v3.26.1
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Sep. 25, 2024
Schedule of Equity Method Investments [Line Items]      
Due from Related Parties $ 3,323 $ 6,475  
Other [1] 2,713 3,383  
Investments in and advances to unconsolidated affiliates 263,598 161,955  
Distributions in excess of income from, and investments in, unconsolidated affiliates 16,914 16,838  
Related Party      
Schedule of Equity Method Investments [Line Items]      
Due from Related Parties $ 2,151 1,366  
Fund IV      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 23.12%    
Fund V      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 20.10%   90.00%
Shops at Skyview      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 7.50%    
Power Center      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 6.00%    
REIT Portfolio      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 85,942 84,561  
REIT Portfolio | Gotham Plaza      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 49.00%    
Equity method investments $ 27,885 28,161  
REIT Portfolio | Georgetown Portfolio      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [2] 50.00%    
Equity method investments [2] $ 3,766 3,744  
REIT Portfolio | 1238 Wisconsin Avenue      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [2],[3] 80.00%    
Equity method investments [2],[3] $ 17,258 18,025  
REIT Portfolio | Crossroads      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [4] 49.00%    
Distributions in excess of income from, and investments in, unconsolidated affiliates [4] $ 16,914 16,838  
REIT Portfolio | 840 N. Michigan      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [5],[6] 94.35%    
Equity method investments [5],[6] $ 37,033 34,631  
Investment Management | Fund IV Other Portfolio      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [7],[8] 90.00%    
Equity method investments [7],[8] $ 41 375  
Investment Management | 650 Bald Hill Road      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8],[9] 90.00%    
Equity method investments [8],[9] $ 369 5,789  
Investment Management | Fund IV      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [8] $ 410 6,164  
Investment Management | Fund V Family Center at Riverdale      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [5],[8] 89.42%    
Equity method investments [5],[8] $ 271 521  
Investment Management | Tri City Plaza      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8],[10] 90.00%    
Equity method investments [8],[10] $ 310 6,120  
Investment Management | Frederick County Acquisitions      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8],[11] 90.00%    
Equity method investments [8],[11] $ 3,575 3,872  
Investment Management | Wood Ridge Plaza      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8] 90.00%    
Equity method investments [8] $ 7,944 7,962  
Investment Management | La Frontera Village      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8] 90.00%    
Equity method investments [8] $ 8,424 9,746  
Investment Management | Shoppes at South Hills      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8] 90.00%    
Equity method investments [8] $ 8,335 9,151  
Investment Management | Mohawk Commons      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [8] 90.00%    
Equity method investments [8] $ 7,648 9,023  
Investment Management | Fund V      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [8] $ 36,507 46,395  
Investment Management | Shops at Grand      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 5.00%    
Equity method investments $ 2,293 2,363  
Investment Management | Walk at Highwoods Preserve      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 20.00%    
Equity method investments $ 1,716 1,805  
Investment Management | LINQ Promenade      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 15.00%    
Equity method investments $ 15,979 15,918  
Investment Management | Shops at Skyview      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [12] 20.00%    
Equity method investments [12] $ 63,760 0  
Investment Management | Atlantic Portfolio      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage [13] 20.00%    
Equity method investments [13] $ 42,976 0  
Investment Management | Avenue West Cobb      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 20.00%    
Equity method investments $ 4,275 0  
Investment Management | Pinewood Square      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 20.00%    
Equity method investments $ 4,876 0  
Investment Management | Other      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 135,875 $ 20,086  
[1] Includes cost-method investment in Fifth Wall. The Company recorded an impairment charge of $0.1 million and $0.6 million for the three and six months ended June 30, 2026, which is included in Realized and unrealized holding gains (losses) on investments and other in the Company’s Condensed Consolidated Statements of Operations.
[2] Represents a VIE for which the Company is not the primary beneficiary (Note 15).
[3] Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of June 30, 2026 and December 31, 2025 the related party note receivable had a principal balance of $12.8 million, net of a $0.1 million allowance at each period. The loan is secured by the venture members’ equity interest in the entity that owns the 1238 Wisconsin development property, bears interest at Prime + 1.0% (subject to a 4.5% floor), and matures on December 28, 2027. The Company recognized interest income of $0.1 million for each of the three and six month periods ended June 30, 2026 and 2025, related to this note receivable, which is recorded in Interest income in the Company’s Condensed Consolidated Statements of Operations.
[4] Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.
[5] Represents a tenancy-in-common interest.
[6] The Company has a note receivable from the 840 North Michigan Avenue venture partners which had a balance of $2.1 million and $1.8 million as of June 30, 2026 and December 31, 2025, respectively and matures in December 2026 (Note 3).
[7] As of June 30, 2026, the investment balance relates to undistributed proceeds from the disposition of the Eden Square property.
[8] The Company owns 23.12% and 20.10% in Funds IV and V, respectively (Note 1). For the ventures within these funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share.
[9] The property was sold on April 8, 2026. As of June 30, 2026, the investment balance relates to undistributed proceeds from the disposition.
[10] The property was sold on May 28, 2026. As of June 30, 2026, the investment balance relates to undistributed proceeds from the disposition.
[11] On September 25, 2024 the venture which Fund V holds a 90% interest in sold a 300,000 square foot property, Frederick Crossing, in Frederick County, Maryland. Fund V maintains its 90% interest in the venture which retains its interest in the remaining Frederick County Square property of the Frederick County Acquisitions portfolio.
[12] As of June 30, 2026, includes a $41.7 million preferred equity investment by the Company that was determined to be a debt instrument. The related-party advance is reported net of a $0.4 million CECL allowance. The loan bears interest at a fixed rate of 7.5%. For the three and six months ended June 30, 2026, the Company recognized $0.6 million and $1.2 million of interest income, respectively, which is included in Interest income in the Condensed Consolidated Statements of Operations.
[13] As of June 30, 2026, includes a $27.5 million preferred equity investment by the Company that was determined to be a debt instrument. The related-party advance is reported net of the $2.3 million unamortized discount and a $0.2 million CECL allowance. The loan bears interest at a fixed rate of 6.0%. For the three and six months ended June 30, 2026, the Company recognized $0.3 million and $0.5 million of interest income, which is included in Interest income in the Condensed Consolidated Statements of Operations.