REAL ESTATE LOANS RECEIVABLE

6 Months Ended

Jun. 30, 2026

REAL ESTATE LOANS RECEIVABLE [Abstract]

REAL ESTATE LOANS RECEIVABLE

NOTE 5 – REAL ESTATE LOANS RECEIVABLE

Real estate loans consist of mortgage notes and other real estate loans included in the Triple-Net segment which are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. As of June 30, 2026, our real estate loans receivable consists of 20 fixed rate mortgage notes on 91 operating long-term care facilities and 20 other real estate loans. The fixed rate mortgages are collateralized by 46 SNFs, 43 ALFs and two ILFs. The facilities subject to the mortgage notes are operated by 15 independent healthcare operating companies and are located in eight U.S. states and within the U.K. We monitor compliance with our real estate loans and, when necessary, have initiated collection, foreclosure and other proceedings with respect to certain outstanding real estate loans.

A summary of our real estate loans receivable by loan type is as follows:


		As of June 30, 2026
		Weighted			Weighted
		Average			Average Years			June 30,			December 31,
		Interest Rate			to Maturity			2026			2025

								(in thousands)
Mortgage notes receivable – gross		11.4	%		3.6	⁽¹⁾		$	918,477		$	931,616
Allowance for credit losses on mortgage notes receivable									(24,941)			(33,298)
Mortgage notes receivable – net									893,536			898,318
Other real estate loans – gross		8.6	%		7.4	⁽²⁾			516,291			524,169
Allowance for credit losses on other real estate loans									(43,083)			(41,538)
Other real estate loans – net									473,208			482,631
Total real estate loans receivable – net								$	1,366,744		$	1,380,949

(1)	Consists of mortgage notes with maturity dates ranging from 2026 through 2037 (with $135.0 million maturing in 2026).

(2)	Consists of other real estate loans with maturity dates ranging from 2026 through 2037 (with $9.1 million maturing in 2026).

Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025

	(in thousands)						(in thousands)
Mortgage notes – interest income	$	25,779		$	25,520		$	50,491		$	51,525
Other real estate loans – interest income		9,944			7,455			17,798			14,612
Total real estate loans interest income	$	35,723		$	32,975		$	68,289		$	66,137

The following is a summary of advances and principal repayments under our real estate loans:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025

	(in thousands)						(in thousands)
Advances on new real estate loans receivable⁽¹⁾	$	—		$	25,604		$	21,339		$	45,651
Advances on existing real estate loans receivable		16,446			3,186			22,450			9,677
Principal repayments on real estate loans receivable⁽²⁾		(71,797)			(21,326)			(89,051)			(64,830)
Net cash advances (repayments) on real estate loans receivable	$	(55,351)		$	7,464		$	(45,262)		$	(9,502)

(1)

For the six months ended June 30, 2026, consists of advances under one new real estate loan that originated during 2026 with an interest rate of 13.0%. For the three and six months ended June 30, 2025, consists of advances under 12 and 14 new real estate loans, respectively, originated during 2025 with weighted average interest rates of 10.0% and 10.3%, respectively. Excludes two new mortgage loans issued in the second quarter of 2026 in connection with the sales of real estate assets. See Note 20 – Supplemental Disclosure to Consolidated Statements of Cash Flows.

(2)

For the three and six months ended June 30, 2026, includes $68.9 million of early repayments on three real estate loans with CommuniCare with a weighted average interest rate of 11.5% in connection with the CommuniCare sales discussed in Note 3 – Assets Held for Sale, Dispositions and Impairments. Excludes principal recoveries on loans written off in prior periods and cash recoveries related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding.

Below is additional discussion on any significant new loans issued and significant updates to any existing loans.

Maplewood Revolving Credit Facility

No interest income was recorded on the Maplewood Revolver during the three and six months ended June 30, 2026 and 2025, as the loan is on non-accrual status, and no cash payments were received in either period. After the Maplewood Revolver agreement was amended in December 2025, monthly interest can be paid-in-kind at Maplewood’s election. This change was applied retroactively, starting from January 1, 2023. As of June 30, 2026 and December 31, 2025, the amortized cost basis of the Maplewood Revolver was $263.6 million, which represents 18.4% and 18.1%, respectively, of the total amortized cost basis of all real estate loan receivables. As of June 30, 2026 and December 31, 2025, the outstanding principal due on the Maplewood Revolver was $335.5 million and $323.8 million, respectively.

Canadian Development Loan

On December 12, 2025, we entered into a loan agreement with a borrower to fund the development of several long-term care facilities in Canada. The maximum commitment under the loan agreement is $87.6 million Canadian dollars ($61.8 million USD), which will be funded in several advances as needed by the borrower. As of June 30, 2026, the outstanding principal due on the loan is $23.0 million Canadian dollars ($16.2 million USD). The loan bears interest at 10.0% per annum and has a maturity date of December 12, 2035. At Omega’s option, the loan is convertible into a 34.9% equity ownership interest in the borrower.