As of September 30, 2026, we held six 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)	September 30, 2026		December 31, 2025
Vida JV LLC(2)	50.0%	$	73,490	$	59,524
San Simeon Preferred Equity(3)	N/A	26,410		30,056
PTCR Holdco, LLC(4)	N/A	12,588		11,344
Retail GP Fund(5)	4.5% to 9.5%	22,707		22,308
Homestead Communities, LLC(6)	50.0%	553		230
West Spring Healthcare Properties, LLC(7)	28.0%	—		—
Total		$	135,748	$	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. The Invesco JV held an 85% ownership interest in a joint venture (“Vida JV LLC”) with a third party. On September 23, 2026, the Invesco JV acquired the 15% interest in Vida JV LLC from the third party. In connection with the transaction, we contributed $15.0 million to the Invesco JV, increasing our effective indirect ownership interest in Vida JV LLC from 42.5% to 50.0%. However, the governing structure remained the same. As of September 30, 2026, the Invesco JV owned a 100% interest in Vida JV LLC. As of September 30, 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 September 30, 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 4.5% to 9.5% in fourteen 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.

(7)We hold a 28% ownership interest in a real estate operating company focused on the acquisition and asset management of medical office buildings through a joint venture, West Spring Healthcare Properties, LLC (“Spring Creek”). Invesco U.S. Income Fund L.P., an affiliate of Invesco, owns the remaining 72% ownership interest.


		Company’s Share of Unconsolidated Entities' Income (Loss)
in thousands		Three Months Ended September 30,				Nine Months Ended September 30,
Entity	Ownership Percentage	2026		2025		2026		2025
Vida JV LLC	50.0%	$	208	$	(1,144)	$	363	$	(2,399)
San Simeon Preferred Equity	N/A	887		849		2,601		2,494
PTCR Holdco, LLC	N/A	419		273		1,244		791
Retail GP Fund	4.5% to 9.5%	542		(60)		241		(286)
Homestead Communities, LLC	50%	333		96		759		(94)
West Spring Healthcare Properties, LLC	28%	(308)		—		(308)		—
Total		$	2,081	$	14	$	4,900	$	506


	September 30, 2026						December 31, 2025
in thousands	Total assets		Total liabilities		Total equity		Total assets		Total liabilities		Total equity
Vida JV LLC	$	369,409	$	(232,721)	$	(136,688)	$	364,661	$	(225,438)	$	(139,223)
San Simeon Preferred Equity	133,213		(80,023)		(53,190)		134,192		(78,500)		(55,692)
Retail GP Fund	1,117,787		(737,193)		(380,594)		1,111,223		(718,971)		(392,252)
Other	8,748		(10,540)		1,792		7,154		(8,443)		1,289


	Three Months Ended September 30, 2026				Three Months Ended September 30, 2025
in thousands	Revenue		Net income (loss)		Revenue		Net income (loss)
Vida JV LLC	$	9,817	$	379	$	9,592	$	(2,683)
San Simeon Preferred Equity	2,916		596		2,803		642
Retail GP Fund	34,746		8,286		26,376		(3,100)
Other	6,203		(1,224)		4,069		227
Total	$	53,682	$	8,037	$	42,840	$	(4,914)


	Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
in thousands	Revenue		Net income (loss)		Revenue		Net income (loss)
Vida JV LLC	$	29,062	$	770	$	28,412	$	(5,627)
San Simeon Preferred Equity	8,667		1,561		8,208		1,999
Retail GP Fund	103,748		4,113		69,846		(12,612)
Other	15,338		119		9,981		(1,416)
Total	$	156,815	$	6,563	$	116,447	$	(17,656)