We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. Our investments in unconsolidated entities include investments in both real estate entities and operating entities as described further below. We periodically evaluate our investments in unconsolidated entities for indicators of an other-than-temporary impairment. No impairments were recognized for our investments in unconsolidated entities during the three months ended March 31, 2026 and 2025.

Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of March 31, 2026 and December 31, 2025, respectively (dollars in thousands):


	Ownership (1) as of		Carrying Amount as of
	March 31, 2026	December 31, 2025	March 31, 2026		December 31, 2025
Investments in unconsolidated real estate entities:
Ventas Fund	20.2%	20.1%	$	290,126	$	288,469
Pension Fund Joint Venture	25.0%	25.0%	5,748		6,200
Research & Innovation Development Joint Venture	53.0%	53.0%	275,897		282,512
Ventas Investment Management platform			571,771		577,181
Atrium Health & Wake Forest Joint Venture	51.0%	51.0%	38,939		39,809
All other (2)	34.0%-37.5%	34.0%-37.5%	575		581
Total Investments in unconsolidated real estate entities			$	611,285	$	617,571

(1) The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the entities. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments, which could result in non-pro rata distributions.

(2) Includes investments in parking structures and other de minimis investments in unconsolidated real estate entities.

During the three months ended March 31, 2026, the Ventas Fund, an equity method investee, acquired one senior housing community for an aggregate purchase price of $62.8 million.

During the three months ended March 31, 2026, the Pension Fund Joint Venture, an equity method investee, sold one senior housing community for proceeds of $37.8 million.

In April 2026, the Ventas Fund acquired one senior housing community for an aggregate purchase price of $46.5 million.

We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements. Total management fees earned in connection with these services were $3.8 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively. Such amounts, along with any promote revenue, are included in Third-party capital management revenues in our Consolidated Statements of Income.

We own investments in unconsolidated operating entities such as Atria and Ardent, which are included within Other assets on our Consolidated Balance Sheets.

As of March 31, 2026, we held a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors.

As of March 31, 2026, we held an approximately 6.6% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. We have the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of the outstanding common stock of Ardent, pursuant to our nomination agreement with Ardent.