NON-REAL ESTATE LOANS RECEIVABLE (Tables) - Non Real Estate Loans Receivable [Member]

6 Months Ended

Jun. 30, 2026

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Investments

Our non-real estate loans included in the Triple-Net segment consist of fixed and variable rate loans to operators or principals. These loans may be either unsecured or secured by the collateral of the borrower, which may include the working capital of the borrower and/or personal guarantees. As of June 30, 2026, we had 35 loans with 23 different borrowers. A summary of our non-real estate loans 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)
Working capital loans receivable	9.7	%		0.8	⁽¹⁾	$	58,549		$	55,010
Other loans receivable	11.1	%		3.3	⁽²⁾		307,299			375,574
Non-real estate loans receivable – gross							365,848			430,584
Allowance for credit losses on non-real estate loans receivable							(95,682)			(100,262)
Total non-real estate loans receivable – net						$	270,166		$	330,322

(1)

Consists of revolving working capital loans receivable collateralized by the accounts receivable of the borrower with maturity dates ranging from 2026 to 2029 (with $22.9 million maturing in 2026). One outstanding note with a principal balance of $5.9 million is past due and has been reserved down to the estimated fair value of the underlying collateral of $4.6 million through our allowance for credit losses.

(2)

Consists of other loans receivable with maturity dates ranging from 2026 to 2037 (with $169.6 million maturing in 2026). One of the other notes outstanding with a principal balance of $6.4 million is past due and has been reserved down to the estimated fair value of the underlying collateral of zero through our allowance for credit losses.

Summary of non-real estate loan activity

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


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

	(in thousands)						(in thousands)
Advances on new non-real estate loans receivable⁽¹⁾	$	—		$	3,757		$	29,730		$	3,879
Advances on existing non-real estate loans receivable		8,476			10,177			13,213			24,582
Principal repayments on non-real estate loans receivable⁽²⁾		(99,236)			(12,578)			(117,156)			(28,598)
Net cash advances (repayments) on non-real estate loans receivable	$	(90,760)		$	1,356		$	(74,213)		$	(137)

(1)

For the six months ended June 30, 2026, consists of advances under six new non-real estate loans that originated during 2026 with a weighted average interest rate of 10.8%. For the three and six months ended June 30, 2025, consists of advances under three and four new non-real estate loans, respectively, that originated during 2025 with a weighted average interest rate of 10.0%.

(2)

For the three and six months ended June 30, 2026, includes $13.6 million of early repayments on two non-real estate loans with CommuniCare with a weighted average interest rate of 11.6% 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.