Included within our condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 are six consolidated entities, respectively, that are VIEs for which we are the primary beneficiary. These entities were established to own and operate real estate property. Our involvement with these entities is through majority ownership and management of the property. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the managing partner by a vote of a simple majority or less and they do not have substantive participating rights. We determined that we are the primary beneficiary as (1) we have the power to direct activities of the VIEs that most significantly impact the VIEs economic performance and (2) we have the obligation to absorb losses or the right to receive benefits of the VIEs that could potentially be significant to the VIEs through our variable interests.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. We have not provided financial support to these VIEs that we were not previously contractually required to provide, which consists primarily of funding expenses that are deemed necessary to continue to operate the entities and any operating cash shortfalls that the entities may experience.

Included within our condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 are four consolidated entities, respectively, that are VIEs that were established in connection with our DST Program. As of March 31, 2026, the entities within the DST Program include IREX Industrial Portfolio I DST, IREX II Storage Portfolio DST, IREX III Industrial Portfolio DST and IREX IV Industrial Portfolio DST. See additional information on the DST Program in Note 17 — “DST Program.” Our involvement with these entities is through our majority ownership and master lease agreements between us and the VIEs. These entities are deemed VIEs primarily because any equity ownership in the entities does not provide the equity owners voting rights. We determined that we are the primary beneficiary as (1) the VIEs have limited ongoing significant activities and we are responsible for the key decisions of the VIEs that were made at formation and have the power to direct the remaining activities of the VIEs such as the ability to exercise a fair market value purchase option and (2) we have the obligation to absorb losses or the right to receive benefits of the VIEs that could potentially be significant to the VIEs through the Company’s variable interests.

The majority of the operations of the VIEs are funded with cash flows from the master lease between the VIEs and wholly-owned subsidiaries of the Operating Partnership. We have not provided any financial support to the VIEs other than the interests described in Note 17 — “DST Program.”


in thousands	March 31, 2026		December 31, 2025



Total number of consolidated VIEs	10		10

Restricted assets:
Investments in real estate, net	$	460,490	$	463,322
Cash and cash equivalents	4,269		6,547
Intangible assets, net	16,106		18,005
Other assets	2,433		1,829
Total restricted assets	$	483,298	$	489,703

VIE non-recourse liabilities:
Mortgages payable, net	$	83,316	$	83,442
Financing obligation, net	53,980		53,983
Accounts payable, accrued expenses, and other liabilities	8,502		8,249


Total VIE non-recourse liabilities:	$	145,798	$	145,674


in thousands	March 31, 2026
Investments in Unconsolidated Entities	Carrying Amount		Maximum Risk of Loss		Ownership Percentage(1)
San Simeon Preferred Equity	$	25,419	$	24,400	N/A
Retail GP Fund	24,353		29,100		4.2% - 9.0%
Homestead	321		2,700		50.0%
Total unconsolidated variable interest entities	$	50,093	$	56,200


in thousands	December 31, 2025
Investments in Unconsolidated Entities	Carrying Amount		Maximum Risk of Loss		Ownership Percentage(1)
San Simeon Preferred Equity	$	30,056	$	24,400	N/A
Retail GP Fund	22,308		26,700		4.5% - 9.0%
Homestead	230		2,700		50.0%
Total unconsolidated variable interest entities	$	52,594	$	53,800

We have concluded that these investments are VIEs primarily because the equity investors at risk lack the ability to make decisions that significantly impact the economic performance of the entities. We have determined that we are not the primary beneficiary because we either do not have the power or share the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. We have not provided financial support to the VIEs that we were not previously contractually required to provide.