INVESTMENT IN PARTNERSHIPS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| INVESTMENT IN PARTNERSHIPS | INVESTMENT IN PARTNERSHIPS As of March 31, 2026 and December 31, 2025, the Company held $29,819 and $30,801, respectively, in multiple equity method investments, referred to as partnerships, included in other assets on the Company’s condensed consolidated balance sheets. These operations were formed to develop, own, and lease health care facilities. Some of the partnerships hold options to purchase the related real estate property holdings. Each of the entities is governed by a managing member who makes the significant decisions that impact the economic performance of the entity. The Company is not the managing member of any of the entities in which it is invested. The Company holds a 50.0% ownership interest in the entity BRFS SNF Ventures V, LLC (BRFS). This investment holds the underlying real estate for three post-acute care facilities which it leases to the Company. BRFS is a variable interest entity (VIE), however the Company does not consolidate the entity as it does not have the power to direct the activities that most significantly impact its economic performance. Therefore, the Company only accounts for its specific interest in the investment. The investment was $15,107 and $14,948 on the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. The Company holds a 25.8% ownership interest in the entity Next Saddle Investors, LLC (Saddle). This investment holds the underlying real estate for 37 post-acute care facilities which it leases to the Company. The Company determined the Saddle manager held a de facto agency relationship with the Company under FASB ASC Topic 810, Consolidation (ASC 810). Saddle is a VIE; however, because the Company is not the primary beneficiary, it does not consolidate the entity and only accounts for its specific interest in the investment. The investment was $4,136 and $4,986 on the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. All of the Company’s other equity investments are individually immaterial with the largest investment of $7,724 in an entity representing an ownership of 49.0%. (Gain) loss from the investment in partnerships was $(455) and $298 for the three months ended March 31, 2026 and 2025, respectively.
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