Pacific Oak Strategic Opportunity REIT (PCOK) 10-K 1 Apr 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-54382
Entity Registrant Name	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3842535
Entity Address, Address Line One	11766 Wilshire Blvd.
Entity Address, Address Line Two	Suite 1670
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	424
Local Phone Number	208-8100
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	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,257,859
Documents Incorporated by Reference	Registrant incorporates by reference in Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K portions of its Definitive Proxy Statement for its 2024 Annual Meeting of Stockholders.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 0
Entity Central Index Key	0001452936

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Real estate held for investment, net	$ 1,094,754	$ 1,185,286
Real estate held for sale, net	0	34,118
Real estate equity securities	41,609	60,153
Total real estate and real estate-related investments, net	1,136,363	1,279,557
Cash and cash equivalents	99,160	97,931
Restricted cash	56,049	61,113
Investments in unconsolidated entities	45,901	70,842
Rents and other receivables, net	22,500	21,518
Prepaid expenses and other assets	27,222	22,848
Goodwill	948	5,436
Total assets	1,388,143	1,559,245
Liabilities and equity
Notes and bonds payable related to real estate held for investment, net	1,028,683	1,027,150
Notes payable related to real estate held for sale, net	0	17,559
Notes and bonds payable, net	1,028,683	1,044,709
Accounts payable and accrued liabilities	30,409	25,231
Redeemable common stock payable	2,214	2,638
Total liabilities	1,124,779	1,142,852
Commitments and contingencies (Note 10)
Equity
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value; 1,000,000,000 shares authorized, 103,310,648 and 103,932,083 shares issued and outstanding as of December 31, 2023 and 2022, respectively	1,033	1,039
Additional paid-in capital	901,049	907,044
Cumulative distributions and net loss	(639,933)	(495,782)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	262,149	412,301
Noncontrolling interests	1,215	4,092
Total equity	263,364	416,393
Total liabilities and equity	1,388,143	1,559,245
Due to affiliates
Liabilities and equity
Liabilities	7,902	2,799
Other liabilities
Liabilities and equity
Liabilities	$ 55,571	$ 67,475

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	103,310,648	103,932,083
Common stock, shares outstanding (in shares)	103,310,648	103,932,083

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 128,068	$ 121,859	$ 123,436
Dividend income from real estate equity securities	3,880	5,591	9,658
Total revenues	145,416	162,058	167,927
Expenses:
Operating, maintenance, and management	45,699	44,317	42,519
Real estate taxes and insurance	28,300	21,132	20,768
Expensed	6,944	19,252	20,990
Asset management fees to affiliate	15,415	13,678	14,012
General and administrative expenses	10,476	10,700	9,853
Foreign currency transaction loss (gain), net	18,712	(29,038)	7,445
Depreciation and amortization	47,868	51,930	58,871
Interest expense, net	68,216	48,130	40,510
Impairment charges on real estate and related intangibles	64,849	18,493	10,971
Impairment charges on goodwill	4,488	8,098	2,808
Total expenses	310,967	206,692	228,747
Other (loss) income:
Loss from unconsolidated entities, net	(54,758)	(8,019)	(1,373)
Other interest income	2,907	228	221
(Loss) gain on real estate equity securities, net	(4,598)	(51,943)	28,632
Gain on sale of real estate	82,099	46,513	30,261
Gain (loss) on extinguishment of debt	0	2,367	(4,757)
Gain from consolidation of previously unconsolidated entity	0	18,742	0
Transaction and related costs	0	0	(2,984)
Subordinated performance fee due upon termination to affiliate	0	0	(1,678)
Total other income, net	25,650	7,888	48,322
Net loss before income taxes	(139,901)	(36,746)	(12,498)
Income tax provision	(6,576)	(4,924)	0
Net loss	(146,477)	(41,670)	(12,498)
Net loss (income) attributable to noncontrolling interests	2,326	(530)	2,310
Net loss attributable to redeemable noncontrolling interest	0	81	146
Preferred stock dividends	0	(1,123)	(913)
Net loss attributable to common stockholders	$ (144,151)	$ (43,242)	$ (10,955)
Net loss per common share, basic (in dollars per share)	$ (1.39)	$ (0.44)	$ (0.11)
Net loss per common share diluted (in dollars per share)	$ (1.39)	$ (0.44)	$ (0.11)
Weighted-average number of common shares outstanding, basic (in shares)	103,642,866	103,522,696	96,967,983
Weighted-average number of common shares outstanding, diluted (in shares)	103,642,866	103,522,696	96,967,983
Hotel revenues
Revenues:
Revenue from contract with customer	$ 9,153	$ 30,749	$ 30,806
Other operating income
Revenues:
Revenue from contract with customer	$ 4,315	$ 3,859	$ 4,027

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions and Net Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020			98,054,582
Beginning balance at Dec. 31, 2020	$ 519,712	$ 506,554	$ 979	$ 831,295	$ (325,720)	$ 13,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,265)	(10,955)			(10,955)	(2,310)
Transfers to redeemable common stock payable, net	180	180		180
Redemptions of common stock (in shares)			(3,329,064)
Redemptions of common stock	(31,018)	(31,018)	$ (32)	(30,986)
Noncontrolling interests distributions	(3,819)	(3,157)		(3,157)		(662)
Noncontrolling interests contributions	183	0				183
Distributions declared	(11,016)	(11,016)			(11,016)
Other offering costs	(15)	(15)		(15)
Repurchase and change in classification of restricted stock (in shares)			(584,267)
Repurchase and change in classification of restricted stock	21,117	21,117	$ (6)	21,123
Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock	0
Acquisition of noncontrolling interest	3,819
Ending balance (in shares) at Dec. 31, 2021			94,141,251
Ending balance at Dec. 31, 2021	482,059	471,690	$ 941	818,440	(347,691)	10,369
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(42,712)	(43,242)			(43,242)	530
Transfers to redeemable common stock payable, net	(1,954)	(1,954)		(1,954)
Redemptions of common stock (in shares)			(630,317)
Redemptions of common stock	(6,016)	(6,016)	$ (6)	(6,010)
Noncontrolling interests distributions	(10,663)	(2,431)		(2,431)		(8,232)
Noncontrolling interests contributions	300	0				300
Stock distribution issued (in shares)			10,421,149
Stock distribution issued	0	0	$ 104	98,999	(99,103)
Adjustment to redemption value of redeemable noncontrolling interest	(3,946)	(3,946)			(3,946)
Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock	1,800	1,800			1,800
Acquisition of noncontrolling interest	$ 1,125	0				1,125
Ending balance (in shares) at Dec. 31, 2022	103,932,083		103,932,083
Ending balance at Dec. 31, 2022	$ 416,393	412,301	$ 1,039	907,044	(495,782)	4,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(146,477)	(144,151)			(144,151)	(2,326)
Transfers to redeemable common stock payable, net	424	424		424
Redemptions of common stock (in shares)			(621,435)
Redemptions of common stock	(6,425)	(6,425)	$ (6)	(6,419)
Noncontrolling interests distributions	(1,094)	0				(1,094)
Noncontrolling interests contributions	543	0				543
Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock	0
Acquisition of noncontrolling interest	$ 0
Ending balance (in shares) at Dec. 31, 2023	103,310,648		103,310,648
Ending balance at Dec. 31, 2023	$ 263,364	$ 262,149	$ 1,033	$ 901,049	$ (639,933)	$ 1,215

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (146,477)	$ (41,670)	$ (12,498)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Impairment charges on real estate and related intangibles	64,849	18,493	10,971
Loss from unconsolidated entities, net	54,758	8,019	1,373
Depreciation and amortization	47,868	51,930	58,871
Loss (gain) on real estate equity securities	4,598	51,943	(28,632)
Gain on sale of real estate	(82,099)	(46,513)	(30,261)
Unrealized (gain) loss on interest rate caps	(165)	(1,530)	11
Deferred rent	(176)	(2,582)	(1,890)
Amortization of above- and below-market leases, net	(255)	(1,007)	(1,278)
Amortization of deferred financing costs and debt discount and premium, net	9,572	8,511	5,878
Foreign currency transaction loss (gain), net	18,712	(29,038)	7,445
Impairment charges on goodwill	4,488	8,098	2,808
Gain from consolidation of previously unconsolidated entity	0	(18,742)	0
(Gain) loss on extinguishment of debt	0	(2,367)	4,757
Subordinated performance fee due upon termination to affiliate	0	0	1,678
Changes in assets and liabilities:
Rents and other receivables, net	(575)	2,589	1,363
Prepaid expenses and other assets	(3,271)	(2,069)	(1,670)
Accounts payable and accrued liabilities	3,807	(3,159)	(207)
Due to affiliates	4,622	198	(975)
Other liabilities	(4,601)	10,748	(1,716)
Net cash (used in) provided by operating activities	(24,345)	11,852	16,028
Cash Flows from Investing Activities:
Improvements to real estate	(24,081)	(31,110)	(19,038)
Proceeds from sales of real estate, net of deposits applied	116,318	151,178	194,711
Purchase of interest rate caps	(1,236)	(556)	(18)
Contributions to unconsolidated entities	(31,428)	(23,780)	(10,539)
Distribution of capital from an unconsolidated entity	1,144	569	0
(Payments on) proceeds from foreign currency derivatives, net	(30,209)	(984)	1,198
Proceeds from the sale of real estate equity securities	13,946	0	14,439
Proceeds for development obligations	12,005	0	6,203
Funding for development obligations	(8,689)	(7,934)	0
Acquisitions of real estate, net of cash acquired	0	(6,689)	(4,818)
Cash and restricted cash received upon consolidation of previously unconsolidated entity	0	1,834	0
Advances to affiliate	0	(1,200)	(7,040)
Proceeds from advances due from affiliates	0	8,239	0
Escrow deposits for pending real estate sales	0	17,000	0
Net cash provided by investing activities	47,770	106,567	175,098
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	98,502	188,106	358,931
Principal and related payments on notes payable	(111,243)	(192,268)	(473,133)
Payments of deferred financing costs	(5,416)	(4,770)	(8,463)
Payments to redeem common stock	(6,425)	(6,007)	(31,018)
Noncontrolling interests contributions	543	300	183
Noncontrolling interests distributions	(1,094)	(9,538)	0
Payments to repurchase restricted stock	0	0	(5,656)
Payment of prepaid other offering costs	0	0	(227)
Payment for redeemable noncontrolling interests	0	(6,687)	0
Distributions paid	0	(11,016)	0
Preferred dividends paid	0	(1,123)	(913)
Acquisition of noncontrolling interest	0	(1,125)	(3,819)
Payments to redeem noncontrolling cumulative convertible redeemable preferred stock	0	(16,934)	0
Other financing proceeds, net	0	0	2,367
Net cash used in financing activities	(25,133)	(61,062)	(161,748)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,127)	(3,744)	1,734
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,835)	53,613	31,112
Cash, cash equivalents and restricted cash, beginning of period	159,044	105,431	74,319
Cash, cash equivalents and restricted cash, end of period	155,209	159,044	105,431
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	99,160	97,931	84,172
Restricted cash and cash equivalents	56,049	61,113	21,259
Total cash, cash equivalents and restricted cash	155,209	159,044	105,431
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $3,748, $2,529, and $2,055 for the years ended December 31, 2023, 2022, and 2021, respectively	58,884	38,663	34,240
Income taxes paid	11,500	0	0
Supplemental Disclosure of Significant Noncash Transactions:
Assets acquired in the consolidation of PORT II	0	137,569	0
Liabilities assumed in the consolidation of PORT II	0	85,096	0
Accrued improvements to real estate	4,108	3,827	2,660
Accrued development obligations	11,213	7,896	11,870
Redeemable common stock payable	2,214	2,638	684
Deposit applied to sale of real estate	7,528	0	0
Dividends declared, but not yet paid	0	0	11,016
PPP notes forgiveness	0	2,367	1,500
Adjustment to redemption value of redeemable noncontrolling interest	0	3,946	0
Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock	$ 0	$ 1,800	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Interest capitalized	$ 3,748	$ 2,529	$ 2,055

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”) was formed on October 8, 2008 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. The Company conducts its business primarily through Pacific Oak SOR (BVI) Holdings, Ltd. (“Pacific Oak SOR BVI”), a private company limited by shares according to the British Virgin Islands Business Companies Act, 2004, which was incorporated on December 18, 2015 and is authorized to issue a maximum of 50,000 common shares with no par value. Upon incorporation, Pacific Oak SOR BVI issued one certificate containing 10,000 common shares with no par value to Pacific Oak Strategic Opportunity Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on December 10, 2008. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. Pacific Oak Strategic Opportunity Holdings, LLC (“REIT Holdings”), a Delaware limited liability company formed on December 9, 2008, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings. Subject to certain restrictions and limitations, the business of the Company is externally managed by Pacific Oak Advisors, LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement (the “Advisory Agreement”) which is currently effective through November 1, 2024; however, the Company or the Advisor may terminate the Advisory Agreement without cause or penalty upon providing 60 days’ written notice. The Advisor conducts the Company’s operations and manages its portfolio of real estate and other real estate-related investments, with the exception of the Company’s residential home portfolio. The Company’s residential home portfolio, held through its subsidiary Pacific Oak Residential Trust, Inc. (“ PORT”), is managed by an affiliate of the Advisor . On January 8, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 140,000,000 shares of common stock for sale to the public, of which 100,000,000 shares were registered in a primary offering and 40,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on November 20, 2009. The Company ceased offering shares of common stock in its primary offering on November 14, 2012 and suspended offering shares under its dividend reinvestment plan as of March 28, 2023. The Company sold 56,584,976 shares of common stock in its primary offering for gross offering proceeds of $561.7 million . As of March 28, 2023, the Company indefinitely suspended offering shares of common stock under the dividend reinvestment plan to minimize administrative costs. On October 5, 2020, Pacific Oak Strategic Opportunity REIT II, Inc. ("POSOR II") merged with an indirect subsidiary of the Company (the “Merger”). At the effective time of the Merger, each issued and outstanding share of POSOR II’s common stock converted into 0.9643 shares of the Company’s common stock or 28,973,906 shares. Also, as of December 31, 2023 , the Company had redeemed 28,573,292 shares for $330.5 million . As of December 31, 2023 , the Company had issued 36,398,447 shares of common stock in connection with special dividends. As of December 31, 2023, the Company consolidated nine office complexes, one residential home portfolio consisting of 2,182 residential homes, two apartment properties containing 609 units, one hotel property with 196 rooms, four investments in undeveloped land with approximately 581 developable acres, one office/retail development property, held an interest in three investments in unconsolidated entities and held two investments in real estate equity securities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, and joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions were eliminated in consolidation. The consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and regulations of the SEC. Liquidity The Company generally finances its real estate investments using notes payable that are typically structured as non-course secured mortgages with maturities of approximately three three Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for real estate, which affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain amounts in the accompanying consolidated balance sheets have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the year ended December 31, 2023, the Company disposed of a vacant building within the Madison Square office complex in Phoenix, Arizona (“Madison Square School”) and 274 residential homes. As a result, certain assets and liabilities were reclassified to held for sale in the accompanying consolidated balance sheets for all periods presented. Revenue Recognition Lessor Accounting The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is determined to be probable and records amounts expected to be received in later years as deferred rent receivable. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income in the accompanying consolidated statements of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income in the accompanying consolidated statements of operations. 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 the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The Company leases apartment units and residential homes under operating leases with terms generally for one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is determined to be probable. The Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income at the lesser of (1) on a straight-line basis or (2) cash received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income. The Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense in the accompanying consolidated statements of operations. Hotel Revenues The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in Note 3 into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheets. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheets. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. Real Estate Investments Real Estate Acquisition Valuation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease value will be amortized to expense over the average remaining terms of the respective in-place leases, including any below-market renewal periods. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information and/or replacement cost data. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records the fair value of debt assumed in an acquisition based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates or average daily rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, revenue and expense growth rates, occupancy, and net operating margin. The Company records the fair value of noncontrolling interests based on the estimated noncontrolling interests’ share of fair values of the net assets of the underlying entities, adjusted for lack of marketability and control discount. Direct investments in undeveloped land or properties without leases in place at the time of acquisition are accounted for as an asset acquisition. Acquisition fees and expenses are capitalized into the cost basis of an asset acquisition. Additionally, during the time in which the Company is incurring costs necessary to bring these investments to their intended use, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized. Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterment are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-40 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods Real estate subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years Impairment Charges on Real Estate and Related Intangibles The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangibles may not be recoverable or realized. Such indicators of potential impairment may include an assessment of management's intended hold period and disposition strategy, a significant decrease in market price, expected future undiscounted cash flows, current industry and market trends and other factors including bona fide purchase offers received from third parties in making this assessment. When indicators of potential impairment suggest that the carrying value of real estate and related intangibles may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangibles through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangibles, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangibles. The Company recorded an impairment loss of $64.8 million, $18.5 million, and $11.0 million on its real estate and related intangibles during the years ended December 31, 2023, 2022, and 2021, respectively. See Note 6 for further discussion. Projecting future cash flows involves estimating expected future operating income and expenses related to the real estate and its related intangibles as well as market and other trends. Using inappropriate assumptions to estimate cash flows could result in incorrect fair values of the real estate and its related intangibles and could result in the overstatement of the carrying values of the Company’s real estate and related intangibles and an overstatement of its net income. Real Estate Held for Sale The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as real estate held for sale and assets related to real estate held for sale, respectively, for all periods presented in the accompanying consolidated balance sheets. Notes payable and other liabilities related to real estate held for sale are classified as notes payable related to real estate held for sale and liabilities related to real estate held for sale, respectively, for all periods presented in the accompanying consolidated balance sheets. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations in the accompanying consolidated statements of operations. Sale of Real Estate The Company’s sales of real estate would be considered a sale of a nonfinancial asset. The Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. See Note 4 for further discussion. Real Estate Equity Securities These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. For the year ended December 31, 2023, the Company recognized a realized gain on real estate equity securities of $5.5 million and an unrealized loss on real estate equity securities of $10.1 million. For the year ended December 31, 2022, the Company did not recognize realized gains or losses on real estate equity securities and recognized an unrealized loss on real estate equity securities of $51.9 million. For the year ended December 31, 2021, the Company recognized a realized gain on real estate equity securities of $3.0 million and an unrealized gain on real estate equity securities of $25.6 million. Dividend Income from Real Estate Equity Securities Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date. Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of the business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st. The Company recorded impairment charges on goodwill of $4.5 million, $8.1 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. See Note 6 for further discussion. Investments in Unconsolidated Entities The Company uses the equity method of accounting for investments in unconsolidated entities that qualify as VIEs where the Company is not the primary beneficiary and other entities that the Company does not control, but has the ability to exercise significant influence over the operating and financial policies of the investee. The Company recognizes its share of the ongoing income or loss from the unconsolidated entities as equity in income or loss from unconsolidated entities in the consolidated statements of operations. The Company evaluates the investments for both qualitative and quantitative events or changes in circumstances that indicate there may be an other-than-temporary impairment. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents were stated at cost, which approximates fair value. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2023 and 2022. The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2023. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Interest Income from Cash and Cash Equivalents The Company recognizes interest income on its cash and cash equivalents as it is earned and records such amounts as other interest income. Restricted Cash Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations, capital improvements and replacements, and escrow deposits for future real estate sales. Deferred Financing Costs Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheets as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheets. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Fair Value Measurements The Company measures certain assets and liabilities at fair value on a recurring basis. In addition, the Company measures other assets and liabilities at fair value on a non-recurring basis. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements were classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. The Company would classify items as Level 3 in instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines that the market for a financial instrument owned by the Company is illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities. Redeemable Common Stock The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. Pursuant to the share redemption program there are several limitations on the Company’s ability to redeem shares: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), the Company may not redeem shares until the stockholder has held the shares for one year. • During any calendar year, the Company may redeem only the number of shares that the Company can purchase with the amount of net proceeds from the sale of shares under its dividend reinvestment plan during the prior calendar year; provided, however, that this limit may be increased or decreased by us upon ten business days’ notice to the Company’s stockholders. To the extent that the Company redeems less than the number of shares that the Company can purchase in any calendar year with the amount of net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year plus any additional funds approved by the Company, such excess capacity to redeem shares during any calendar year shall be added to the Company’s capacity to otherwise redeem shares during the subsequent calendar year. We indefinitely suspended the dividend reinvestment plan as of March 28, 2023. Furthermore, during any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. • During any calendar year, once the Company has received requests for redemptions, whether in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, or otherwise, that if honored, and when combined with all prior redemptions made during the calendar year, would result in the amount of remaining funds available for the redemption of additional shares in such calendar year being $1.0 million or less, the last $1.0 million of available funds shall be reserved exclusively for shares being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” To the extent that, in the last month of any calendar year, the amount of redemption requests in connection with a stockholder’s death, “qualifying disability or “determination of incompetence” is less than the amount of available funds reserved for such redemptions in accordance with the previous sentence, any excess funds may be used to redeem shares not in connection with a stockholder’s death, “qualifying disability or “determination of incompetence” during such month. • The Company may not redeem more than $3.0 million of shares in a given quarter (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”). To the extent that, in a given fiscal quarter, the Company redeems less than the sum of (a) $3.0 million of shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) and (b) any excess capacity carried over to such fiscal quarter from a prior fiscal quarter as described below, any remaining excess capacity to redeem shares in such fiscal quarter will be added to our capacity to otherwise redeem shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) during succeeding fiscal quarter. The Company may increase or decrease this limit upon ten • In addition to the capacity from the bullet above, during the year ended December 31, 2023, the Company’s board of directors has made available $6.0 million for redemptions in connection with a stockholder's death, “qualifying disability”, or “determination of incompetence”. Except for redemptions made upon a stockholder’s death, “qualifying disability” or “determination of incompetence”, the price at which the Company will redeem shares is 95% of the Company’s most recent estimated value per share as of the applicable redemption date. Upon the death, “qualifying disability” or “determination of incompetence” of a stockholder, the redemption price continued to be equal to the Company’s most recent estimated value per share. The Company’s board of directors may amend, suspend or terminate the share redemption program with ten The Company records amounts that were redeemable under the share redemption program as redeemable common stock payable in the accompanying consolidated balance sheets because the shares will be mandatorily redeemable at the option of the holder and therefore their redemption will be outside the control of the Company. The Company classifies as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Co

