ENTITIES

4. INVESTMENT IN UNCONSOLIDATED ENTITIES


				Ownership Interest	Carrying Value
Joint Venture	Asset Type	Location	Date of Acquisition	December 31, 2025	December 31, 2025		December 31, 2024
1910 Sunset Boulevard (1)	Office / Multifamily	Los Angeles, CA	February 11, 2022	44.2%	$	12,941	$	12,898
4750 Wilshire Boulevard (2)	Multifamily / Office	Los Angeles, CA	February 17, 2023	20.0%	5,368		8,622
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	25.5%	5,866		5,730
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,920		6,427
Total investments in unconsolidated entities					$	31,095	$	33,677

______________________

(3)1902 Park Avenue is a 76-unit four-story multifamily building.

1910 Sunset Boulevard— In February 2022, the Company invested in an Unconsolidated Joint Venture (the “1910 Sunset JV”) with a CIM-managed separate account (the “1910 Sunset JV Partner”) to purchase an office property located at 1910 Sunset Boulevard in Los Angeles, California (the “1910 Sunset Office Building”) along with an adjacent vacant land parcel located at 1915 Park Avenue, for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the 1910 Sunset JV Partner initially contributed the remaining balance. In September 2022, the 1910 Sunset JV obtained financing through a mortgage loan of $23.9 million secured by the office property (the “1910 Sunset Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1910 Sunset Mortgage Loan.

As of December 31, 2025, the 1910 Sunset JV completed its project to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building (the “1915 Park Project”) and began leasing during the fourth quarter. The 1910 Sunset JV financed the project through a combination of cash from operations at its office property, additional equity contributions from existing investors, and proceeds from a mortgage loan from a third-party lender (which has a balance of $6.8 million as of December 31, 2025 and total borrowing availability of $9.4 million). As of December 31, 2025, the 1910 Sunset JV had incurred total costs of $12.7 million in connection with the 1915 Park Project.

Beginning on October 1, 2025, in connection with the 1910 Sunset JV’s commencement of leasing at the 1915 Park Project, the Company began reporting its share of the income from the operations of the 1915 Park Project in its multifamily segment, while income from the operations of the 1910 Sunset Office Building continue to be reported in its office segment.

4750 Wilshire Boulevard— In February 2023, three co-investors (the “4750 Wilshire JV Partners”) acquired an 80% interest in a property owned by a subsidiary of the Company located at 4750 Wilshire Boulevard in Los Angeles, California (“4750 Wilshire”) for a gross sales price of $34.4 million (excluding transaction costs). The Company retained a 20% interest in 4750 Wilshire through an Unconsolidated Joint Venture arrangement between the Company and the 4750 Wilshire JV Partners (the “4750 Wilshire JV”). The goal of the 4750 Wilshire JV was to convert two of the three floors of 4750 Wilshire from office-

use into 68 for-lease multifamily units (the “4750 Wilshire Project”), with the first floor of 4750 Wilshire continuing to function as 30,335 square feet of office space. The 4750 Wilshire Project was substantially completed in September 2024. The 4750 Wilshire JV has commenced leasing of the multifamily units. The 4750 Wilshire Project which was financed by a combination of equity contributions from the 4750 Wilshire JV Partners and a third-party construction loan, secured by 4750 Wilshire, which closed in March 2023 and had a balance of $37.9 million as of December 31, 2025 (with total borrowing availability of $38.5 million) (the “4750 Wilshire Construction Loan”). The Company provided a limited guarantee to the lender under the 4750 Wilshire Construction Loan. As of December 31, 2025, total costs of $28.8 million had been incurred by the 4750 Wilshire JV in connection with the 4750 Wilshire Project.

Pursuant to the co-investment agreement, the 4750 Wilshire JV pays an ongoing management fee to the Company. In addition, the Company may earn incentive fees based on the performance of 4750 Wilshire after the conversion.

