Management has determined that the equity holders in the Company’s consolidated entities, as a group, lack the power to direct the activities that most significantly impact the entities’ economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined to be the primary beneficiary of each of these entities since it has the power to direct the activities of the entities and the right to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual entities.

Generally, the assets of the individual consolidated VIEs can only be used to settle liabilities of each respective individual consolidated VIE and the liabilities of each respective VIE, including VIEs which it consolidates, are liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Company. When the VIE is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the consolidated financial statements. The Company has provided financial support to certain consolidated VIEs in the form of short-term financing and guarantees of the debts of certain VIEs. In general, the Company’s maximum exposure to loss due to involvement with the consolidated VIEs is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts.

During the three months ended March 31, 2026, the Company consolidated Commons Fundco, LLC (“Commons”), a VIE which refinanced a loan secured by a residential property it owns. With the refinancing of this loan, the Company was determined to be the primary beneficiary as the Company has the power to direct the activities of Commons and the obligation to absorb their losses through its guarantee of their indebtedness, which is significant to the fund. No VIE’s were consolidated during the three months ended March 31, 2025. The consolidation of Commons consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):


	March 31, 2026
Assets
Cash	$	247
Restricted cash	800
Real estate investments, net	40,358


Notes receivable - related parties	5,055
Due from related parties	995


Prepaid and other assets	91
Total assets	$	47,546

Liabilities
Notes payable, net	$	32,923

Accounts payable and accrued expenses	538
Due to related parties	415

Other liabilities	90
Total liabilities	33,966

Stockholders’ equity	13,580
Total liabilities and stockholders’ equity	$	47,546

During 2025 the Company deconsolidated DoubleTree by Hilton Tucson Convention Center (“TCC”), and the Company’s investment in these assets are no longer eliminated and are included in investments in unconsolidated entities on the accompanying condensed consolidated balance sheets dated March 31, 2026 and December 31, 2025.