5. Other Investments

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Condensed Consolidated Balance Sheets. In addition, the Company has invested capital in certain structured investments that are accounted for on the equity method of accounting. As of September 30, 2026 and December 31, 2025, the Company’s Other investments were $153.2 million and $99.9 million, respectively, of which the Company’s net investments under the Preferred Equity program were $111.7 million and $59.1 million as of September 30, 2026 and December 31, 2025, respectively.

During 2026, the Company deconsolidated a joint venture which holds a development project and related entitlements, located in Daly City, CA, which is now accounted for as a preferred equity investment with a gross value of $48.7 million. As of September 30, 2026, the Company’s investment was $54.0 million.