1902 Park Avenue— In February 2023, the Company and a CIM-managed interval fund (the “1902 Park JV Partner”) purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million (excluding transaction costs) (the “1902 Park JV”), with the Company owning a 50% interest. In connection with the closing of this transaction in February 2023, the 1902 Park JV obtained financing through a mortgage loan of $9.6 million secured by the multifamily property (the “1902 Park Mortgage Loan”). In October 2024, the 1902 Park JV admitted a new third-party co-investor and used part of the net capital contribution of such third party co-investor to satisfy the 1902 Park Mortgage Loan in full. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was 25.5%. Pursuant to the co-investment agreement, the 1902 Park JV pays an ongoing management fee to the Company.

1015 N Mansfield Avenue— In October, 2023, the Company and a co-investor affiliated with CIM Group (the “1015 N Mansfield JV Partner”) acquired from an unrelated third party a 100% fee-simple interest in a plot of land located in the Sycamore media district of Los Angeles, California for a gross purchase price of $18.0 million (excluding transaction costs) (the “1015 N Mansfield JV”). The property has a site area of approximately 44,141 square feet and contains a parking garage that has been leased to a third-party tenant. The site is being evaluated for different creative office or other commercial space development options and was in pre-development phase as the Company has not finalized the formal development plan for the property. The Company owns 28.8% of the 1015 N Mansfield JV.

The Company recorded a loss of $3.8 million and $806,000 related to its investment in the Unconsolidated Joint Ventures during the years ended December 31, 2025 and 2024, respectively.

LOANS RECEIVABLE- Schedule of Loans Receivable, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		$ 57,113,000
Deferred capitalized costs, net		1,129,000
Current expected credit losses	$ 0	(2,032,000)	$ (1,680,000)
Loans receivable, net	$ 0	56,210,000
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		19,306,000
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		34,930,000
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		1,383,000
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		$ 1,494,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Equity Investments in Unconsolidated Entities (Details) $ in Thousands	Dec. 31, 2025 USD ($) ft² unit	Dec. 31, 2024 USD ($)	Sep. 30, 2024 unit	Feb. 28, 2023 ft² unit
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities	$ 31,095	$ 33,677
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	44.20%
Total investments in unconsolidated entities	$ 12,941	12,898
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	105,064
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	2,760
1910 Sunset Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	36
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	20.00%
Total investments in unconsolidated entities	$ 5,368	8,622
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	30,335			30,335
4750 Wilshire Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit			68	68
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	25.50%
Total investments in unconsolidated entities	$ 5,866	5,730
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	76
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	28.80%
Total investments in unconsolidated entities	$ 6,920	$ 6,427
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	44,141

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ 56,210	$ 57,005
Additions during period:
New loans	24,873	40,255
Other - deferral of loan origination costs	422	806
Other - bad debt recovery	(524)	(352)
Reversal of CECL	2,557	0
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,471	1,397
Deductions during period:
Collections of principal	(10,379)	(12,484)
Cost of mortgages sold, net	(20,117)	(30,417)
Balance, end of period	54,513	56,210
Cumulative adjustments	$ 54,513	$ 56,210

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:


	December 31, 2024

		Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk		7.30% - 10.75%	4.07% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes		9.00% - 10.75%	4.81% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings		10.25% - 10.25%	5.00% - 17.50%

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows:


	December 31, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to credit risk(1)	$	—	$	—	$	18,850	$	18,994	3
SBA 7(a) loans receivable, subject to loan-backed notes(1)	$	—	$	—	$	34,452	$	37,657	3
SBA 7(a) loans receivable, subject to secured borrowings(1)	$	—	$	—	$	1,383	$	1,383	3
SBA 7(a) loans receivable, held for sale(1)	$	—	$	—	$	1,525	$	1,600	3
Liabilities:
Mortgages payable (2)	$	268,403	$	251,632	$	269,100	$	233,364	3
Junior subordinated notes (2)	$	27,070	$	26,176	$	27,070	$	25,415	3

(1)Reclassed to held for sale as of December 31, 2025. See Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) for more detail.

(2)The carrying amounts for the mortgages payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance costs and discounts.

