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.