On December 4, 2025, the Company, through its wholly owned TRS, TRS JV, entered into a joint venture agreement with IDV Aldine Westfield, LLC ("IDV") to form Sealy IDV Aldine Westfield, LLC (the "IDV JV"). On December 5, 2025, the IDV JV purchased a 10.1-acre land parcel located in Houston, Texas from IDV for $4.2 million to develop an industrial warehouse of approximately 164,600 square feet by the end of 2026. The Company maintains a 95% interest and IDV holds the remaining 5% interest in the IDV JV. In accordance with the consolidation principles in ASC Topic 810, Consolidation ("ASC 810"), the Company consolidated the IDV JV's financial statements and has included IDV's equity interest in the IDV JV as a non-controlling interest in the consolidated balance sheets.

As of June 30, 2026 and December 31, 2025, the Company has contributed approximately $6.8 million and $4.8 million to the IDV JV. The following table summarizes the joint venture amounts included in our consolidated balance sheets (in thousands):


Financial Statement Line	June 30, 2026		December 31, 2025
Land	$	4,200	$	4,200
Work in Progress	$	8,927	$	865
Cash and cash equivalents	$	—	$	28
Prepaid expenses and other assets	$	—	$	8
Deferred financing costs	$	—	$	65
Accounts payable and accrued expenses	$	1,678	$	177
Construction loan	$	4,310	$	—
Non-controlling interests	$	292	$	192