| Summary of redeemable noncontrolling interests |
The following table summarizes the activity of redeemable noncontrolling interests: | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | | | | Consolidated | | | | | | | | JBG | | Real Estate | | | | | JBG | | SMITH LP | | Venture | | Total | | SMITH LP | | | (In thousands) | Balance, beginning of period | $ | 423,632 | | $ | — | | $ | 423,632 | | $ | 440,737 | Redemptions | | (31,358) | | | — | | | (31,358) | | | (17,071) | LTIP Units issued in lieu of cash compensation (1) | | 3,048 | | | — | | | 3,048 | | | 3,835 | Net loss | | (28,680) | | | (318) | | | (28,998) | | | (22,202) | Other comprehensive loss | | (3,763) | | | — | | | (3,763) | | | (817) | Contributions (distributions), net | | (11,251) | | | 98,486 | | | 87,235 | | | (14,386) | Share-based compensation expense | | 20,186 | | | — | | | 20,186 | | | 26,976 | Adjustment to redemption value | | 26,017 | | | 15,343 | | | 41,360 | | | 6,560 | Balance, end of period | $ | 397,831 | | $ | 113,511 | | $ | 511,342 | | $ | 423,632 |
| (1) | See Note 15 for additional information. |
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