KBS Growth & Income REIT (KBSG) 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Entity Information [Line Items]
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	000-56050
Entity Registrant Name	KBS GROWTH & INCOME REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2778257
Entity Address, Address Line One	800 Newport Center Drive
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Newport Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	417-6500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001631256
Entity Public Float			$ 0
Document Fiscal Year Focus	2023
Class A Common Stock
Entity Information [Line Items]
Title of 12(g) Security	Class A common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		9,838,569
Class T Common Stock
Entity Information [Line Items]
Title of 12(g) Security	Class T common stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		307,606

Audit Information

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

CONSOLIDATED STATEMENT OF NET A

CONSOLIDATED STATEMENT OF NET ASSETS - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Real estate	$ 37,868
Cash and cash equivalents	3,675		$ 5,281
Restricted cash	1,825		1,252
Other assets	19
Total assets	43,387		114,910
Liabilities
Liabilities for estimated costs in excess of estimated receipts during liquidation	966
Notes payable	39,617		102,099
Accounts payable and accrued liabilities	1,529		3,846
Due to affiliates	25		5,906
Other liabilities	225		1,537
Total liabilities	42,362		113,824
Commitments and contingencies (Note 9)
Net assets in liquidation	$ 1,025	$ 1,398

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET $ in Thousands	Dec. 31, 2022 USD ($)
Real estate:
Land	$ 16,764
Buildings and improvements	91,904
Tenant origination and absorption costs	6,565
Total real estate, cost	115,233
Less accumulated depreciation and amortization	(15,233)
Total real estate, net	100,000
Cash and cash equivalents	5,281
Restricted cash	1,252
Rents and other receivables	5,452
Above-market leases, net	51
Due from affiliates	2
Prepaid expenses and other assets	2,872
Total assets	114,910
Liabilities and stockholders’ equity
Notes payable, net	102,099
Due to affiliates	5,906
Accounts payable and accrued liabilities	3,846
Below-market leases, net	436
Other liabilities	1,537
Total liabilities	113,824
Commitments and contingencies (Note 9)
Redeemable common stock	0
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0
Additional paid-in capital	85,340
Cumulative distributions and net losses	(84,356)
Total stockholders’ equity	1,086
Total liabilities and stockholders’ equity	114,910
Class A Common Stock
Stockholders’ equity:
Common stock	99
Class T Common Stock
Stockholders’ equity:
Common stock	$ 3

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical)	Dec. 31, 2022 $ / shares shares
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Class A Common Stock
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares authorized (in shares)	500,000,000
Class T Common Stock
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares authorized (in shares)	500,000,000

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Changes in Net Assets in Liquidation [Roll Forward]
Net assets in liquidation, beginning of period	$ 1,398
Change in liquidation value of real estate properties after closing costs/disposition fees	179
Change in estimated cash flow during liquidation	(466)
Change in estimated capital expenditures	(239)
Other changes, net	153
Changes in net assets in liquidation	(373)
Net assets in liquidation, end of period	$ 1,025

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 3,701	$ 14,466	$ 16,099
Other operating income	33	136	177
Total revenues	3,734	14,602	16,276
Expenses:
Operating, maintenance, and management	897	3,721	3,926
Property management fees and expenses to affiliate	0	70	114
Real estate taxes and insurance	864	3,182	2,899
Asset management fees to affiliate	0	(1,740)	1,740
General and administrative expenses	514	1,871	1,509
Depreciation and amortization	1,351	5,926	7,536
Interest expense	2,244	4,185	2,343
Impairment charges on real estate	0	18,665	13,164
Total expenses	5,870	35,880	33,231
Other income:
Interest and other income	29	44	0
Gain related to forgiveness of advance from the Advisor	0	1,338	0
Total other income	29	1,382	0
Net loss	$ (2,107)	$ (19,896)	$ (16,955)
Net loss per common share, basic (in dollars per share)	$ (0.21)	$ (1.96)	$ (1.67)
Net loss per common share, diluted (in dollars per share)	$ (0.21)	$ (1.96)	$ (1.67)
Weighted-average number of common shares outstanding, basic (in shares)	10,146,175	10,160,159	10,173,891
Weighted-average number of common shares outstanding, diluted (in shares)	10,146,175	10,160,159	10,173,891

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class T	Additional Paid-in Capital	Cumulative Distributions and Net Losses
Balance (in shares) at Dec. 31, 2020		9,873,729	310,974
Balance at Dec. 31, 2020	$ 39,590	$ 99	$ 3	$ 85,248	$ (45,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,955)				(16,955)
Redemptions of common stock (in shares)		(18,399)
Redemptions of common stock	(90)			(90)
Distributions declared	(1,745)				(1,745)
Balance (in shares) at Dec. 31, 2021		9,855,330	310,974
Balance at Dec. 31, 2021	20,800	$ 99	$ 3	85,158	(64,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,896)				(19,896)
Transfers from redeemable common stock	250			250
Redemptions of common stock (in shares)		(16,761)	(3,368)
Redemptions of common stock	(68)			(68)
Balance (in shares) at Dec. 31, 2022		9,838,569	307,606
Balance at Dec. 31, 2022	1,086	$ 99	$ 3	85,340	(84,356)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,107)				(2,107)
Balance (in shares) at Mar. 31, 2023		9,838,569	307,606
Balance at Mar. 31, 2023	$ (1,021)	$ 99	$ 3	$ 85,340	$ (86,463)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (2,107)	$ (19,896)	$ (16,955)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	1,351	5,926	7,536
Impairment charges on real estate	0	18,665	13,164
Deferred rents	(160)	(786)	262
Amortization of above- and below-market leases, net	(39)	(381)	(651)
Amortization of deferred financing costs	27	223	237
Unrealized gain on derivative instruments	0	(610)	(1,629)
Changes in operating assets and liabilities:
Rents and other receivables	(146)	(394)	(1,704)
Prepaid expenses and other assets	(217)	(995)	(1,158)
Accounts payable and accrued liabilities	(1,038)	62	1,609
Due from affiliates	2	274	(276)
Due to affiliates	7	(3,100)	1,731
Other liabilities	(230)	172	(446)
Net cash (used in) provided by operating activities	(2,550)	(840)	1,720
Cash Flows from Investing Activities:
Improvements to real estate	(86)	(1,110)	(709)
Net cash used in investing activities	(86)	(1,110)	(709)
Cash Flows from Financing Activities:
Proceeds from notes payable	1,494	587	4,710
Principal payments on notes payable	(19)	(74)	(37)
Payments of deferred financing costs	0	(91)	(79)
Payments to redeem common stock	0	(68)	(90)
Distributions paid to common stockholders	0	0	(1,745)
Net cash provided by financing activities	1,475	354	2,759
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,161)	(1,596)	3,770
Cash and cash equivalents and restricted cash, beginning of period	6,533	8,129	4,359
Cash and cash equivalents and restricted cash, end of period	5,372	6,533	8,129
Supplemental Disclosure of Cash Flow Information:
Interest paid	2,056	4,244	3,807
Supplemental Disclosure of Noncash Investing and Financing Activities:
Accrued improvements to real estate	$ 50	$ 86	$ 127

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Growth & Income REIT, Inc. (the “Company”) was formed on January 12, 2015 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2015. Substantially all of the Company’s business is conducted through KBS Growth & Income Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on January 14, 2015. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Growth & Income REIT Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on January 14, 2015, owns the remaining 99.9% partnership interest in the Operating Partnership and is the 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 KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement between the Company and the Advisor initially entered into on June 11, 2015, and amended at various times thereafter (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of core real estate properties. On January 27, 2015, the Company issued 20,000 shares of its common stock to the Advisor at a purchase price of $10.00 per share. On June 11, 2015, these outstanding shares of common stock were designated Class A shares of common stock. As of December 31, 2023, the Company had remaining investments in two office properties. The Company commenced capital raising activities in June 2015 through a private placement offering. The private offering was followed by a public offering and a second private offering. In August 2020, the Company’s board of directors approved the termination of capital raising activities with the termination of the Company’s distribution reinvestment plan offering and second private offering. As of December 31, 2023, the Company had 9,838,569 and 307,606 shares of Class A and Class T common stock outstanding, respectively. On December 15, 2022 and affirmed on February 2, 2023, the Company’s board of directors and a special committee composed of all of the Company’s independent directors (the “Special Committee”) each approved the sale of all of the Company’s assets and the Company’s dissolution pursuant to the terms of a plan of complete liquidation and dissolution (the “Plan of Liquidation”). The principal purpose of the Plan of Liquidation is to provide liquidity to the Company’s stockholders by selling its assets, paying its debts and distributing the net proceeds from liquidation to the Company’s stockholders. On May 9, 2023, the Company’s stockholders approved the Plan of Liquidation.

