v3.25.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below presents information related to our unconsolidated VIEs as of June 30, 2025. For additional information on the nature of these relationships, including our sources of exposure, reference the notes to our condensed consolidated financial statements as cross-referenced below ($ in thousands):

YearMaximum
of InitialSource ofCarryingExposureNote
InvolvementNameExposureAmountsto LossReference
Notes and straight-line
2014Senior Livingrent receivable$86,446 $87,446 Notes 3, 4
2016Senior Living ManagementNote12,000 12,000 Notes 3, 4
2018BickfordNotes16,127 28,150 Notes 3, 4
2019Encore Senior Living
Various1
35,558 35,625 Note 4
2020Timber Ridge OpCo
Various2
(2,756)2,244 Note 6
Senior Living HospitalityNotes and straight-line
2020Group*rent receivable13,026 14,050 Note 4
Montecito MedicalNotes and funding
2021Real Estatecommitment9,391 39,002 Note 4
Notes and straight-line
2021Vizion Healthrent receivable19,888 20,309 Note 4
2021Navion Senior Solutions
Various3
7,636 9,786 
2023Kindcare Senior Living
Notes4
801 801 
2024Mainstay Healthcare Note9,062 9,062 

*    Formerly referred to as Watermark Retirement
1    Note, straight-line rent receivable and interest receivable
2    Loan commitment, equity method investment, straight-line rent receivable and unamortized lease incentive
3    Straight-line rent receivable and unamortized lease incentive
4    Represents two mezzanine loans originating from the sales of real estate properties