Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. The table below summarizes our active investment holdings in two unconsolidated joint ventures:



			December 31,
(Dollars in thousands)	Interest		2025		2024
Mt. Gravatt		33.3%	$	3,270	$	3,138
Rialto Cinemas		50.0%		(6)		—
Total Joint Ventures			$	3,264	$	3,138

Our recorded share of equity earnings (losses) from our investments in unconsolidated joint ventures are as follows:



(Dollars in thousands)	2025		2024		2023
Mt. Gravatt	$	621	$	479	$	526
Rialto Cinemas		(61)		(866)		(70)
Total equity earnings	$	560	$	(387)	$	456

We own an undivided 33.3% interest in Mt. Gravatt, an unincorporated joint venture that owns and operates a sixteen-screen multiplex cinema in Australia.

We own an undivided 50.0% interest in the assets and liabilities of the Rialto Entertainment joint venture that owns and operates two (2) movie theaters, with 13 screens in New Zealand. In December 2024 we fully impaired our investment in this joint venture, as its performance has not recovered to the extent that we believe its reduced performance is other than temporary. We recorded this impairment to ‘equity earnings (losses) from our investments in unconsolidated joint ventures’ in the consolidated income statement. As we are responsible for our share of the losses in this equity, we continue to record our share of its net income/(loss).