| Summary of redeemable noncontrolling interests |
| | | | | | | | | | | | | Three Months Ended June 30, | | 2025 | | 2024 | | | | | Consolidated | | | | | | | | JBG | | Real Estate | | | | | JBG | | SMITH LP | | Venture | | Total | | SMITH LP | | | (In thousands) | Balance, beginning of period | $ | 418,236 | | $ | — | | $ | 418,236 | | $ | 435,529 | Redemptions | | (1,135) | | | — | | | (1,135) | | | (2,341) | LTIP Units issued in lieu of cash compensation (1) | | 974 | | | — | | | 974 | | | 854 | Net income (loss) | | (3,962) | | | 22 | | | (3,940) | | | (3,454) | Other comprehensive loss | | (1,562) | | | — | | | (1,562) | | | (434) | Contributions (distributions) | | (2,898) | | | 100,000 | | | 97,102 | | | (2,910) | Share-based compensation expense | | 6,855 | | | — | | | 6,855 | | | 10,913 | Adjustment to redemption value | | 12,695 | | | 13,978 | | | 26,673 | | | (1,484) | Balance, end of period | $ | 429,203 | | $ | 114,000 | | $ | 543,203 | | $ | 436,673 | | | | | | | | | | | | | | Six Months Ended June 30, | | 2025 | | 2024 | | | | | Consolidated | | | | | | | | JBG | | Real Estate | | | | | JBG | | SMITH LP | | Venture | | Total | | SMITH LP | | | (In thousands) | Balance, beginning of period | $ | 423,632 | | $ | — | | $ | 423,632 | | $ | 440,737 | Redemptions | | (10,854) | | | — | | | (10,854) | | | (10,216) | LTIP Units issued in lieu of cash compensation (1) | | 3,048 | | | — | | | 3,048 | | | 3,836 | Net income (loss) | | (11,940) | | | 22 | | | (11,918) | | | (7,988) | Other comprehensive income (loss) | | (3,446) | | | — | | | (3,446) | | | 1,592 | Contributions (distributions) | | (2,898) | | | 100,000 | | | 97,102 | | | (5,840) | Share-based compensation expense | | 13,015 | | | — | | | 13,015 | | | 19,863 | Adjustment to redemption value | | 18,646 | | | 13,978 | | | 32,624 | | | (5,311) | Balance, end of period | $ | 429,203 | | $ | 114,000 | | $ | 543,203 | | $ | 436,673 |
| (1) | See Note 11 for additional information. |
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