v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
6 Months Ended
Jun. 30, 2026
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities

Below is a summary of our assets, liabilities, collateral and maximum exposure to loss associated with these unconsolidated VIEs as of June 30, 2026 and December 31, 2025:

June 30, 

December 31, 

2026

  ​ ​ ​

2025

(in thousands)

Assets

Real estate assets – net

$

993,190

$

1,010,790

Assets held for sale

4,000

Real estate loans receivable – net

 

667,182

600,543

Investments in unconsolidated entities

340,849

346,034

Non-real estate loans receivable – net

 

26,285

20,742

Contractual and other receivables – net

 

3,092

1,068

Total assets

 

2,030,598

 

1,983,177

Liabilities

Accrued expenses and other liabilities

(41,245)

(40,579)

Total liabilities

 

(41,245)

 

(40,579)

Collateral

 

  ​

 

  ​

Personal guarantee

 

(8,000)

(8,000)

Other collateral

 

(1,264,931)

(1,270,795)

Total collateral

 

(1,272,931)

(1,278,795)

Maximum exposure to loss

$

716,422

$

663,803

Schedule of Variable Interest Entities revenue

The table below reflects our total revenues from the operators that are considered unconsolidated VIEs, following the date they were determined to be VIEs, for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, 

Six Months Ended June 30, 

2026

  ​ ​ ​

2025

2026

  ​ ​ ​

2025

(in thousands)

(in thousands)

Revenue

 

  ​

 

  ​

 

  ​

 

  ​

Rental income

$

28,146

$

31,766

$

56,111

$

64,653

Interest income

 

10,384

 

7,242

 

19,684

 

14,568

Total

$

38,530

$

39,008

$

75,795

$

79,221