| Schedule of Condensed Statements of Operations and Balance Sheet Information of Consolidated and Unconsolidated Joint Ventures |
The condensed statements of operations for the three months ended March 31, 2026 and 2025 and condensed balance sheet information of the Company’s unconsolidated joint ventures as of March 31, 2026 and December 31, 2025 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | | Joint Venture | | TRC | | ($ in thousands) | Revenues | | Earnings (Loss) | | Equity in Earnings (Loss) | | Petro Travel Plaza Holdings, LLC | $ | 32,567 | | | $ | 31,472 | | | $ | 694 | | | $ | 888 | | | $ | 416 | | | $ | 533 | | TRCC/Rock Outlet Center LLC1 | 1,955 | | | 1,650 | | | (362) | | | (729) | | | (181) | | | (365) | | | TRC-MRC 1, LLC | 1,287 | | | 1,283 | | | 480 | | | 438 | | | 240 | | | 219 | | | TRC-MRC 2, LLC | 1,817 | | | 1,820 | | | 1,056 | | | 1,077 | | | 528 | | | 538 | | | TRC-MRC 3, LLC | 1,119 | | | 1,121 | | | 253 | | | 247 | | | 126 | | | 123 | | | TRC-MRC 4, LLC | 1,922 | | | 1,936 | | | 201 | | | 209 | | | 101 | | | 105 | | | TRC-MRC 5, LLC | 1,640 | | | 1,698 | | | 120 | | | 9 | | | 60 | | | 5 | | | | | | | | | | | | | | | Total | $ | 42,307 | | | $ | 40,980 | | | $ | 2,442 | | | $ | 2,139 | | | $ | 1,290 | | | $ | 1,158 | | | | | | | | | | | | | | | Centennial Founders, LLC | $ | — | | | $ | — | | | $ | (22) | | | $ | (36) | | | Consolidated | | | | | | | | | | | | | 1 Revenues for TRCC/Rock Outlet Center LLC are presented net of non-cash tenant allowance amortization of $0.1 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Joint Venture | TRC | | Joint Venture | TRC | | ($ in thousands) | Assets | Debt | Equity (Deficit) | Equity | | Assets | Debt | Equity (Deficit) | Equity | | Petro Travel Plaza Holdings, LLC | $ | 71,558 | | $ | (10,840) | | $ | 54,224 | | $ | 20,300 | | | $ | 70,763 | | $ | (11,030) | | $ | 53,530 | | $ | 19,884 | | | TRCC/Rock Outlet Center LLC | 54,551 | | (19,964) | | 33,563 | | 8,965 | | | 54,881 | | (20,039) | | 33,940 | | 9,146 | | | TRC-MRC 1, LLC | 23,368 | | (20,581) | | 2,042 | | — | | | 23,510 | | (20,763) | | 2,112 | | — | | | TRC-MRC 2, LLC | 20,283 | | (20,306) | | (513) | | — | | | 21,759 | | (20,496) | | 380 | | 234 | | | TRC-MRC 3, LLC | 33,605 | | (31,534) | | 1,767 | | 191 | | | 33,503 | | (31,777) | | 1,450 | | 98 | | | TRC-MRC 4, LLC | 46,884 | | (59,716) | | (13,417) | | — | | | 47,004 | | (59,960) | | (13,709) | | — | | | TRC-MRC 5, LLC | 48,448 | | (51,830) | | (2,292) | | — | | | 48,510 | | (52,027) | | (2,488) | | — | | | TRC-DP1, LLC | — | | — | | — | | 624 | | | — | | — | | — | | 624 | | | Total | $ | 298,697 | | $ | (214,771) | | $ | 75,374 | | $ | 30,080 | | | $ | 299,930 | | $ | (216,092) | | $ | 75,215 | | $ | 29,986 | | | | | | | | | | | | | Centennial Founders, LLC | $ | 109,912 | | $ | — | | $ | 109,685 | | *** | | $ | 109,287 | | $ | — | | $ | 108,906 | | *** | | | | | | | | | | | | *** Centennial Founders, LLC, is consolidated within the Company's financial statements. |
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