Schedule of Impairment Charges by Asset Class

The following table presents the impairment charges by asset class recorded during the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
Asset class impaired:
Land	$	(2,586)
Land improvements	(870)



Work in progress	(236)
Total impairment loss	$	(3,692)

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2025 and 2024, and the debt activity for the year ended December 31, 2025 (in thousands):


			During the Year Ended December 31,
	Balances as of December 31, 2024		Debt Issuances & Assumptions		Repayments (1)		Accretion & (Amortization)		Reclassified to Held for Sale		Balances as of December 31, 2025
Mortgages Payable:
Fixed rate mortgages payable	$	269,100	$	—	$	(697)	$	—	$	—	$	268,403
Variable rate mortgages payable	171,346		43,609		(6,399)		—		—		208,556
	440,446		43,609		(7,096)		—		—		476,959
Deferred debt issuance costs — Mortgages Payable	(3,995)		(1,971)		—		2,446		—		(3,520)
Total Mortgages Payable	436,451		41,638		(7,096)		2,446		—		473,439
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	1,361		—		(52)		—		(1,309)		—
Unamortized premiums	22		—		—		(3)		(19)		—
Total Secured Borrowings—Government Guaranteed Loans	1,383		—		(52)		(3)		(1,328)		—
Other Debt:
Lending division credit facility	—		11,895		(1,446)		—		—		10,449
2022 credit facility revolver	1,367		—		(1,367)		—		—		—
2022 credit facility term loan	13,633		—		(13,633)		—		—		—
Junior subordinated notes	27,070		—		—		—		—		27,070
SBA 7(a) loan-backed notes	27,857		—		(11,453)		—		(16,404)		—
Deferred debt issuance costs — other	(733)		—		59		272		402		—
Discount on junior subordinated notes	(1,296)		—		—		106		—		(1,190)
Total Other Debt	67,898		11,895		(27,840)		378		(16,002)		36,329
Total Debt, Net	$	505,732	$	53,533	$	(34,988)	$	2,821	$	(17,330)	$	509,768

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of December 31, 2025 are as follows:


Years Ending December 31,	Mortgages Payable (1)		Lending Division Revolving Credit Facility(2)		Junior Subordinated Notes		Total
	(in thousands)
2026	$	164,004	$	—	$	—	$	164,004
2027	177,555		10,449		—		188,004
2028	30,400		—		—		30,400
2029	—		—		—		—
2030	105,000		—		—		105,000
Thereafter	—		—		27,070		27,070
	$	476,959	$	10,449	$	27,070	$	514,478

(2)The Lending Division Revolving Credit Facility was repaid in full and terminated in January 2026.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INVESTMENTS IN REAL ESTATE - Schedule of Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real Estate [Abstract]
Land	$ 172,614	$ 175,682
Land improvements	5,595	5,863
Buildings and improvements	652,102	636,525
Furniture, fixtures, and equipment	19,702	12,844
Tenant improvements	24,832	26,942
Work in progress	18,631	36,929
Investments in real estate	893,476	894,785
Accumulated depreciation	(195,389)	(185,591)
Net investments in real estate	$ 698,087	$ 709,194

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

16. LEASES


Years Ended December 31,	Total

2026	$	50,194
2027	32,751
2028	19,789
2029	15,955
2030	9,415
Thereafter	51,974
	$	180,078

STOCK-BASED COMPENSATION PLANS - Schedule of Restricted Shares and the Changes During the Year (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Beginning balance (in shares)	428	196
Granted (in shares)	34,644	428
Vested (in shares)	(428)	(196)
Ending balance (in shares)	34,644	428
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in usd per share)	$ 510.00	$ 1,125
Granted (in usd per share)	6.35	510.00
Vested (in usd per share)	510.00	1,125
Ending balance (in usd per share)	$ 6.35	$ 510.00

