As of June 30, 2025, 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 its 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)		June 30, 2025		December 31, 2024
Vida JV LLC(2)	42.5%		$	62,018	$	64,292
San Simeon Preferred Equity(3)	—	%	29,453		28,693
PTCR Holdco, LLC(4)	—	%	9,894		9,375
Retail GP Fund(5)	4.5% to 9.0%		18,143		22,019
Homestead Communities, LLC(6)	50.0%		119		94
Total			$	119,627	$	124,473

(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”). As of June 30, 2025, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of June 30, 2025, 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. The common member of San Simeon Preferred Equity had two one-year extension options that they have exercised as of June 30, 2025. Our mandatory redemption date of our preferred membership interest is December 15, 2025. As of June 30, 2025, the investment yields a preferred return rate of 7.50%, which includes both the current pay and the deferred pay rates, as well as a preferred accrued return of 4.00% 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 9.0% in thirteen 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.

Our share of the unconsolidated entities’ income (loss) for the three and six months ended June 30, 2025 and 2024 were as follows:


		Company’s Share of Unconsolidated Entities' Income (Loss)
in thousands		Three Months Ended June 30,				Six Months Ended June 30,
Entity	Ownership Percentage	2025		2024		2025		2024
Vida JV LLC	42.5%	$	(684)	$	(704)	$	(1,254)	$	(906)
San Simeon Preferred Equity	—%	831		781		1,645		1,555
PTCR Holdco, LLC	—%	270		269		519		537
Retail GP Fund	4.5% to 9.0%	6		(377)		(227)		(140)
Homestead Communities, LLC	50.0%	(4)		110		(191)		35
Total		$	419	$	79	$	492	$	1,081


	June 30, 2025						December 31, 2024
in thousands	Total assets		Total liabilities		Total equity		Total assets		Total liabilities		Total equity
Vida JV LLC	$	376,194	$	(230,795)	$	(145,399)	$	376,408	$	(225,791)	$	(150,617)
San Simeon Preferred Equity	132,330		(76,778)		(55,552)		132,593		(77,450)		(55,143)
Retail GP Fund	909,887		(489,111)		(420,776)		938,113		(608,707)		(329,406)
Other	7,883		(8,705)		822		4,316		(3,832)		(484)


	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
in thousands	Revenue		Net income (loss)		Revenue		Net income (loss)
Vida JV LLC	$	9,450	$	(1,606)	$	9,590	$	(1,652)
San Simeon Preferred Equity	2,722		569		2,791		555
Retail GP Fund	26,234		(5,740)		14,954		(765)
Other	3,948		(589)		3,302		(649)
Total	$	42,354	$	(7,366)	$	30,637	$	(2,511)


	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
in thousands	Revenue		Net income (loss)		Revenue		Net income (loss)
Vida JV LLC	$	18,821	$	(2,944)	$	19,351	$	(2,125)
San Simeon Preferred Equity	5,405		1,357		5,494		1,130
Retail GP Fund	43,469		(9,512)		24,625		(844)
Other	5,912		(1,643)		4,990		(1,509)
Total	$	73,607	$	(12,742)	$	54,460	$	(3,348)

We did not record any impairment losses on our investments in unconsolidated entities for the three and six months ended June 30, 2025 and 2024.