Although the Company had majority ownership of certain joint ventures during 2021 and 2020, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

At September 30, 2021, the Company had investments in 31 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 20% to 100%. Of these entities, 17 are owned in 50/50 joint ventures.

The Company reached an agreement with the lender to modify the loan secured by Ambassador Infrastructure. The agreement provides an additional four-year term with a fixed interest rate of 3.0%. The extended loan, maturing in March 2025, had an outstanding balance of $8,250 at September 30, 2021, as $1,110 was paid down in conjunction with the modification. Additionally, the agreement provides a waiver related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Debtors emerged from bankruptcy on November 1, 2021.

During the nine months ended September 30, 2021, the Company deconsolidated Asheville Mall and Park Plaza as a result of the Company losing control of these properties when each was placed in receivership as part of the foreclosure process. The Company evaluated the loss of control of each property and determined that it was no longer the primary beneficiary of the respective wholly owned subsidiaries that own these properties. As a result, the Company adjusted the combined negative equity in the two entities to zero, which represents the estimated fair value of the Company’s investments in these properties, and recognized a gain on deconsolidation of $55,131.

In July 2021, Continental 425 Fund LLC reached an agreement with the lender to amend to the construction loan secured by Springs at Port Orange, which extends the term of the note to December 31, 2021, increases the principal amount of the loan to $44,400, or $19,314 at the Company’s share, and provides an interest rate of LIBOR plus 2.0%. Continental 425 Fund LLC distributed $4,349 to the Company for its share of the net proceeds from the increase in the principal amount of the loan.

In March 2021, the Company reached an agreement with the lender to modify the loan secured by The Pavilion at Port Orange. The agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026. Additionally, the agreement provides forbearance related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Debtors emerged from bankruptcy on November 1, 2021. This loan had an outstanding balance of $51,998 at September 30, 2021.

Subsequent to September 30, 2021, the loan secured by The Shoppes at Eagle Point was extended for one year with a new maturity date of October 2022. See Note 15.

In March 2021, the Company reached agreements with the lender to modify the loans secured by Hammock Landing Phases I & II. Each agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026. Additionally, the agreements provide forbearance related to the default triggered as a result of the Chapter 11 Cases, which became effective when the Debtors emerged from bankruptcy on November 1, 2021. These loans had a combined outstanding loan balance of $53,360 at September 30, 2021.

As described in Note 2, the filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s unconsolidated affiliates, which may have resulted in automatic acceleration of certain monetary obligations or may give the applicable lender the right to accelerate such amounts. The unconsolidated affiliates entered forbearance and waiver agreements with many of the lenders, which waived defaults due to bankruptcy upon the Plan becoming effective. The Company remains in negotiations with lenders regarding loan extensions and loan defaults of the unconsolidated affiliates where a forbearance and/or waiver agreement have not been reached, and those loans have an aggregate outstanding balance of $622,959 at September 30, 2021.

Condensed combined financial statement information of the unconsolidated affiliates is as follows:

	September 30, 2021			December 31, 2020
ASSETS:
Investment in real estate assets	$	2,463,912		$	2,346,124
Accumulated depreciation		(925,138	)		(862,435	)
		1,538,774			1,483,689
Developments in progress		10,375			28,138
Net investment in real estate assets		1,549,149			1,511,827
Other assets		193,924			174,966
Total assets	$	1,743,073		$	1,686,793
LIABILITIES:
Mortgage and other indebtedness, net	$	1,575,873		$	1,439,454
Other liabilities		86,467			45,280
Total liabilities		1,662,340			1,484,734
OWNERS' EQUITY:
The Company		103,214			132,350
Other investors		(22,481	)		69,709
Total owners' equity		80,733			202,059
Total liabilities and owners’ equity	$	1,743,073		$	1,686,793

	Three Months Ended September 30,
	2021			2020
Total revenues	$	65,482		$	46,953
Net loss ⁽¹⁾	$	(3,206	)	$	(10,671	)

	Nine Months Ended September 30,
	2021			2020
Total revenues	$	181,985		$	154,128
Net loss ⁽¹⁾	$	(16,225	)	$	(12,139	)

The Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

As of September 30, 2021, the Company had investments in 12 consolidated VIEs with ownership interests ranging from 50% to 92%.

The table below lists the Company's unconsolidated VIEs as of September 30, 2021:

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships			Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—		$	8,250
Asheville Mall CMBS, LLC		—			—
Atlanta Outlet JV, LLC ⁽¹⁾		23,437			27,941
CBL-T/C, LLC		60,283			60,283
CBL-TRS Joint Venture, LLC		18,619			18,619
Continental 425 Fund LLC		98			98
EastGate Storage, LLC ⁽¹⁾		463			3,693
El Paso Outlet Center Holding, LLC		7,888			7,888
Fremaux Town Center JV, LLC		5,747			5,747
Hamilton Place Self Storage ⁽¹⁾		892			4,393
Louisville Outlet Shoppes, LLC ⁽¹⁾		(11,364	)		8,512
Mall of South Carolina L.P.		(17,338	)		—
Mall of South Carolina Outparcel L.P.		(2,695	)		—
Park Plaza Mall CMBS, LLC		—			—
Parkdale Self Storage, LLC ⁽¹⁾		500			7,000
PHG-CBL Lexington, LLC		35			35
Self Storage at Mid Rivers, LLC ⁽¹⁾		515			3,486
Shoppes at Eagle Point, LLC ⁽¹⁾		18,195			30,935
Vision - CBL Hamilton Place, LLC		3,750			3,750
	$	109,025		$	190,630