As of March 31, 2026, we held five investments in unconsolidated entities that are accounted for using the equity method of accounting. The amounts reflected in the following tables (except for our share of equity and income) are based on the historical financial information of the individual unconsolidated entities. We do not record operating losses of an unconsolidated entity in excess of our investment balance unless we are liable for the obligations of the entity or are otherwise committed to provide financial support to the entity.


in thousands		Carrying Amount
Entity	Ownership Percentage(1)	March 31, 2026		December 31, 2025
Vida JV LLC(2)	42.5%	$	59,548	$	59,524
San Simeon Preferred Equity(3)	N/A	25,419		30,056
PTCR Holdco, LLC(4)	N/A	11,706		11,344
Retail GP Fund(5)	4.2% to 9.0%	24,353		22,308
Homestead Communities, LLC(6)	50.0%	321		230
Total		$	121,347	$	123,462

(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.

(2)We formed a joint venture (the “Invesco JV”) with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). We hold a 50% ownership interest in the Invesco JV. As of March 31, 2026, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2026, Vida JV LLC owned a portfolio of twenty medical office buildings.

(3)We own a preferred membership interest in San Simeon Holdings LLC (“San Simeon Preferred Equity”), a limited liability company that owns a multifamily property. On March 13, 2026, the San Simeon Preferred Equity agreement was modified to extend the remaining term to April 1, 2031. In conjunction with the modification, a paydown was made by the common member to reduce the outstanding principal balance to $25.3 million. As of March 31, 2026 and after the modification, the investment yields a preferred return rate of 8.25%, which includes both the current pay and the deferred pay rates, as well as a preferred accrued return of 4.25% due upon redemption.

(4)We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company.

(5)ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“Retail GP Fund”), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the Retail GP Fund ranging from 4.2% to 9.0% in fifteen retail properties.

(6)We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P, an affiliate of Invesco, owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded.


		Company’s Share of Unconsolidated Entities' Income (Loss)
in thousands		Three Months Ended March 31,
Entity	Ownership Percentage	2026		2025
Vida JV LLC	42.5%	$	24	$	(570)
San Simeon Preferred Equity	N/A	847		814
PTCR Holdco, LLC	N/A	361		249
Retail GP Fund	4.2% to 9.0%	(223)		(234)
Homestead Communities, LLC	50.0%	129		(186)
Total		$	1,138	$	73


	March 31, 2026						December 31, 2025
in thousands	Total assets		Total liabilities		Total equity		Total assets		Total liabilities		Total equity
Vida JV LLC	$	368,861	$	(229,473)	$	(139,388)	$	364,661	$	(225,438)	$	(139,223)
San Simeon Preferred Equity	132,155		(79,247)		(52,908)		134,192		(78,500)		(55,692)
Retail GP Fund	1,168,236		(718,711)		(449,525)		1,111,223		(718,971)		(392,252)
Other	7,819		(9,956)		2,137		7,154		(8,443)		1,289


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
in thousands	Revenue		Net income (loss)		Revenue		Net income (loss)
Vida JV LLC	$	9,494	$	70	$	9,371	$	(1,338)
San Simeon Preferred Equity	2,798		200		2,683		788
Retail GP Fund	33,046		(3,337)		17,235		(3,772)
Other	3,454		(41)		1,964		(1,054)
Total	$	48,792	$	(3,108)	$	31,253	$	(5,376)

We did not record any impairment losses on our investments in unconsolidated entities for the three months ended March 31, 2026 and 2025.