The assets of our SHOP ventures primarily consist of real estate properties, cash and cash equivalents, and accounts receivable from resident fees and services. The obligations of the SHOP ventures primarily consist of accounts payable and accrued expenses for operating expenses of the ILFs and capital expenditures related to the properties. Aggregate assets of the consolidated SHOP ventures that can be used only to settle obligations of each respective SHOP venture primarily include $258.5 million and $261.6 million of real estate properties, net, $7.2 million and $6.5 million of cash and cash equivalents, $0.6 million and $0.8 million of accounts receivable and $1.5 million and $1.5 million of other assets, net, as of June 30, 2025 and December 31, 2024, respectively. Liabilities of the consolidated SHOP ventures for which creditors do not have recourse to the general credit of the Company were $4.4 million and $5.7 million as of June 30, 2025 and December 31, 2024, respectively. Reference Notes 5 and 10 for additional information on our SHOP ventures.

The aggregate assets of the two consolidated real estate partnerships that can be used only to settle obligations of each respective partnership as of June 30, 2025 and December 31, 2024 include $240.3 million and $244.3 million of real estate properties, net, $9.7 million and $10.0 million of straight-line rent receivable, $2.9 million and $3.2 million of cash and cash equivalents and $4.0 million and $5.3 million of other assets, net, respectively. Liabilities of these partnerships for which creditors do not have recourse to the general credit of the Company are not material.

The table below presents information related to our unconsolidated VIEs as of June 30, 2025. For additional information on the nature of these relationships, including our sources of exposure, reference the notes to our condensed consolidated financial statements as cross-referenced below ($ in thousands):


Year					Maximum
of Initial		Source of	Carrying		Exposure		Note
Involvement	Name	Exposure	Amounts		to Loss		Reference
		Notes and straight-line
2014	Senior Living	rent receivable	$	86,446	$	87,446	Notes 3, 4
2016	Senior Living Management	Note	12,000		12,000		Notes 3, 4
2018	Bickford	Notes	16,127		28,150		Notes 3, 4
2019	Encore Senior Living	Various1	35,558		35,625		Note 4
2020	Timber Ridge OpCo	Various2	(2,756)		2,244		Note 6
	Senior Living Hospitality	Notes and straight-line
2020	Group*	rent receivable	13,026		14,050		Note 4
	Montecito Medical	Notes and funding
2021	Real Estate	commitment	9,391		39,002		Note 4
		Notes and straight-line
2021	Vizion Health	rent receivable	19,888		20,309		Note 4
2021	Navion Senior Solutions	Various3	7,636		9,786		—
2023	Kindcare Senior Living	Notes4	801		801		—
2024	Mainstay Healthcare	Note	9,062		9,062		—

We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. Economic loss on a lease, in excess of what is presented in the table above, if any, would be limited to that resulting from any period of non-payment of rent before we are able to take effective remedial action, as well as any costs incurred in transitioning the lease to a new tenant. The potential extent of such loss would be dependent upon individual facts and circumstances, and therefore is not included in the table above.

In the future, we may be deemed the primary beneficiary of the operations if the tenants or borrowers do not have adequate liquidity to accept the risks and rewards as the tenants and operators of the properties and we may be required to consolidate the financial position and results of operations of the tenants or borrowers into our condensed consolidated financial statements.