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE HELD FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of December 31, 2023, the Company consolidated nine office complexes, encompassing, in the aggregate, approximately 3.2 million rentable square feet and these properties were 68% occupied. In addition, the Company owned one residential home portfolio consisting of 2,182 residential homes, and two apartment properties containing 609 units, which were 93% and 96% occupied, respectively. The Company also owned one hotel property with 196 rooms, four investments in undeveloped land with approximately 581 developable acres, and one office/retail development property. The following table summarizes the Company’s real estate held for investment as of December 31, 2023 and 2022, respectively (in thousands): December 31, 2023 December 31, 2022 Land $ 253,342 $ 264,537 Buildings and improvements 991,667 1,033,318 Tenant origination and absorption costs 17,080 27,644 Total real estate, cost 1,262,089 1,325,499 Accumulated depreciation and amortization (167,335) (140,213) Total real estate, net $ 1,094,754 $ 1,185,286 Operating Leases Certain of the Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2023, the leases, excluding options to extend apartment leases and residential home leases, which have terms that are generally one year or less, had remaining terms of up to 16.7 years with a weighted-average remaining term of 3.3 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from tenants in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash and assumed in real estate acquisitions related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $5.9 million and $6.5 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recognized deferred rent from tenants of $0.2 million, $2.6 million, and $1.9 million, respectively, net of lease incentive amortization. As of December 31, 2023 and 2022, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $19.1 million and $18.3 million, respectively, and is included in rents and other receivables, net in the accompanying consolidated balance sheets. The cumulative deferred rent receivable balance included $2.5 million and $2.8 million of unamortized lease incentives as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the future minimum rental income from the Company’s office complexes, under non-cancelable operating leases was as follows (in thousands): 2024 $ 59,242 2025 52,291 2026 39,590 2027 31,985 2028 25,035 Thereafter 48,942 $ 257,085 Hotel The following table provides detailed information regarding the Company’s hotel revenues for its two hotel properties (the Springmaid Beach Resort was sold on September 1, 2022) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Hotel revenues: Room $ 7,981 $ 23,834 $ 22,889 Other 1,172 6,915 7,917 Hotel revenues $ 9,153 $ 30,749 $ 30,806 Contract Liabilities The following table summarizes the Company’s contract liabilities, which are comprised of: hotel advanced deposits, deferred proceeds received from the buyers of the Park Highlands land sales, and value of Park Highlands land that was contributed to a master association, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Contract liabilities $ 23,783 $ 23,904 Revenue and other income recognized in the period from: Amounts included in contract liabilities at the beginning of the period $ 16,192 $ 9,215 Geographic Concentration Risk As of December 31, 2023, the Company’s real estate investments in California and Georgia represented 18.9% and 10.8%, respectively, of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California and Georgia real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Impairment of Real Estate During the year ended December 31, 2023, the Company recorded impairment charges on real estate in the aggregate of $64.8 million, to write down the carrying value of three strategic opportunistic properties to their estimated fair values due to increases in the discount and terminal cap rate assumptions, decreases in projected cash flows, and changes in sales comparisons. During the year ended December 31, 2022, the Company recorded impairment charges on real estate in the aggregate of $18.5 million, to write down the carrying value of two strategic opportunistic properties to their estimated fair value due to a change in the projected hold period and related decrease in projected cash flows. Additionally, the Company determined that based on the amended sale price of one hotel, the book value was not recoverable and the Company wrote down the carrying value of the hotel by $2.5 million. During the year ended December 31, 2021, the Company recorded impairment charges on real estate in the aggregate of $11.0 million, to write down the carrying value of two strategic opportunistic properties to their estimated fair value due to increases in the discount and terminal cap rate assumptions and changes in sales comparisons. PORT II Consolidation On July 1, 2022 (“consolidation date”), the Company became the primary beneficiary of Pacific Oak Residential Trust II, Inc. (“PORT II”), a related party and consolidated PORT II into the Company's financial statements. As of July 1, 2022, PORT II owned 588 residential homes. The following table summarizes the components of the PORT II and the gain recognized by the Company (in thousands): PORT II's assets and liabilities, based upon fair values as determined by the Company, as follows: Assets: Real estate held for investment, net $ 135,096 Cash and cash equivalents 1,473 Restricted cash 361 Prepaid expenses and other assets 639 Total Assets 137,569 Liabilities: Notes payable, net (82,646) Accounts payable and accrued liabilities (804) Due to affiliates (147) Other liabilities (1,499) Total Liabilities (85,096) Noncontrolling interest (1,125) Elimination of the Company’s investment in PORT II (32,606) Gain from consolidation of previously unconsolidated entity $ 18,742 Tenant Origination and Absorption Costs As of December 31, 2023 and 2022, the Company’s tenant origination and absorption costs (included in real estate held for investment, net) were as follows (in thousands): Tenant Origination and December 31, 2023 December 31, 2022 Cost $ 17,080 $ 27,995 Accumulated Amortization (10,049) (13,987) Net Amount $ 7,031 $ 14,008 During the years ended December 31, 2023, 2022 and 2021, the Company recognized tenant origination and absorption cost amortization expense of $5.0 million, $9.9 million, and $15.2 million, respectively. The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and 2024 $ (2,739) 2025 (1,782) 2026 (807) 2027 (352) 2028 (261) Thereafter (1,090) $ (7,031) Weighted-Average Remaining Amortization Period 4.7 years

REAL ESTATE DISPOSITIONS

REAL ESTATE DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE DISPOSITIONS	REAL ESTATE DISPOSITIONS During the year ended December 31, 2023, the Company disposed of Madison Square School, 186 developable acres of undeveloped land and 274 residential homes. During the year ended December 31, 2022, the Company disposed of two office buildings, one hotel and approximately 67 developable acres of undeveloped land. During the year ended December 31, 2021, the Company disposed of one office building and approximately 193 developable acres of undeveloped land. As a result of the dispositions, certain assets and liabilities were reclassified to held for sale in the accompanying consolidated balance sheets and gains from the dispositions are recorded as gain on sale of real estate in the accompanying consolidated statements of operations. The purchasers were not affiliated with the Company nor the Advisor. During the year ended December 31, 2023, the Company sold 274 residential homes, from the Company’s residential homes segment, for proceeds of $37.2 million, net of closing costs and adjustments. The Company recognized a gain on sale of real estate of $5.6 million related to the disposition. In connection with the sales, the Company repaid $17.6 million of the outstanding principal balance due under secured mortgage loans. In October 2023, the Company sold approximately 115 developable acres of Park Highlands undeveloped land, from the Company’s strategic opportunistic properties segment, for proceeds of $46.7 million, net of closing costs and credits of $9.3 million for future development obligations and before deposits of $7.5 million. The Company recognized a pre-tax gain on sale of real estate of $43.7 million related to the disposition. In addition, the land parcels were held and sold through one of the Company’s taxable REIT subsidiaries (“TRS”) for certain tax planning purposes and to ensure preservation of the Company’s REIT status. For purposes of the determination of U.S. federal and state income taxes, the Company’s TRS record current or deferred income taxes based on differences (both permanent and timing) between the determination of their taxable income and net income under GAAP. In connection with the Park Highlands sales, the Company recorded an income tax provision of $3.3 million at the TRS level. There were no state taxes related to this disposition. In May 2023, the Company sold the Madison Square School, from the Company’s strategic opportunistic properties segment, for proceeds of $6.4 million, before closing costs and credits of $0.3 million. The Company recognized a gain on sale of real estate of $3.3 million related to the disposition. Subsequent to the sale, the Madison Square office complex had three office buildings remaining. In February 2023, the Company sold approximately 71 developable acres of undeveloped land in Park Highlands, from the Company’s strategic opportunistic properties segment, for proceeds of $34.5 million, net of closing costs and credits of $1.9 million for future development obligations. The Company recognized a pre-tax gain on sale of real estate of $29.5 million related to the disposition in the accompanying consolidated statements of operations. In addition, the land parcels were held and sold through one of the Company’s TRS for certain tax planning purposes and to ensure preservation of the Company’s REIT status. In connection with the Park Highlands sales, the Company recorded an income tax provision of $3.3 million at the TRS level. There were no state taxes related to this disposition. In November 2022, the Company sold approximately 67 developable acres of Park Highlands undeveloped land, from the Company’s strategic opportunistic properties segment, for $55.0 million, before closing costs and credits. The Company recognized a pre-tax gain on sale of $42.8 million related to the land sale. In addition, the land parcels were held and sold through one of the Company’s TRS for certain tax planning purposes and to ensure preservation of the Company’s REIT status. In connection with the Park Highlands sale, the Company recorded an income tax provision of $4.9 million at the TRS level. There were no state taxes related to this disposition. In September 2022, the Company sold the Springmaid Beach Resort, from the Company’s hotel segment for $91.0 million, before closing costs and credits. The carrying value of the Springmaid Beach Resort as of the disposition date was $87.2 million, which was net of $3.4 million of accumulated depreciation and amortization and $2.5 million of impairment charges. In connection with the sale of the Springmaid Beach Resort, the Company repaid $53.0 million of the outstanding principal balance due under the mortgage loan secured by the Springmaid Beach Resort and $1.3 million of the proceeds were held for contingent repairs related to the property. In January 2022, the Company sold two office buildings related to the Richardson Office portfolio, from the Company’s strategic opportunistic properties segment and containing 141,950 rentable square feet in Richardson, Texas (“Greenway Buildings”) for $11.0 million, before closing costs and credits. The carrying value of the Greenway Buildings as of the disposition date was $5.6 million, which was net of $3.2 million of accumulated depreciation and amortization. In connection with the sale of the Greenway Buildings, the Company repaid $9.1 million of the outstanding principal balance due under the mortgage loan secured by the Greenway Buildings. The Company recognized a gain on sale of $3.6 million related to the disposition of the Greenway Buildings, net of closing costs and adjustments. In July 2021, the Company sold an office building containing 435,177 rentable square feet located on approximately 4.92 acres of land in Orange, California (“City Tower”), from the Company’s strategic opportunistic properties segment for $150.5 million, before closing costs and credits. The carrying value of City Tower as of the disposition date was $145.1 million, which was net of $20.5 million of accumulated depreciation and amortization. In connection with the sale of City Tower, the Company repaid $98.1 million of the outstanding principal balance due under the mortgage loan secured by City Tower. The Company recognized a gain on sale of $0.1 million, as well as a $0.1 million loss on extinguishment of debt related to the disposition of City Tower. In June 2021, the Company sold approximately 193 developable acres of Park Highlands undeveloped land, from the Company’s strategic opportunistic properties segment for an aggregate sales price, net of closing credits, of $50.4 million, excluding closing costs. The Company recognized a gain on sale of $30.0 million related to the land sale, which is net of deferred profit of $2.6 million related to proceeds received from the purchaser for the value of land that was contributed to a master association which is consolidated by the Company. The following table reconciles the U.S. federal statutory income tax rate to our effective income tax rate for the transaction’s taxable gain: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21 % 21 % 21 % Net capital loss carryforwards utilized — % (3) % — % Change in valuation allowance — % (1) % (21) % Effective rate 21 % 17 % — % There was no real estate held for sale as of December 31, 2023 and 2022, except where the Company retrospectively reclassified 2022 real estate as held for sale due to 2023 disposition activity. The operations of real estate properties sold and gain or losses on sales are included in continuing operations in the accompanying consolidated statements of operations. The following table summarizes certain revenues and expenses related to these properties for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Revenues Rental income $ 4,216 $ 4,105 $ 4,666 Hotel revenues — 20,983 25,202 Other operating income — 17 144 Total revenues $ 4,216 $ 25,105 $ 30,012 Expenses Operating, maintenance, and management $ 1,265 $ 1,436 $ 2,486 Real estate taxes and insurance 1,346 917 1,163 Hotel expenses — 12,669 16,301 Asset management fees to affiliate 523 774 1,082 Depreciation and amortization 1,079 2,126 3,403 Interest expense, net 1,147 4,734 6,378 Total expenses $ 5,360 $ 22,656 $ 30,813

