TCI subsidiary loses arbitration; owes $39.6M earn-out, takes $29.6M Q2 charge

TRANSCONTINENTAL REALTY INVESTORS INC

Arbitration panel fully accepted Macquarie's position; SPC's claims declined.
SPC expects to pay ~$39.6M to settle earn-out obligation, up from $10M recorded.
SPC to record ~$29.6M charge for the quarter ended June 30, 2021.
SPC may satisfy obligation via offset of future distributions from VAA joint venture.

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