Financial Performance - The net loss attributable to common stockholders for Q4 2024 was 16.6million,or1.78 per diluted share, compared to a net loss of 16.3million,or6.66 per diluted share in Q4 2023[5]. - Total revenues for Q4 2024 were 27,459,adecreaseof6.829,468 in Q4 2023[31]. - Net loss attributable to common stockholders for Q4 2024 was 16,606,comparedtoalossof16,263 in Q4 2023, representing an increase in loss of 2.1%[35]. - Funds from Operations (FFO) attributable to common stockholders for Q4 2024 was (8,656),aslightimprovementfrom(9,939) in Q4 2023[35]. - Core Funds from Operations (Core FFO) attributable to common stockholders for Q4 2024 was (6,953),comparedto(8,445) in Q4 2023, indicating a 17.6% improvement[39]. - Basic net loss per share for Q4 2024 was (1.78),comparedto(6.66) in Q4 2023, showing a significant reduction in loss per share[31]. - The company reported a net loss attributable to the Company of 10,265,000forQ42024,comparedtoanetlossof8,402,000 in Q4 2023, indicating an increase in losses of 22.1%[43][44]. Operational Metrics - The same-store office portfolio was 71.0% leased, with an annualized rent per occupied square foot of 60.48,upfrom57.28 in the previous year[7]. - The multifamily segment NOI decreased to 855,000forQ42024,comparedto1.1 million in Q4 2023, with an occupancy rate of 81.7%[11]. - Hotel segment NOI was 2.1millionforQ42024,downfrom2.9 million in Q4 2023, with occupancy dropping to 54.5% from 69.9%[9]. - The company executed 175,654 square feet of leases with terms longer than 12 months in the same-store office portfolio during Q4 2024[7]. - Total segment net operating income (NOI) was 9.2millionforQ42024,downfrom10.8 million in Q4 2023[7]. - Cash net operating income for the three months ended December 31, 2024, was 10,166,000,adecreaseof21.312,915,000 for the same period in 2023[43][44]. - Segment net operating income for the same period in 2024 was 9,158,000,downfrom10,764,000 in 2023, reflecting a decline of 14.9%[43][44]. - Cash NOI for the real estate segments was 6,234,000inQ42024,downfrom6,815,000 in Q4 2023, a decrease of 8.5%[43][44]. - The total cash NOI for the lending segment was 980,000inQ42024,comparedto1,311,000 in Q4 2023, reflecting a decline of 25.3%[43][44]. Financial Position - Total assets decreased from 891,200,000asofDecember31,2023,to889,555,000 as of December 31, 2024, reflecting a decline of approximately 0.2%[30]. - Investments in real estate increased from 704,762,000in2023to709,194,000 in 2024, representing a growth of about 0.6%[30]. - Total liabilities rose from 514,431,000in2023to562,492,000 in 2024, indicating an increase of approximately 9.3%[30]. - Cash and cash equivalents increased from 19,290,000in2023to20,262,000 in 2024, a rise of about 5.0%[30]. - The company reported a significant increase in redeemable preferred stock from 0in2023to20,799,000 in 2024[30]. - Total stockholders' equity decreased from 374,403,000in2023to304,516,000 in 2024, a decline of approximately 18.6%[30]. Financing Activities - The company completed three property-level financings, reducing the balance on its recourse credit facility to 15millionfrom169 million[3]. - The company closed a 105.0millionfixed−ratemortgageonthreeLosAngelesofficepropertiesandavariable−ratemortgageloanonitshotelpropertywithaninitialadvanceof84.3 million[14]. - The company reported a loss on early extinguishment of debt of 1,416fortheyearendedDecember31,2024[31].−RedeemablepreferredstockdividendsdeclaredfortheyearendedDecember31,2024were29,686, compared to 25,731in2023,reflectinganincreaseof15.537,287, an increase of 1.9% from 36,601inQ42023[31].−Generalandadministrativeexpensesincreasedto675,000 in Q4 2024 from 1,443,000inQ42023,areductionof53.231,000 in Q4 2024, compared to 1,023,000inQ42023,indicatingasignificantreductionof96.98,356,000, compared to $9,465,000 in the same period of 2023, showing a decrease of 11.7%[43][44]. Performance Metrics - Core FFO and FFO should not be used as the sole measure of performance, as they exclude depreciation and amortization, which can materially impact operating results[21]. - The company emphasizes that Segment NOI and Cash NOI are not measures of operating results as per GAAP, but are useful for reflecting revenues and expenses associated with property operations[24].
