The Company consolidates certain VIEs in which it has determined it is the primary beneficiary. As of June 30, 2026, the Company had identified nine consolidated VIEs, including the Operating Partnership and the Funds.

Excluding the Operating Partnership and the Funds, the Company’s consolidated VIEs include in-service REIT Portfolio operating properties: the Williamsburg Portfolio, 239 Greenwich Avenue, 8833 Beverly Boulevard, the Renaissance Portfolio, and the Henderson Avenue Development Project. The following table presents the assets and liabilities of the consolidated VIEs included in the Condensed Consolidated Balance sheets (in thousands):


(in thousands)	June 30, 2026		December 31, 2025
VIE ASSETS
Operating real estate, net	$	1,001,997	$	1,768,555
Investments in and advances to unconsolidated affiliates		37,093		53,255
Other assets, net		41,023		78,266
Right-of-use assets - operating leases, net		1,300		1,539
Cash and cash equivalents		27,241		30,429
Restricted cash		6,998		6,517
Rents receivable, net		11,884		29,324
Assets of property held for sale		6,835		—
Total VIE assets (a)	$	1,134,371	$	1,967,885

VIE LIABILITIES
Mortgage and other notes payable, net	$	380,952	$	793,840
Unsecured notes payable, net		52,250		61,250
Accounts payable and other liabilities		79,720		125,586
Lease liabilities - operating leases, net		1,355		1,604
Total VIE liabilities (a)	$	514,277	$	982,280

(a)

The Operating Partnership is joint and severally liable for the outstanding balance of the Fund IV Term Loan, which had a balance of $52.3 million as of June 30, 2026 (Note 7, Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and serve as collateral under the respective property mortgage loans. These assets are restricted and may only be used to settle the corresponding obligations of the VIEs. Similarly, the remaining VIE liabilities are obligations of these consolidated VIEs and do not have recourse to the Operating Partnership or the Company.

As of June 30, 2026, the Company had interests in two unconsolidated VIEs: 1238 Wisconsin Avenue and the Georgetown Portfolio. The Company’s investment in the assets of these unconsolidated VIEs was $41.9 million and $42.6 million, respectively. The Company’s share of the liabilities of these unconsolidated VIEs was $38.9 million and $38.9 million as of June 30, 2026 and December 31, 2025, respectively.

The Company holds a preferred equity investment in an unconsolidated VIE with a carrying value of $82.9 million as of June 30, 2026, which represents the Company’s maximum exposure to loss.