All investments in unconsolidated ventures are accounted for under the equity method. The following tables present the Company’s investments in unconsolidated ventures (dollars in thousands):


							Carrying Value
Portfolio	Acquisition Date		Ownership				June 30, 2020 (Unaudited)			December 31, 2019⁽¹⁾
Eclipse	May-2014		5.6	%			$	5,906		$	9,483
Envoy⁽²⁾	Sep-2014		11.4	%			207			399
Griffin-American	Dec-2014		14.3	%			85,162			125,597
Espresso⁽³⁾	Jul-2015		36.7	%			—			—
Trilogy⁽⁴⁾	Dec-2015		23.2	%			139,816			133,361
Subtotal							$	231,091		$	268,840
Operator Platform⁽⁵⁾		Jul-2017			20.0	%			6			54
Total							$	231,097		$	268,894

(1)Includes $1.3 million, $13.4 million, $7.6 million, and $9.8 million of capitalized acquisition costs for the Company’s investments in the Eclipse, Griffin-American, Espresso and Trilogy joint ventures, respectively.

(2)In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million. The Company’s carrying value for its investment in the Envoy joint venture represents additional proceeds to be received upon satisfaction of certain conditions under the sale.

(3)As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero in the fourth quarter of 2018. The Company has recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture.

(4)In October 2018, the Company sold 20.0% of its ownership interest in the Trilogy joint venture, which generated gross proceeds of $48.0 million and reduced the Company’s ownership interest in the joint venture from approximately 29% to 23%.

(5)Represents investment in Solstice Senior Living, LLC (“Solstice”), the manager of the Winterfell portfolio. Solstice is a joint venture between affiliates of Integral Senior Living, LLC (“ISL”), a management company of ILF, ALF and MCF founded in 2000, which owns 80.0%, and the Company, which owns 20.0%.


	Three Months Ended June 30, 2020										Three Months Ended June 30, 2019
Portfolio	Equity in Earnings (Losses)		Select Revenues and (Expenses), net⁽¹⁾		Cash Distribution		Equity in Earnings (Losses)		Select Revenues and (Expenses), net⁽¹⁾		Cash Distribution
Eclipse	$	(3,293)	$	(3,410)	$	—	$	(232)	$	(622)	$	208
Envoy	—		—		—		—		(12)		38
Griffin-American	(35,999)		(37,573)		—		(3,433)		(6,229)		3,435
Espresso	(365)		(2,752)		—		(1,771)		(2,217)		—
Trilogy	4,928		(3,625)		—		1,037		(3,329)		1,451
Subtotal	$	(34,729)	$	(47,360)	$	—	$	(4,399)	$	(12,409)	$	5,132
Operator Platform⁽²⁾	(34)		—		—		(6)		—		—
Total	$	(34,763)	$	(47,360)	$	—	$	(4,405)	$	(12,409)	$	5,132

(1)Represents the net amount of the Company’s proportionate share of select revenues and expenses, including: straight-line rental income (expense), (above)/below market lease and in-place lease amortization, (above)/below market debt and deferred financing costs amortization, depreciation and amortization expense, acquisition fees and transaction costs, loan loss reserves, liability extinguishment gains, debt extinguishment losses, impairment, as well as unrealized and realized gain (loss) from sales of real estate and investments.


	Six Months Ended June 30, 2020										Six Months Ended June 30, 2019
Portfolio	Equity in Earnings (Losses)		Select Revenues and (Expenses), net⁽¹⁾		Cash Distributions		Equity in Earnings (Losses)		Select Revenues and (Expenses), net⁽¹⁾		Cash Distributions
Eclipse	$	(3,492)	$	(3,918)	$	86	$	(332)	$	(1,152)	$	287
Envoy	—		—		192		96		(822)		4,339		⁽³⁾
Griffin-American	(38,090)		(42,456)		1,487		(4,028)		(9,812)		4,551
Espresso	(582)		(5,442)		—		(2,367)		(4,050)		—
Trilogy	6,456		(7,352)		—		2,032		(6,657)		2,902
Subtotal	$	(35,708)	$	(59,168)	$	1,765	$	(4,599)	$	(22,493)	$	12,079
Operator Platform⁽²⁾	(48)		—		—		(30)		—		—
Total	$	(35,756)	$	(59,168)	$	1,765	$	(4,629)	$	(22,493)	$	12,079

(3)In March 2019, the Envoy joint venture completed the sale of its remaining 11 properties for a sales price of $118.0 million, which generated net proceeds to the Company totaling $4.3 million.

The combined balance sheets as of June 30, 2020 and December 31, 2019 and combined statements of operations for the three and six months ended June 30, 2020 and 2019, for the Company’s Griffin-American and Trilogy unconsolidated ventures are as follows (dollars in thousands):


	June 30, 2020 (Unaudited)		December 31, 2019			Three Months Ended June 30,							Six Months Ended June 30,
												2020			2019	2020	2019
Assets
Operating real estate, net	$	3,317,306	$	3,566,586	Total revenues	$	335,511	$	331,390	$	670,661		$	656,895
Other assets	1,087,599		1,053,433		Net income (loss)	$	(230,332)	$	(19,528)	$	(238,356)		$	(19,384)
Total assets	$	4,404,905	$	4,620,019

Liabilities and equity
Total liabilities	$	3,297,832	$	3,257,970
Equity	1,107,073		1,362,049
Total liabilities and equity	$	4,404,905	$	4,620,019