INCOME TAXES - Components of Net Deferred Tax Asset (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 622	$ 196
Secured borrowings—government guaranteed loans	4	5
Other	422	286
Total gross deferred tax assets	1,048	487
Valuation allowance	(630)	(205)
Deferred tax asset, net of valuation allowance	418	282
Deferred tax liabilities:
Loans receivable	0	0
Deferred tax liabilities	0	0
Deferred tax asset, net	$ 418	$ 282

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans (Narrative) (Details) $ in Thousands		12 Months Ended
	Aug. 04, 2025 USD ($)	Dec. 31, 2025 USD ($) extension	Aug. 03, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding balance		$ 514,478
Repayments of debt		34,988
Mortgages Payable
Debt Instrument [Line Items]
Outstanding balance		476,959		$ 440,446
Repayments of debt		$ 7,096
Mortgages Payable \| Fixed Rate Mortgage Payable Due June 7, 2026
Debt Instrument [Line Items]
Fixed interest rate		6.25%
Outstanding balance		$ 66,300
Extension option, term		1 year
Repayments of debt		$ 696
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Fixed interest rate		4.14%
Outstanding balance		$ 97,100
Mortgages Payable \| Fixed Rate Mortgage Payable Due January 11, 2030
Debt Instrument [Line Items]
Fixed interest rate		7.41%
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date January 1, 2027
Debt Instrument [Line Items]
Number of extension options \| extension		3
Extension option, term		1 year
Interest rate margin (in percentage)		4.35%
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date January 31, 2027
Debt Instrument [Line Items]
Outstanding balance		$ 81,000
Interest rate margin (in percentage)		3.36%
Repayments of debt	$ 6,000
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date February 14, 2027
Debt Instrument [Line Items]
Interest rate margin (in percentage)		3.00%
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date April 3, 2028
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.95%
Monthly payments of interest plus principal		$ 50
Mortgages Payable \| Variable Rate Mortgages Payable Initial Maturity Date July 7, 2025
Debt Instrument [Line Items]
Outstanding balance			$ 87,000
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess spread		$ 337
Weighted average rate		7.96%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread		$ 1,000
Weighted average rate		5.60%

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 306,264	$ 376,769
Reclassification of Series A Preferred stock to permanent equity	20,799	0
Ending balance	$ 266,249	$ 306,264
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	12,546,499	17,858,629
Beginning balance	$ 311,903	$ 443,829
Ending balance (in shares)	12,462,885	12,546,499
Ending balance	$ 310,446	$ 311,903
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,372,689
Issuance of A1 Preferred Stock		19,066
Redemption of Preferred Stock (in shares)	(183,081)
Redemption of Preferred Stock		(2,043)
Reclassification of Series A Preferred stock to permanent equity	$ 20,797
Redemption of Preferred Stock paid in Common Stock	$ (168)	$ (2,148)
Ending balance (in shares)	8,749,542	8,372,689
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,372,689	10,378,343
Beginning balance	$ 207,387	$ 256,935
Issuance of A1 Preferred Stock (in shares)		853,879
Issuance of A1 Preferred Stock		$ 21,246
Redemption of Preferred Stock (in shares)		(88,015)
Redemption of Preferred Stock		$ (2,177)
Reclassification of Series A preferred Stock to permanent equity (in shares)	913,590
Reclassification of Series A Preferred stock to permanent equity	$ 23,385
Redemption of Preferred Stock paid in Common Stock (in shares)	(536,737)	(2,771,518)
Redemption of Preferred Stock paid in Common Stock	$ (13,321)	$ (68,617)
Ending balance (in shares)	8,749,542	8,372,689
Ending balance	$ 217,451	$ 207,387
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,125,363
Redemption of Preferred Stock (in shares)	(2,330,186)
Redemption of Preferred Stock		(23,279)
Reclassification of Series A Preferred stock to permanent equity	$ 199,600
Redemption of Preferred Stock paid in Common Stock	$ 308	$ (2,213)
Ending balance (in shares)	3,669,018	4,125,363
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,125,363	7,431,839
Beginning balance	$ 103,326	$ 185,704
Redemption of Preferred Stock (in shares)		(941,687)
Redemption of Preferred Stock		$ (23,501)
Redemption of Preferred Stock paid in Common Stock (in shares)	(456,345)	(2,364,789)
Redemption of Preferred Stock paid in Common Stock	$ (11,420)	$ (58,877)
Ending balance (in shares)	3,669,018	4,125,363
Ending balance	$ 91,906	$ 103,326
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	48,447
Redemption of Preferred Stock (in shares)	(8,410)
Redemption of Preferred Stock	$ (102)
Ending balance (in shares)	44,325	48,447
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	48,447	48,447
Beginning balance	$ 1,190	$ 1,190
Redemption of Preferred Stock (in shares)	(4,122)
Redemption of Preferred Stock	$ (101)
Ending balance (in shares)	44,325	48,447
Ending balance	$ 1,089	$ 1,190

