Co-investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

The carrying values of the Company’s co-investments as of June 30, 2026 and December 31, 2025 were as follows ($ in thousands, except in parenthetical):


	Weighted Average Company Ownership Percentage (1)	June 30, 2026		December 31, 2025
Ownership interest in:
Wesco I, Wesco III, Wesco IV, Wesco V and Wesco VI (2)	55%	$	68,998	$	73,002
BEX IV and 500 Folsom	50%	133,022		135,518
Other (2)	53%	109,746		95,851
Total operating and other co-investments, net		311,766		304,371

Total preferred equity co-investments (3) (includes related party investments of $30.5 million and $52.8 million as of June 30, 2026 and December 31, 2025, respectively. See Note 6, Related Party Transactions, for further discussion)		192,872		227,342
Total co-investments, net		$	504,638	$	531,713

(1)Weighted average company ownership percentages are as of June 30, 2026.

(2)The Company’s investments in Wesco I, Wesco III, Wesco IV, Expo, and Silver as of June 30, 2026, and investments in Wesco I, Wesco III, Wesco IV, and Expo as of December 31, 2025 were classified as liabilities of $107.9 million and $98.8 million, respectively, due to distributions received in excess of the Company’s investment. The weighted average company ownership percentage excludes the Company’s investments in unconsolidated technology co-investments.

(3)Includes one preferred equity investment held with Wesco VII, LLC.

Schedule of Financial Information for Co-Investments Accounted For Under the Equity Method

The combined summarized financial information of co-investments was as follows ($ in thousands):


	June 30, 2026		December 31, 2025
Combined balance sheets: (1)
Rental properties and real estate under development	$	2,958,830	$	3,220,390
Other assets	192,190		194,413
Total assets	$	3,151,020	$	3,414,803
Debt	$	2,158,091	$	2,412,106
Other liabilities	173,349		163,358
Equity	819,580		839,339
Total liabilities and equity	$	3,151,020	$	3,414,803


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Combined statements of income: (1)
Property revenues	$	74,520	$	84,569	$	149,575	$	170,875
Property operating expenses	(26,866)		(31,154)		(55,750)		(63,856)
Net operating income	47,654		53,415		93,825		107,019
Gain on sale of real estate	18,927		—		18,927		—
Interest expense	(20,218)		(28,137)		(40,178)		(55,438)
General and administrative	(4,197)		(4,358)		(8,117)		(8,564)
Depreciation and amortization	(27,047)		(36,224)		(55,075)		(72,811)
Net income (loss)	$	15,119	$	(15,304)	$	9,382	$	(29,794)
Company’s share of net income (2)	$	13,715	$	8,977	$	37,330	$	22,186

(1)Includes preferred equity investments held by the Company and excludes investments in technology co-investments.

(2)Includes the Company’s share of equity income from joint ventures and preferred equity investments, gain on sales of co-investments, co-investment promote income, and income from early redemption of preferred equity investments. Includes related party income of $1.0 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.3 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.