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	12 Months Ended
	Dec. 31, 2023
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of December 31, 2023 and December 31, 2022, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of December 31, 2023 (1) Interest Rate at December 31, 2023 (1) Payment Type (2) Maturity Date (3) Richardson Office Mortgage Loan $ 12,209 $ 18,844 SOFR +3.50% 8.84% Principal & Interest 11/01/2024 Series B Bonds (4) 321,724 331,213 3.93% 3.93% (4) 01/31/2026 Series C Bonds (4) 99,461 — 9.00% 9.00% (4) 06/30/2026 Crown Pointe Mortgage Loan 54,738 53,758 SOFR + 2.30% 7.64% Interest Only 04/01/2025 Georgia 400 Center Mortgage Loan (6) 40,184 44,129 SOFR + 1.55% 6.89% Interest Only 05/22/2024 PORT Mortgage Loan 1 34,967 51,302 4.74% 4.74% Interest Only 10/01/2025 PORT Mortgage Loan 2 10,523 10,523 4.72% 4.72% Interest Only 03/01/2026 PORT MetLife Loan 59,091 60,000 3.90% 3.90% Interest Only 04/10/2026 PORT II Metlife Loan 93,388 93,701 3.99% 3.99% Interest Only 04/10/2026 Q&C Hotel Mortgage Loan 24,579 24,784 SOFR + 3.50% 8.84% Principal & Interest 1/31/2024 (5) Lincoln Court Mortgage Loan (6) 33,310 35,314 SOFR + 3.25% 8.59% Interest Only 08/07/2025 Lofts at NoHo Commons Mortgage Loan 68,451 71,536 SOFR + 2.18% (7) 7.52% Interest Only 09/09/2024 Madison Square Mortgage Loan 17,962 17,964 4.63% 4.63% Interest Only 10/07/2024 Four Pack Mortgage Loan (8) 175,234 — BSBY + 2.75% 8.18% Principal & Interest 09/01/2026 Oakland City Center Mortgage Loan (8) — 87,000 (8) (8) (8) (8) Park Centre Mortgage Loan (8) — 26,233 (8) (8) (8) (8) 1180 Raymond Mortgage Loan (8) — 31,070 (8) (8) (8) (8) The Marq Mortgage Loan (8) — 60,796 (8) (8) (8) (8) Eight & Nine Corporate Centre Mortgage Loan (9) — 47,945 (9) (9) (9) (9) Total Notes and Bonds Payable principal outstanding 1,045,821 1,066,112 Deferred financing costs and debt discount and premium, net (10) (17,138) (21,403) Total Notes and Bonds Payable, net $ 1,028,683 $ 1,044,709 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. The interest rate was calculated as the actual interest rate in effect as of December 31, 2023 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices such as Secured Overnight Financing Rate (“SOFR”) or Bloomberg Short Term Bank Yield (“BSBY”) as of December 31, 2023, where applicable. (2) Represents the payment type required under the loan as of December 31, 2023. Certain future monthly payments due under this loan also include amortizing principal payments. (3) Represents the initial maturity date or the maturity date as extended as of December 31, 2023; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below. (4) See “Israeli Bond Financings” below. (5) Subsequent to December 31, 2023, the Company extended the maturity date of this mortgage loan to April 30, 2024. (6) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. As of December 31, 2023, the guaranteed amount in the aggregate was $22.8 million. (7) The variable rate is at the higher of one-month SOFR or 1.75%, plus 2.18%. (8) The Company refinanced and consolidated four of its mortgage loans into one loan (the “Four Pack Mortgage Loan”) and is cross-collateralized by the associated properties: Park Centre, 1180 Raymond, The Marq, and Oakland City Center. The Four Pack Mortgage Loan has an initial maturity of September 1, 2026 with two 1-year extension options, monthly amortization payments of $0.7 million and a $10.0 million paydown due December 1, 2024. The Company made a principal paydown of $10.0 million on the Four Park Mortgage Loan on December 1, 2023. (9) This loan was repaid during the year ended December 31, 2023. Subsequent to December 31, 2023, the Company obtained a new mortgage loan on this property. See Note 11 for further discussion. (10) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable. During the years ended December 31, 2023, 2022 and 2021, the Company incurred $68.2 million, $48.1 million, and $40.5 million of interest expense, net, respectively. Included in interest expense, net for the years ended December 31, 2023, 2022 and 2021, was $9.6 million, $8.5 million, and $5.9 million, respectively of amortization of deferred financing costs and debt discount and premium, net. Additionally, during the years ended December 31, 2023, 2022 and 2021, the Company capitalized $3.7 million, $2.5 million, and $2.1 million of interest, respectively, to its investments in undeveloped land. As of December 31, 2023 and 2022, the Company’s interest payable was $9.0 million and $9.1 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of December 31, 2023 (in thousands): 2024 $ 289,025 2025 238,655 2026 518,141 2027 — 2028 — Thereafter — $ 1,045,821 As of December 31, 2023, the Company had $289.0 million of debt obligations scheduled to mature over the period from January 1, 2024 through December 31, 2024. The Company has extension options with respect to $18.0 million of the debt obligations outstanding that are scheduled to mature over the next 12 months; however, the Company cannot exercise these options if not then in compliance with certain financial covenants in the loans without making a cash payment and there is no assurance that the Company will be able to meet these requirements. All of the Company’s debt obligations are generally non-recourse, subject to certain limited guaranty payments, as outlined in the table above, except for the Company’s Series B and C Bonds. The Company plans to utilize available extension options or seek to refinance the notes and bonds payable. The Company may also choose to market the properties for sale or may negotiate a turnover of the secured properties back to the related mortgage lender. Debt Covenant Compliance The Company’s notes and bonds payable contain various financial debt covenants, including debt-to-value, debt yield, minimum equity requirements, and debt service coverage ratios. As of December 31, 2023, the Company was in compliance with all of these debt covenants with the exception that the Georgia 400 Center Mortgage Loan, Q&C Hotel Mortgage Loan, Madison Square Mortgage Loan, and Lincoln Court Mortgage Loan were not in compliance with the debt service coverage requirement. As a result of such non-compliance, the Company is required to provide a cash sweep for the Georgia 400 Center Mortgage Loan and Lincoln Court Mortgage Loan, and the remaining loans are at-risk of cash sweeps and/or principal pay downs if in non-compliance. Israeli Bond Financings In July 2023, Pacific Oak SOR BVI issued 340.3 million Israeli new shekels of Series C bonds (the “Series C Bonds”) to Israeli investors pursuant to offerings registered with the Israeli Securities Authority. Pacific Oak SOR BVI issued additional Series C Bonds subsequent to the initial issuance and as of December 31, 2023, 360.0 million Israeli new shekels (approximately $99.5 million as of December 31, 2023) were outstanding. The Series C Bonds have an equal level of security, pari passu, amongst themselves without any right of precedence or preference between any of them. The Series C Bonds are collateralized by real estate held for investment (specified lands in Park Highlands and Richardson). In February 2020, Pacific Oak SOR BVI issued 254.1 million Israeli new shekels of Series B bonds (the “Series B Bonds”) to Israeli investors pursuant to a public offering registered with the Israel Securities Authority. The Series B Bonds have principal installment payments equal to 33.33% of the face amount of the Series B Bonds on January 31st of each year from 2024 to 2026. Pacific Oak SOR BVI issued additional Series B Bonds subsequent to the initial issuance and as of December 31, 2023, 1.2 billion Israeli new shekels (approximately $321.7 million as of December 31, 2023) were outstanding. The Series B Bonds have an equal level of security, pari passu, amongst themselves and between them and the initial Series B Bonds without any right of precedence or preference between any of them. Subsequent to December 31, 2023, the Company made the first Series B Bonds installment payment. See Note 11 for further discussion.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The following were the face values, carrying amounts and fair values of the Company’s financial liabilities as of December 31, 2023 and 2022, (in thousands): December 31, 2023 December 31, 2022 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes payable $ 624,636 $ 620,262 $ 611,725 $ 734,899 $ 728,433 $ 716,813 Financial liabilities (Level 1): Pacific Oak SOR BVI Series B Bonds $ 321,724 $ 312,458 $ 296,380 $ 331,213 $ 316,276 $ 304,758 Pacific Oak SOR BVI Series C Bonds $ 99,461 $ 95,963 $ 102,664 $ — $ — $ — Disclosure of the fair value of assets and liabilities is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of December 31, 2023, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 41,609 $ 41,609 $ — $ — Asset derivative - interest rate caps (1) $ 1,236 $ — $ 1,236 $ — Asset derivative - foreign currency collar (1) $ 3,655 $ — $ 3,655 $ — Nonrecurring Basis: Impaired real estate (2) $ 193,529 $ — $ — $ 193,529 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets, respectively, in the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2023, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. During the year ended December 31, 2023, three of the Company’s real estate properties were impaired and written down to their estimated fair value. Two of the real estate properties were measured based on an income approach with the significant unobservable inputs used in evaluating the estimated fair value of these properties, which are discount rates between 8.75% to 9.0% and terminal cap rates between 8.0% to 8.25%, and one real estate property was measured at its estimated value based on a sales comparison approach. The fair value of the Company's real estate was measured using significant unobservable inputs (Level 3) for the year ended December 31, 2023, which included terminal capitalization rates and discount rates. As of December 31, 2022, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 60,153 $ 60,153 $ — $ — Asset derivative - interest rate caps (1) $ 2,267 $ — $ 2,267 $ — Liability derivative - foreign currency collar (1) $ 3,115 $ — $ 3,115 $ — Nonrecurring Basis: Impaired real estate (2) $ 212,800 $ — $ — $ 212,800 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets and other liabilities, respectively, in the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2022, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. During the year ended December 31, 2022, two of the Company’s real estate properties were impaired and written down to their estimated fair value. One real estate property was based on an income approach with the significant unobservable inputs used in evaluating the estimated fair value of these properties, which include a discount rate of 6.75% and a terminal cap rate of 6.00%, and one real estate property was measured at its estimated value based on a sales comparison approach. Goodwill Impairment During the year ended December 31, 2023, the Company determined that based on the decline in projected cash flows and the determination of appropriate discount and terminal capitalization rates for one strategic opportunistic property and one hotel, it was more likely than not that the fair value of the reporting units was less than the carrying value. During the year ended December 31, 2023, the Company recorded impairment charges on goodwill of $4.5 million in the accompanying consolidated statements of operations. During the year ended December 31, 2022, the Company determined that based on the sale of one hotel and a decline in projected cash flows for one strategic opportunistic property, it was more likely than not that the fair value of the reporting units were less than the carrying value. The resulting real estate impairment charge on the strategic opportunistic property and the sale of one hotel, resulted in the fair value of the reporting units to be below fair value and the entirety of the goodwill associated with the reporting units to be written off. During the year ended December 31, 2022, the Company recorded impairment charges on goodwill of $8.1 million in the accompanying consolidated statements of operations. The following table summarizes the goodwill impairment activity during years ended December 31, 2023 and 2022 (in thousands): Gross Goodwill Accumulated Impairment Net Goodwill Balance, December 31, 2021 $ 16,342 $ (2,808) $ 13,534 Impairment charges on goodwill — (8,098) (8,098) Balance, December 31, 2022 $ 16,342 $ (10,906) $ 5,436 Impairment charges on goodwill — (4,488) (4,488) Balance, December 31, 2023 $ 16,342 $ (15,394) $ 948

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Pacific Oak Capital Advisors, LLC As described further below, the Company has entered into agreements with certain affiliates pursuant to which they provide services to the Company. Keith D. Hall and Peter McMillan III control and indirectly own Pacific Oak Holding Group, LLC (“Pacific Oak Holding”), the Company’s sponsor since November 1, 2019. Pacific Oak Holding is the sole owner of the Advisor, the Company’s advisor since November 1, 2019. Messrs. Hall and McMillan are also two of the Company’s executive officers and directors. Subject to certain restrictions and limitations, the business of the Company is externally managed by the Advisor pursuant to the Advisory Agreement. The Advisory Agreement is effective through November 1, 2024; however, the Company or the Advisor may terminate the Advisory Agreement without cause or penalty upon providing 60 days’ written notice. The Advisor conducts the Company’s operations and manages its portfolio of real estate and other real estate-related investments, except with respect to the Company’s residential home portfolio. Acquisition and Origination Fees The Company records the Advisor fee for an acquisition and origination fee equal to 1.0% of the cost of investments acquired, or the amount funded by the Company to acquire or originate mortgage, mezzanine, bridge or other loans, including any acquisition and origination expenses related to such investments and any debt attributable to such investments. Asset Management Fee With respect to investments in loans and any investments other than real estate, the Company records the asset management fee, each month, calculated as one-twelfth of 0.75%, and has increased to one-twelfth of 1.0%, effective November 1, 2023 of the lesser of (i) the amount paid or allocated to acquire or fund the loan or other investment, inclusive of acquisition and origination fees and expenses related thereto and the amount of any debt associated with or used to acquire or fund such investment and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition and origination fees and expenses related to the acquisition or funding of such investment, as of the time of calculation. With respect to investments in real estate, the Company records the monthly asset management fee equal to one-twelfth of 0.75%, and has increased to one-twelfth of 1.0%, effective November 1, 2023 of the amount paid or allocated to acquire the investment, including the cost of subsequent capital improvements, inclusive of acquisition fees and expenses related thereto and the amount of any debt associated with or used to acquire such investment. In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment, inclusive of the Company’s proportionate share of any fees and expenses related thereto. Disposition Fee For substantial assistance in connection with the sale of properties or other investments, excluding investments in PORT or made through PORT, the Company calculates the fee to the Advisor or its affiliates as 1.0% of the contract sales price of each property or other investment sold; provided, however, in no event may the disposition fees paid to the Advisor, its affiliates and unaffiliated third parties exceed 6.0% of the contract sales price. Subordinated Participation in Net Cash Flows (payable only if the Company is not listed on a national exchange) After investors in the Company’s offerings have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, (ii) a 7.0% per year cumulative, noncompounded return on such net invested capital, and (iii) $36.3 million, which is the grant date value of the restricted stock issued to the Company’s former advisor, in connection with its termination on October 31, 2019 (the “KBS Termination Fee Payout”), the Advisor is entitled to receive 15.0% of the Company’s net cash flows, whether from continuing operations, net sale proceeds or otherwise. Net sales proceeds means the net cash proceeds realized by the Company after deduction of all expenses incurred in connection with a sale, including disposition fees paid to the Advisor. The 7.0% per year cumulative, noncompounded return on net invested capital is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to participate in the Company’s net cash flows. In fact, if the Advisor is entitled to participate in the Company’s net cash flows, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. This fee is payable only if the Company is not listed on an exchange. Subordinated Incentive Listing Fee (payable only if the Company is listed on a national exchange) Upon listing the Company’s common stock on a national securities exchange, the Advisor is entitled to a fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus distributions paid by the Company (including distributions that may constitute a return of capital for federal income tax purposes) prior to listing exceeds the aggregate of (i) the sum of the Company’s stockholders’ net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, and the amount of cash flow necessary to generate a 7.0% per year cumulative, noncompounded return on such amount and (ii) the KBS Termination Fee Payout. The 7.0% per year cumulative, noncompounded return on net invested capital is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive the listing fee. In fact, if the Advisor is entitled to the listing fee, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. Subordinated Performance Fee Due Upon Termination If the Advisory Agreement is terminated or not renewed, other than for cause, the Advisor is entitled to receive a participation fee equal to (A) 15.0% of the Company’s net cash flows, whether from continuing operations, net sale proceeds or otherwise, after the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, and (ii) a 7.0% per year cumulative, noncompounded return on such net invested capital from the Company’s inception, less (B) the KBS Termination Fee Payout. Net sales proceeds means the net cash proceeds realized by the Company after deduction of all expenses incurred in connection with a sale, including disposition fees paid to the Advisor. The 7.0% per year cumulative, noncompounded return on net invested capital from the Company’s inception is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to participate in the Company’s net cash flows. In fact, if the Advisor is entitled to participate in the Company’s net cash flows, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. This fee is payable only if the Company is not listed on an exchange. Pacific Oak Residential Advisors, LLC Effective September 1, 2022, the Company entered into an advisory agreement (the “PORT Advisory Agreement”) with Pacific Oak Residential Advisors, LLC (“PORA”), an affiliate of the Advisor, pursuant to which PORA will act as a product specialist with respect to the Company’s residential home portfolio, held through a wholly owned subsidiary. The PORT Advisory Agreement has an initial two-year term and may be renewed for additional one-year terms. Pursuant to the PORT Advisory Agreement, the Company will pay PORA: (1) an acquisition fee equal to 1.0% of the cost of each asset which consists of the price paid for the asset plus any amounts funded or budgeted at the time of acquisition for capital expenditures; (2) a quarterly asset management fee equal to 0.25% (1.0% annually) on the aggregate value of the Company’s residential home portfolio assets, as determined in accordance with the Company’s valuation guidelines, as of the end of each quarter; and (3) disposition fee equal to 1.0% of the contract sales price of the residential homes sold, provided, however, in no event may the disposition fees paid to PORA, its affiliates and unaffiliated third parties exceed 6.0% of the contract sales price. In the case of investments made through a joint venture, the acquisition fee will be based on the Company’s proportionate share of the joint venture. DMH Realty, LLC Effective September 1, 2022, PORT entered into a property management agreement with DMH Realty, LLC (“DMH Realty”), an affiliate of the Advisor for the Company’s residential home portfolio (the “PORT Property Management Agreement”). The PORT Property Management Agreement has an initial two-year term and may be renewed for additional one-year terms. Pursuant to the PORT Property Management Agreement, the Company will pay DMH Realty a property management fee equal to the following: (a) 8% of Collected Rental Revenues, as defined below, up to $50.0 million per annum; (b) 7% of Collected Rental Revenues in excess of $50.0 million per annum, but less than or equal to $75.0 million per annum; and (c) 6% of Collected Rental Revenues in excess of $75.0 million per annum, “Collected Rental Revenues” means the amount of rental revenue actually collected for each property per the terms of the lease pertaining to each property (including lease breakage fees) or pursuant to any early termination buyouts, but excluding other income items, fees or revenue collected by DMH Realty, including but not limited to: application fees, insufficient funds fees, late fees, move-in fees, pet fees, and security deposits (except to the extent applied to rent per the terms of the lease pertaining to any property). Pacific Oak Capital Markets, LLC On September 9, 2022, the Company, through PORT, commenced a private offering of up to $500 million of common stock in a primary offering and up to $50 million of common stock under its distribution reinvestment plan (the “Private Offering”). PORT engaged Pacific Oak Capital Markets, LLC (“POCM”), an affiliate of the Advisor, PORA and DMH Realty, to be the dealer manager for the Private Offering, pursuant to a dealer manager agreement effective as of September 9, 2022, which was subsequently amended and restated as of January 13, 2023 to reflect the creation of a $5.0 million escrow arrangement (the “PORT Dealer Manager Agreement”). Pursuant to the PORT Dealer Manager Agreement, with respect to Class A shares, PORT will generally pay POCM: (1) selling commissions equal to up to 6.0% of the net asset value (“NAV”) of each share sold in the primary offering, which POCM may reallow in part or in full to participating broker-dealers; (2) a dealer manager fee equal to up to 1.5% of the NAV of each share sold in the primary offering, which POCM may reallow in part or in full to participating broker-dealers; and (3) a placement agent fee equal to up to 1.5% of the NAV of each share sold in the primary offering. With respect to Class T shares, PORT will generally pay POCM: (1) selling commissions equal to up to 3.0% of the NAV of each share sold in the primary offering, which POCM may reallow in part or in full to participating broker-dealers; (2) a dealer manager fee equal to up to 0.75% of the NAV of each share sold in the primary offering, which POCM may reallow in part or in full to participating broker-dealers; and (3) a placement agent fee equal to up to 0.75% of the NAV of each share sold in the primary offering. PORT will not pay any selling commissions, dealer manager or placement agent fees in connection with the sale of shares under the distribution reinvestment plan. PORT will incur an organization and offering expense fee equal to 0.5% of the NAV of each share sold in the Private Offering to help fund the reimbursement to the sponsor. The Private Offering will terminate on or before the earlier of December 31, 2024, unless extended or the date on which all of the primary offering shares are sold. As of December 31, 2023, no fees were incurred related to this arrangement with POCM. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2023, 2022 and 2021, respectively, and any related amounts payable as of December 31, 2023 and 2022 (in thousands): Incurred During the Year Ended December 31, Payable as of 2023 2022 2021 2023 2022 Expensed Asset management fees to affiliate $ 15,415 $ 13,678 $ 14,012 $ 6,855 $ 2,618 Property management fees (1) 2,883 1,267 479 153 181 Disposition fees (2) 1,255 1,294 1,196 — — Capitalized Acquisition fees on real estate (3) — 67 20 — — Acquisition fee on investment in unconsolidated entities — — 46 — — Reimbursable offering costs (4) 894 — — 894 — $ 20,447 $ 16,306 $ 15,753 $ 7,902 $ 2,799 _____________________ (1) Property management fees related to DMH Realty are recorded as operating, maintenance, and management expenses in the accompanying consolidated statements of operations. (2) Disposition fees with respect to real estate properties sold are recorded as a component of the gain or loss on sale of real estate in the accompanying consolidated statements of operations. (3) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations are expensed as incurred. (4) Reimbursable offering costs to the Advisor related to the Private Offering are capitalized and recorded as prepaid expenses and other assets in the accompanying consolidated balance sheet. Pacific Oak Opportunity Zone Fund I The Advisor is entitled to certain fees in connection with the fund. Pacific Oak Opportunity Zone Fund I will pay an acquisition fee equal to 1.5% of the purchase price of each asset (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) with a purchase price less than or equal to $25.0 million plus 1.0% of the purchase price in excess of $25.0 million; a quarterly asset management fee equal to 0.25% of the total purchase price of all assets (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) as of the end of the applicable quarter; and a financing fee equal to 0.5% of the original principal amount of any indebtedness they incur (reduced by any financing fee previously paid with respect to indebtedness being refinanced). In the case of investments made through joint ventures, the fees above will be determined based on the Company’s proportionate share of the investment. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $0.5 million, $0.4 million, and $0.6 million of waived asset management fees recorded as equity in income of unconsolidated entities, respectively. PORT II On July 1, 2022, the Company, through PORT OP, made a tender offer to purchase 76,735 shares of Pacific Oak Residential Trust II, Inc. (“PORT II”) common stock held by unrelated parties for a price of $14.66 per share. As a result, the Company determined that it became the primary beneficiary of PORT II, which resulted in the consolidation of PORT II into the Company’s consolidated financial statements. On July 29, 2022, the Company consummated the transactions with the unrelated parties and owned 100% of PORT II. Effective September 1, 2022, the PORT II Advisory Agreement and the PORT II property management agreement were terminated. PORT OP LP Share Redemption On June 24, 2022, the Company’s board of directors authorized and approved the redemption of the 510,816 Special Common Units of PORT OP LP, a consolidated subsidiary of the Company (“PORT OP”), representing approximately 3.20% interest, held by BPT Holdings, LLC (“BPT Holdings”), a subsidiary of the Advisor, for a price of $13.09 per unit. In July 2022, the Company redeemed the Special Common Units of PORT OP for $6.7 million. Following the redemption, the Company owned 100% of PORT OP. Loan to 353 Sacramento Joint Venture During the year ended December 31, 2021, the Company funded $7.0 million to the 353 Sacramento Joint Venture for the mortgage loan refinancing fees and was subsequently repaid during the year ended December 31, 2022. 110 William Joint Venture In July 2023, the 110 William Joint Venture entered into debt and equity restructuring agreements (the “Restructuring Agreements”) and as a result, the Company committed to funding up to $105.0 million (“Capital Commitments”) to the 110 William Joint Venture in exchange for 77.5% of preferred interest. Additionally, Pacific Oak SOR Properties, LLC, an indirect subsidiary of the Company entered into various guarantee agreements as part of the Restructuring Agreements. Refer to Notes 8 and 10 for further discussion.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES As of December 31, 2023 and 2022, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties at December 31, 2023 December 31, Joint Venture Location Ownership % 2023 2022 110 William Joint Venture (1) 1 New York, New York (1) $ 22,314 (1) $ — Pacific Oak Opportunity Zone Fund I (2) 4 Various 46.0% 23,587 25,669 353 Sacramento Joint Venture 1 San Francisco, California 55.0% — (3) 45,173 $ 45,901 $ 70,842 _____________________ (1) See “110 William Joint Venture Restructuring”, below. (2) The maximum exposure to loss as a result of the Company’s investment in the Pacific Oak Opportunity Zone Fund I is limited to the carrying amount of the investment. (3) The Company suspended the equity method of accounting, and will not record the Company's share of losses and any subsequent income for the 353 Sacramento Joint Venture, until the Company’s share of net gain recorded exceeds net losses not recognized during the period the equity method was suspended. Additionally, during the year ended December 31, 2023, the Company impaired the investment in the 353 Sacramento Joint Venture. See “Impairment of Investments in Unconsolidated Entities”, below and Note 6 for further discussion. Summarized financial information for investments in unconsolidated entities are as follows (in thousands): December 31, 2023 2022 Assets: Real estate held for investment, net $ 411,028 $ 471,503 Total assets 468,002 546,142 Liabilities: Notes payable related to real estate held for investment, net 410,563 490,302 Total liabilities 427,794 501,860 Total equity $ 40,207 $ 44,281 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 42,002 $ 46,518 $ 44,901 Operating loss (123,045) (41,923) (30,548) Net loss $ (51,401) $ (41,664) $ (30,499) 110 William Joint Venture Restructuring The 110 William Joint Venture is governed by an amended and restated limited liability company agreement, dated July 5, 2023. The Company exercises significant influence over the operations, financial policies, and decision-making with respect to the 110 William Joint Venture. Significant decisions that may impact the 110 William Joint Venture, its subsidiaries, or its assets, require both partners in which the Company and one other institutional investor each has representatives. As a result of the Restructuring Agreements, the Company acquired the 40% common interest from the previous joint venture partner in exchange for contingent consideration. Additionally, as a result of the Capital Commitments, the Company acquired a 77.5% of preferred interest in the 110 William Joint Venture. During the year ended December 31, 2023, the Company made capital contributions in the 110 William Joint Venture of $31.4 million, of which $28.3 million funded the Capital Commitments and as of December 31, 2023, $76.7 million remains to be funded. Additionally, the Company, through an indirect subsidiary, entered into various guarantee agreements as part of the Restructuring Agreements. In connection with the Restructuring Agreements, certain of the 110 William Joint Venture obligations, in the form of mezzanine debt with an unrelated party, were exchanged for preferred interest by and between the unrelated party and the 110 William Joint Venture. The carrying value of the debt was $89.0 million, which was exchanged in a non-cash transaction for 22.5% of preferred interest. This resulted in a gain on the extinguishment of debt of $71.6 million recognized at the time of exchange as calculated using discounted cash flows at a market interest rate. Significant assumptions included discount and terminal capitalization rates, as well as the market discount rate for preferred stock. The Company is typically entitled to proportionate profit participation interests. However, since the previous joint venture partner exchanged their interest for $1, the Company realized 100% of the gain on the extinguishment of debt due to the absence of another investor benefiting from the exchange. Therefore, the Company was the only entity with any financial interest in the realization of the gain on the extinguishment of debt. Immediately following the Restructuring Agreements, through the 110 William Joint Venture, the Company is entitled to preferred distributions until certain return targets are achieved. Once these return targets are achieved, based on a tiered waterfall calculation which may not be reflective of the Company's economic interest in the entity, distributions will be allocated 90% to the Company and 10% to the other investor. As a result of the Restructuring Agreements, including the realization of the gain on the extinguishment of debt and funding of the Capital Commitments, the Company resumed the equity method of accounting. Prior to resuming the equity method of accounting, the Company had unrecognized prior period losses of $60.1 million. 353 Sacramento Joint Venture Impairment During the year ended December 31, 2023, the carrying amount of 353 Sacramento Joint Venture was impaired by $14.8 million, primarily due to weakening market conditions of the geographic area. There were no impairments of investments in unconsolidated entities during the years ended December 31, 2022 and 2021. Additionally, during the year ended December 31, 2023, the 353 Sacramento Joint Venture was measured at the estimated value of the Company’s ownership calculated based on a hypothetical liquidation of the net assets, discounted for lack of marketability and control. The Company used a discount rate of 8.75% and a cap rate of 7.0% to estimate the fair value of the real estate, an interest rate adjustment of 0.15% to estimate the fair value of the debt, a discount rate of 20% for lack of marketability, and a discount rate of 20% for lack of control. The one investment in unconsolidated entity was not measured as of December 31, 2023. The fair value of the Company's real estate was measured using significant unobservable inputs (Level 3) for the year ended December 31, 2023, which included terminal capitalization rates and discount rates.