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Total due to related parties	$ 22,819	$ 14,068
Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	22,819	14,068
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	1,303	1,403
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Total due to related parties	13,574	8,237
Expense reimbursements \| Affiliated Entity \| Non-segment assets
Related Party Transaction [Line Items]
Total due to related parties	3,968	1,676
Expense reimbursements \| Affiliated Entity \| Lending Segment
Related Party Transaction [Line Items]
Total due to related parties	3,255	1,994
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	203	186
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Total due to related parties	0	289
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| C I M Management Entities and Related Parties
Related Party Transaction [Line Items]
Total due to related parties	$ 516	$ 283

SUBSEQUENT EVENTS (Details) - USD ($)	Jan. 21, 2026	Feb. 13, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Outstanding balance			$ 514,478,000
Line of Credit \| Revolving Credit Facility
Subsequent Event [Line Items]
Outstanding balance			10,449,000
Mortgages Payable
Subsequent Event [Line Items]
Outstanding balance			476,959,000	$ 440,446,000
Variable rate mortgages payable \| Mortgages Payable
Subsequent Event [Line Items]
Outstanding balance			208,556,000	171,346,000
Lending division credit facility \| Line of Credit \| Revolving Credit Facility
Subsequent Event [Line Items]
Outstanding balance			$ 10,449,000	$ 0
Subsequent event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Great Western
Subsequent Event [Line Items]
Purchase price	$ 44,900,000
Net cash proceeds	$ 31,200,000
Subsequent event \| Variable rate mortgages payable \| Mortgages Payable
Subsequent Event [Line Items]
Aggregate principal amount		$ 2,500,000

LOANS RECEIVABLE - Narrative (Details) - USD ($)	12 Months Ended
LOANS RECEIVABLE - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Net adjustment to reserve for expected credit losses	$ 525,000	$ 352,000
Reversal of CECL balance related to loans reclassified as held for sale	2,557,000
Assets held for sale, net (Note 5)	65,859,000	0
Liabilities associated with assets held for sale, net (Note 5)	$ 21,966,000	$ 0

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 859,187,000	$ 889,555,000
Assets held for sale, net (Note 5)	65,859,000	0
Held-for-sale \| First Western
Segment Reporting Information [Line Items]
Assets held for sale, net (Note 5)	65,859,000
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	402,151,000	421,438,000
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	114,994,000	108,963,000
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Total assets	270,645,000	279,308,000
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	67,867,000	71,192,000
Non-segment assets
Segment Reporting Information [Line Items]
Total assets	$ 3,530,000	$ 8,654,000

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

17. INCOME TAXES

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal income tax on net income that is currently distributed to stockholders.

The Company has wholly owned TRS’s which are subject to federal and state income taxes. The income generated from the TRS’s is taxed at normal corporate rates.


