v3.26.1
Redeemable Non-Controlling Interests
12 Months Ended
Dec. 31, 2025
Redeemable Non-Controlling Interests  
Redeemable Non-Controlling Interests

Note 12. Redeemable Non-Controlling Interests

The Class E OP Units held by the Special Limited Partner are classified as redeemable non-controlling interests on the Company’s consolidated balance sheets. Redeemable non-controlling interests are recorded at the greater of their carrying amount, adjusted for their share of the allocation of income or loss and distributions, or their redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period.

The following table presents the activity related to redeemable non-controlling interests for the years ended December 31, 2025 and December 31, 2024:

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Balance at the beginning of the year

$

$

Issuance of Class E OP units

 

2,360

 

Distributions

 

(92)

 

Fair value allocation

 

122

 

Balance at the end of the year

$

2,390

$