REPORTING SEGMENTS

REPORTING SEGMENTS	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the years ended December 31, 2023, 2022, and 2021, and consists of strategic opportunistic properties and real estate-related investments (“strategic opportunistic properties”), residential homes, and hotel. All corporate related costs are included in the strategic opportunistic properties segment to align with how financial information is presented to the Company's Chief Executive Officer and President, who are also the chief operating decision maker (the “CODM”). The CODM makes key operating decisions, evaluates financial results and manages the Company’s business based on the selected financial information. The selected financial information for the reporting segments for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Year Ended December 31, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 98,463 $ 37,800 $ 9,153 $ 145,416 Total expenses (251,801) (47,943) (11,223) (310,967) Total other income, net 19,813 5,701 136 25,650 Net loss before income taxes $ (133,525) $ (4,442) $ (1,934) $ (139,901) Year Ended December 31, 2022 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 102,179 $ 29,130 $ 30,749 $ 162,058 Total expenses (140,162) (35,022) (31,508) (206,692) Total other (loss) income, net (12,646) 18,158 2,376 7,888 Net (loss) income before income taxes $ (50,629) $ 12,266 $ 1,617 $ (36,746) Year Ended December 31, 2021 Strategic Opportunistic Properties Residential Homes Hotel Properties Total Total revenues $ 115,167 $ 21,954 $ 30,806 $ 167,927 Total expenses (172,215) (25,979) (30,553) (228,747) Total other income, net 46,959 74 1,289 48,322 Net (loss) income $ (10,089) $ (3,951) $ 1,542 $ (12,498) Total assets related to the three reporting segments as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total assets (1) $ 1,024,555 $ 315,957 $ 47,631 $ 1,388,143 Goodwill (1) 948 — — 948 _____________________ (1) During the year ended December 31, 2023, the Company recorded impairment charges on goodwill of $3.3 million and $1.2 million related to the Strategic Opportunistic Properties and Hotel segments, respectively. December 31, 2022 Strategic Opportunistic Properties Residential Homes Hotel Properties Total Total assets (1) $ 1,173,481 $ 333,128 $ 52,636 $ 1,559,245 Goodwill (1) 4,220 — 1,216 5,436 _____________________ (1) During the year ended December 31, 2022, the Company recorded impairment charges on goodwill of $5.5 million and $2.6 million related to the Strategic Opportunistic Properties and Hotel Properties segments, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Obligations As of December 31, 2023 and 2022, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st Street, which was accounted for as a finance lease, are included in the accompanying consolidated balance sheets as follows: December 31, 2023 2022 Right-of-use asset (included in real estate held for investment, net $ 6,391 $ 7,281 Lease obligation (included in other liabilities 9,537 9,446 Remaining lease term 90.0 years 91.0 years Discount rate 4.8 % 4.8 % As of December 31, 2023, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of December 31, 2023 are as follows (in thousands): 2024 $ 360 2025 393 2026 396 2027 396 2028 396 Thereafter 51,375 Total expected minimum lease obligations 53,316 Less: Amount representing interest (1) (43,779) Present value of net minimum lease payments (2) $ 9,537 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities Capital Commitments As of December 31, 2023, the Company had a future funding commitment of $76.7 million related to the Capital Commitments to the 110 William Joint Venture. Such amounts are payable as incurred and therefore, no accrual is recognized as of December 31, 2023. See Note 8 for further discussion. Guarantee Agreements As of December 31, 2023 and as part of the Restructuring Agreements, the Company, became the guarantor for certain guarantees related to the 110 William Joint Venture, including guaranteeing: all debt servicing costs and timely debt payments, completion for the construction and development of tenant improvement work, funding related to the Capital Commitments, and recourse obligations. The related debt has an initial maturity of July 5, 2026 and guarantee amounts are due upon occurrence of any one triggering event. As of December 31, 2023 and as part of the Georgia 400 Mortgage Loan and Lincoln Court Mortgage Loan, the Company guarantees the payment of $22.8 million, whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor and its affiliates is unable to provide these services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of December 31, 2023. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Series B Bonds Payment On January 31, 2024, the Company made the first principal installment payment of 388.1 million Israeli new shekels (approximately $106.6 million as of January 31, 2024) in connection with the Company’s Series B Bonds. Subsequent to the first installment payment, two additional Series B Bond installments remain due on January 31, 2025 and 2026, respectively. Eight & Nine Corporate Centre Loan On January 12, 2024, the Company obtained an interest-only mortgage loan with a maximum principal amount of $23.5 million, of which $20.0 million was funded at the time of closing. The loan is secured by the Eight & Nine Corporate Centre office complex, has a contractual interest rate of the greater of 8.90% or a floating rate of 490 basis points over the one-month SOFR rate, has an initial maturity date of February 9, 2026 and three one-year extension options. Park Highlands Land On March 10, 2024, the Company, through indirect wholly owned subsidiaries, entered into a purchase and sale agreement for the sale of Park Highlands undeveloped land for gross sale proceeds of approximately $195.0 million, before net closing costs, credits and taxes. A portion of the acres to be sold are pledged as collateral for an offering of Series C Bonds. There can be no assurance that the Company will complete the sale. The purchaser is not affiliated with the Company or the Advisor. Sale of Real Estate Equity Securities Subsequent to December 31, 2023, the Company sold a partial interest in one of the Company’s investment in real estate equity securities for gross sale proceeds of approximately $14.3 million.

SCHEDULE III REAL ESTATE ASSETS

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2023 (dollar amounts in thousands) Initial Cost to Company Gross Amount at which Carried at Close of Period Property Property Type Location Ownership Percent Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Depreciation and Amortization Original Date of Construction Date Richardson Office Office Richardson, TX 100.0% $ 12,208 $ 1,847 $ 25,745 $ 27,592 $ 13,490 $ 1,847 $ 39,235 $ 41,082 $ (17,399) 1980/1985 11/23/2011 Madison Square Office Phoenix, AZ 90.0% 17,962 9,827 21,545 31,372 525 9,827 22,070 31,897 (5,039) 2003/2007/2008 10/05/2020 Park Centre Office Austin, TX 100.0% (5) 3,251 27,941 31,192 7,050 3,251 34,991 38,242 (13,923) 2000 03/28/2013 Crown Pointe Office Dunwoody, GA 100.0% 54,738 22,590 62,610 85,200 15,416 22,590 78,026 100,616 (24,424) 1985/1989 02/14/2017 The Marq Office Minneapolis, MN 100.0% (5) 10,387 75,878 86,265 14,589 10,387 90,467 100,854 (20,733) 1972 03/01/2018 Eight & Nine Corporate Centre Office Franklin, TN 100.0% (6) 17,401 58,794 76,195 6,065 17,401 64,859 82,260 (15,297) 2007 06/08/2018 Georgia 400 Center Office Alpharetta, GA 100.0% 40,184 11,400 72,000 83,400 9,038 11,431 81,007 92,438 (16,644) 2001 05/23/2019 Lincoln Court Office Campbell, CA 100.0% 33,310 16,610 43,083 59,693 (16,884) 12,850 29,959 42,809 (725) 1985 10/05/2020 Oakland City Center Office Oakland, CA 100.0% (5) 24,063 180,973 205,036 (88,009) 15,557 101,470 117,027 (1,222) 1985/1990 10/05/2020 1180 Raymond Apartment Newark, NJ 100.0% (5) 8,292 37,651 45,943 3,275 8,292 40,926 49,218 (12,682) 1929 08/20/2013 Lofts at NoHo Commons Apartment North Hollywood, CA 90.0% 68,451 22,670 93,676 116,346 2,297 22,670 95,973 118,643 (10,462) 2007 10/05/2020 Q&C Hotel Hotel New Orleans, LA 90.0% 24,579 2,669 41,431 44,100 574 2,669 42,005 44,674 (4,040) 1913 10/05/2020 Park Highlands Land I Undeveloped Land North Las Vegas, NV 100.0% (4) 15,710 — 15,710 18,497 34,207 — 34,207 — N/A 12/30/2011 Park Highlands Land II Undeveloped Land North Las Vegas, NV 100.0% (4) 6,087 — 6,087 7,133 13,220 — 13,220 — N/A 12/10/2013 Richardson Land I Undeveloped Land Richardson, TX 100.0% (4) 1,997 — 1,997 3,789 5,786 — 5,786 — N/A 11/23/2011 Richardson Land II Undeveloped Land Richardson, TX 100.0% (4) 3,096 — 3,096 322 3,418 — 3,418 — N/A 09/04/2014 210 West 31st Street (6) Office/Retail New York, NY 80.0% — — 51,358 51,358 (15,758) — 35,600 35,600 — (7) 10/05/2020 PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2023 (dollar amounts in thousands) Initial Cost to Company Gross Amount at which Carried at Close of Period Description Number of Homes Ownership Percent Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Depreciation and Amortization Original Date of Construction Date Residential Homes Portfolio: Alabama Homes 188 100.0% (8) $ 3,220 $ 12,599 $ 15,819 $ 2,937 $ 3,220 $ 15,536 $ 18,756 $ (1,982) Various Various Arkansas Homes 23 100.0% (8) 491 2,046 2,537 79 491 2,125 2,616 (200) Various Various Delaware Homes 4 100.0% (8) 179 750 929 44 179 794 973 (67) Various Various Florida Homes 1 100.0% (8) 26 154 180 (5) 26 149 175 (17) Various Various Georgia Homes 70 100.0% (8) 1,007 5,444 6,451 1,341 1,007 6,785 7,792 (798) Various Various Iowa Homes 11 100.0% (8) 165 684 849 7 165 691 856 (66) Various Various Illinois Homes 310 100.0% (8) 5,540 22,236 27,776 2,074 5,540 24,310 29,850 (2,707) Various Various Indiana Homes 92 100.0% (8) 1,886 7,855 9,741 410 1,886 8,265 10,151 (920) Various Various Michigan Homes 330 100.0% (8) 15,568 62,256 77,824 (822) 15,568 61,434 77,002 (5,673) Various Various Mississippi Homes 25 100.0% (8) 382 1,509 1,891 (140) 382 1,369 1,751 (25) Various Various Missouri Homes 21 100.0% (8) 343 1,424 1,767 95 343 1,519 1,862 (215) Various Various North Carolina Homes 75 100.0% (8) 1,833 7,652 9,485 364 1,833 8,016 9,849 (790) Various Various Ohio Homes 224 100.0% (8) 5,493 22,309 27,802 69 5,493 22,378 27,871 (1,941) Various Various Oklahoma Homes 128 100.0% (8) 2,569 13,906 16,475 1,868 2,569 15,774 18,343 (2,193) Various Various South Carolina Homes 23 100.0% (8) 670 2,804 3,474 151 670 2,955 3,625 (279) Various Various Tennessee Homes 300 100.0% (8) 8,329 34,232 42,561 2,267 8,329 36,499 44,828 (2,790) Various Various Texas Homes 340 100.0% (8) 9,848 38,568 48,416 3,243 9,848 41,811 51,659 (3,885) Various Various Wisconsin Homes 17 100.0% (8) 391 1,627 2,018 122 391 1,749 2,140 (198) Various Various Total Residential Home Portfolio 2182 197,969 57,940 238,055 295,995 14,104 57,940 252,159 310,099 (24,746) Total Properties $ 235,837 $ 1,030,740 $ 1,266,577 $ (4,708) $ 253,342 $ 1,008,747 $ 1,262,089 $ (167,335) ____________________ (1) Building and improvements includes tenant origination and absorption costs. (2) Costs capitalized subsequent to acquisition is net of write-offs of fully depreciated/amortized assets and impairment charges on real estate and related intangibles. (3) The aggregate cost of real estate for federal income tax purposes was $1.7 billion (unaudited) as of December 31, 2023. (4) As of December 31, 2023, specified lands in Park Highlands and Richardson serve as collateral for the Series C Bonds. (5) These real estate investments, in aggregate, were under encumbrances of $175.2 million. (6) Subsequent to December 31, 2023, the Company obtained a new mortgage loan on this property. See Note 11 for further discussion. (7) 210 West 31st Street is a development office/retail property. The Company acquired the rights to a leasehold interest with respect to this property and the leasehold interest expires on January 31, 2114. (8) The residential home portfolio, in aggregate, was under encumbrances of $198.0 million. SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2023 (dollar amounts in thousands) 2023 2022 2021 Real Estate Properties (1) : Balance at the beginning of the year $ 1,361,154 $ 1,345,240 $ 1,517,435 Acquisitions — 142,118 4,838 Improvements 24,359 31,407 18,966 Write-off of fully depreciated and fully amortized assets (5,332) (9,454) (5,956) Dispositions (43,303) (111,186) (175,691) Impairments (74,789) (36,971) (14,352) Balance at the end of the year $ 1,262,089 $ 1,361,154 $ 1,345,240 Accumulated depreciation and amortization (1) : Balance at the beginning of the year $ 141,750 $ 130,441 $ 104,412 Depreciation and amortization expense 44,258 49,190 55,882 Write-off of fully depreciated and fully amortized assets (5,332) (10,442) (5,956) Dispositions (3,545) (6,531) (20,516) Impairments (9,796) (20,908) (3,381) Balance at the end of the year $ 167,335 $ 141,750 $ 130,441 ____________________ (1)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (144,151)	$ (43,242)	$ (10,955)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, and joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions were eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for real estate, which affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications	Certain amounts in the accompanying consolidated balance sheets have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the year ended December 31, 2023, the Company disposed of a vacant building within the Madison Square office complex in Phoenix, Arizona (“Madison Square School”) and 274 residential homes. As a result, certain assets and liabilities were reclassified to held for sale in the accompanying consolidated balance sheets for all periods presented.
Revenue Recognition	Lessor Accounting The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is determined to be probable and records amounts expected to be received in later years as deferred rent receivable. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income in the accompanying consolidated statements of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income in the accompanying consolidated statements of operations. 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 the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The Company leases apartment units and residential homes under operating leases with terms generally for one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is determined to be probable. The Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income at the lesser of (1) on a straight-line basis or (2) cash received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income. The Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense in the accompanying consolidated statements of operations. Hotel Revenues The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in Note 3 into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheets. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheets. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services.
Real Estate Acquisition Valuation	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease value will be amortized to expense over the average remaining terms of the respective in-place leases, including any below-market renewal periods. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information and/or replacement cost data. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records the fair value of debt assumed in an acquisition based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates or average daily rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, revenue and expense growth rates, occupancy, and net operating margin. The Company records the fair value of noncontrolling interests based on the estimated noncontrolling interests’ share of fair values of the net assets of the underlying entities, adjusted for lack of marketability and control discount.
Depreciation and Amortization	Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterment are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life.
Impairment Charges on Real Estate and Related Intangibles	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangibles may not be recoverable or realized. Such indicators of potential impairment may include an assessment of management's intended hold period and disposition strategy, a significant decrease in market price, expected future undiscounted cash flows, current industry and market trends and other factors including bona fide purchase offers received from third parties in making this assessment. When indicators of potential impairment suggest that the carrying value of real estate and related intangibles may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangibles through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangibles, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangibles. The Company recorded an impairment loss of $64.8 million, $18.5 million, and $11.0 million on its real estate and related intangibles during the years ended December 31, 2023, 2022, and 2021, respectively. See Note 6 for further discussion.
Real Estate Held for Sale	The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as real estate held for sale and assets related to real estate held for sale, respectively, for all periods presented in the accompanying consolidated balance sheets. Notes payable and other liabilities related to real estate held for sale are classified as notes payable related to real estate held for sale and liabilities related to real estate held for sale, respectively, for all periods presented in the accompanying consolidated balance sheets. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations in the accompanying consolidated statements of operations.
Sale of Real Estate	The Company’s sales of real estate would be considered a sale of a nonfinancial asset. The Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. See Note 4 for further discussion.
Real Estate Equity Securities	These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. For the year ended December 31, 2023, the Company recognized a realized gain on real estate equity securities of $5.5 million and an unrealized loss on real estate equity securities of $10.1 million. For the year ended December 31, 2022, the Company did not recognize realized gains or losses on real estate equity securities and recognized an unrealized loss on real estate equity securities of $51.9 million. For the year ended December 31, 2021, the Company recognized a realized gain on real estate equity securities of $3.0 million and an unrealized gain on real estate equity securities of $25.6 million.
Dividend Income from Real Estate Equity Securities	Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Goodwill	Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of the business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st. The Company recorded impairment charges on goodwill of $4.5 million, $8.1 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. See Note 6 for further discussion.
Investment in Unconsolidated Entities	The Company uses the equity method of accounting for investments in unconsolidated entities that qualify as VIEs where the Company is not the primary beneficiary and other entities that the Company does not control, but has the ability to exercise significant influence over the operating and financial policies of the investee. The Company recognizes its share of the ongoing income or loss from the unconsolidated entities as equity in income or loss from unconsolidated entities in the consolidated statements of operations.
Cash and Cash Equivalents	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents were stated at cost, which approximates fair value. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2023 and 2022.
Interest Income from Cash and Cash Equivalents	The Company recognizes interest income on its cash and cash equivalents as it is earned and records such amounts as other interest income.
Restricted Cash	Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations, capital improvements and replacements, and escrow deposits for future real estate sales.
Deferred Financing Costs	Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheets as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheets. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Fair Value Measurements	The Company measures certain assets and liabilities at fair value on a recurring basis. In addition, the Company measures other assets and liabilities at fair value on a non-recurring basis. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements were classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. The Company would classify items as Level 3 in instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines that the market for a financial instrument owned by the Company is illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Redeemable Common Stock	The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. Pursuant to the share redemption program there are several limitations on the Company’s ability to redeem shares: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), the Company may not redeem shares until the stockholder has held the shares for one year. • During any calendar year, the Company may redeem only the number of shares that the Company can purchase with the amount of net proceeds from the sale of shares under its dividend reinvestment plan during the prior calendar year; provided, however, that this limit may be increased or decreased by us upon ten business days’ notice to the Company’s stockholders. To the extent that the Company redeems less than the number of shares that the Company can purchase in any calendar year with the amount of net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year plus any additional funds approved by the Company, such excess capacity to redeem shares during any calendar year shall be added to the Company’s capacity to otherwise redeem shares during the subsequent calendar year. We indefinitely suspended the dividend reinvestment plan as of March 28, 2023. Furthermore, during any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. • During any calendar year, once the Company has received requests for redemptions, whether in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, or otherwise, that if honored, and when combined with all prior redemptions made during the calendar year, would result in the amount of remaining funds available for the redemption of additional shares in such calendar year being $1.0 million or less, the last $1.0 million of available funds shall be reserved exclusively for shares being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” To the extent that, in the last month of any calendar year, the amount of redemption requests in connection with a stockholder’s death, “qualifying disability or “determination of incompetence” is less than the amount of available funds reserved for such redemptions in accordance with the previous sentence, any excess funds may be used to redeem shares not in connection with a stockholder’s death, “qualifying disability or “determination of incompetence” during such month. • The Company may not redeem more than $3.0 million of shares in a given quarter (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”). To the extent that, in a given fiscal quarter, the Company redeems less than the sum of (a) $3.0 million of shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) and (b) any excess capacity carried over to such fiscal quarter from a prior fiscal quarter as described below, any remaining excess capacity to redeem shares in such fiscal quarter will be added to our capacity to otherwise redeem shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) during succeeding fiscal quarter. The Company may increase or decrease this limit upon ten • In addition to the capacity from the bullet above, during the year ended December 31, 2023, the Company’s board of directors has made available $6.0 million for redemptions in connection with a stockholder's death, “qualifying disability”, or “determination of incompetence”. Except for redemptions made upon a stockholder’s death, “qualifying disability” or “determination of incompetence”, the price at which the Company will redeem shares is 95% of the Company’s most recent estimated value per share as of the applicable redemption date. Upon the death, “qualifying disability” or “determination of incompetence” of a stockholder, the redemption price continued to be equal to the Company’s most recent estimated value per share. The Company’s board of directors may amend, suspend or terminate the share redemption program with ten The Company records amounts that were redeemable under the share redemption program as redeemable common stock payable in the accompanying consolidated balance sheets because the shares will be mandatorily redeemable at the option of the holder and therefore their redemption will be outside the control of the Company. The Company classifies as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Company’s redeemable common shares are contingently redeemable at the option of the holder. When the Company determines it has a mandatory obligation to repurchase shares under the share redemption program, it will reclassify such obligations from temporary equity to a liability based upon their respective settlement values.
Related Party Transactions	Pursuant to its advisory agreements with the Advisor and its affiliates, the Company is obligated to pay the Advisor and its affiliates specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is or was obligated to reimburse the Advisor for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the applicable advisory agreement. See Note 7 for further details.
Foreign Currency Transactions	The U.S. Dollar is the Company’s functional currency. Transactions denominated in currency other than the Company’s functional currency were recorded upon initial recognition at the exchange rate on the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency were remeasured at each reporting date into the foreign currency at the exchange rate on that date. Exchange rate differences, other than those accounted for as hedging transactions, were recognized as foreign currency transaction gain or loss in the accompanying consolidated statements of operations.
Derivative Instruments	The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates on its variable rate notes payable. Additionally, the Company enters into derivative instruments such as cross currency swaps, puts or calls for risk management purposes to hedge its exposure to variability in foreign currency exchange rates of the Israeli new shekel versus the U.S. Dollar. Pursuant to these agreements, the Company may deposit collateral with a counterparty and may pay a fee equal to a fixed percentage of the value of the underlying security (notional amount). The Company may be required to deposit additional collateral equal to the unrealized appreciation or depreciation on the underlying asset. The Company records these derivative instruments at fair value as prepaid expenses and other assets in the accompanying consolidated balance sheets. The changes in fair value for derivative instruments that were not designated as a hedge or that did not meet the hedge accounting criteria were recorded as interest expense or foreign currency transaction gain or loss in the accompanying consolidated statements of operations.
Income Taxes	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. The Company conducts certain business activities through taxable REIT subsidiaries. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income or loss and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for all open tax years through December 31, 2023. As of December 31, 2023, returns for the calendar year 2019 through 2022 remain subject to examination by major tax jurisdictions.
Segments	The Company operates in three reportable business segments: opportunistic real estate and real estate-related investments, residential homes, and hotel, which is how the Company's management manages the business. In general, the Company intends to hold its investments in opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments and aggregated into one reportable business segment. The Company owns residential homes in 18 markets and are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and have similar economic characteristics. Additionally, the Company owned one hotel as of December 31, 2023 and is a separate reportable business segment due to the nature of the hotel business with short-term stays.
Per Share Data	The Company applies the two-class method when computing its basic and diluted earnings per share. Net loss is allocated to the unvested restricted stock payable outstanding during each year, as the restricted stock contains non-forfeitable rights to distributions and is therefore considered a participating security. The Company's unvested restricted stock payable have been included in the calculation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, as the restriction is not contingent on any conditions except the passage of time. Potential common shares consist of unvested restricted stock, using the more dilutive of either the two-class method or the treasury stock method.
Square Footage, Occupancy and Other Measures	Any references to square footage, acreage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s consolidated financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves income tax disclosure requirements, primarily through disclosure requirements in specified categories with respect to the reconciliation of the effective tax rates. The guidance in this update is effective for all public entities for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Life	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-40 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods Real estate subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years
Schedule of Earnings Per Share	The following table summarizes the computation of basic and diluted net loss per common share for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss $ (146,477) $ (41,670) $ (12,498) Net loss (income) attributable to noncontrolling interests 2,326 (530) 2,310 Net loss attributable to redeemable noncontrolling interest — 81 146 Preferred stock dividends — (1,123) (913) Adjustment to redemptions value of noncontrolling cumulative convertible redeemable preferred stock — (1,800) — Net loss attributable to common stockholders (for net loss per common share, basic and diluted) $ (144,151) $ (45,042) $ (10,955) Denominator: Weighted-average number of common shares outstanding, basic and diluted 103,642,866 103,522,696 96,967,983 Net loss per common share, basic and diluted $ (1.39) $ (0.44) $ (0.11)