	Year Ended December 31,
	2025		2024
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	(27)	$	3,742

Expected federal income tax provision	$	(6)	$	785
State income taxes (1)	(55)		1
Investment Tax Credits	(183)		—
Change in valuation allowance	425		151
Other	316		(139)
Income tax provision	$	497	$	798

(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

The components of the Company’s net deferred tax asset, which are included in other assets, are as follows:


	Year Ended December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Net operating losses	$	622	$	196
Secured borrowings—government guaranteed loans	4		5
Other	422		286
Total gross deferred tax assets	1,048		487
Valuation allowance	(630)		(205)
	418		282
Deferred tax liabilities:
Loans receivable	—		—

	—		—
Deferred tax asset, net	$	418	$	282

The net operating loss carryforwards as of December 31, 2025 and 2024 were generated by TRSs and are available to offset future taxable income of these TRSs. The increase in the valuation allowance recorded in 2025 was $425,000.

Income taxes paid (net of refunds) for the years ended December 31, 2025 and 2024 are as follows:


	Year Ended December 31,
	2025		2024
	(in thousands)
Federal	$	66	$	845
State and Local	2		2
Income tax provision	$	68	$	847

The periods subject to examination for the Company’s federal and state income tax returns are 2022 through 2025. As of December 31, 2025 and 2024, no reserves for uncertain tax positions have been established and the Company does not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

The Tax Cuts and Jobs Act of 2017, signed into law in late December 2017, made sweeping changes to provisions of the Code applicable to businesses. The CARES Act, signed into law in March 2020, made additional changes to provisions on the Code applicable to businesses. The Inflation Reduction Act, signed into law in August 2022 also made changes to the Code applicable to businesses. The One Big Beautiful Bill, signed into law in July 2025 also made changes to the Code applicable to businesses. Management has reviewed these statutory changes and determined that the impact to the Company’s consolidated financial statements is not material.

- Definition

The entire disclosure for income tax.

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+ Details

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following:


	December 31,
	2025		2024
	(in thousands)
Land	$	172,614	$	175,682
Land improvements	5,595		5,863
Buildings and improvements	652,102		636,525
Furniture, fixtures, and equipment	19,702		12,844
Tenant improvements	24,832		26,942
Work in progress	18,631		36,929
Investments in real estate	893,476		894,785
Accumulated depreciation	(195,389)		(185,591)
Net investments in real estate	$	698,087	$	709,194

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Interest Rate Cap Derivatives (Details) - Interest Rate Caps $ in Thousands	Dec. 31, 2025 USD ($)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Outstanding Notional Amount	$ 171,955
Fair Value of Assets	$ 3
Minimum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	4.50%
Maximum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	5.75%

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2025

(dollars in thousands, except footnotes)


															Principal
															Amount of
															Loans Subject
Geographic	Number								Final			Carrying			to Delinquent
Dispersion of	of	Size of Loans							Maturity			Amount of			Principal or
Collateral	Loans	From		To		Interest Rate (2)			Date Range			Mortgages			“Interest”

