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Limited Partnerships (Tables) | 9 Months Ended
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Sep. 30, 2025
Related Party Transactions [Abstract] |
Equity Method Investments | Stratus has entered into strategic partnerships for certain development projects. Stratus, through its subsidiaries, is a partner in the following limited partnerships:
Partnership a |  | Indirect Equity Interest
Holden Hills, L.P. |  | 50.00 | %
Holden Hills Phase 2, L.P. |  | 50.00 | %
Stratus Block 150, L.P. |  | 31.00 | %
Stratus Kingwood Place, L.P. |  | 60.00 | %
The Saint George Apartments, L.P. |  | 10.00 | %
The Saint June, L.P. |  | 34.13 | %
a.Holden Hills Phase 2, L.P. was formed in second-quarter 2025 – see discussion below. For additional information regarding Stratus' other partnerships, refer to Note 2 in the Stratus 2024 Form 10-K.
Schedule of Potential Returns of the VIE Partnerships | Potential Returns. The following table presents the distribution percentages for the limited partnerships in which Stratus’ potential returns may increase above its relative equity interest if certain hurdles are achieved.
| Distribution Percentages
| Holden Hills, L.P. |  | Stratus Kingwood Place, L.P. |  | The Saint George Apartments, L.P. |  | The Saint June, L.P.
| Stratus | Third-party Class B Limited Partner |  | Stratus | Third-party Class B Limited Partners |  | Stratus | Third-party Class B Limited Partner |  | Stratus | Third-party Class B Limited Partner
Until all partners have received a return of their capital contributions and a 9.00 percent cumulative return; | 50.00 | % | 50.00 | % |  | 60.00 | % | 40.00 | % |  | 10.00 | % | 90.00 | % |  | 34.13 | % | 65.87 | %
Until all partners have received an 11.00 percent cumulative return; | — |  | — |  |  | 68.00 |  | 32.00 |  |  | — |  | — |  |  | — |  | — |
Until the Class B limited partner has received a 12.00 percent cumulative return; | 55.00 |  | 45.00 |  |  | — |  | — |  |  | 20.00 |  | 80.00 |  |  | 44.13 |  | 55.87 |
Until the Class B limited partner has received an 18.00 percent cumulative return; | — |  | — |  |  | — |  | — |  |  | 30.00 |  | 70.00 |  |  | — |  | — |
Thereafter | 65.00 |  | 35.00 |  |  | 76.00 |  | 24.00 |  |  | 50.00 |  | 50.00 |  |  | 54.13 |  | 45.87 |
Schedule of Assets and Liabilities of the VIE Partnerships | Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands):
| September 30, 2025 |  | December 31, 2024
Assets: a |  |  |
Cash and cash equivalents | $ | 8,468 |  |  | $ | 11,096 |
Restricted cash | 307 |  |  | 572 |
Real estate under development | 142,566 |  |  | 143,743 |
Land available for development | 36,820 |  |  | 36,509 |
Real estate held for investment | 181,463 |  |  | 81,477 |
Lease right-of-use assets | — |  |  | 148 |
Other assets | 2,941 |  |  | 3,211 |
Total assets | 372,565 |  |  | 276,756 |
Liabilities: b |  |  |
Accounts payable | 6,313 |  |  | 7,399 |
Accrued liabilities, including taxes | 3,916 |  |  | 3,327 |
Debt | 150,823 |  |  | 140,090 |
Lease liabilities | — |  |  | 148 |
Other liabilities | 452 |  |  | 469 |
Total liabilities | 161,504 |  |  | 151,433 |
Net assets | $ | 211,061 |  |  | $ | 125,323 |
a.Substantially all of the assets are available to settle obligations of the partnerships only. b.All of the debt is guaranteed by Stratus until certain conditions are met as provided in the applicable partnership loan agreements except for The Saint June construction loan, for which Stratus has a 50 percent repayment guaranty obligation, The Saint George construction loan, for which Stratus has a 25 percent repayment guaranty obligation, and the Kingwood Place loan, for which Stratus has customary non-recourse carve-out obligations and an environmental indemnification. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus. See Note 6 of the Stratus 2024 Form 10-K for additional information.

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