Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below summarizes the consolidated VIEs and the classification of the restricted assets and non-recourse VIE liabilities on our condensed consolidated balance sheets:


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

The table below summarizes the unconsolidated VIEs on our condensed consolidated balance sheets:


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

(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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