PLAN OF LIQUIDATION

PLAN OF LIQUIDATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
PLAN OF LIQUIDATION	PLAN OF LIQUIDATION The Plan of Liquidation authorizes the Company to undertake an orderly liquidation. In an orderly liquidation, the Company intends to sell or otherwise dispose of its remaining properties, pay or otherwise settle all of its known liabilities, provide for the payment of its unknown or contingent liabilities, distribute any remaining cash to its stockholders, wind up its operations and dissolve. The Company is authorized to provide for the payment of any unascertained or contingent liabilities and may do so by purchasing insurance, by establishing a reserve fund or in other ways. The Plan of Liquidation enables the Company to sell any and all of its assets without further approval of its stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Company’s board of directors or, if a liquidating trust is formed, by the trustees of the liquidating trust, in their discretion. Pursuant to applicable REIT rules, liquidating distributions the Company pays pursuant to the Plan of Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the May 9, 2023 approval of the plan by the Company’s stockholders. However, if the Company cannot sell or otherwise dispose of its properties and pay its debts within such time period, or if the board of directors and the Special Committee determine that it is otherwise advisable to do so, the Company may transfer and assign its remaining assets to a liquidating trust. Upon such transfer and assignment, the Company’s stockholders would receive beneficial interests in the liquidating trust. The liquidating trust would pay or provide for all of the Company’s liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust. If the Company is not able to sell or otherwise dispose of its properties and pay its debt within the 24-month period and the remaining assets are not transferred to a liquidating trust, any distributions made during the 24 months may not qualify for the dividends paid deduction and may increase the Company’s tax liability. The Company’s expectations about the implementation of the Plan of Liquidation and the amount of any liquidating distributions that the Company pays to its stockholders and when the Company will pay them are subject to risks and uncertainties and are based on certain estimates and assumptions, one or more of which may prove to be incorrect. As a result, the actual amount of any liquidating distributions the Company pays to its stockholders may be more or less than the Company estimates and the liquidating distributions may be paid later than the Company predicts. There are many factors that may affect the amount of liquidating distributions the Company will ultimately pay to its stockholders. If the Company underestimates its existing obligations and liabilities or the amount of taxes, transaction fees and expenses relating to the liquidation and dissolution or if unanticipated or contingent liabilities arise, the amount of liquidating distributions ultimately paid to the Company’s stockholders could be less than estimated. Moreover, the liquidation value will fluctuate over time in response to developments related to individual assets in the Company’s portfolio and the management of those assets, in response to the real estate and finance markets, based on the amount of net proceeds received from the disposition of the remaining assets and due to other factors. Accordingly, it is not possible to precisely predict the timing of any liquidating distributions the Company pays to it stockholders or the aggregate amount of liquidating distributions that the Company will ultimately pay to its stockholders. No assurance can be given that any liquidating distributions the Company pays to its stockholders will equal or exceed the estimate of net assets in liquidation presented on the Consolidated Statement of Net Assets as of December 31, 2023.