REAL ESTATE HELD FOR INVESTME_2

REAL ESTATE HELD FOR INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of December 31, 2023 and 2022, respectively (in thousands): December 31, 2023 December 31, 2022 Land $ 253,342 $ 264,537 Buildings and improvements 991,667 1,033,318 Tenant origination and absorption costs 17,080 27,644 Total real estate, cost 1,262,089 1,325,499 Accumulated depreciation and amortization (167,335) (140,213) Total real estate, net $ 1,094,754 $ 1,185,286
Schedule of Future Minimum Rental Income for Company's Properties	As of December 31, 2023, the future minimum rental income from the Company’s office complexes, under non-cancelable operating leases was as follows (in thousands): 2024 $ 59,242 2025 52,291 2026 39,590 2027 31,985 2028 25,035 Thereafter 48,942 $ 257,085
Schedule of Hotel Revenue	The following table provides detailed information regarding the Company’s hotel revenues for its two hotel properties (the Springmaid Beach Resort was sold on September 1, 2022) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Hotel revenues: Room $ 7,981 $ 23,834 $ 22,889 Other 1,172 6,915 7,917 Hotel revenues $ 9,153 $ 30,749 $ 30,806
Schedule of Contract Liability	The following table summarizes the Company’s contract liabilities, which are comprised of: hotel advanced deposits, deferred proceeds received from the buyers of the Park Highlands land sales, and value of Park Highlands land that was contributed to a master association, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Contract liabilities $ 23,783 $ 23,904 Revenue and other income recognized in the period from: Amounts included in contract liabilities at the beginning of the period $ 16,192 $ 9,215
Schedule of Variable Interest Entities	The following table summarizes the components of the PORT II and the gain recognized by the Company (in thousands): PORT II's assets and liabilities, based upon fair values as determined by the Company, as follows: Assets: Real estate held for investment, net $ 135,096 Cash and cash equivalents 1,473 Restricted cash 361 Prepaid expenses and other assets 639 Total Assets 137,569 Liabilities: Notes payable, net (82,646) Accounts payable and accrued liabilities (804) Due to affiliates (147) Other liabilities (1,499) Total Liabilities (85,096) Noncontrolling interest (1,125) Elimination of the Company’s investment in PORT II (32,606) Gain from consolidation of previously unconsolidated entity $ 18,742
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of December 31, 2023 and 2022, the Company’s tenant origination and absorption costs (included in real estate held for investment, net) were as follows (in thousands): Tenant Origination and December 31, 2023 December 31, 2022 Cost $ 17,080 $ 27,995 Accumulated Amortization (10,049) (13,987) Net Amount $ 7,031 $ 14,008
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and 2024 $ (2,739) 2025 (1,782) 2026 (807) 2027 (352) 2028 (261) Thereafter (1,090) $ (7,031) Weighted-Average Remaining Amortization Period 4.7 years

REAL ESTATE DISPOSITIONS (Table

REAL ESTATE DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the U.S. federal statutory income tax rate to our effective income tax rate for the transaction’s taxable gain: Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21 % 21 % 21 % Net capital loss carryforwards utilized — % (3) % — % Change in valuation allowance — % (1) % (21) % Effective rate 21 % 17 % — %
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenues and expenses related to these properties for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years Ended December 31, 2023 2022 2021 Revenues Rental income $ 4,216 $ 4,105 $ 4,666 Hotel revenues — 20,983 25,202 Other operating income — 17 144 Total revenues $ 4,216 $ 25,105 $ 30,012 Expenses Operating, maintenance, and management $ 1,265 $ 1,436 $ 2,486 Real estate taxes and insurance 1,346 917 1,163 Hotel expenses — 12,669 16,301 Asset management fees to affiliate 523 774 1,082 Depreciation and amortization 1,079 2,126 3,403 Interest expense, net 1,147 4,734 6,378 Total expenses $ 5,360 $ 22,656 $ 30,813

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2023 and December 31, 2022, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of December 31, 2023 (1) Interest Rate at December 31, 2023 (1) Payment Type (2) Maturity Date (3) Richardson Office Mortgage Loan $ 12,209 $ 18,844 SOFR +3.50% 8.84% Principal & Interest 11/01/2024 Series B Bonds (4) 321,724 331,213 3.93% 3.93% (4) 01/31/2026 Series C Bonds (4) 99,461 — 9.00% 9.00% (4) 06/30/2026 Crown Pointe Mortgage Loan 54,738 53,758 SOFR + 2.30% 7.64% Interest Only 04/01/2025 Georgia 400 Center Mortgage Loan (6) 40,184 44,129 SOFR + 1.55% 6.89% Interest Only 05/22/2024 PORT Mortgage Loan 1 34,967 51,302 4.74% 4.74% Interest Only 10/01/2025 PORT Mortgage Loan 2 10,523 10,523 4.72% 4.72% Interest Only 03/01/2026 PORT MetLife Loan 59,091 60,000 3.90% 3.90% Interest Only 04/10/2026 PORT II Metlife Loan 93,388 93,701 3.99% 3.99% Interest Only 04/10/2026 Q&C Hotel Mortgage Loan 24,579 24,784 SOFR + 3.50% 8.84% Principal & Interest 1/31/2024 (5) Lincoln Court Mortgage Loan (6) 33,310 35,314 SOFR + 3.25% 8.59% Interest Only 08/07/2025 Lofts at NoHo Commons Mortgage Loan 68,451 71,536 SOFR + 2.18% (7) 7.52% Interest Only 09/09/2024 Madison Square Mortgage Loan 17,962 17,964 4.63% 4.63% Interest Only 10/07/2024 Four Pack Mortgage Loan (8) 175,234 — BSBY + 2.75% 8.18% Principal & Interest 09/01/2026 Oakland City Center Mortgage Loan (8) — 87,000 (8) (8) (8) (8) Park Centre Mortgage Loan (8) — 26,233 (8) (8) (8) (8) 1180 Raymond Mortgage Loan (8) — 31,070 (8) (8) (8) (8) The Marq Mortgage Loan (8) — 60,796 (8) (8) (8) (8) Eight & Nine Corporate Centre Mortgage Loan (9) — 47,945 (9) (9) (9) (9) Total Notes and Bonds Payable principal outstanding 1,045,821 1,066,112 Deferred financing costs and debt discount and premium, net (10) (17,138) (21,403) Total Notes and Bonds Payable, net $ 1,028,683 $ 1,044,709 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. The interest rate was calculated as the actual interest rate in effect as of December 31, 2023 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices such as Secured Overnight Financing Rate (“SOFR”) or Bloomberg Short Term Bank Yield (“BSBY”) as of December 31, 2023, where applicable. (2) Represents the payment type required under the loan as of December 31, 2023. Certain future monthly payments due under this loan also include amortizing principal payments. (3) Represents the initial maturity date or the maturity date as extended as of December 31, 2023; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below. (4) See “Israeli Bond Financings” below. (5) Subsequent to December 31, 2023, the Company extended the maturity date of this mortgage loan to April 30, 2024. (6) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. As of December 31, 2023, the guaranteed amount in the aggregate was $22.8 million. (7) The variable rate is at the higher of one-month SOFR or 1.75%, plus 2.18%. (8) The Company refinanced and consolidated four of its mortgage loans into one loan (the “Four Pack Mortgage Loan”) and is cross-collateralized by the associated properties: Park Centre, 1180 Raymond, The Marq, and Oakland City Center. The Four Pack Mortgage Loan has an initial maturity of September 1, 2026 with two 1-year extension options, monthly amortization payments of $0.7 million and a $10.0 million paydown due December 1, 2024. The Company made a principal paydown of $10.0 million on the Four Park Mortgage Loan on December 1, 2023. (9) This loan was repaid during the year ended December 31, 2023. Subsequent to December 31, 2023, the Company obtained a new mortgage loan on this property. See Note 11 for further discussion. (10) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of December 31, 2023 (in thousands): 2024 $ 289,025 2025 238,655 2026 518,141 2027 — 2028 — Thereafter — $ 1,045,821

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s financial liabilities as of December 31, 2023 and 2022, (in thousands): December 31, 2023 December 31, 2022 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes payable $ 624,636 $ 620,262 $ 611,725 $ 734,899 $ 728,433 $ 716,813 Financial liabilities (Level 1): Pacific Oak SOR BVI Series B Bonds $ 321,724 $ 312,458 $ 296,380 $ 331,213 $ 316,276 $ 304,758 Pacific Oak SOR BVI Series C Bonds $ 99,461 $ 95,963 $ 102,664 $ — $ — $ —
Fair Value, Assets Measured on Recurring Basis	As of December 31, 2023, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 41,609 $ 41,609 $ — $ — Asset derivative - interest rate caps (1) $ 1,236 $ — $ 1,236 $ — Asset derivative - foreign currency collar (1) $ 3,655 $ — $ 3,655 $ — Nonrecurring Basis: Impaired real estate (2) $ 193,529 $ — $ — $ 193,529 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets, respectively, in the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2023, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. As of December 31, 2022, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 60,153 $ 60,153 $ — $ — Asset derivative - interest rate caps (1) $ 2,267 $ — $ 2,267 $ — Liability derivative - foreign currency collar (1) $ 3,115 $ — $ 3,115 $ — Nonrecurring Basis: Impaired real estate (2) $ 212,800 $ — $ — $ 212,800 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets and other liabilities, respectively, in the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2022, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
Schedule of Goodwill	The following table summarizes the goodwill impairment activity during years ended December 31, 2023 and 2022 (in thousands): Gross Goodwill Accumulated Impairment Net Goodwill Balance, December 31, 2021 $ 16,342 $ (2,808) $ 13,534 Impairment charges on goodwill — (8,098) (8,098) Balance, December 31, 2022 $ 16,342 $ (10,906) $ 5,436 Impairment charges on goodwill — (4,488) (4,488) Balance, December 31, 2023 $ 16,342 $ (15,394) $ 948

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2023, 2022 and 2021, respectively, and any related amounts payable as of December 31, 2023 and 2022 (in thousands): Incurred During the Year Ended December 31, Payable as of 2023 2022 2021 2023 2022 Expensed Asset management fees to affiliate $ 15,415 $ 13,678 $ 14,012 $ 6,855 $ 2,618 Property management fees (1) 2,883 1,267 479 153 181 Disposition fees (2) 1,255 1,294 1,196 — — Capitalized Acquisition fees on real estate (3) — 67 20 — — Acquisition fee on investment in unconsolidated entities — — 46 — — Reimbursable offering costs (4) 894 — — 894 — $ 20,447 $ 16,306 $ 15,753 $ 7,902 $ 2,799 _____________________ (1) Property management fees related to DMH Realty are recorded as operating, maintenance, and management expenses in the accompanying consolidated statements of operations. (2) Disposition fees with respect to real estate properties sold are recorded as a component of the gain or loss on sale of real estate in the accompanying consolidated statements of operations. (3) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations are expensed as incurred. (4) Reimbursable offering costs to the Advisor related to the Private Offering are capitalized and recorded as prepaid expenses and other assets in the accompanying consolidated balance sheet.

