The Company maintains a portfolio of equity method investments owned through noncontrolling interests in investments with one or more partners. Equity method investment ownership interests in each of the periods presented in these consolidated financial statements are as follows:


	Ownership Interest (Percentage)
Equity Method Investment	December 31, 2023		January 1, 2023		January 2, 2022
Soho House Toronto (House)*
Soho House Toronto Partnership		50		50		50
139 Ludlow Street New York (Property)
139 Ludlow Acquisition, LLC		33.3		33.3		33.3
56-60 Redchurch Street, London (Property and Hotel)*
Raycliff Red LLP		50		50		50
Raycliff Shoreditch Holdings LLP		50		50		50
Redchurch Partner Limited		50		50		50
Soho House Barcelona (Property and House)
Mimea XXI S.L.		50		50		50
Mirador Barcel S.L.		50		50		50
Little Beach House Barcelona S.L.		50		50		50
Soho Beach House Canouan (House)
Soho Beach House Canouan Limited		20		20		20

*Under applicable guidance for VIEs, the Company determined that its investments in Soho House Toronto Partnership ("Soho House Toronto") and the entities comprising 56-60 Redchurch Street, London are VIEs. Soho House Toronto owns and operates a House located in Toronto, while 56-60 Redchurch Street, London provides additional members’ accommodation capacity for Shoreditch House in London.

On March 28, 2012, the Company and two unrelated investors (“Toronto Partners”) formed Soho House Toronto to establish and operate a house in Toronto, Canada. The Company is responsible for managing the development and operations of the property with key operating decisions requiring joint approval with the Toronto Partners. The Company owns a 50% interest and each of the Toronto Partners owns a 25% interest in Soho House Toronto. Each investor is entitled to a share of the profits or losses of Soho House Toronto in proportion to their respective ownership percentage. As part of the original agreement, the Toronto Partners received a put option to sell their interest in Soho House Toronto to the Company at fair value and the Company received a call option to purchase the Toronto Partners' interests at fair value. As of 2015, certain restrictions expired and the put and call options are exercisable. As of December 31, 2023, no options have been exercised.

Soho House Toronto entered into a 10-year lease agreement with a landlord to lease the Soho House Toronto property. This lease was extended for an additional 5 years in Fiscal 2021. A subsidiary of the Company provided a guarantee to the landlord for Soho House Toronto's rental liabilities.

On July 6, 2015, the Company and an unrelated investor (“Raycliff Partner”) formed Raycliff Red LLP (“Club Row Rooms”) to develop and operate a hotel at 58-60 Redchurch Street intended to provide additional members’ accommodation to the nearby Shoreditch House in London. This was later extended to include 56 Redchurch Street under the same terms. The Company is responsible for managing the operations of the property and the Raycliff Partner is responsible for managing the building. Each partner has a 50% interest in Club Row Rooms through equal ownership of B units. The Raycliff Partner owns all A units. All profits and losses from operations are shared between parties based on their respective ownership of B units. Distributions from cash flows not generated from operations are first allocated to holders of A units (for an amount of up to £500,000), with the remainder distributed to holders of B units in proportion to their holdings. Under a hotel management agreement and restaurant management agreement between the Company and Club Row Rooms, the Company also receives a 2.5% management fee in return for managing the hotel operations and a 3.5% management fee in return for managing the restaurant operations of the property. The amounts received to date under this agreement are immaterial. Club Row Rooms, which owns the rights to the property, financed the development of the property through third-party debt. The Company has entered into a security arrangement with the bank in relation to this debt (see Note 18, Commitments and Contingencies).

The Raycliff Partner holds a put option which requires the Company to purchase all the Raycliff Partner’s interest at fair value in the event the Company ceases to own a controlling interest in the nearby Shoreditch House. As of December 31, 2023, the put option has not been triggered.

The Company concluded that it is not the primary beneficiary of the Soho House Toronto or 56-60 Redchurch Street, London VIEs in any of the periods presented, as its joint venture partners have the power to participate in making decisions related to the majority of significant activities of each investee. Accordingly, the Company concluded that application of the equity method of accounting is appropriate for these investees.

The following tables present summarized financial information for all unconsolidated equity method investees. The Company’s maximum exposure to losses related to its equity method investments is limited to its ownership interests as well as certain guarantees as described in Note 18, Commitments and Contingencies.


	For the Fiscal Year Ended
(in thousands)	December 31, 2023		January 1, 2023		January 2, 2022 (1)
Revenues	$	51,826	$	45,274	$	32,022
Operating income (loss)		9,149		7,131		(4,442	)
Net income (loss)(2)		2,801		3,133		(5,227	)

(1)

Includes the financial information of Cipura through May 10, 2021.

(2)

The net income (loss) shown above relates entirely to continuing operations.


	As of
(in thousands)	December 31, 2023		January 1, 2023
Current assets	$	46,771	$	18,916
Non-current assets		143,704		142,324
Total assets		190,475		161,240
Current liabilities		12,436		8,551
Non-current liabilities		115,495		101,820
Total liabilities		127,931		110,371
Net assets	$	62,544	$	50,869