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 accompanying consolidated financial statements and notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), including Subtopic 205-30, “Liquidation Basis of Accounting,” as indicated, and the rules and regulations of the Securities and Exchange Commission (“SEC”). Pursuant to the Company’s stockholders’ approval of the Plan of Liquidation, the Company adopted the liquidation basis of accounting as of and for the periods subsequent to April 1, 2023 (as the approval of the Plan of Liquidation by the Company’s stockholders became imminent during the month of April 2023 based on the results of the Company’s solicitation of proxies from its stockholders for their approval of the Plan of Liquidation). Accordingly, on April 1, 2023, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash or other consideration, such as debt relief, that the Company expects to realize through the disposal of assets as it carries out the Plan of Liquidation. The liquidation values of the Company’s remaining real estate properties are presented on an undiscounted basis and are generally based on either an offer received on the properties or the amount of debt anticipated to be relieved with the sale or transfer of the properties. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the completion of its liquidation, including the estimated amount of cash or other consideration that the Company expects to realize through the disposal of its assets and the estimated costs to dispose of its assets, to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 2, “Plan of Liquidation” and Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” for further discussion. Actual costs incurred but unpaid as of December 31, 2023 are included in accounts payable and accrued liabilities, due to affiliates and other liabilities on the Consolidated Statement of Net Assets. Net assets in liquidation represents the remaining estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the sale or transfer of the Company’s remaining real estate properties and the estimated cash flows from operations, actual liquidation costs and sale proceeds may differ materially from the amounts estimated. All financial results and disclosures through March 31, 2023, prior to the adoption of the liquidation basis of accounting, are presented on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2022, the statements of operations, the statements of stockholders’ (deficit) equity and the statements of cash flows for the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021 are presented using the going concern basis of accounting. The Company’s consolidated financial statements included its accounts and the accounts of REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions were eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Revenue Recognition - Operating Leases Liquidation Basis of Accounting Under the liquidation basis of accounting, the Company has accrued all income that it expects to earn through the completion of its liquidation to the extent it has a reasonable basis for estimation. Revenue from tenants is estimated based on the contractual in-place leases and projected leases through the anticipated disposition date of the property. These amounts are presented net of estimated expenses and other liquidation costs and are classified in liabilities for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Going Concern Basis Real Estate Until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to April 1, 2023, the Company recognized 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 was probable and recorded amounts expected to be received in later years as deferred rent receivable. If the lease provided for tenant improvements, the Company determined whether the tenant improvements, for accounting purposes, were owned by the tenant or the Company. When the Company was the owner of the tenant improvements, the tenant was not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements were substantially completed. When the tenant was 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 was funded was treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. In accordance with Topic 842, tenant reimbursements for property taxes and insurance were included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore were accounted for as variable lease payments and were recorded as rental income on the Company’s statement of operations until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to April 1, 2023. 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 new 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 were also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations until the Company’s adoption of the liquidation basis of accounting as of and for periods subsequent to April 1, 2023. In accordance with Topic 842, the Company made a determination of whether the collectibility of the lease payments in an operating lease was probable. If the Company determined the lease payments were not probable of collection, the Company fully reserved for any contractual lease payments, deferred rent receivable, and variable lease payments and recognized rental income only if cash was received. These changes to the Company’s collectibility assessment were reflected as an adjustment to rental income. The Company, as a lessor, recorded 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 classified such costs as operating, maintenance, and management expense on the Company’s consolidated statement of operations, as these costs were no longer capitalizable under the definition of initial direct costs under Topic 842. Sales of Real Estate The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) , which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Under ASC 610-20, if the Company determined it did not have a controlling financial interest in the entity that held the asset and the arrangement met the criteria to be accounted for as a contract, the Company derecognized the asset and recognized a gain or loss on the sale of the real estate when control of the underlying asset transferred to the buyer. Cash and Cash Equivalents The Company recognized interest income on its cash and cash equivalents as it is earned and classified such amounts as other interest income. Real Estate Liquidation Basis of Accounting As of April 1, 2023, the Company’s investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash or other consideration, such as debt relief, that the Company expects to realize through the disposal of its assets, including any residual value attributable to lease intangibles, as it carries out the Plan of Liquidation. The Company estimated the liquidation value of its investments in real estate generally based on either an offer received on the properties or the amount of debt anticipated to be relieved with the sale or transfer of the properties. The liquidation values of the Company’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Subsequent to April 1, 2023, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and amortized 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 betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considered 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 estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25 - 40 years Building improvements 10 - 25 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 Impairment of Real Estate and Related Intangible Assets and Liabilities The Company continually monitored events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggested that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assessed the recoverability by estimating whether the Company would recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company did not believe that it would be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company recorded an impairment loss to the extent that the carrying value exceeded the estimated fair value of the real estate and related intangible assets and liabilities. During the years ended December 31, 2022 and 2021, the Company recorded $18.7 million and $13.2 million, respectively, of impairment losses on its real estate and related intangible assets. The Company did not record any impairment loss on its real estate and related intangible assets during the three months ended March 31, 2023. Cash and Cash Equivalents The Company considered 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. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2023. The Company intends to mitigate this risk by depositing funds with a major financial institution; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2023. Restricted Cash Restricted cash is composed of cash flow sweep and lender impound reserve accounts related to the Company’s borrowings. Rents and Other Receivables Liquidation Basis of Accounting In accordance with the liquidation basis of accounting, as of April 1, 2023, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis The Company made a determination of whether the collectibility of the lease payments in its operating leases was probable. If the Company determined the lease payments were not probable of collection, the Company fully reserved for any outstanding rent receivables related to contractual lease payments and variable leases payments and wrote-off any deferred rent receivable and recognized rental income only if cash was received. The Company exercised judgment in assessing collectibility and considered payment history, current credit status, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current market conditions that may impact the tenant’s ability to make payments in accordance with its lease agreements in making the determination. Accrued Liquidation Costs In accordance with the liquidation basis of accounting, the Company accrues for certain estimated liquidation costs to the extent it has a reasonable basis for estimation. These consist of legal fees, dissolution costs, final audit/tax costs, insurance, and transfer agent related costs. Derivative Instruments The Company entered 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. The Company recorded these derivative instruments at fair value on 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 gain or loss on derivative instruments and included in interest expense as presented in the accompanying consolidated statements of operations. On November 1, 2022, the Company’s remaining interest rate swap expired. Deferred Financing Costs Prior to the adoption of the liquidation basis of accounting, deferred financing costs represented commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and were presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs were amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs were generally expensed when the associated debt was refinanced or repaid before maturity unless specific rules were met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability was recognized were included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that did not close were expensed in the period in which it was determined that the financing would not close. Redeemable Common Stock The Company had adopted a share redemption program, which was terminated effective December 30, 2022, pursuant to which stockholders could sell their shares to the Company in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined in the share redemption program, and collectively “special redemptions”). Prior to the termination of share redemption program, such redemptions were subject to the limitations described in the share redemption program document, including: • During each calendar year, special redemptions were limited to an annual dollar amount determined by the board of directors, which could be reviewed during the year and increased or decreased upon ten • During any calendar year, the Company could redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company had 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. Special redemptions were redeemed at a price equal to the most recent estimated NAV per share as of the applicable redemption date. On December 7, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $4.90 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of September 30, 2020. The change in the redemption price was effective for the December 2020 through November 2021 redemption dates. On December 6, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $3.38 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of September 30, 2021. The change in the redemption price was effective for the December 2021 through November 2022 redemption dates. Going Concern Basis The Company recorded amounts that were redeemable under the share redemption program as redeemable common stock liability in its consolidated balance sheets because the shares would be mandatorily redeemable at the option of the holder and therefore their redemption was outside the control of the Company. The maximum amount redeemable under the Company’s share redemption program during a calendar year was limited to an annual dollar amount determined by the board of directors. On December 7, 2020, the Company’s board of directors approved an annual dollar amount limitation for special redemptions for calendar year 2021 of $250,000 in the aggregate. On December 6, 2021, the Company’s board of directors approved the same annual dollar amount limitation for special redemptions for calendar year 2022 of $250,000 in the aggregate. On December 15, 2022, in connection with its approval of the Plan of Liquidation, the Company’s board of directors approved the termination of the Company’s share redemption program. The termination was effective as of December 30, 2022, and as such, no redemptions were processed on the December 2022 redemption date. The Company did not redeem or repurchase any shares of its common stock during the year ended December 31, 2023. The board of directors expects that future liquidity will be provided to the Company’s stockholders through liquidating distributions. The Company classified financial instruments that represented a mandatory obligation of the Company to redeem shares as liabilities. During periods in which the share redemption program was active, the Company’s common shares were considered redeemable at the option of the holder and, accordingly, the Company separately classified an amount equal to the maximum potential redemption obligation under the share redemption program as redeemable common stock on the consolidated balance sheet. When the Company determined it had a mandatory obligation to repurchase shares under the share redemption program, it reclassified such obligations from temporary equity to a liability based upon their respective settlement values. Related Party Transactions Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor for certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. These fees are detailed in the Advisory Agreement. See Note 8, “Related Party Transactions.” In addition, in connection with property acquisitions, the Company, through indirect wholly owned subsidiaries, has entered into separate property management agreements (each, a “Property Management Agreement”) with KBS Management Group, LLC (the “Co-Manager”), an affiliate of the Advisor. The Company records all related party fees as incurred, subject to any limitations described in the respective agreements. Asset Management Fee The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of the real property investments, including any debt financing on the property. The Advisor has waived asset management fees from October 1, 2022 through liquidation of the Company. In January 2023, the Advisor waived $3.0 million of accrued asset management fees which was recorded as a reduction in asset management fees to affiliate during the year ended December 31, 2022 in the Company’s accompanying consolidated statement of operations. For purposes of the consolidated statement of net assets as of December 31, 2023 and consolidated statement of changes in net assets for the period April 1, 2023 to December 31, 2023, the Company estimated the asset management fee payable to the Advisor to be $0, as the Advisor informed the Company it will not seek the payment for the deferred asset management fees. In March 2024, the Advisor waived the deferred asset management fees and no asset management fees are owed to the Advisor. Property Management Fee The Company pays the Co-Manager a monthly fee equal to a percentage of the rent (determined on a property by property basis), payable and actually collected for the month, from certain property acquisitions for which the Company has entered a Property Management Agreement with the Co-Manager. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. See Note 8, “Related-Party Transactions — Real Estate Property Co-Management Agreements.” Disposition Fee For substantial assistance in connection with the sale of the Company’s assets, which includes the sale of a single asset or the sale of all or a portion of the Company’s assets through a portfolio sale, merger or business combination transaction, the Company will pay the Advisor or its affiliates a percentage of the contract sales price of the assets sold. The disposition fee will equal 1.5% of the contract sales price. The Advisor agreed to waive the receipt of a disposition fee in connection with the sale of the assets of the Company in connection with the Plan of Liquidation. Reimbursement of Operating Expenses The Company reimburses the Advisor for the following expenses it incurs in connection with providing services to the Company under the Advisory Agreement: the Company’s allocable portion of the costs of internal audit department personnel and promotional costs and expenses related to the leasing of properties. The Company reimbursed the Dealer Manager for certain fees and expenses it incurred for administering the Company’s participation in the DTCC Alternative Investment Product Platform, or the AIP Platform, with respect to certain accounts of the Company’s investors serviced through the AIP Platform. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To continue 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 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 on income that it distributes as dividends to its stockholders. 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 and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT. 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 years 2019 through 2022 remain subject to examination by major tax jurisdictions. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding for the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021, respectively. Basic and diluted net income (loss) per share of Class A common stock and basic and diluted net income (loss) per share of Class T common stock were equal for the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021 as aggregate cash distributions for each share class were equal during those periods. During the year ended December 31, 2021, aggregate cash distribution declared per share of Class A and Class T common stock was $0.17150000, assuming the share was issued and outstanding each date that was a record date for distributions during the period. During the three months ended March 31, 2023 and the year ended December 31, 2022, the Company did not declare any distributions. Square Footage, Occupancy and Other Measures