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	As of December 31, 2023 and 2022, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties at December 31, 2023 December 31, Joint Venture Location Ownership % 2023 2022 110 William Joint Venture (1) 1 New York, New York (1) $ 22,314 (1) $ — Pacific Oak Opportunity Zone Fund I (2) 4 Various 46.0% 23,587 25,669 353 Sacramento Joint Venture 1 San Francisco, California 55.0% — (3) 45,173 $ 45,901 $ 70,842 _____________________ (1) See “110 William Joint Venture Restructuring”, below. (2) The maximum exposure to loss as a result of the Company’s investment in the Pacific Oak Opportunity Zone Fund I is limited to the carrying amount of the investment. (3) The Company suspended the equity method of accounting, and will not record the Company's share of losses and any subsequent income for the 353 Sacramento Joint Venture, until the Company’s share of net gain recorded exceeds net losses not recognized during the period the equity method was suspended. Additionally, during the year ended December 31, 2023, the Company impaired the investment in the 353 Sacramento Joint Venture. See “Impairment of Investments in Unconsolidated Entities”, below and Note 6 for further discussion. Summarized financial information for investments in unconsolidated entities are as follows (in thousands): December 31, 2023 2022 Assets: Real estate held for investment, net $ 411,028 $ 471,503 Total assets 468,002 546,142 Liabilities: Notes payable related to real estate held for investment, net 410,563 490,302 Total liabilities 427,794 501,860 Total equity $ 40,207 $ 44,281 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 42,002 $ 46,518 $ 44,901 Operating loss (123,045) (41,923) (30,548) Net loss $ (51,401) $ (41,664) $ (30,499)

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The selected financial information for the reporting segments for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Year Ended December 31, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 98,463 $ 37,800 $ 9,153 $ 145,416 Total expenses (251,801) (47,943) (11,223) (310,967) Total other income, net 19,813 5,701 136 25,650 Net loss before income taxes $ (133,525) $ (4,442) $ (1,934) $ (139,901) Year Ended December 31, 2022 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 102,179 $ 29,130 $ 30,749 $ 162,058 Total expenses (140,162) (35,022) (31,508) (206,692) Total other (loss) income, net (12,646) 18,158 2,376 7,888 Net (loss) income before income taxes $ (50,629) $ 12,266 $ 1,617 $ (36,746) Year Ended December 31, 2021 Strategic Opportunistic Properties Residential Homes Hotel Properties Total Total revenues $ 115,167 $ 21,954 $ 30,806 $ 167,927 Total expenses (172,215) (25,979) (30,553) (228,747) Total other income, net 46,959 74 1,289 48,322 Net (loss) income $ (10,089) $ (3,951) $ 1,542 $ (12,498) Total assets related to the three reporting segments as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total assets (1) $ 1,024,555 $ 315,957 $ 47,631 $ 1,388,143 Goodwill (1) 948 — — 948 _____________________ (1) During the year ended December 31, 2023, the Company recorded impairment charges on goodwill of $3.3 million and $1.2 million related to the Strategic Opportunistic Properties and Hotel segments, respectively. December 31, 2022 Strategic Opportunistic Properties Residential Homes Hotel Properties Total Total assets (1) $ 1,173,481 $ 333,128 $ 52,636 $ 1,559,245 Goodwill (1) 4,220 — 1,216 5,436 _____________________ (1) During the year ended December 31, 2022, the Company recorded impairment charges on goodwill of $5.5 million and $2.6 million related to the Strategic Opportunistic Properties and Hotel Properties segments, respectively.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	December 31, 2023 2022 Right-of-use asset (included in real estate held for investment, net $ 6,391 $ 7,281 Lease obligation (included in other liabilities 9,537 9,446 Remaining lease term 90.0 years 91.0 years Discount rate 4.8 % 4.8 %
Schedule of Finance Lease, Liability, Fiscal Year Maturity	Future minimum lease payments owed by the Company under the finance lease as of December 31, 2023 are as follows (in thousands): 2024 $ 360 2025 393 2026 396 2027 396 2028 396 Thereafter 51,375 Total expected minimum lease obligations 53,316 Less: Amount representing interest (1) (43,779) Present value of net minimum lease payments (2) $ 9,537 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands			12 Months Ended			169 Months Ended
	Oct. 05, 2020 shares	Nov. 01, 2019	Dec. 31, 2023 USD ($) a property investment portfolio room unit shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) a property investment portfolio room unit shares	Dec. 18, 2015 certificate shares	Jan. 08, 2009 shares
Schedule of Organizational Structure [Line Items]
Common stock, shares authorized (in shares)			1,000,000,000	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)			103,310,648	103,932,083		103,310,648
Period of termination of advisory agreement without cause or penalty		60 days	60 days
Redemptions of common stock | $			$ 6,425	$ 6,016	$ 31,018	$ 330,500
Common stock, special dividends, amount of shares issued			36,398,447			36,398,447
Number of investments in unconsolidated joint venture | investment			3			3
Number of investments in equity securities | investment			2			2
Office Properties
Schedule of Organizational Structure [Line Items]
Number of real estate properties | property			9			9
Residential Home Portfolio
Schedule of Organizational Structure [Line Items]
Number of real estate properties | portfolio			1			1
Number of units in real estate property | property			2,182			2,182
Apartment Building
Schedule of Organizational Structure [Line Items]
Number of real estate properties | property			2			2
Number of units in real estate property | unit			609			609
Hotel Property
Schedule of Organizational Structure [Line Items]
Number of real estate properties | property			1			1
Number of rooms | room			196			196
Undeveloped Land
Schedule of Organizational Structure [Line Items]
Number of investments in real estate | investment			4			4
Real estate area of developable land | a			581			581
Office/ Retail Property
Schedule of Organizational Structure [Line Items]
Number of real estate properties | property			1			1
Common Stock
Schedule of Organizational Structure [Line Items]
Shares registered in primary offering (in shares)								100,000,000
Shares registered for sale under dividend reinvestment plan (in shares)								40,000,000
Issuance of common stock (in shares)						56,584,976
Issuance of common stock | $						$ 561,700
Redemptions of common stock (in shares)			621,435	630,317	3,329,064	28,573,292
Redemptions of common stock | $			$ 6	$ 6	$ 32
Minimum | Common Stock
Schedule of Organizational Structure [Line Items]
Stock offering, shares authorized for issuance (in shares)								250,000
Maximum | Common Stock
Schedule of Organizational Structure [Line Items]
Stock offering, shares authorized for issuance (in shares)								140,000,000
Operating Partnership
Schedule of Organizational Structure [Line Items]
Partnership interest in operating partnership			0.10%
Partnership interest in the operating partnership and is its sole limited partner			99.90%
POSOR II Merger
Schedule of Organizational Structure [Line Items]
Issuance of common stock (in shares)	28,973,906
Common stock conversion ratio	96.43%
Pacific Oak Strategic Opportunity BVI
Schedule of Organizational Structure [Line Items]
Common stock, shares authorized (in shares)							50,000
Number of certificates issued | certificate							1
Pacific Oak Strategic Opportunity BVI | Pacific Oak Strategic Opportunity Limited Partnership
Schedule of Organizational Structure [Line Items]
Common stock, shares issued (in shares)							10,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands, ₪ in Millions			12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2024 ILS (₪)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 28, 2024 USD ($)
Segment Reporting Information [Line Items]
Debt obligations coming due over the next 12-month period			$ 289,025
Impairment charges on real estate and related intangibles			64,849	$ 18,493	$ 10,971
Realized gain on real estate equity securities			5,500	0	3,000
Unrealized loss on real estate equity securities			10,100	51,900	25,600
Realized loss on real estate equity securities				0
Impairment charges on goodwill			4,488	$ 8,098	$ 2,808
110 William Joint Venture
Segment Reporting Information [Line Items]
Payments to acquire equity method investments			31,400
Outstanding payments to acquire equity method investments			76,600
110 William Joint Venture | Scenario, Plan
Segment Reporting Information [Line Items]
Payments to acquire equity method investments			$ 105,000
Subsequent Event
Segment Reporting Information [Line Items]
Debt obligations coming due over the next 12-month period						$ 289,000
Residential Home Portfolio
Segment Reporting Information [Line Items]
Number of units in real estate property disposed | property			274
Mortgages | Minimum
Segment Reporting Information [Line Items]
Long-term debt, term			3 years
Mortgages | Maximum
Segment Reporting Information [Line Items]
Long-term debt, term			5 years
Bonds Payable | Subsequent Event | Pacific Oak SOR BVI Series B Bonds
Segment Reporting Information [Line Items]
Periodic payment	$ 106,600	₪ 388.1
Bonds Payable | Minimum
Segment Reporting Information [Line Items]
Long-term debt, term			3 years
Bonds Payable | Maximum
Segment Reporting Information [Line Items]
Long-term debt, term			6 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Useful Life) (Details)	Dec. 31, 2023
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Useful Life, Shorter of Lease Term or Asset Utility [Member]
Tenant origination and absorption costs
Property, Plant and Equipment [Line Items]
Estimated useful lives	Useful Life, Shorter of Lease Term or Asset Utility [Member]
Real estate subsidies & tax abatements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Useful Life, Shorter of Lease Term or Asset Utility [Member]
Furniture, fixtures & equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture, fixtures & equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	12 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Restricted cash and cash equivalents	$ 56,049	$ 61,113	$ 21,259

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Redeemable Common Stock) (Details) - USD ($) $ in Thousands		12 Months Ended			169 Months Ended
	Dec. 30, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Share holding term		1 year
Maximum percentage of weighted-average shares outstanding available for redemption during any calendar year		5%
Maximum number of shares redeemable per year, value		$ 1,000
Maximum number of shares redeemable per quarter, value		$ 3,000
Share redemption program, termination period	10 days	10 days
Redemption price percentage of most recent estimated value per share	95%
Redemptions of common stock		$ 6,425	$ 6,016	$ 31,018	$ 330,500
Redeemable common stock payable		2,214	2,638	684	2,214
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock		6	$ 6	$ 32
Share Redemption Program | Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock		$ 6,400
Number of shares non-redeemable do to limitation, shares		14,054,271
Number of shares non-redeemable do to limitation, value		$ 107,200
Reserved Exclusively for Stockholder’s Death, “Qualifying Disability" or “Determination of Incompetence”
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares		1,000
Stockholder’s Death, Qualifying Disability or Determination of Incompetence
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares		6,000
Funds remained available for redemption of shares		$ 2,200			$ 2,200

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Segments) (Details)	12 Months Ended
	Dec. 31, 2023 property	Dec. 31, 2023 segment property	Dec. 31, 2023 market property	Dec. 31, 2022 segment	Dec. 31, 2021 segment
Segment Reporting Information [Line Items]
Number of reportable segments	3	3		3	3
Hotel Property
Segment Reporting Information [Line Items]
Number of real estate properties | property	1	1	1
Residential Homes
Segment Reporting Information [Line Items]
Number of reportable segments | segment		1
Number of markets in which the company owns single-family homes | market			18

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net loss	$ (146,477)	$ (41,670)	$ (12,498)
Net loss (income) attributable to noncontrolling interests	2,326	(530)	2,310
Net loss attributable to redeemable noncontrolling interest	0	81	146
Preferred stock dividends	0	(1,123)	(913)
Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock	0	(1,800)	0
Net loss attributable to common stockholders (for net loss per common share, basic)	(144,151)	(45,042)	(10,955)
Net loss attributable to common stockholders (for net loss per common share, diluted)	$ (144,151)	$ (45,042)	$ (10,955)
Weighted-average number of common shares outstanding, basic (in shares)	103,642,866	103,522,696	96,967,983
Weighted-average number of common shares outstanding, diluted (in shares)	103,642,866	103,522,696	96,967,983
Net loss per common share, basic (in dollars per share)	$ (1.39)	$ (0.44)	$ (0.11)
Net loss per common share diluted (in dollars per share)	$ (1.39)	$ (0.44)	$ (0.11)

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT (Narrative) (Details) ft² in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) ft² a property investment portfolio room unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Tenant origination and absorption costs, amortization expense | $	$ 5	$ 9.9	$ 15.2
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	9
Percentage of portfolio occupied	68%
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Rentable square feet | ft²	3.2
Residential Home Portfolio
Real Estate Properties [Line Items]
Number of real estate properties | portfolio	1
Percentage of portfolio occupied	93%
Number of units in real estate property	2,182
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties	2
Percentage of portfolio occupied	96%
Number of units in real estate property | unit	609
Hotel Property
Real Estate Properties [Line Items]
Number of real estate properties	1
Number of rooms | room	196
Undeveloped Land
Real Estate Properties [Line Items]
Number of investments in real estate | investment	4
Real estate area of developable land | a	581
Office/ Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE HELD FOR INVESTME_4

REAL ESTATE HELD FOR INVESTMENT (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,262,089	$ 1,325,499
Accumulated depreciation and amortization	(167,335)	(140,213)
Total real estate, net	1,094,754	1,185,286
Land
Real Estate Properties [Line Items]
Total real estate, cost	253,342	264,537
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	991,667	1,033,318
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 17,080	$ 27,644

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Security deposit liability	$ 5.9	$ 6.5
Deferred rent recognized	0.2	2.6	$ 1.9
Deferred rent receivables	19.1	18.3
Incentive to lessee	$ 2.5	$ 2.8
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	16 years 8 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	3 years 3 months 18 days
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT (Future Minimum Rental Income) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 59,242
2025	52,291
2026	39,590
2027	31,985
2028	25,035
Thereafter	48,942
Total	$ 257,085

REAL ESTATE HELD FOR INVESTME_7

REAL ESTATE HELD FOR INVESTMENT (Hotel Revenue and Expenses) (Details) - Hotel Property - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Hotel revenues	$ 9,153	$ 30,749	$ 30,806
Room
Revenues
Hotel revenues	7,981	23,834	22,889
Other
Revenues
Hotel revenues	$ 1,172	$ 6,915	$ 7,917

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT (Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Liability Contingency [Line Items]
Amounts included in contract liabilities at the beginning of the period	$ 176	$ 2,582	$ 1,890
Other Liabilities | Park Highlands Land I
Product Liability Contingency [Line Items]
Contract liabilities	23,783	23,904
Amounts included in contract liabilities at the beginning of the period	$ 16,192	$ 9,215

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT (Geographic Concentration Risk) (Details) - Assets, Total - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2023
California
Concentration Risk [Line Items]
Concentration risk, percentage	18.90%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10.80%

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT (Impairment of Real Estate) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles	$ 64,849	$ 18,493	$ 10,971
Number of real estate properties measured at estimated value | property	3	2	2
Springmaid Beach Resort
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles		$ 2,500

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT (Components Of Primary Beneficiary) (Details)	Jul. 01, 2022 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets:
Real estate held for investment, net		$ 1,094,754,000	$ 1,185,286,000
Cash and cash equivalents		99,160,000	97,931,000	$ 84,172,000
Restricted cash		0	0
Prepaid expenses and other assets		27,222,000	22,848,000
Total assets		1,388,143,000	1,559,245,000
Liabilities:
Accounts payable and accrued liabilities		(30,409,000)	(25,231,000)
Total Liabilities		(1,124,779,000)	(1,142,852,000)
Noncontrolling interest		(1,215,000)	(4,092,000)
Due to affiliates
Liabilities:
Liabilities		(7,902,000)	(2,799,000)
Other liabilities
Liabilities:
Liabilities		$ (55,571,000)	$ (67,475,000)
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate held for investment, net	$ 135,096,000
Cash and cash equivalents	1,473,000
Restricted cash	361,000
Prepaid expenses and other assets	639,000
Total assets	137,569,000
Liabilities:
Notes payable, net	(82,646,000)
Accounts payable and accrued liabilities	(804,000)
Total Liabilities	(85,096,000)
Noncontrolling interest	(1,125,000)
Elimination of the Company’s investment in PORT II	(32,606,000)
Gain from consolidation of previously unconsolidated entity	18,742,000
Variable Interest Entity, Primary Beneficiary | Due to affiliates
Liabilities:
Liabilities	(147,000)
Variable Interest Entity, Primary Beneficiary | Other liabilities
Liabilities:
Liabilities	$ (1,499,000)
PORT II OP LP | Residential Homes
Real Estate [Line Items]
Number of units in real estate property | property	588

REAL ESTATE HELD FOR INVESTM_12

REAL ESTATE HELD FOR INVESTMENT (Schedules) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Tenant Origination and Absorption Costs, Cost	$ 17,080	$ 27,995
Tenant Origination and Absorption Costs, Accumulated Amortization	(10,049)	(13,987)
Tenant Origination and Absorption Costs, Net Amount	$ 7,031	$ 14,008

REAL ESTATE HELD FOR INVESTM_13

REAL ESTATE HELD FOR INVESTMENT (Remaining Unamortized Balance) (Details) - Tenant origination and absorption costs $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024	$ (2,739)
2025	(1,782)
2026	(807)
2027	(352)
2028	(261)
Thereafter	(1,090)
Net Amount	$ (7,031)
Weighted-Average Remaining Amortization Period	4 years 8 months 12 days

REAL ESTATE DISPOSITIONS (Narra

REAL ESTATE DISPOSITIONS (Narrative) (Details) $ in Thousands	1 Months Ended								12 Months Ended
	Oct. 31, 2023 USD ($) a	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($) a	Nov. 30, 2022 USD ($) a	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($) ft² property	Jul. 31, 2021 USD ($) ft²	Jun. 30, 2021 USD ($) a	Dec. 31, 2023 USD ($) a property portfolio	Dec. 31, 2022 USD ($) a property	Dec. 31, 2021 USD ($) a	Jun. 01, 2023 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax provision									$ 6,576	$ 4,924	$ 0
Gain on sale of real estate	$ 43,700	$ 3,300							82,099	46,513	30,261
Deposit applied to sale of real estate	$ 7,500								7,528	0	0
Real estate held for sale, net									0	34,118
Accumulated depreciation and amortization									167,335	140,213
Real estate held for investment, net									1,094,754	1,185,286
Gain (loss) on extinguishment of debt									0	$ 2,367	$ (4,757)
Springmaid Beach Resort Mortgage Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt					$ 53,000
Greenway Buildings Mortgage Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt						$ 9,100
City Tower Mortgage Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt							$ 98,100
Gain (loss) on extinguishment of debt							(100)
Madison Square School
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt									$ 17,600
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate area of developable land | a									186	67	193
Disposed of by Sale | Park Highlands Land I
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate area of developable land | a	115
Consideration	$ 46,700		$ 34,500						$ 37,200
Income tax provision	3,300		3,300
Gain on sale of real estate			29,500
Closing costs and credits for development obligations	$ 9,300		$ 1,900
Area of land (in acres) | a			71
Disposed of by Sale | Madison Square School
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 6,400
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property									0	0
Undeveloped Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate area of developable land | a									581
Undeveloped Land | Disposed of by Sale | Park Highlands Land I
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate area of developable land | a				67				193
Consideration				$ 55,000				$ 50,400
Income tax provision				4,900
Gain on sale of real estate				$ 42,800				30,000
Deferred profit								$ 2,600
Residential Home Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property | property									2,182
Number of real estate properties | portfolio									1
Office Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property									9
Office Properties | Madison Square School
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property												3
Office Properties | Greenway Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for sale, net						5,600
Accumulated depreciation and amortization						$ 3,200
Office Properties | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property									2	1
Office Properties | Disposed of by Sale | Madison Square School
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration												$ 300
Gain on sale of real estate									$ 5,600
Office Properties | Disposed of by Sale | Greenway Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property						2
Consideration						$ 11,000
Gain on sale of real estate						$ 3,600
Net rentable area | ft²						141,950
Office Properties | Disposed of by Sale | City Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration							$ 150,500
Area of land (in acres) | ft²							4.92
Accumulated depreciation and amortization							$ 20,500
Net rentable area | ft²							435,177
Real estate held for investment, net							$ 145,100
Gain (loss) on disposition							$ 100
Hotel Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property									1
Hotel Property | Springmaid Beach Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for sale, net					87,200
Impairment charges					2,500
Hotel Property | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property										1
Hotel Property | Disposed of by Sale | Springmaid Beach Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration					91,000
Accumulated depreciation and amortization					3,400
Held for contingent repairs					$ 1,300

