As of June 30, 2026, and December 31, 2025, we held $457.1 million and $164.7 million, respectively, of loans receivable and investments, net of allowance, which are comprised of secured loans receivable and investments, net and non-mortgage loans receivable, net and relate to senior housing and healthcare operators or properties. Secured loans receivable and investments, net generally consist of sales-type lease receivables and loans that are primarily collateralized by a mortgage, a leasehold mortgage or an assignment or pledge of equity interest in entities that primarily own real estate. Non-mortgage loans receivable, net are generally corporate loans that are collateralized primarily by non-real estate related collateral or are unsecured.

In connection with a refinancing of Kindred and certain of its affiliates and parent companies (collectively, “Scion”) intended to streamline its capital structure and reduce its debt balance, in June 2026 we originated a six-year, interest-only senior secured loan to Scion with an initial principal amount of $300.0 million and an effective interest rate of 10.7% per annum (the “Scion Term Loan”).


	Amortized Cost		Allowance		Carrying Amount		Fair Value
As of June 30, 2026:
Net real estate investments
Secured loans receivable and investments, net	$	436,401	$	—	$	436,401	$	442,645
Other assets
Non-mortgage loans receivable, net	23,966		(3,235)		20,730		19,757
Total loans receivable and investments, net (1)	$	460,367	$	(3,235)	$	457,131	$	462,402
As of December 31, 2025:
Net real estate investments
Secured loans receivable and investments, net	$	143,913	$	—	$	143,913	$	146,364
Other assets
Non-mortgage loans receivable, net	24,062		(3,235)		20,827		20,432
Total loans receivable and investments, net (1)	$	167,975	$	(3,235)	$	164,740	$	166,796