LIABILITIES FOR ESTIMATED COSTS

LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION	12 Months Ended
	Dec. 31, 2023
Liability during Liquidation [Abstract]
LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION	LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Liquidation. As of December 31, 2023, the Company estimated that it will have costs in excess of estimated receipts during the liquidation process. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing of sale or transfer of properties, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the liquidation basis of accounting on April 1, 2023, the Company accrued the following revenues and expenses expected to be incurred during liquidation (in thousands): As of April 1, 2023 Rental income $ 9,806 Other operating income 124 Operating, maintenance, and management (2,495) Real estate taxes and insurance (2,066) General and administrative expenses (976) Interest expense (3,866) Liquidating transaction costs (600) Capital expenditures (302) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (375) The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of December 31, 2023 is as follows (in thousands): April 1, 2023 Cash Payments Remeasurement of December 31, 2023 Assets: Estimated net inflows from investments in real estate $ 1,503 $ (1,526) $ 118 $ 95 1,503 (1,526) 118 95 Liabilities: Liquidation transaction costs (600) 212 88 (300) Corporate expenditures (976) 1,158 (672) (490) Capital expenditures (302) 270 (239) (271) (1,878) 1,640 (823) (1,061) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (375) $ 114 $ (705) $ (966)

NET ASSETS IN LIQUIDATION

NET ASSETS IN LIQUIDATION	12 Months Ended
	Dec. 31, 2023
Assets in Liquidation [Abstract]
Assets in Liquidation Disclosure	NET ASSETS IN LIQUIDATION The net assets in liquidation as of December 31, 2023 would result in the payment of estimated liquidating distributions of approximately $0.10 per share of common stock to the Company’s stockholders of record as of December 31, 2023. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the estimated period required to complete the Plan of Liquidation. There is inherent uncertainty with these estimates and projections, and they could change materially based on the timing of the disposition or transfer of the Company’s remaining real estate properties, the performance of the Company’s remaining assets and any changes in the underlying assumptions of the projected cash flows from such properties. See Note 2, “Plan of Liquidation.”

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of December 31, 2023, the Company’s portfolio of real estate was composed of two office buildings containing 219,523 rentable square feet, which were collectively 90.3% occupied. As of December 31, 2023, the Company’s liquidation value of real estate was $37.9 million. As a result of adopting the liquidation basis of accounting in April 1, 2023, as of December 31, 2023, real estate properties were recorded at their estimated liquidation value, which represents the estimated gross amount of cash or other consideration, such as debt relief, the Company expects to realize through the disposition or transfer of its real estate properties owned as of December 31, 2023 as it carries out its Plan of Liquidation. Foreclosure of the Commonwealth Building As previously disclosed, on February 13, 2023, the borrower under the Commonwealth Building Mortgage Loan (the “Commonwealth Borrower”) was in maturity default with respect to the Commonwealth Building Mortgage Loan following its failure to pay the amount of the debt outstanding on the loan on its February 1, 2023 due date. On July 18, 2023, the Commonwealth Building was sold at public auction in a foreclosure sale to a buyer affiliated with the Metropolitan Life Insurance Company (the “Commonwealth Lender”) and all interest in the Commonwealth Building was transferred to the buyer on that date and the Commonwealth Borrower was relieved of all debt obligations and future liabilities associated with the Commonwealth Building in conjunction with the foreclosure transaction. Disposition of the Institute Property On November 9, 2017, the Company, through an indirect wholly owned subsidiary, acquired a seven-story office building containing 155,385 rentable square feet located on approximately 0.5 acres of land and a parking lot containing approximately 8,038 square feet on approximately 0.18 acres of land in Chicago, Illinois (together the “Institute Property”). On November 7, 2023, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement and escrow instructions (the “Agreement”) for the sale of the Institute Property to CP 213 Institute, LLC (the “Purchaser”), an affiliate of Coastal Partners, LLC. The Purchaser is unaffiliated with the Company or its advisor.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of December 31, 2023 and 2022, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of December 31, 2023 Book Value as of December 31, 2022 Contractual Interest Rate as of December 31, 2023 (1) Effective Interest Rate at December 31, 2023 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ — $ 46,268 (3) (3) (3) (3) Modified Term Loan (4) 36,035 52,260 One-month Term SOFR + 0.10% + 2.50% (4) 7.95% Interest Only 05/09/2024 210 W. Chicago Mortgage Loan (5) 3,582 3,651 One-month Term SOFR +0.10% + 2.20% (5) 12.68% Principal & Interest (5) 06/28/2024 Notes payable principal outstanding $ 39,617 $ 102,179 Deferred financing costs, net (6) — (80) Notes payable, net $ 39,617 $ 102,099 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2023 using interest rate indices as of December 31, 2023. (2) Represents the maturity date as of December 31, 2023. (3) On December 22, 2022, the Commonwealth Borrower defaulted on the loan as a result of a failure to pay the full amount of the outstanding debt service due on the loan. Effective February 13, 2023, the Commonwealth Borrower was in maturity default for failure to pay the amount of the debt outstanding and due to the lender on the February 1, 2023 maturity date. On July 18, 2023, the Commonwealth Building was sold at public auction in a foreclosure sale to a buyer affiliated with the Commonwealth Lender and all interest in the Commonwealth Building was transferred to the buyer. See Note 6, “Real Estate – Foreclosure of the Commonwealth Building.” (4) The Modified Term Loan is secured by the Offices at Greenhouse and prior to its disposition was also secured by the Institute Property. It bore interest at the forward-looking term rate based on Secured Overnight Financing Rate (“SOFR”) with a tenor comparable to the one-month Term SOFR plus 10 basis points (collectively, the “Adjusted Term SOFR”) plus 200 basis points per annum prior to May 9, 2023. On and after May 9, 2023, the Modified Term Loan bears interest at Adjusted Term SOFR plus 250 basis points per annum. On a monthly basis, any excess cash flow (as defined in the modification agreement) from the Offices at Greenhouse and the Institute Property is required to be deposited into an account which will serve as additional security for the Modified Term Loan. Subject to certain terms and conditions contained in the loan documents, cash currently held by the Company may only be used for the Company’s operating costs including but not limited to the Company’s general and administrative costs, liquidation costs, capital costs and any other reasonable costs and expenses required to maintain the Company as a going concern (collectively “REIT Operating Costs”), but for no other purpose. The Modified Term Loan is full recourse under the guaranty provided by KBSGI REIT Properties, LLC (“KBS GI REIT Properties”), the Company’s wholly owned subsidiary. On November 6, 2023, the Company entered into a modification agreement with the lender under the Modified Term Loan and extended the maturity date to May 9, 2024. On November 30, 2023, in connection with the disposition of the Institute Property, the Company repaid $16.2 million principal balance under the Modified Term Loan and the Institute Property was released as a security from the Modified Term Loan. (5) Monthly payments for the 210 W. Chicago Mortgage Loan include principal and interest with principal payments calculated using an amortization schedule of 25 years at an interest rate of 6.0%, with the remaining principal balance, all accrued and unpaid interest and any other amounts due at maturity. On June 7, 2023, the borrower under the 210 W. Chicago Mortgage Loan entered into an early opt-in election and related amendment to the loan agreement with the lender which modified the interest rate to Adjusted Term SOFR plus 220 basis points per annum (the “210 W. Chicago Interest Rate”). On December 10, 2023, the borrower under the 210 W. Chicago Mortgage Loan defaulted on the loan as a result of a failure to pay in full the entire November 2023 monthly interest payment. During the time the default exists, the interest rate under this loan is calculated at the 210 W. Chicago Interest Rate, plus 5%. Subsequent to December 31, 2023, the borrower under the 210 W. Chicago Mortgage Loan entered into a discounted payoff agreement with the lender. See Note 10, “Subsequent Event – Discounted Payoff Agreement for 210 W. Chicago Mortgage Loan.” (6) As described in Note 3, “Summary of Significant Accounting Policies – Principles of Consolidation and Basis of Presentation,” on April 1, 2023, the Company adopted the liquidation basis of accounting which requires the Company to record notes payable at their contractual amounts. During the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021, the Company incurred $2.2 million, $4.2 million and $2.3 million of interest expense, respectively. As of December 31, 2023 and 2022, $0.3 million and $0.6 million of interest expense were payable, respectively. Included in interest expense during each of the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021 were $0.1 million, $0.2 million and $0.2 million of amortization of deferred financing costs, respectively. Interest expense (including gains and losses) incurred as a result of the Company’s derivative instruments decreased interest expense by $0.2 million and $3,000 during the years ended December 31, 2022 and 2021, respectively. As of November 1, 2022, the Company’s remaining interest rate swap had expired and the Company did not enter any additional derivative instruments upon its expiration. Recent Financing Transactions Modified Term Loan On November 6, 2023, the Company, through the borrower under the Modified Term Loan, entered into a third modification agreement with JP Morgan Chase Bank, N.A. (the “Lender”) to extend the maturity date of the Modified Term Loan to May 9, 2024 (the “Third Modification Agreement”). On November 30, 2023, in connection with the disposition of the Institute Property, the Company repaid $16.2 million principal balance under the Modified Term Loan and the Institute Property was released as a security from the Modified Term Loan. See Note 6, “Real Estate – Disposition of the Institute Property.” As of December 31, 2023, the Modified Term Loan had an outstanding balance of $36.0 million. The Modified Term Loan is secured by the Offices at Greenhouse.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor for certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, in connection with property acquisitions, the Company, through indirect wholly owned subsidiaries, has entered into separate Property Management Agreements (defined below) with KBS Management Group, LLC, an affiliate of the Advisor (the “Co-Manager”). The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor also serves or served as the advisor for KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”) (liquidated May 2023) and KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”). The Dealer Manager also served as the dealer manager for KBS REIT II and KBS REIT III. As of January 1, 2021, the Company, together with KBS REIT II, KBS REIT III, the Dealer Manager, the Advisor and other KBS affiliated entities, had entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program and is billed directly to each entity. At renewal on June 30, 2022, due to its liquidation, KBS REIT II elected to cease participation in the program and obtained separate insurance coverage. In connection with the Company’s liquidation, the Company ceased participation in the program as of June 30, 2023 and obtained separate insurance coverage. During the years ended December 31, 2023, 2022 and 2021, no other business transactions occurred between the Company and KBS REIT II and KBS REIT III. 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 receivable and payable as of December 31, 2023 and 2022 (in thousands): Incurred Years Ended Receivable as of Payable as of 2023 2022 2021 2023 2022 2023 2022 Expensed Asset management fees (1) $ — $ (1,740) $ 1,740 $ — $ — $ — $ 5,901 Reimbursement of operating expenses (2) 105 113 273 — 2 25 5 Property management fees (3) — 70 114 — — — — $ 105 $ (1,557) $ 2,127 $ — $ 2 $ 25 $ 5,906 _____________________ (1) The asset management fee is a monthly fee payable to the Advisor in an amount equal to one-twelfth of 1.0% of the cost of the Company’s investments including the portion of the investment that is debt financed. For the period from October 2017 through September 2022, the Company had accrued and deferred payment of $8.9 million of asset management fees. In January 2023, the Advisor waived payment of its asset management fees from October 1, 2022 through the Company’s liquidation and waived $3.0 million of accrued asset management fees and as a result, as of December 31, 2023, the Company had $5.9 million of accrued asset management fees payable to the Advisor. For purposes of the consolidated statement of net assets as of December 31, 2023 and consolidated statement of changes in net assets for the period April 1, 2023 to December 31, 2023, the Company has estimated the asset management fee payable to the Advisor to be $0, as the Advisor informed the Company it will not seek payment for the deferred asset management fees. In March 2024, the Advisor waived the deferred asset management fees and no asset management fees are owed to the Advisor. (2) See “Reimbursable Operating Expenses” below. (3) See “Real Estate Property Co-Management Agreements” below. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. Reimbursable Operating Expenses Reimbursable operating expenses primarily related to directors and officers liability insurance, legal fees, state and local taxes, accounting software and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.1 million, $0.1 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the periods. The Company does not reimburse for employee costs in connection with services for which the Advisor earned or earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. The Advisor must reimburse the Company the amount by which the Company’s aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended December 31, 2023 did not exceed the charter-imposed limitation. Real Estate Property Co-Management Agreements In connection with its property acquisitions, the Company, through separate, indirect, wholly-owned subsidiaries, entered into separate property management agreements (each, a “Property Management Agreement”) with the Co-Manager for each of its properties. Under each Property Management Agreement, the Co-Manager will provide certain management services related to these properties in addition to those provided by the third-party property managers. In exchange for these services, the Company pays the Co-Manager a monthly fee equal to a percentage of the rent, payable and actually collected for the month from each of the properties. Each Property Management Agreement has an initial term of one year and will be deemed renewed for successive one-year periods provided it is not terminated. Each party may terminate the Property Management Agreement without cause on 30 days’ written notice to the other party and may terminate each Property Management Agreement for cause on 5 days’ written notice to the other party upon the occurrence of certain events as detailed in each Property Management Agreement. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. Property Name Effective Date Annual Fee Percentage Commonwealth Building 07/01/2016 1.25% The Offices at Greenhouse 11/14/2016 0.25% Institute Property 11/09/2017 1.00%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company depends on the Advisor for certain services that are essential to the Company, including the implementation of the Plan of Liquidation, management of the daily operations of the Company’s investment portfolio, disposition of investments and other general and administrative responsibilities. In the event that the Advisor is unable to provide such services, the Company will be required to obtain such services from other sources. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental

