| Schedule of equity method investments |
The following is a summary of our investments in unconsolidated entities (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Amount | | | Ownership | | | | Facility | | Facility | | June 30, | | December 31, | Entity/Description | | % (1) | | Segment | | Type | | Count (1) | | 2026 | | 2025 | SHH Holdings, LLC(2) | | 49% | | Triple-Net | | Various | | 66 | | $ | 217,859 | | $ | 222,161 | Saber Healthcare Holdings, LLC | | 9.9% | | Operating | | N/A | | N/A | | | 93,178 | | | — | In Substance Real Estate Investments(3) | | N/A | | Triple-Net | | ALF | | 13 | | | 77,884 | | | 75,353 | Lakeway Realty, L.L.C. | | 51% | | Triple-Net | | Specialty facility | | 1 | | | 63,636 | | | 64,699 | Liberty JVs | | 49% | | Operating | | CCRC | | 1 | | | 41,042 | | | 42,754 | Other Healthcare JVs(4)(5) | | 9% – 20% | | Triple-Net | | N/A | | N/A | | | 7,618 | | | 7,429 | Other Real Estate JVs(4)(6) | | 20% | | Triple-Net | | SNF | | 5 | | | — | | | 1,731 | | | | | | | | | | | $ | 501,217 | | $ | 414,127 |
| (1) | Ownership percentages and facility counts are as of June 30, 2026. |
| (2) | For the three and six months ended June 30, 2026, we recognized income (inclusive of basis amortization) of $1.9 million and $3.8 million, respectively, and received distributions totaling $4.0 million and $8.1 million, respectively, from SHH Holdings, LLC. |
| (3) | Relates to mortgage loan agreements under which we are able to participate in the residual profits of the facilities, subject to the mortgage, upon a sale or refinancing. We evaluated the characteristics of these investments, including the associated risks and rewards, and have determined they are more similar to those associated with an investment in real estate than a loan. Arrangements with characteristics in line with real estate joint ventures are treated as in substance real estate investments and accounted for using the equity method. We have determined that these borrowers under the mortgage loans are VIEs but we have not consolidated the borrowers because we are not the primary beneficiary. |
| (4) | As of June 30, 2026 and December 31, 2025, we had an aggregate of $6.8 million and $22.0 million, respectively, of loans outstanding with these JVs. |
| (5) | As of June 30, 2026, includes seven JVs engaged in businesses that support the long-term healthcare industry and our triple-net operators. |
| (6) | As of June 30, 2026, includes one JV formed for the purpose of owning or providing financing for SNFs. |
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