| Summary of redeemable noncontrolling interests |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | 2025 | | | | | Consolidated | | | | | | | | Consolidated | | | | | JBG | | Real Estate | | | | | JBG | | Real Estate | | | | | SMITH LP | | Venture | | Total | | SMITH LP | | Venture | | Total | | | (In thousands) | Balance, beginning of period | $ | 381,546 | | $ | 113,274 | | $ | 494,820 | | $ | 418,236 | | $ | — | | $ | 418,236 | Redemptions | | (3,209) | | | — | | | (3,209) | | | (1,135) | | | — | | | (1,135) | LTIP Units issued in lieu of cash compensation (1) | | 974 | | | — | | | 974 | | | 974 | | | — | | | 974 | Net income (loss) | | (13,323) | | | (58) | | | (13,381) | | | (3,962) | | | 22 | | | (3,940) | Other comprehensive income (loss) | | 944 | | | — | | | 944 | | | (1,562) | | | — | | | (1,562) | Contributions (distributions), net | | (2,909) | | | (684) | | | (3,593) | | | (2,898) | | | 100,000 | | | 97,102 | Share-based compensation expense | | 7,920 | | | — | | | 7,920 | | | 6,855 | | | — | | | 6,855 | Adjustment to redemption value | | 7,674 | | | 563 | | | 8,237 | | | 12,695 | | | 13,978 | | | 26,673 | Balance, end of period | $ | 379,617 | | $ | 113,095 | | $ | 492,712 | | $ | 429,203 | | $ | 114,000 | | $ | 543,203 | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | | | | Consolidated | | | | | | | | Consolidated | | | | | JBG | | Real Estate | | | | | JBG | | Real Estate | | | | | SMITH LP | | Venture | | Total | | SMITH LP | | Venture | | Total | | | (In thousands) | Balance, beginning of period | $ | 397,831 | | $ | 113,511 | | $ | 511,342 | | $ | 423,632 | | $ | — | | $ | 423,632 | Redemptions | | (11,034) | | | — | | | (11,034) | | | (10,854) | | | — | | | (10,854) | LTIP Units issued in lieu of cash compensation (1) | | 4,250 | | | — | | | 4,250 | | | 3,048 | | | — | | | 3,048 | Net income (loss) | | (17,600) | | | (131) | | | (17,731) | | | (11,940) | | | 22 | | | (11,918) | Other comprehensive income (loss) | | 2,062 | | | — | | | 2,062 | | | (3,446) | | | — | | | (3,446) | Contributions (distributions), net | | (2,909) | | | (1,414) | | | (4,323) | | | (2,898) | | | 100,000 | | | 97,102 | Share-based compensation expense | | 14,829 | | | — | | | 14,829 | | | 13,015 | | | — | | | 13,015 | Adjustment to redemption value | | (7,812) | | | 1,129 | | | (6,683) | | | 18,646 | | | 13,978 | | | 32,624 | Balance, end of period | $ | 379,617 | | $ | 113,095 | | $ | 492,712 | | $ | 429,203 | | $ | 114,000 | | $ | 543,203 |
| (1) | See Note 11 for additional information. |
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