REAL ESTATE DISPOSITIONS (Incom

REAL ESTATE DISPOSITIONS (Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
U.S. federal statutory income tax rate	21%	21%	21%
Net capital loss carryforwards utilized	0%	(3.00%)	0%
Change in valuation allowance	0%	(1.00%)	(21.00%)
Effective rate	21%	17%	0%

REAL ESTATE DISPOSITIONS (Reven

REAL ESTATE DISPOSITIONS (Revenue and Expenses for Real Estate Held-for-Sale) (Details) - Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental income	$ 4,216	$ 4,105	$ 4,666
Hotel revenues	0	20,983	25,202
Other operating income	0	17	144
Total revenues	4,216	25,105	30,012
Expenses
Operating, maintenance, and management	1,265	1,436	2,486
Real estate taxes and insurance	1,346	917	1,163
Hotel expenses	0	12,669	16,301
Asset management fees to affiliate	523	774	1,082
Depreciation and amortization	1,079	2,126	3,403
Interest expense, net	1,147	4,734	6,378
Total expenses	$ 5,360	$ 22,656	$ 30,813

NOTES AND BONDS PAYABLE - Long-

NOTES AND BONDS PAYABLE - Long-term Debt Instruments (Details) $ in Thousands, ₪ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) extension mortgage_loan	Dec. 01, 2024 USD ($)	Dec. 31, 2023 ILS (₪) mortgage_loan	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total Notes and Bonds Payable principal outstanding	$ 1,045,821			$ 1,066,112
Deferred financing costs and debt discount and premium, net	(17,138)			(21,403)
Total Notes and Bonds Payable, net	$ 1,028,683			1,044,709
Mortgages
Debt Instrument [Line Items]
Number of instruments consolidated | mortgage_loan	4		4
Richardson Office Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 12,209			18,844
Interest rate, effective percentage	8.84%		8.84%
Richardson Office Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Pacific Oak SOR BVI Series B Bonds | Bonds Payable
Debt Instrument [Line Items]
Notes payable	$ 321,724			331,213
Contractual interest rate, percentage	3.93%		3.93%
Interest rate, effective percentage	3.93%		3.93%
Pacific Oak SOR BVI Series C Bonds | Bonds Payable
Debt Instrument [Line Items]
Notes payable	$ 99,461		₪ 360	0
Contractual interest rate, percentage	9%		9%
Interest rate, effective percentage	9%		9%
Crown Pointe Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 54,738			53,758
Interest rate, effective percentage	7.64%		7.64%
Crown Pointe Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Georgia 400 Center Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 40,184			44,129
Interest rate, effective percentage	6.89%		6.89%
Georgia 400 Center Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
PORT Mortgage Loan 1 | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 34,967			51,302
Contractual interest rate, percentage	4.74%		4.74%
Interest rate, effective percentage	4.74%		4.74%
PORT Mortgage Loan 2 | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 10,523			10,523
Contractual interest rate, percentage	4.72%		4.72%
Interest rate, effective percentage	4.72%		4.72%
PORT MetLife Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 59,091			60,000
Contractual interest rate, percentage	3.90%		3.90%
Interest rate, effective percentage	3.90%		3.90%
PORT II Metlife Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 93,388			93,701
Contractual interest rate, percentage	3.99%		3.99%
Interest rate, effective percentage	3.99%		3.99%
Q&C Hotel Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 24,579			24,784
Interest rate, effective percentage	8.84%		8.84%
Q&C Hotel Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Lincoln Court Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 33,310			35,314
Interest rate, effective percentage	8.59%		8.59%
Amount under guarantees	$ 22,800
Lincoln Court Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Lofts at NoHo Commons Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 68,451			71,536
Interest rate, effective percentage	7.52%		7.52%
Lofts at NoHo Commons Mortgage Loan | Mortgages | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.18%
Lofts at NoHo Commons Mortgage Loan | Mortgages | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Madison Square Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 17,962			17,964
Contractual interest rate, percentage	4.63%		4.63%
Interest rate, effective percentage	4.63%		4.63%
Four Pack Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 175,234			0
Interest rate, effective percentage	8.18%		8.18%
Number of extensions | extension	2
Extension period	1 year
Debt instrument, periodic payment	$ 700
Debt instrument, annual principal payment	$ 10,000
Four Pack Mortgage Loan | Mortgages | Forecast
Debt Instrument [Line Items]
Debt instrument, paydown		$ 10,000
Four Pack Mortgage Loan | Mortgages | Bloomberg Short-Term Bank Yield Index
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Oakland City Center Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 0			87,000
Park Centre Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	0			26,233
1180 Raymond Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	0			31,070
Marquette Plaza Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	0			60,796
Eight & Nine Corporate Centre Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable	$ 0			$ 47,945

NOTES AND BONDS PAYABLE - Narra

NOTES AND BONDS PAYABLE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 28, 2024
Real Estate [Line Items]
Interest expense, net	$ 68,216	$ 48,130	$ 40,510
Amortization of deferred financing costs and debt discount and premium, net	9,600	8,500	5,900
Interest capitalized	3,748	2,529	2,055
Interest payable	9,000	9,100
Debt obligations coming due over the next 12-month period	289,025
Subsequent Event
Real Estate [Line Items]
Debt obligations coming due over the next 12-month period				$ 289,000
Maturity with extension options				$ 18,000
Undeveloped Land
Real Estate [Line Items]
Interest capitalized	$ 3,700	$ 2,500	$ 2,100

NOTES AND BONDS PAYABLE - Matur

NOTES AND BONDS PAYABLE - Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Notes and Bonds Payable [Abstract]
2024	$ 289,025
2025	238,655
2026	518,141
2027	0
2028	0
Thereafter	0
Notes and bond payable outstanding	$ 1,045,821

NOTES AND BONDS PAYABLE - Israe

NOTES AND BONDS PAYABLE - Israeli Bond Financing (Details) - Bonds Payable $ in Thousands	Feb. 29, 2020 ILS (₪)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 ILS (₪)	Jul. 31, 2023 ILS (₪)	Dec. 31, 2022 USD ($)
Series B Debentures
Debt Instrument [Line Items]
Maximum borrowing capacity	₪ 254,100,000
Principal of installment payments as percent of face amount	33.33%
Series B Debentures | Public Offering
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 321,700	₪ 1,200,000,000
Pacific Oak SOR BVI Series C Bonds
Debt Instrument [Line Items]
Encumbrances		$ 99,461	₪ 360,000,000		$ 0
Pacific Oak SOR BVI Series C Bonds | Public Offering
Debt Instrument [Line Items]
Maximum borrowing capacity				₪ 340,300,000

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Value, Carrying Amounts and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, face value	$ 624,636	$ 734,899
Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	620,262	728,433
Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	611,725	716,813
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pacific Oak SOR BVI Series B Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, face value	321,724	331,213
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pacific Oak SOR BVI Series C Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, face value	99,461	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying Amount | Pacific Oak SOR BVI Series B Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	312,458	316,276
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying Amount | Pacific Oak SOR BVI Series C Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	95,963	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Pacific Oak SOR BVI Series B Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	296,380	304,758
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Pacific Oak SOR BVI Series C Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	$ 102,664	$ 0

FAIR VALUE DISCLOSURES - Assets

FAIR VALUE DISCLOSURES - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 41,609	$ 60,153
Asset derivative - interest rate caps		2,267
Asset derivative - foreign currency collar	3,655
Liability derivative - foreign currency collar		3,115
Recurring Basis | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	1,236
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	41,609	60,153
Asset derivative - foreign currency collar	0
Liability derivative - foreign currency collar		0
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	0	0
Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative - foreign currency collar	3,655
Liability derivative - foreign currency collar		3,115
Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	1,236	2,267
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative - foreign currency collar	0
Liability derivative - foreign currency collar		0
Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	0	0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	193,529	212,800
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0	0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0	0
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 193,529	$ 212,800

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of real estate properties measured at fair value	3	2
Impairment charges on goodwill | $	$ 4,488	$ 8,098	$ 2,808
Real Estate Properties Measured at Estimated Fair Values | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	8.75%
Real Estate Properties Measured at Estimated Fair Values | Minimum | Terminal Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	8%
Real Estate Properties Measured at Estimated Fair Values | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	9%
Real Estate Properties Measured at Estimated Fair Values | Maximum | Terminal Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	8.25%
Investment in Unconsolidated Entity Measured at Estimated Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	0.15%
Investment in Unconsolidated Entity Measured at Estimated Value | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	8.75%	6.75%
Investment in Unconsolidated Entity Measured at Estimated Value | Terminal Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	7%	6%
Valuation, Income Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of real estate properties measured at fair value	2	1
Sales Comparison Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of real estate properties measured at fair value	1	1

FAIR VALUE DISCLOSURES - Goodwi

FAIR VALUE DISCLOSURES - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Gross Goodwill	$ 16,342	$ 16,342	$ 16,342
Impairment charges on goodwill, gross	0	0
Impairment charges on goodwill	(4,488)	(8,098)	(2,808)
Accumulated Impairment	(15,394)	(10,906)	(2,808)
Net Goodwill	$ 948	$ 5,436	$ 13,534

RELATED PARTY TRANSACTIONS - Pa

RELATED PARTY TRANSACTIONS - Pacific Oak Capital Advisors, LLC (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 01, 2019	Dec. 31, 2023	Nov. 01, 2023	Oct. 31, 2023
Related Party Transaction [Line Items]
Period of termination of advisory agreement without cause or penalty	60 days	60 days
Acquisition fee, percent of purchase price fee		1%
Selling commissions fees paid, percent of sales price		1%
KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties
Related Party Transaction [Line Items]
Selling commissions fees paid, percent of sales price		6%
KBS Capital Advisors LLC | Restricted Stock
Related Party Transaction [Line Items]
Grant date fair value		$ 36.3
Investments Other Than Real Estate | Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Asset management fee, monthly, percent		8.33%
Asset management fee, monthly, benchmark, percent			1%	0.75%
Investments In Real Estate | Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Asset management fee, monthly, percent		8.33%
Asset management fee, monthly, benchmark, percent			1%	0.75%
Subordinated Participation in Net Cash Flows | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7%
Percent of net cash flows to be received by related party, percent		15%
Distributions paid from operating cash flows, annual return, percent		7%
Subordinated Incentive Listing Fee | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7%
Percent of net cash flows to be received by related party, percent		15%
Distributions paid from operating cash flows, annual return, percent		7%
Subordinated Performance Fee Due Upon Termination | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7%
Percent of net cash flows to be received by related party, percent		15%
Distributions paid from operating cash flows, annual return, percent		7%

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Pacific Oak Residential Advisors, LLC (Details)		12 Months Ended
	Sep. 01, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Acquisition fee, percent of purchase price fee		1%
Selling commissions fees paid, percent of sales price		1%
KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties
Related Party Transaction [Line Items]
Selling commissions fees paid, percent of sales price		6%
Pacific Oak Residential Advisors, LLC
Related Party Transaction [Line Items]
Management agreement term	2 years
Management agreement, renewal term	1 year
Acquisition fee, percent of purchase price fee	1%
Asset management fee, percent	0.25%
Asset management fee per annum, percent	1%
Selling commissions fees paid, percent of sales price	1%

RELATED PARTY TRANSACTIONS - DM

RELATED PARTY TRANSACTIONS - DMH Realty, LLC (Details) $ in Millions	Sep. 01, 2022 USD ($)
Tier 1 | DMH Realty, LLC
Related Party Transaction [Line Items]
Base fee, percent of rent collections per year	8%
Tier 1 | DMH Realty, LLC | Maximum
Related Party Transaction [Line Items]
Base fee, benchmark of rent collections per year	$ 50
Tier 2 | DMH Realty, LLC
Related Party Transaction [Line Items]
Base fee, percent of rent collections per year	7%
Tier 2 | DMH Realty, LLC | Maximum
Related Party Transaction [Line Items]
Base fee, benchmark of rent collections per year	$ 75
Tier 2 | DMH Realty, LLC | Minimum
Related Party Transaction [Line Items]
Base fee, benchmark of rent collections per year	$ 50
Tier 3 | DMH Realty, LLC
Related Party Transaction [Line Items]
Base fee, percent of rent collections per year	6%
Tier 3 | DMH Realty, LLC | Minimum
Related Party Transaction [Line Items]
Base fee, benchmark of rent collections per year	$ 75
DMH Realty, LLC
Related Party Transaction [Line Items]
Management agreement term	2 years
Management agreement, renewal term	1 year

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Pacific Oak Capital Markets, LLC (Details) - Pacific Oak Capital Markets $ in Millions	Sep. 09, 2022 USD ($)
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction	$ 500
Offering expense fee percent	0.50%
Common Class A
Related Party Transaction [Line Items]
Selling commissions fee , percent	6%
Dealer manager fee, percent	1.50%
Placement agent fee, percent	1.50%
Common Class T
Related Party Transaction [Line Items]
Selling commissions fee , percent	3%
Dealer manager fee, percent	0.75%
Placement agent fee, percent	0.75%
Private Offering
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction	$ 50
PORT Dealer Manager Agreement
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction	$ 5

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Expensed	$ 6,944	$ 19,252	$ 20,990
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Capitalized	7,902	2,799
Payable as of	20,447	16,306	15,753
Pacific Oak Capital Advisors LLC | Asset management fees to affiliate
Related Party Transaction [Line Items]
Expensed	15,415	13,678	14,012
Capitalized	6,855	2,618
Pacific Oak Capital Advisors LLC | Property management fees
Related Party Transaction [Line Items]
Expensed	2,883	1,267	479
Capitalized	153	181
Pacific Oak Capital Advisors LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	1,255	1,294	1,196
Capitalized	0	0
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate
Related Party Transaction [Line Items]
Capitalized	0	0
Payable as of	0	67	20
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Capitalized	0	0
Payable as of	0	0	46
Pacific Oak Capital Advisors LLC | Reimbursable offering costs
Related Party Transaction [Line Items]
Capitalized	894	0
Payable as of	$ 894	$ 0	$ 0

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - Pacific Oak Opportunity Zone Fund I (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Acquisition fee, percent of purchase price fee	1%
Pacific Oak Opportunity Zone Fund I
Related Party Transaction [Line Items]
Acquisition fee, percent of purchase price fee	1.50%
Investment, purchase price, benchmark	$ 25
Acquisition fee of purchase price fee in excess of benchmark purchase price	1%
Asset management fee, percent	0.25%
Financing fee as percent of original principal amount of any indebtedness	0.50%
Waived asset management fees	$ 0.5	$ 0.4	$ 0.6

RELATED PARTY TRANSACTIONS - PO

RELATED PARTY TRANSACTIONS - PORT II (Details) - PORT II OP LP - $ / shares	Jul. 01, 2022	Jul. 29, 2022
Schedule of Equity Method Investments [Line Items]
Stock repurchased during period (in shares)	76,735
Stock repurchased during period, price per share (in dollars per share)	$ 14.66
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent		100%

RELATED PARTY TRANSACTIONS - _5

RELATED PARTY TRANSACTIONS - PORT OP LP Share Redemption (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended			169 Months Ended
	Jun. 24, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Redemptions of common stock		$ 6,425	$ 6,016	$ 31,018	$ 330,500
Subsidiaries | BPT Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Common equity units received in transaction	510,816
Share price (in dollars per share)	$ 13.09
Redemptions of common stock	$ 6,700
Subsidiaries | BPT Holdings, LLC | PORT OP
Schedule of Equity Method Investments [Line Items]
Ownership interest	3.20%
Noncontrolling interest, ownership percentage by parent	100%

RELATED PARTY TRANSACTIONS - Lo

RELATED PARTY TRANSACTIONS - Loan to 353 Sacramento Joint Venture (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 7

RELATED PARTY TRANSACTIONS - 11

RELATED PARTY TRANSACTIONS - 110 William Joint Venture (Details) - 110 William Joint Venture - USD ($) $ in Millions	Dec. 31, 2023	Jul. 31, 2023	Jul. 05, 2023
Related Party Transaction [Line Items]
Capital commitment	$ 76.7
Ownership percentage	22.50%	77.50%	40%
Maximum
Related Party Transaction [Line Items]
Capital commitment		$ 105
Ownership percentage			77.50%

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Jul. 31, 2023	Jul. 05, 2023	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 45,901	$ 70,842
Real estate held for investment, net	1,094,754	1,185,286
Total assets	1,388,143	1,559,245
Notes payable related to real estate held for investment, net	0	17,559
Total liabilities	1,124,779	1,142,852
Total equity	263,364	416,393	$ 482,059			$ 519,712
Total revenues	145,416	162,058	167,927
Operating loss	25,650	7,888	48,322
Net loss	(146,477)	(41,670)	(12,498)
Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Real estate held for investment, net	411,028	471,503
Total assets	468,002	546,142
Notes payable related to real estate held for investment, net	410,563	490,302
Total liabilities	427,794	501,860
Total equity	40,207	44,281
Total revenues	42,002	46,518	44,901
Operating loss	(123,045)	(41,923)	(30,548)
Net loss	$ (51,401)	$ (41,664)	$ (30,499)
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		1
Ownership percentage	22.50%			77.50%	40%
Investments in unconsolidated entities	$ 22,314	$ 0
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	4
Ownership percentage	46%
Investments in unconsolidated entities	$ 23,587	25,669
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Ownership percentage	55%
Investments in unconsolidated entities	$ 0	$ 45,173

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES - 110 William Joint Venture Restructuring (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2023	Jul. 05, 2023
Schedule of Equity Method Investments [Line Items]
Gain (loss) on extinguishment of debt	$ 0	$ 2,367,000	$ (4,757,000)
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %	22.50%			77.50%	40%
Payments to acquire equity method investments	$ 31,400,000
Extinguishment of debt	89,000,000
Gain (loss) on extinguishment of debt	$ 71,600,000
Percentage of realized gain on the extinguishment of debt	100%
Unrecognized prior period losses	$ 60,100,000
110 William Joint Venture | Funded Capital Commitments
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 28,300,000
110 William Joint Venture | Company
Schedule of Equity Method Investments [Line Items]
Percent of distribution allocation	90%
110 William Joint Venture | Investor
Schedule of Equity Method Investments [Line Items]
Percent of distribution allocation	10%
110 William Joint Venture | Previous Joint Venture Partner
Schedule of Equity Method Investments [Line Items]
Value of interest exchanged	$ 1
110 William Joint Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership %					77.50%
110 William Joint Venture | Maximum | Funded Capital Commitments
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 76,700,000

