Subsequent to June 30, 2025, the following events occurred:

Real Estate. We acquired a 67-unit assisted living and memory care community in California within our SHOP segment for $35,200,000. In conjunction with the acquisition, we entered into a management agreement with an operator new to us.

We amended our $180,421,000 mortgage loan with Prestige secured by 14 skilled nursing centers in Michigan to eliminate the 8.5% current pay rate and revert monthly interest payments to the full contractual interest rate of 11.14%, effective July 1, 2025. Additionally, the amendment provides Prestige an option to prepay this mortgage loan at par and without penalty within a 12-month window beginning in July 2026. Prestige will have to provide us with a 90-days notice of its intention to exercise the option, and the ability for Prestige to exercise the pre-payment option is contingent on several factors including Prestige being current and in good standing on all its mortgage loans with LTC and obtaining replacement financing. As of June 30, 2025, we have $41,455,000 accrued effective interest related to this loan, which is expected to be recovered through payments collected through the contractual maturity of the loan. If Prestige exercises its contingent prepayment option, we will no longer be able to collect our remaining accrued effective interest as of such date.

Debt. We repaid $7,000,000 in scheduled principal paydowns on our senior unsecured notes.

Additionally, we entered into our New Credit Agreement maturing in July 2029, to replace our existing unsecured credit agreement. The New Credit Agreement increased the aggregate commitment on our revolving line of credit from $425,000,000 to $600,000,000 and provides for the opportunity to increase the total commitment to an aggregate of $1,200,000,000. The new unsecured credit agreement provides for a one-year extension option, subject to customary conditions. Material terms of the New Credit Agreement remain unchanged. In connection with the New Credit Agreement, the two $50,000,000 term loans that were maturing over the next 16 months were rolled into the new revolving line of credit, keeping the interest rate swap agreements intact through November 2025 at 2.3% and November 2026 at 2.4%, based on current margins. Further, we borrowed $41,850,000 under our revolving line of credit under our new unsecured credit agreement. Accordingly, we have $310,400,000 outstanding and $289,600,000 available for borrowing under our revolving line of credit.

Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of July, August and September 2025, payable on July 31, August 29, and September 30, 2025, respectively to stockholders of record on July 23, August 21, and September 22, 2025, respectively.

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