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. Disposition of 210 W. Chicago On March 4, 2024, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement and escrow instructions (the “210 W. Chicago Agreement”) for the sale of 210 W. Chicago to an unaffiliated purchaser (the “210 W. Chicago Purchaser”). On March 27, 2024, the Company completed the sale of 210 W. Chicago for $2.7 million, before third-party closing costs and prorations and security deposit obligations transferred to the 210 W. Chicago Purchaser. Discounted Payoff Agreement for 210 W. Chicago Mortgage Loan In connection with the purchase and sale agreement for sale of 210 W. Chicago, the Company, through the borrower under the 210 W. Chicago Mortgage Loan, entered into a discounted payoff agreement with the lender of the loan (the “210 W. Chicago Lender”), effective as of March 1, 2024 (the “210 W. Chicago Discounted Payoff Agreement”). Pursuant to the 210 W. Chicago Discounted Payoff Agreement, the borrower has the option to pay off the 210 W. Chicago Mortgage Loan in full at a discount by paying to the 210 W. Chicago Lender on or before March 29, 2024 an amount equal to the greater of (a) 100% of the net sales proceeds generated by the sale of 210 W. Chicago or (b) $2.3 million. If the Company is unable to make payment by March 29, 2024 due to the failure of the 210 W. Chicago sale to close, all amounts outstanding and due to the 210 W. Chicago Lender of $3.7 million would remain outstanding and immediately due and payable in full due to the event of default having occurred and continuing under the loan agreements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements and notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), including Subtopic 205-30, “Liquidation Basis of Accounting,” as indicated, and the rules and regulations of the Securities and Exchange Commission (“SEC”).
Principles of Consolidation	The Company’s consolidated financial statements included its accounts and the accounts of REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions were eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition - Operating Leases, Liquidation Basis of Accounting	Liquidation Basis of Accounting
Revenue Recognition - Operating Leases, Going Concern Basis, Real Estate	Going Concern Basis Real Estate Until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to April 1, 2023, the Company recognized 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 was probable and recorded amounts expected to be received in later years as deferred rent receivable. If the lease provided for tenant improvements, the Company determined whether the tenant improvements, for accounting purposes, were owned by the tenant or the Company. When the Company was the owner of the tenant improvements, the tenant was not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements were substantially completed. When the tenant was 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 was funded was treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. In accordance with Topic 842, tenant reimbursements for property taxes and insurance were included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore were accounted for as variable lease payments and were recorded as rental income on the Company’s statement of operations until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to April 1, 2023. 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 new 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 were also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations until the Company’s adoption of the liquidation basis of accounting as of and for periods subsequent to April 1, 2023. In accordance with Topic 842, the Company made a determination of whether the collectibility of the lease payments in an operating lease was probable. If the Company determined the lease payments were not probable of collection, the Company fully reserved for any contractual lease payments, deferred rent receivable, and variable lease payments and recognized rental income only if cash was received. These changes to the Company’s collectibility assessment were reflected as an adjustment to rental income.
Sales of Real Estate	The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) , which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Cash and Cash Equivalents	The Company recognized interest income on its cash and cash equivalents as it is earned and classified such amounts as other interest income.The Company considered 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. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2023. The Company intends to mitigate this risk by depositing funds with a major financial institution; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2023.
Real Estate, Liquidation Basis of Accounting	Liquidation Basis of Accounting
Real Estate, Going Concern Basis, Depreciation and Amortization	Real estate costs related to the acquisition and improvement of properties are capitalized and amortized 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 betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considered 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 estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25 - 40 years Building improvements 10 - 25 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, Impairments of Real Estate and Related Intangible Assets and Liabilities	The Company continually monitored events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggested that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assessed the recoverability by estimating whether the Company would recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company did not believe that it would be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company recorded an impairment loss to the extent that the carrying value exceeded the estimated fair value of the real estate and related intangible assets and liabilities.
Restricted Cash	Restricted cash is composed of cash flow sweep and lender impound reserve accounts related to the Company’s borrowings.
Rents and Other Receivables	Liquidation Basis of Accounting In accordance with the liquidation basis of accounting, as of April 1, 2023, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis
Accrued Liquidation Costs	In accordance with the liquidation basis of accounting, the Company accrues for certain estimated liquidation costs to the extent it has a reasonable basis for estimation. These consist of legal fees, dissolution costs, final audit/tax costs, insurance, and transfer agent related costs.
Derivative Instruments	The Company entered 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. The Company recorded these derivative instruments at fair value on 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 gain or loss on derivative instruments and included in interest expense as presented in the accompanying consolidated statements of operations.
Deferred Financing Costs	Prior to the adoption of the liquidation basis of accounting, deferred financing costs represented commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and were presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs were amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs were generally expensed when the associated debt was refinanced or repaid before maturity unless specific rules were met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability was recognized were included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that did not close were expensed in the period in which it was determined that the financing would not close.
Redeemable Common Stock	The Company had adopted a share redemption program, which was terminated effective December 30, 2022, pursuant to which stockholders could sell their shares to the Company in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined in the share redemption program, and collectively “special redemptions”). Prior to the termination of share redemption program, such redemptions were subject to the limitations described in the share redemption program document, including: • During each calendar year, special redemptions were limited to an annual dollar amount determined by the board of directors, which could be reviewed during the year and increased or decreased upon ten • During any calendar year, the Company could redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company had 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. Special redemptions were redeemed at a price equal to the most recent estimated NAV per share as of the applicable redemption date. On December 7, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $4.90 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of September 30, 2020. The change in the redemption price was effective for the December 2020 through November 2021 redemption dates. On December 6, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $3.38 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the number of shares outstanding, all as of September 30, 2021. The change in the redemption price was effective for the December 2021 through November 2022 redemption dates. Going Concern Basis The Company recorded amounts that were redeemable under the share redemption program as redeemable common stock liability in its consolidated balance sheets because the shares would be mandatorily redeemable at the option of the holder and therefore their redemption was outside the control of the Company. The maximum amount redeemable under the Company’s share redemption program during a calendar year was limited to an annual dollar amount determined by the board of directors. On December 7, 2020, the Company’s board of directors approved an annual dollar amount limitation for special redemptions for calendar year 2021 of $250,000 in the aggregate. On December 6, 2021, the Company’s board of directors approved the same annual dollar amount limitation for special redemptions for calendar year 2022 of $250,000 in the aggregate. On December 15, 2022, in connection with its approval of the Plan of Liquidation, the Company’s board of directors approved the termination of the Company’s share redemption program. The termination was effective as of December 30, 2022, and as such, no redemptions were processed on the December 2022 redemption date. The Company did not redeem or repurchase any shares of its common stock during the year ended December 31, 2023. The board of directors expects that future liquidity will be provided to the Company’s stockholders through liquidating distributions.
Related Party Transactions	Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor for certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. These fees are detailed in the Advisory Agreement. See Note 8, “Related Party Transactions.” In addition, in connection with property acquisitions, the Company, through indirect wholly owned subsidiaries, has entered into separate property management agreements (each, a “Property Management Agreement”) with KBS Management Group, LLC (the “Co-Manager”), an affiliate of the Advisor.
Related Party Transactions, Asset Management Fee	The Advisor earns a monthly asset management fee equal to one-twelfth of 1.0% of the cost of the real property investments, including any debt financing on the property. The Advisor has waived asset management fees from October 1, 2022 through liquidation of the Company.
Related Party Transactions, Property Management Fee	The Company pays the Co-Manager a monthly fee equal to a percentage of the rent (determined on a property by property basis), payable and actually collected for the month, from certain property acquisitions for which the Company has entered a Property Management Agreement with the Co-Manager. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. See Note 8, “Related-Party Transactions — Real Estate Property Co-Management Agreements.”
Related Party Transactions, Disposition Fee	For substantial assistance in connection with the sale of the Company’s assets, which includes the sale of a single asset or the sale of all or a portion of the Company’s assets through a portfolio sale, merger or business combination transaction, the Company will pay the Advisor or its affiliates a percentage of the contract sales price of the assets sold. The disposition fee will equal 1.5% of the contract sales price. The Advisor agreed to waive the receipt of a disposition fee in connection with the sale of the assets of the Company in connection with the Plan of Liquidation.
Related Party Transactions, Reimbursement of Operating Expenses	The Company reimburses the Advisor for the following expenses it incurs in connection with providing services to the Company under the Advisory Agreement: the Company’s allocable portion of the costs of internal audit department personnel and promotional costs and expenses related to the leasing of properties.
Income Taxes	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To continue 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 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 on income that it distributes as dividends to its stockholders. 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 and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding for the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021, respectively. Basic and diluted net income (loss) per share of Class A common stock and basic and diluted net income (loss) per share of Class T common stock were equal for the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021 as aggregate cash distributions for each share class were equal during those periods.
Square Footage, Occupancy and Other Measures	Square footage, occupancy, number of tenants and other similar measures used to describe real estate investments included in these Notes to Consolidated Financial Statements are presented on an unaudited basis.

