v3.26.1
Unconsolidated Variable Interest Entities
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Unconsolidated Variable Interest Entities

6. Unconsolidated Variable Interest Entities

Unconsolidated VIEs

The Company continually reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.

As of March 31, 2026, the Company has accounted for the following investments as unconsolidated VIEs:

Entities

 

Instrument

 

Asset Type

 

Percentage Ownership as of March 31, 2026

 

 

Unconsolidated Entities:

 

 

 

 

 

 

 

 

NexPoint Storage Partners, Inc.

 

Common Stock

 

Self-storage

 

 

26.0

%

 

Resmark Forney Gateway Holdings, LLC

 

Common Equity

 

Multifamily

 

 

98.0

%

 

Resmark The Brook Holdings, LLC

 

Common Equity

 

Multifamily

 

 

98.0

%

 

Private REIT

 

Common Stock

 

Ground Lease

 

 

6.2

%

 

Ridgeview Place

 

Common Equity

 

Multifamily

 

 

5.9

%

 

Capital Acquisitions Partners, LLC

 

Membership Interests

 

Multifamily

 

 

79.1

%

 

As of December 31, 2025, the Company has accounted for the following investments as unconsolidated VIEs:

Entities

 

Instrument

 

Asset Type

 

Percentage Ownership as of December 31, 2025

 

 

Unconsolidated Entities:

 

 

 

 

 

 

 

 

NexPoint Storage Partners, Inc.

 

Common Stock

 

Self-storage

 

 

26.0

%

 

Resmark Forney Gateway Holdings, LLC

 

Common Equity

 

Multifamily

 

 

98.0

%

 

Resmark The Brook Holdings, LLC

 

Common Equity

 

Multifamily

 

 

98.0

%

 

Private REIT

 

Common Stock

 

Ground Lease

 

 

6.2

%

 

SK Apartments

 

Common Equity

 

Multifamily

 

 

5.9

%

 

Capital Acquisitions Partners, LLC

 

Membership Interests

 

Multifamily

 

 

79.1

%

 

The Company's maximum exposure to loss of value for the NSP investment is the fair value of the Company's $24.9 million NSP common stock investment. The Company's maximum exposure to loss of value for the CAP investment is the $1.8 million carrying value. The Company's maximum exposure to loss of value for the Private REIT investment is the fair value of the Company's $28.0 million Private REIT common stock investment. The combined maximum exposure of Resmark Gateway, Resmark Brook and Ridgeview Place is zero.