INVESTMENTS IN UNCONSOLIDATED_5

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Investment in 353 Sacramento Joint Venture (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of investment in consolidated entity measured at fair value | investment	1
Investment in Unconsolidated Entity Measured at Estimated Value
Schedule of Equity Method Investments [Line Items]
Real estate properties, measurement input	0.15%
Investment in Unconsolidated Entity Measured at Estimated Value | Discount Rate
Schedule of Equity Method Investments [Line Items]
Real estate properties, measurement input	8.75%	6.75%
Investment in Unconsolidated Entity Measured at Estimated Value | Terminal Cap Rate
Schedule of Equity Method Investments [Line Items]
Real estate properties, measurement input	7%	6%
Investment in Unconsolidated Entity Measured at Estimated Value | Measurement Input, Discount for Lack of Marketability
Schedule of Equity Method Investments [Line Items]
Real estate properties, measurement input	20%
Investment in Unconsolidated Entity Measured at Estimated Value | Measurement Input, Discount for Lack of Control
Schedule of Equity Method Investments [Line Items]
Real estate properties, measurement input	20%
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Impairment losses | $	$ 14,800,000	$ 0	$ 0

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Segment Reporting [Abstract]
Number of reportable segments		3	3	3	3
Income Statement
Total revenues	$ 145,416			$ 162,058	$ 167,927
Total expenses	(310,967)			(206,692)	(228,747)
Total other income, net	25,650			7,888	48,322
Net (loss) income before income taxes	(139,901)			(36,746)	(12,498)
Balance Sheets
Total assets	1,388,143	$ 1,388,143	$ 1,388,143	1,559,245
Goodwill	948	948	948	5,436	13,534
Impairment charges on goodwill	4,488			8,098	2,808
Strategic Opportunistic Properties
Income Statement
Total revenues	98,463			102,179	115,167
Total expenses	(251,801)			(140,162)	(172,215)
Total other income, net	19,813			(12,646)	46,959
Net (loss) income before income taxes	(133,525)			(50,629)	(10,089)
Balance Sheets
Total assets	1,024,555	1,024,555	1,024,555	1,173,481
Goodwill	948	948	948	4,220
Impairment charges on goodwill	3,300			5,500
Residential Homes
Income Statement
Total revenues	37,800			29,130	21,954
Total expenses	(47,943)			(35,022)	(25,979)
Total other income, net	5,701			18,158	74
Net (loss) income before income taxes	(4,442)			12,266	(3,951)
Balance Sheets
Total assets	315,957	315,957	315,957	333,128
Goodwill	0	0	0	0
Hotel
Income Statement
Total revenues	9,153			30,749	30,806
Total expenses	(11,223)			(31,508)	(30,553)
Total other income, net	136			2,376	1,289
Net (loss) income before income taxes	(1,934)			1,617	$ 1,542
Balance Sheets
Total assets	47,631	47,631	47,631	52,636
Goodwill	0	$ 0	$ 0	1,216
Impairment charges on goodwill	$ 1,200			$ 2,600

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real estate held for investment, net	Real estate held for investment, net
Right-of-use asset (included in real estate held for investment, net)	$ 6,391	$ 7,281
Lease obligation (included in other liabilities)	$ 9,537	$ 9,446
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Capitalized	Capitalized
Remaining lease term	90 years	91 years
Discount rate	4.80%	4.80%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 360
2025	393
2026	396
2027	396
2028	396
Thereafter	51,375
Total expected minimum lease obligations	53,316
Less: Amount representing interest	(43,779)
Present value of net minimum lease payments	$ 9,537	$ 9,446
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Capitalized	Capitalized

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Lincoln Court Mortgage Loan | Mortgages
Loss Contingencies [Line Items]
Amount under guarantees	$ 22.8
110 William Joint Venture
Loss Contingencies [Line Items]
Capital commitment	$ 76.7

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, ₪ in Millions					3 Months Ended	12 Months Ended
	Mar. 10, 2024 USD ($)	Jan. 31, 2024 USD ($) installment	Jan. 31, 2024 ILS (₪) installment	Jan. 12, 2024 USD ($) extension	Apr. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Funded amount						$ 1,045,821
Proceeds from the sale of real estate equity securities						$ 13,946	$ 0	$ 14,439
Pacific Oak SOR BVI Series B Bonds | Bonds Payable
Subsequent Event [Line Items]
Contractual interest rate, percentage						3.93%
Subsequent Event
Subsequent Event [Line Items]
Proceeds from the sale of real estate equity securities					$ 14,300
Subsequent Event | Park Highlands Land
Subsequent Event [Line Items]
Consideration	$ 195,000
Subsequent Event | Pacific Oak SOR BVI Series B Bonds | Bonds Payable
Subsequent Event [Line Items]
Periodic payment		$ 106,600	₪ 388.1
Number of additional installments due | installment		2	2
Subsequent Event | Eight & Nine Corporate Center Mortgage Loan | Secured Debt
Subsequent Event [Line Items]
Number of extensions | extension				3
Extension period				1 year
Maximum borrowing capacity				$ 23,500
Funded amount				$ 20,000
Contractual interest rate, percentage				8.90%
Subsequent Event | Eight & Nine Corporate Center Mortgage Loan | Secured Debt | SOFR
Subsequent Event [Line Items]
Basis spread on variable rate				4.90%

SCHEDULE III REAL ESTATE ASSE_2

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Schedule) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Land	$ 235,837
Building and Improvements	1,030,740
Total	1,266,577
Land	253,342
Building and Improvements	1,008,747
Gross Amount at which Carried at Close of Period, Total	1,262,089	$ 1,361,154	$ 1,345,240	$ 1,517,435
Accumulated Depreciation and Amortization	(167,335)	$ (141,750)	$ (130,441)	$ (104,412)
Aggregate cost of real estate for federal income tax purposes	1,700,000
Minimum
Real Estate and Accumulated Depreciation [Line Items]
Cost Capitalized Subsequent to Acquisition	$ (4,708)
Richardson Office
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 12,208
Land	1,847
Building and Improvements	25,745
Total	27,592
Cost Capitalized Subsequent to Acquisition	13,490
Land	1,847
Building and Improvements	39,235
Gross Amount at which Carried at Close of Period, Total	41,082
Accumulated Depreciation and Amortization	$ (17,399)
Date Acquired or Foreclosed on	Nov. 23, 2011
Original Date of Construction	1980/1985
Madison Square
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90%
Encumbrances	$ 17,962
Land	9,827
Building and Improvements	21,545
Total	31,372
Cost Capitalized Subsequent to Acquisition	525
Land	9,827
Building and Improvements	22,070
Gross Amount at which Carried at Close of Period, Total	31,897
Accumulated Depreciation and Amortization	$ (5,039)
Date Acquired or Foreclosed on	Oct. 05, 2020
Original Date of Construction	2003/2007/2008
Park Centre
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 3,251
Building and Improvements	27,941
Total	31,192
Cost Capitalized Subsequent to Acquisition	7,050
Land	3,251
Building and Improvements	34,991
Gross Amount at which Carried at Close of Period, Total	38,242
Accumulated Depreciation and Amortization	$ (13,923)
Original Date of Construction	2000
Date Acquired or Foreclosed on	Mar. 28, 2013
Crown Pointe
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 54,738
Land	22,590
Building and Improvements	62,610
Total	85,200
Cost Capitalized Subsequent to Acquisition	15,416
Land	22,590
Building and Improvements	78,026
Gross Amount at which Carried at Close of Period, Total	100,616
Accumulated Depreciation and Amortization	$ (24,424)
Date Acquired or Foreclosed on	Feb. 14, 2017
Original Date of Construction	1985/1989
The Marq
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 10,387
Building and Improvements	75,878
Total	86,265
Cost Capitalized Subsequent to Acquisition	14,589
Land	10,387
Building and Improvements	90,467
Gross Amount at which Carried at Close of Period, Total	100,854
Accumulated Depreciation and Amortization	$ (20,733)
Original Date of Construction	1972
Date Acquired or Foreclosed on	Mar. 01, 2018
Eight & Nine Corporate Centre
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 17,401
Building and Improvements	58,794
Total	76,195
Cost Capitalized Subsequent to Acquisition	6,065
Land	17,401
Building and Improvements	64,859
Gross Amount at which Carried at Close of Period, Total	82,260
Accumulated Depreciation and Amortization	$ (15,297)
Original Date of Construction	2007
Date Acquired or Foreclosed on	Jun. 08, 2018
Georgia 400 Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 40,184
Land	11,400
Building and Improvements	72,000
Total	83,400
Cost Capitalized Subsequent to Acquisition	9,038
Land	11,431
Building and Improvements	81,007
Gross Amount at which Carried at Close of Period, Total	92,438
Accumulated Depreciation and Amortization	$ (16,644)
Original Date of Construction	2001
Date Acquired or Foreclosed on	May 23, 2019
Lincoln Court
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 33,310
Land	16,610
Building and Improvements	43,083
Total	59,693
Cost Capitalized Subsequent to Acquisition	(16,884)
Land	12,850
Building and Improvements	29,959
Gross Amount at which Carried at Close of Period, Total	42,809
Accumulated Depreciation and Amortization	$ (725)
Original Date of Construction	1985
Date Acquired or Foreclosed on	Oct. 05, 2020
Oakland City Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 24,063
Building and Improvements	180,973
Total	205,036
Cost Capitalized Subsequent to Acquisition	(88,009)
Land	15,557
Building and Improvements	101,470
Gross Amount at which Carried at Close of Period, Total	117,027
Accumulated Depreciation and Amortization	$ (1,222)
Date Acquired or Foreclosed on	Oct. 05, 2020
Original Date of Construction	1985/1990
1180 Raymond
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 8,292
Building and Improvements	37,651
Total	45,943
Cost Capitalized Subsequent to Acquisition	3,275
Land	8,292
Building and Improvements	40,926
Gross Amount at which Carried at Close of Period, Total	49,218
Accumulated Depreciation and Amortization	$ (12,682)
Original Date of Construction	1929
Date Acquired or Foreclosed on	Aug. 20, 2013
Lofts at NoHo Commons
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90%
Encumbrances	$ 68,451
Land	22,670
Building and Improvements	93,676
Total	116,346
Cost Capitalized Subsequent to Acquisition	2,297
Land	22,670
Building and Improvements	95,973
Gross Amount at which Carried at Close of Period, Total	118,643
Accumulated Depreciation and Amortization	$ (10,462)
Original Date of Construction	2007
Date Acquired or Foreclosed on	Oct. 05, 2020
Q&C Hotel
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90%
Encumbrances	$ 24,579
Land	2,669
Building and Improvements	41,431
Total	44,100
Cost Capitalized Subsequent to Acquisition	574
Land	2,669
Building and Improvements	42,005
Gross Amount at which Carried at Close of Period, Total	44,674
Accumulated Depreciation and Amortization	$ (4,040)
Original Date of Construction	1913
Date Acquired or Foreclosed on	Oct. 05, 2020
Park Highlands Land I
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	10,000%
Land	$ 15,710
Building and Improvements	0
Total	15,710
Cost Capitalized Subsequent to Acquisition	18,497
Land	34,207
Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	34,207
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Dec. 30, 2011
Park Highlands Land II
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	10,000%
Land	$ 6,087
Building and Improvements	0
Total	6,087
Cost Capitalized Subsequent to Acquisition	7,133
Land	13,220
Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	13,220
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Dec. 10, 2013
Richardson Land I
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 1,997
Building and Improvements	0
Total	1,997
Cost Capitalized Subsequent to Acquisition	3,789
Land	5,786
Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	5,786
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Nov. 23, 2011
Richardson Land II
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Land	$ 3,096
Building and Improvements	0
Total	3,096
Cost Capitalized Subsequent to Acquisition	322
Land	3,418
Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	3,418
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Sep. 04, 2014
210 West 31st Street
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	80%
Encumbrances	$ 0
Land	0
Building and Improvements	51,358
Total	51,358
Cost Capitalized Subsequent to Acquisition	(15,758)
Land	0
Building and Improvements	35,600
Gross Amount at which Carried at Close of Period, Total	35,600
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Oct. 05, 2020
Single-Family Homes Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	2,182
Encumbrances	$ 197,969
Land	57,940
Building and Improvements	238,055
Total	295,995
Cost Capitalized Subsequent to Acquisition	14,104
Land	57,940
Building and Improvements	252,159
Gross Amount at which Carried at Close of Period, Total	310,099
Accumulated Depreciation and Amortization	$ (24,746)
Alabama Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	188
Ownership Percent	100%
Land	$ 3,220
Building and Improvements	12,599
Total	15,819
Cost Capitalized Subsequent to Acquisition	2,937
Land	3,220
Building and Improvements	15,536
Gross Amount at which Carried at Close of Period, Total	18,756
Accumulated Depreciation and Amortization	$ (1,982)
Arkansas Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	23
Ownership Percent	100%
Land	$ 491
Building and Improvements	2,046
Total	2,537
Cost Capitalized Subsequent to Acquisition	79
Land	491
Building and Improvements	2,125
Gross Amount at which Carried at Close of Period, Total	2,616
Accumulated Depreciation and Amortization	$ (200)
Delaware Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	4
Ownership Percent	100%
Land	$ 179
Building and Improvements	750
Total	929
Cost Capitalized Subsequent to Acquisition	44
Land	179
Building and Improvements	794
Gross Amount at which Carried at Close of Period, Total	973
Accumulated Depreciation and Amortization	$ (67)
Florida Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	1
Ownership Percent	100%
Land	$ 26
Building and Improvements	154
Total	180
Cost Capitalized Subsequent to Acquisition	(5)
Land	26
Building and Improvements	149
Gross Amount at which Carried at Close of Period, Total	175
Accumulated Depreciation and Amortization	$ (17)
Georgia Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	70
Ownership Percent	100%
Land	$ 1,007
Building and Improvements	5,444
Total	6,451
Cost Capitalized Subsequent to Acquisition	1,341
Land	1,007
Building and Improvements	6,785
Gross Amount at which Carried at Close of Period, Total	7,792
Accumulated Depreciation and Amortization	$ (798)
Iowa Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	11
Ownership Percent	100%
Land	$ 165
Building and Improvements	684
Total	849
Cost Capitalized Subsequent to Acquisition	7
Land	165
Building and Improvements	691
Gross Amount at which Carried at Close of Period, Total	856
Accumulated Depreciation and Amortization	$ (66)
Illinois Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	310
Ownership Percent	100%
Land	$ 5,540
Building and Improvements	22,236
Total	27,776
Cost Capitalized Subsequent to Acquisition	2,074
Land	5,540
Building and Improvements	24,310
Gross Amount at which Carried at Close of Period, Total	29,850
Accumulated Depreciation and Amortization	$ (2,707)
Indiana Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	92
Ownership Percent	100%
Land	$ 1,886
Building and Improvements	7,855
Total	9,741
Cost Capitalized Subsequent to Acquisition	410
Land	1,886
Building and Improvements	8,265
Gross Amount at which Carried at Close of Period, Total	10,151
Accumulated Depreciation and Amortization	$ (920)
Michigan Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	330
Ownership Percent	100%
Land	$ 15,568
Building and Improvements	62,256
Total	77,824
Cost Capitalized Subsequent to Acquisition	(822)
Land	15,568
Building and Improvements	61,434
Gross Amount at which Carried at Close of Period, Total	77,002
Accumulated Depreciation and Amortization	$ (5,673)
Mississippi Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	25
Ownership Percent	100%
Land	$ 382
Building and Improvements	1,509
Total	1,891
Cost Capitalized Subsequent to Acquisition	(140)
Land	382
Building and Improvements	1,369
Gross Amount at which Carried at Close of Period, Total	1,751
Accumulated Depreciation and Amortization	$ (25)
Missouri Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	21
Ownership Percent	100%
Land	$ 343
Building and Improvements	1,424
Total	1,767
Cost Capitalized Subsequent to Acquisition	95
Land	343
Building and Improvements	1,519
Gross Amount at which Carried at Close of Period, Total	1,862
Accumulated Depreciation and Amortization	$ (215)
North Carolina Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	75
Ownership Percent	100%
Land	$ 1,833
Building and Improvements	7,652
Total	9,485
Cost Capitalized Subsequent to Acquisition	364
Land	1,833
Building and Improvements	8,016
Gross Amount at which Carried at Close of Period, Total	9,849
Accumulated Depreciation and Amortization	$ (790)
Ohio Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	224
Ownership Percent	100%
Land	$ 5,493
Building and Improvements	22,309
Total	27,802
Cost Capitalized Subsequent to Acquisition	69
Land	5,493
Building and Improvements	22,378
Gross Amount at which Carried at Close of Period, Total	27,871
Accumulated Depreciation and Amortization	$ (1,941)
Oklahoma Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	128
Ownership Percent	100%
Land	$ 2,569
Building and Improvements	13,906
Total	16,475
Cost Capitalized Subsequent to Acquisition	1,868
Land	2,569
Building and Improvements	15,774
Gross Amount at which Carried at Close of Period, Total	18,343
Accumulated Depreciation and Amortization	$ (2,193)
South Carolina Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	23
Ownership Percent	100%
Land	$ 670
Building and Improvements	2,804
Total	3,474
Cost Capitalized Subsequent to Acquisition	151
Land	670
Building and Improvements	2,955
Gross Amount at which Carried at Close of Period, Total	3,625
Accumulated Depreciation and Amortization	$ (279)
Tennessee Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	300
Ownership Percent	100%
Land	$ 8,329
Building and Improvements	34,232
Total	42,561
Cost Capitalized Subsequent to Acquisition	2,267
Land	8,329
Building and Improvements	36,499
Gross Amount at which Carried at Close of Period, Total	44,828
Accumulated Depreciation and Amortization	$ (2,790)
Texas Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	340
Ownership Percent	100%
Land	$ 9,848
Building and Improvements	38,568
Total	48,416
Cost Capitalized Subsequent to Acquisition	3,243
Land	9,848
Building and Improvements	41,811
Gross Amount at which Carried at Close of Period, Total	51,659
Accumulated Depreciation and Amortization	$ (3,885)
Wisconsin Homes
Real Estate and Accumulated Depreciation [Line Items]
Number of Homes | property	17
Ownership Percent	100%
Land	$ 391
Building and Improvements	1,627
Total	2,018
Cost Capitalized Subsequent to Acquisition	122
Land	391
Building and Improvements	1,749
Gross Amount at which Carried at Close of Period, Total	2,140
Accumulated Depreciation and Amortization	$ (198)

SCHEDULE III REAL ESTATE ASSE_3

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate
Balance at the beginning of the year	$ 1,361,154	$ 1,345,240	$ 1,517,435
Acquisitions	0	142,118	4,838
Improvements	24,359	31,407	18,966
Write-off of fully depreciated and fully amortized assets	(5,332)	(9,454)	(5,956)
Dispositions	(43,303)	(111,186)	(175,691)
Impairments	(74,789)	(36,971)	(14,352)
Balance at the end of the year	1,262,089	1,361,154	1,345,240
Accumulated depreciation and amortization:
Balance at the beginning of the year	141,750	130,441	104,412
Depreciation and amortization expense	44,258	49,190	55,882
Write-off of fully depreciated and fully amortized assets	(5,332)	(10,442)	(5,956)
Dispositions	(3,545)	(6,531)	(20,516)
Impairments	(9,796)	(20,908)	(3,381)
Balance at the end of the year	$ 167,335	$ 141,750	$ 130,441