SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2025

Mortgage Loans On Real Estate [Abstract]

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

(in thousands)

December 31, 2025


																				Carrying
																				Amount of
																				Loans
														Face				Carrying		Subject to
								Final						Amount				Amount		Delinquent
				Interest		Fixed/		Maturity				Prior		of				of		Principal
Grouping		Description⁽¹⁾		Rate		Variable		Date		Periodic Payment Terms		Liens		Mortgages				Mortgages ^{(3) (4) (6)}		or Interest

		First Mortgages
1		Michigan (33 SNFs and 1 ALF)		11.78	%	F⁽²⁾		2030		Interest plus approximately $112.6 of principal payable monthly with $426,322 due at maturity		None		$	621,749		$	433,544		$	—
2		Ohio (8 SNFs)		10.50	%	F⁽²⁾		2037		Interest payable monthly until maturity		None			72,420			72,420			—
3		Maryland (1 SNF)		10.00	%	F		2026		Interest payable monthly until maturity		None			4,623			4,623			—
4		Ohio (2 SNFs)		10.00	%	F		2027		Interest payable monthly until maturity		None			7,300			7,300			—
5		Illinois (2 ALFs, 1 SNF and 1 ILF)		10.00	%	F		2028		Interest payable monthly until maturity		None			60,000			53,750			—
6		Pennsylvania (4 ALFs)		10.00	%	F		2027		Interest payable monthly until maturity		None			38,626			37,382			—
7		Michigan (1 ALF)		10.00	%	F		2027		Interest payable monthly until maturity		None			8,000			8,000			—
8		South Carolina (1 ILF)		10.00	%	F		2028		Interest payable monthly until maturity		None			11,844			11,844			—
9		Florida (1 ALF)		10.00	%	F		2027		Interest payable monthly until maturity		None			8,332			8,332			—
10		Tennessee (1 ALF)		8.00	%	F		2026		Interest payable monthly until maturity		None			8,680			8,680			—
11		Oregon (1 ALF)		9.00	%	F		2027		Interest payable monthly until maturity		None			5,450			5,450			—
12		Massachusetts (1 specialty facility)		9.00	%	F		2029		Interest plus $250 of principal payable quarterly with $2,436 due at maturity		None			9,000			—			—	⁽⁵⁾
13		Tennessee (1 SNF)		8.35	%	F		2015		Past due		None			6,377			1,472			1,472	⁽⁵⁾
14		Georgia (2 ALFs)		10.00	%	F		2029		Interest payable monthly until maturity		None			9,551			9,551			—
15		Georgia (2 SNFs, 1 ALF), Florida (1 SNF)		10.00	%	F		2027		Interest payable monthly until maturity		None			29,700			29,700			—
16		Florida (1 ALF )		10.00	%	F		2030		Interest payable monthly until maturity		None			10,400			10,400			—
17		United Kingdom (15 ALFs)		10.00	%	F		2026		Interest payable monthly until maturity		None			39,069			39,069			—
18		United Kingdom (11 ALFs)		10.00	%	F		2026		Interest payable monthly until maturity		None			61,742			61,742			—
19		Florida (1 ALF)		10.00	%	F		2027		Interest payable monthly until maturity		None			11,891			11,891			—

		Capital Expenditure Mortgages
20		Ohio		10.25	%	F⁽²⁾		2037		Interest plus approximately $27.2 of principal payable monthly with $82 due at maturity		None			7,200			6,543			—
21		Michigan		10.51	%	F⁽²⁾		2030		Interest payable monthly until maturity		None			560			362			—
22		Michigan		10.25	%	F⁽²⁾		2030		No interest due on the first $300, then interest payable monthly until maturity		None			500			391			—
23		Michigan		10.50	%	F⁽²⁾		2030		Interest plus approximately $1.9 of principal payable monthly with $1,356 due at maturity					3,835			1,458
24		Michigan		11.91	%	F⁽²⁾		2030		Interest plus approximately $6.1 of principal payable monthly with $43,864 due at maturity		None			54,223			44,272			—

		Construction Mortgages
25		United Kingdom (1 ALF)		10.00	%	F		2026		Interest payable monthly until maturity		None			53,220			53,220			—

		Allowance for credit loss on mortgage loans⁽⁷⁾																(23,078)			—

														$	1,144,292		$	898,318		$	1,472

(1)	Loans included in this schedule represent first mortgages, capital expenditure mortgages and construction mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. Includes 3 facilities that are not currently operating.

(2)	Interest on the loans escalates at a fixed rate.

(3)	The aggregate cost for federal income tax purposes is approximately $931.6 million (unaudited).

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued

(in thousands)

December 31, 2025

(4)


		Year Ended December 31,
		2025			2024			2023
Balance at beginning of period		$	942,765		$	698,776		$	648,130
Additions during period - new mortgage loans or additional fundings^(a)			48,367			292,722			102,332
Deductions during period - collection of principal/other ^(b)			(99,078)			(63,876)			(79,418)
Allowance for credit loss on mortgage loans			6,264			15,143			27,732
Balance at close of period		$	898,318		$	942,765		$	698,776

(a)

The 2024 and 2023 amounts include $1.5 million and $2.3 million, respectively, of non-cash PIK interest. The 2024 amount includes $7.3 million of non-cash placement of mortgage capital.

(b)

The 2025 and 2023 amounts include $0.9 million and $3.9 million, respectively, of interest payments that were directly applied against the principal balance outstanding using the cost recovery method. The 2025 and 2023 amounts also include $28.5 million and $37.0 million, respectively, of non-cash principal reductions.

(5)	Mortgage written down to the fair value of the underlying collateral.

(6)	Mortgages included in the schedule which were extended during 2025 aggregated approximately $168.2 million.

(7)	The allowance for credit loss on mortgage loans represents the allowance calculated utilizing a PD and LGD methodology. For mortgages that the risk of loss was evaluated on an individual basis, the allowance is included as a reduction to the carrying amount of the mortgage.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details