SBA 7(a) Loans - States 2% or greater (1) :
Ohio	19	$	41	$	1,141	8.25%	to	9.75%	08/08/42	—	12/19/50	$	10,794		$	—
Texas	18	$	18	$	821	8.25%	to	10.00%	07/13/34	—	03/29/49	5,737			—
Michigan (3)	10	$	22	$	916	8.25%	to	9.50%	03/27/38	—	12/18/48	3,299			—
Pennsylvania	6	$	287	$	646	8.25%	to	10.00%	03/05/40	—	10/26/49	2,850			—
West Virginia	5	$	199	$	944	8.25%	to	10.00%	05/07/46	—	11/06/49	2,530			—
Florida	8	$	95	$	735	8.50%	to	10.00%	06/29/32	—	06/27/49	2,291			—
Indiana	5	$	111	$	904	8.75%	to	9.75%	05/17/41	—	08/26/46	2,014			—
Louisiana (4)	4	$	114	$	698	8.25%	to	9.50%	01/30/48	—	03/12/50	1,653			964
New York	5	$	55	$	704	9.25%	to	10.00%	11/22/31	—	12/07/48	1,653			—
Kentucky	6	$	46	$	421	9.00%	to	10.00%	03/11/33	—	05/08/48	1,462			415
Oklahoma	6	$	8	$	502	8.25%	to	10.00%	07/26/26	—	12/03/50	1,452			—
California	2	$	453	$	833	8.25%	to	8.50%	09/27/48	—	11/22/49	1,286			—
Illinois	6	$	164	$	271	8.75%	to	9.50%	02/14/43	—	07/09/50	1,262			—
Mississippi	3	$	121	$	617	9.00%	to	10.00%	11/04/36	—	11/17/49	1,241			—
North Carolina	4	$	101	$	709	9.00%	to	9.75%	11/25/44	—	04/25/47	1,190			—
Colorado (5)	5	$	59	$	328	8.25%	to	9.75%	02/17/41	—	05/27/50	1,184			382
Washington	1	$	1,115	$	1,115	8.75%	to	8.75%	10/12/48	—	10/12/48	1,114			—
Montana	3	$	208	$	482	8.25%	to	8.25%	10/10/48	—	07/03/50	1,031			—
North Dakota	4	$	121	$	411	8.25%	to	9.25%	02/26/48	—	12/26/49	966			—
Tennessee	3	$	141	$	541	8.50%	to	9.50%	06/07/46	—	10/02/49	905			—
Alabama (6)	3	$	192	$	344	9.50%	to	9.75%	12/28/42	—	03/16/46	815			509
Kansas	3	$	121	$	345	8.50%	to	10.00%	03/03/35	—	11/12/49	782			—
Wisconsin	2	$	148	$	471	9.00%	to	9.50%	02/27/43	—	06/09/46	619			—
Nevada	2	$	237	$	372	8.25%	to	8.25%	09/25/50	—	12/29/50	608			—
South Carolina	2	$	259	$	341	9.00%	to	10.00%	11/06/40	—	11/30/43	586			—
Missouri	2	$	79	$	334	8.75%	to	9.25%	12/14/29	—	03/17/50	414			—
New Mexico	1	$	332	$	332	8.25%	to	8.25%	04/19/48	—	04/19/48	333			—
Georgia	1	$	305	$	305	9.25%	to	9.25%	08/11/47	—	08/11/47	305			—
Virginia	2	$	108	$	159	8.75%	to	9.25%	06/29/46	—	12/15/47	268			—
Arkansas	1	$	244	$	244	9.25%	to	9.25%	09/06/43	—	09/06/43	244			—
Other	5	$	149	$	226	8.25%	to	8.25%	12/26/49	—	12/26/49	941			—
Government guaranteed portions (7)												1,013			—
Subject to secured borrowings (8)												1,309			—
Current expected credit losses												(2,196)			—
	147											$	51,955	(9)	$	2,270

(1)All first lien position except $1,050,000 of loans with subordinate lien positions.

(2)Interest rates are variable at spreads over the prime rate unless otherwise noted.

(3)Includes a loan with a retained face value of $134,000 and a fixed interest rate of 9.00%.

(4)Includes a loan with a retained face value of $964,000, a valuation reserve of $152,000 and a fixed interest rate of 9.50%.

(5)Includes a loan with a retained face value of $382,000 and a fixed interest rate of 9.75%.

(6)Includes a loan with a retained face value of $509,000, a valuation reserve of $103,000 and a fixed interest rate of 9.50%.

(7)Represents the government guaranteed portions of the Company’s SBA 7(a) loans detailed above retained by us. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.

(8)Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For Federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable.

(9)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $52.2 million (unaudited).

Note: All of the Company’s mortgage loans on real estate were sold in January 2026.

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2025

(in thousands)


	Year Ended December 31,
	2025		2024
Balance, beginning of period	$	56,210	$	57,005

Additions during period:
New loans	24,873		40,255
Other - deferral of loan origination costs	422		806
Other - bad debt recovery	(524)		(352)
Reversal of CECL(1)	2,557		—
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,471		1,397

Deductions during period:
Collections of principal	(10,379)		(12,484)

Cost of mortgages sold, net	(20,117)		(30,417)


Balance, end of period	$	54,513	$	56,210

(1)The Company’s CECL balance of $2.6 million was reversed as a result of the Company’s loans receivable being reclassified as held for sale at December 31, 2025.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details