v3.26.3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Due from Related Parties $ 3,754 $ 6,475
Other [1] 2,656 3,383
Investments in and advances to unconsolidated affiliates 262,271 161,955
Distributions in excess of income from, and investments in, unconsolidated affiliates 16,492 16,838
Related Party    
Schedule of Equity Method Investments [Line Items]    
Due from Related Parties $ 2,755 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%  
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 $ 86,959 84,561
REIT Portfolio | Gotham Plaza    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage 49.00%  
Equity method investments $ 28,224 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] $ 3,781 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] $ 17,192 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] $ 16,336 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] $ 37,762 34,631
Investment Management | Family Center at Riverdale    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage [4],[5] 89.42%  
Equity method investments [4],[5] $ 156 0
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] $ 38 375
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] $ 366 5,789
Investment Management | Fund IV    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [8] $ 404 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] $ 0 521
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] $ 293 6,120
Investment Management | Frederick County Acquisitions    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage [8] 90.00%  
Equity method investments [8] $ 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] $ 7,954 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] $ 6,872 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] $ 8,775 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] $ 7,733 9,023
Investment Management | Fund V    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [8] $ 35,202 46,395
Investment Management | Shops at Grand    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage 5.00%  
Equity method investments $ 2,292 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 $ 1,711 1,805
Investment Management | LINQ Promenade    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage 15.00%  
Equity method investments $ 15,372 15,918
Investment Management | Shops at Skyview    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage [11] 20.00%  
Equity method investments [11] $ 62,751 0
Investment Management | Atlantic Portfolio    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage [12] 20.00%  
Equity method investments [12] $ 42,901 0
Investment Management | Avenue West Cobb    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage 20.00%  
Equity method investments $ 4,296 0
Investment Management | Pinewood Square    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, ownership percentage 20.00%  
Equity method investments $ 4,972 0
Investment Management | Other    
Schedule of Equity Method Investments [Line Items]    
Equity method investments $ 134,295 $ 20,086
[1] Includes cost-method investment in Fifth Wall. The Company recorded an impairment charge of $0.6 million for the nine months ended September 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 September 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 nine months ended September 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 September 30, 2026 and December 31, 2025, respectively, and matures in December 2026 (Note 3).
[7] As of September 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 September 30, 2026, the investment balance relates to undistributed proceeds from the disposition.
[10] The property was sold on May 28, 2026. As of September 30, 2026, the investment balance relates to undistributed proceeds from the disposition.
[11] As of September 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 nine months ended September 30, 2026, the Company recognized $0.6 million and $1.8 million of interest income, respectively, which is included in Interest income in the Condensed Consolidated Statements of Operations.
[12] As of September 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 $1.9 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 nine months ended September 30, 2026, the Company recognized $0.3 million and $0.8 million of interest income, which is included in Interest income in the Condensed Consolidated Statements of Operations.