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 estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25 - 40 years Building improvements 10 - 25 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

LIABILITIES FOR ESTIMATED COS_2

LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION (Tables)	12 Months Ended
	Dec. 31, 2023
Liability during Liquidation [Abstract]
Schedule of Accrued Revenues and Expenses to be Incurred During Liquidation	Upon transition to the liquidation basis of accounting on April 1, 2023, the Company accrued the following revenues and expenses expected to be incurred during liquidation (in thousands): As of April 1, 2023 Rental income $ 9,806 Other operating income 124 Operating, maintenance, and management (2,495) Real estate taxes and insurance (2,066) General and administrative expenses (976) Interest expense (3,866) Liquidating transaction costs (600) Capital expenditures (302) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (375)
Schedule of Changes in Liquidation for Estimated Costs in Excess of Estimated Receipts	The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of December 31, 2023 is as follows (in thousands): April 1, 2023 Cash Payments Remeasurement of December 31, 2023 Assets: Estimated net inflows from investments in real estate $ 1,503 $ (1,526) $ 118 $ 95 1,503 (1,526) 118 95 Liabilities: Liquidation transaction costs (600) 212 88 (300) Corporate expenditures (976) 1,158 (672) (490) Capital expenditures (302) 270 (239) (271) (1,878) 1,640 (823) (1,061) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (375) $ 114 $ (705) $ (966)

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2023 and 2022, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of December 31, 2023 Book Value as of December 31, 2022 Contractual Interest Rate as of December 31, 2023 (1) Effective Interest Rate at December 31, 2023 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ — $ 46,268 (3) (3) (3) (3) Modified Term Loan (4) 36,035 52,260 One-month Term SOFR + 0.10% + 2.50% (4) 7.95% Interest Only 05/09/2024 210 W. Chicago Mortgage Loan (5) 3,582 3,651 One-month Term SOFR +0.10% + 2.20% (5) 12.68% Principal & Interest (5) 06/28/2024 Notes payable principal outstanding $ 39,617 $ 102,179 Deferred financing costs, net (6) — (80) Notes payable, net $ 39,617 $ 102,099 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2023 using interest rate indices as of December 31, 2023. (2) Represents the maturity date as of December 31, 2023. (3) On December 22, 2022, the Commonwealth Borrower defaulted on the loan as a result of a failure to pay the full amount of the outstanding debt service due on the loan. Effective February 13, 2023, the Commonwealth Borrower was in maturity default for failure to pay the amount of the debt outstanding and due to the lender on the February 1, 2023 maturity date. On July 18, 2023, the Commonwealth Building was sold at public auction in a foreclosure sale to a buyer affiliated with the Commonwealth Lender and all interest in the Commonwealth Building was transferred to the buyer. See Note 6, “Real Estate – Foreclosure of the Commonwealth Building.” (4) The Modified Term Loan is secured by the Offices at Greenhouse and prior to its disposition was also secured by the Institute Property. It bore interest at the forward-looking term rate based on Secured Overnight Financing Rate (“SOFR”) with a tenor comparable to the one-month Term SOFR plus 10 basis points (collectively, the “Adjusted Term SOFR”) plus 200 basis points per annum prior to May 9, 2023. On and after May 9, 2023, the Modified Term Loan bears interest at Adjusted Term SOFR plus 250 basis points per annum. On a monthly basis, any excess cash flow (as defined in the modification agreement) from the Offices at Greenhouse and the Institute Property is required to be deposited into an account which will serve as additional security for the Modified Term Loan. Subject to certain terms and conditions contained in the loan documents, cash currently held by the Company may only be used for the Company’s operating costs including but not limited to the Company’s general and administrative costs, liquidation costs, capital costs and any other reasonable costs and expenses required to maintain the Company as a going concern (collectively “REIT Operating Costs”), but for no other purpose. The Modified Term Loan is full recourse under the guaranty provided by KBSGI REIT Properties, LLC (“KBS GI REIT Properties”), the Company’s wholly owned subsidiary. On November 6, 2023, the Company entered into a modification agreement with the lender under the Modified Term Loan and extended the maturity date to May 9, 2024. On November 30, 2023, in connection with the disposition of the Institute Property, the Company repaid $16.2 million principal balance under the Modified Term Loan and the Institute Property was released as a security from the Modified Term Loan. (5) Monthly payments for the 210 W. Chicago Mortgage Loan include principal and interest with principal payments calculated using an amortization schedule of 25 years at an interest rate of 6.0%, with the remaining principal balance, all accrued and unpaid interest and any other amounts due at maturity. On June 7, 2023, the borrower under the 210 W. Chicago Mortgage Loan entered into an early opt-in election and related amendment to the loan agreement with the lender which modified the interest rate to Adjusted Term SOFR plus 220 basis points per annum (the “210 W. Chicago Interest Rate”). On December 10, 2023, the borrower under the 210 W. Chicago Mortgage Loan defaulted on the loan as a result of a failure to pay in full the entire November 2023 monthly interest payment. During the time the default exists, the interest rate under this loan is calculated at the 210 W. Chicago Interest Rate, plus 5%. Subsequent to December 31, 2023, the borrower under the 210 W. Chicago Mortgage Loan entered into a discounted payoff agreement with the lender. See Note 10, “Subsequent Event – Discounted Payoff Agreement for 210 W. Chicago Mortgage Loan.” (6) As described in Note 3, “Summary of Significant Accounting Policies – Principles of Consolidation and Basis of Presentation,” on April 1, 2023, the Company adopted the liquidation basis of accounting which requires the Company to record notes payable at their contractual amounts.

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 receivable and payable as of December 31, 2023 and 2022 (in thousands): Incurred Years Ended Receivable as of Payable as of 2023 2022 2021 2023 2022 2023 2022 Expensed Asset management fees (1) $ — $ (1,740) $ 1,740 $ — $ — $ — $ 5,901 Reimbursement of operating expenses (2) 105 113 273 — 2 25 5 Property management fees (3) — 70 114 — — — — $ 105 $ (1,557) $ 2,127 $ — $ 2 $ 25 $ 5,906 _____________________ (1) The asset management fee is a monthly fee payable to the Advisor in an amount equal to one-twelfth of 1.0% of the cost of the Company’s investments including the portion of the investment that is debt financed. For the period from October 2017 through September 2022, the Company had accrued and deferred payment of $8.9 million of asset management fees. In January 2023, the Advisor waived payment of its asset management fees from October 1, 2022 through the Company’s liquidation and waived $3.0 million of accrued asset management fees and as a result, as of December 31, 2023, the Company had $5.9 million of accrued asset management fees payable to the Advisor. For purposes of the consolidated statement of net assets as of December 31, 2023 and consolidated statement of changes in net assets for the period April 1, 2023 to December 31, 2023, the Company has estimated the asset management fee payable to the Advisor to be $0, as the Advisor informed the Company it will not seek payment for the deferred asset management fees. In March 2024, the Advisor waived the deferred asset management fees and no asset management fees are owed to the Advisor. (2) See “Reimbursable Operating Expenses” below. (3)
Schedule of Annual Fee Percentage	Property Name Effective Date Annual Fee Percentage Commonwealth Building 07/01/2016 1.25% The Offices at Greenhouse 11/14/2016 0.25% Institute Property 11/09/2017 1.00%

ORGANIZATION (Details)

ORGANIZATION (Details)		12 Months Ended
	Feb. 02, 2023	Dec. 31, 2023 property shares	Jan. 27, 2015 $ / shares shares
Organizational Structure [Line Items]
Plan of liquidation, term	60 days
Class A Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		9,838,569
Common stock, shares outstanding (in shares)		9,838,569
Class T Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		307,606
Common stock, shares outstanding (in shares)		307,606
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property		2
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)			20,000
Purchase price per share (in usd per share) | $ / shares			$ 10
Operating Partnership
Organizational Structure [Line Items]
Managing member or general partner, ownership interest		0.10%
Members or limited partners, ownership interest		99.90%

PLAN OF LIQUIDATION (Details)

PLAN OF LIQUIDATION (Details)	May 09, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net proceeds from liquidation to its stockholders	24 months

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Life (Details)	Dec. 31, 2023
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful lives	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful lives	40 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful lives	10 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful lives	25 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Real Estate and Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment charges on real estate	$ 0	$ 18,665	$ 13,164

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Common Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 06, 2021	Dec. 07, 2020
Summary of Significant Accounting Policies [Line Items]
Period of increase or decrease of funding available for redemption	10 days
Maximum percentage of weighted-average shares outstanding available for redemption during any calendar year	5%
Estimated value per share of company's common stock (in dollars per share)			$ 3.38	$ 4.90
Dollar limitation for special redemptions			$ 250,000	$ 250,000
Maximum | Modified Term Loan | Secured Debt
Summary of Significant Accounting Policies [Line Items]
Cash distributions		$ 250,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Management Fee (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024
Summary of Significant Accounting Policies [Line Items]
Due to affiliates		$ 25	$ 25	$ 5,906
Advisor and Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Related party transaction			$ 105	(1,557)	$ 2,127
Waived accrued asset management fees | Advisor and Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Related party transaction	$ (3,000)
Estimated Asset Management Fees Payable | Advisor and Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Related party transaction		0
KBS Capital Advisors LLC | Cost of Investments
Summary of Significant Accounting Policies [Line Items]
Monthly management fee, percent of cost and real estate property investment, including any debt financing on property			0.083%
Related Party | Advisor and Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Due to affiliates		$ 25	$ 25	$ 5,906
Related Party | Advisor and Dealer Manager | Forecast
Summary of Significant Accounting Policies [Line Items]
Due to affiliates						$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disposition Fee (Details)	Dec. 31, 2023
KBS Capital Advisors LLC or Affiliates
Summary of Significant Accounting Policies [Line Items]
Disposition fee as percent of contract sales price	1.50%

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	Dec. 31, 2023 property
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	2

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Per Share Data (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Potentially dilutive securities (in shares)	0	0	0
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Distributions declared per share (in dollars per share)	$ 0	$ 0	$ 0.17150000
Class T Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Distributions declared per share (in dollars per share)	$ 0	$ 0	$ 0.17150000

LIABILITIES FOR ESTIMATED COS_3

LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION - Schedule of Accrued Revenues and Expenses to be Incurred During Liquidation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities for estimated costs in excess of estimated receipts during liquidation	$ (966)	$ (375)
Rental income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues		9,806
Other operating income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues		124
Operating, maintenance, and management
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		(2,495)
Real estate taxes and insurance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		(2,066)
General and administrative expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		(976)
Interest expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		(3,866)
Liquidating transaction costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		(600)
Capital expenditures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses		$ (302)

LIABILITIES FOR ESTIMATED COS_4

LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION - Schedule of Changes in Liquidation for Estimated Costs in Excess of Estimated Receipts (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	$ (375)
Cash Payments (Receipts)	114
Remeasurement of Assets and Liabilities	(705)
Ending balance	(966)
Assets:
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	1,503
Cash Payments (Receipts)	(1,526)
Remeasurement of Assets and Liabilities	118
Ending balance	95
Estimated net inflows from investments in real estate
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	1,503
Cash Payments (Receipts)	(1,526)
Remeasurement of Assets and Liabilities	118
Ending balance	95
Liabilities:
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	(1,878)
Cash Payments (Receipts)	1,640
Remeasurement of Assets and Liabilities	(823)
Ending balance	(1,061)
Liquidation transaction costs
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	(600)
Cash Payments (Receipts)	212
Remeasurement of Assets and Liabilities	88
Ending balance	(300)
Corporate expenditures
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	(976)
Cash Payments (Receipts)	1,158
Remeasurement of Assets and Liabilities	(672)
Ending balance	(490)
Capital expenditures
Movement in Liquidation Accrual [Roll Forward]
Beginning balance	(302)
Cash Payments (Receipts)	270
Remeasurement of Assets and Liabilities	(239)
Ending balance	$ (271)

NET ASSETS IN LIQUIDATION (Deta

NET ASSETS IN LIQUIDATION (Details)	Dec. 31, 2023 $ / shares
Assets in Liquidation [Abstract]
Common stock, additional estimated liquidation distribution (usd per share)	$ 0.10

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) ft² property
Real Estate Properties [Line Items]
Real estate liquidation value | $	$ 37.9
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	2
Rentable square feet | ft²	219,523
Occupancy rate	90.30%

REAL ESTATE - Disposition of th

REAL ESTATE - Disposition of the Institute Property (Details) $ in Millions	Nov. 30, 2023 USD ($)	Nov. 09, 2017 ft² a story
Modified Term Loan | Secured Debt
Real Estate [Line Items]
Debt instrument, repaid	$ 16.2
Disposed of by sale | Institute Property
Real Estate [Line Items]
Consideration received	17
Disposal group, including discontinued operation, before third-party closing costs and prorations	0.5
Disposal group, including discontinued operation, security deposit obligations transferred to the purchaser	$ 0.3
Office Building
Real Estate [Line Items]
Real estate property acquired, number of stories | story		7
Net rentable area | ft²		155,385
Area of land | a		0.5
Parking
Real Estate [Line Items]
Net rentable area | ft²		8,038
Area of land | a		0.18

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands						12 Months Ended
	Dec. 10, 2023	Nov. 30, 2023	Jun. 07, 2023	May 09, 2023	May 08, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable principal outstanding						$ 39,617	$ 102,179
Deferred financing costs, net						0	(80)
Notes payable, net						39,617	102,099
Mortgages | Commonwealth Building Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding						0	46,268
Mortgages | 210 W. Chicago Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding						$ 3,582	3,651
Effective interest rate						12.68%
Amortization schedule						25 years
Interest rate						6%
Mortgages | 210 W. Chicago Mortgage Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.20%			2.20%
Debt default, basis spread on variable rate	5%
Secured Debt | Modified Term Loan
Debt Instrument [Line Items]
Notes payable principal outstanding						$ 36,035	$ 52,260
Effective interest rate						7.95%
Debt instrument, repaid		$ 16,200
Secured Debt | Modified Term Loan | Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate					0.10%	0.10%
Secured Debt | Modified Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%	2%	2.50%
Secured Debt | 210 W. Chicago Mortgage Loan | Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate						0.10%

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 2,244	$ 4,185	$ 2,343
Interest payable, current		600		$ 300
Amortization of deferred financing costs	$ 27	223	237
Interest Rate Swap
Derivative [Line Items]
Decrease (increase) in interest expense from derivative holdings		$ 200	$ 3

NOTES PAYABLE - Recent Financin

NOTES PAYABLE - Recent Financing Transactions (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable principal outstanding		$ 39,617	$ 102,179
Long-term debt		39,617	102,099
Modified Term Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, repaid	$ 16,200
Notes payable principal outstanding		$ 36,035	$ 52,260
Debt instrument, guarantor cash collateral	$ 42,315

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Costs (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024	Sep. 30, 2022
Related Party Transaction [Line Items]
Due from affiliates			$ 2
Due to affiliates		$ 25	5,906
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred (waived) costs		105	(1,557)	$ 2,127
Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Due from affiliates		0	2
Due to affiliates		25	5,906
Advisor and Dealer Manager | Related Party | Forecast
Related Party Transaction [Line Items]
Due to affiliates					$ 0
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Incurred (waived) costs		$ 0	(1,740)	1,740
Monthly management fee, percent of cost and real estate property investment, including any debt financing on property		0.083%
Advisor and Dealer Manager | Asset management fees | Related Party
Related Party Transaction [Line Items]
Due from affiliates		$ 0	0
Due to affiliates		0	5,901
Advisor and Dealer Manager | Reimbursable operating expenses
Related Party Transaction [Line Items]
Incurred (waived) costs		105	113	273
Advisor and Dealer Manager | Reimbursable operating expenses | Related Party
Related Party Transaction [Line Items]
Due from affiliates		0	2
Due to affiliates		25	5
Advisor and Dealer Manager | Property management fees
Related Party Transaction [Line Items]
Incurred (waived) costs		0	70	$ 114
Advisor and Dealer Manager | Property management fees | Related Party
Related Party Transaction [Line Items]
Due from affiliates		0	0
Due to affiliates		0	$ 0
Advisor and Dealer Manager | Asset management fees, accrued and deferred from October 2017 to September 2022 | Related Party
Related Party Transaction [Line Items]
Due to affiliates						$ 8,900
Advisor and Dealer Manager | Waived accrued asset management fees
Related Party Transaction [Line Items]
Incurred (waived) costs	$ (3,000)
Advisor and Dealer Manager | Asset Management Fees Accrued | Related Party
Related Party Transaction [Line Items]
Due to affiliates		$ 5,900

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Related party transaction amount	$ 105	$ (1,557)	$ 2,127
Limit of total operating expenses as a percent of average invested assets (percent)	2%
Limit of total operating expenses as a percent of net income (percent)	25%
Advisor and Dealer Manager | Reimbursable Operating Expenses Under the Advisory Agreement
Related Party Transaction [Line Items]
Related party transaction amount	$ 100	$ 100	$ 300
KBS Management Group, LLC
Related Party Transaction [Line Items]
Initial term of management agreements	1 year
Successive periods, renewal	1 year
Period of termination notice	30 days
Period of termination notice with cause	5 days

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Real Estate Property Co-Management Agreement (Details) - KBS Management Group, LLC	12 Months Ended
	Dec. 31, 2023
Related Party Transaction [Line Items]
Initial term of management agreements	1 year
Successive periods, renewal	1 year
Period of termination notice	30 days
Period of termination notice with cause	5 days

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Schedule of Annual Fee Percentage (Details) - KBS Management Group, LLC - Related Party	12 Months Ended
	Dec. 31, 2023
Commonwealth Building
Related Party Transaction [Line Items]
Annual fee percentage	1.25%
The Offices at Greenhouse
Related Party Transaction [Line Items]
Annual fee percentage	0.25%
Institute Property
Related Party Transaction [Line Items]
Annual fee percentage	1%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	Mar. 27, 2024	Mar. 01, 2024
210 W. Chicago Mortgage Loan | Mortgages
Subsequent Event [Line Items]
Debt instrument, discounted payoff agreement, net sales proceeds, percent		100%
Debt instrument, discounted payoff agreement, extinguishment amount		$ 2.3
Discounted payoff agreement, outstanding balance due if property fails to sell		$ 3.7
Extinguishment of debt, amount	$ 2.3
Disposed of by sale | 210 W. Chicago
Subsequent Event [Line Items]
Consideration received	$ 2.7