INVESTMENT IN PARTNERSHIPS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| INVESTMENT IN PARTNERSHIPS | INVESTMENT IN PARTNERSHIPS As of June 30, 2026 and December 31, 2025, the Company held $29,234 and $30,801, respectively, in multiple equity method investments, referred to as partnerships, included in other assets on the Company’s condensed consolidated balance sheets. These operations were formed to develop, own, and lease health care facilities. Some of the partnerships hold options to purchase the related real estate property holdings. Each of the entities is governed by a managing member who makes the significant decisions that impact the economic performance of the entity. The Company is not the managing member of any of the entities in which it is invested. As of June 30, 2026, the Company held a 50.0% ownership interest in the entity BRFS SNF Ventures V, LLC (BRFS). This investment held the underlying real estate for three post-acute care facilities which it leased to the Company. BRFS was a variable interest entity (VIE), however the Company did not consolidate the entity as it did not have the power to direct the activities that most significantly impact its economic performance. Therefore, the Company only accounted for its specific interest in the investment. The investment was $15,335 and $14,948 on the Company’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. Subsequent to June 30, 2026, the Company purchased the remaining ownership interest in the partnership and will fully consolidate the entity in future periods. The Company holds a 25.8% ownership interest in the entity Next Saddle Investors, LLC (Saddle). This investment holds the underlying real estate for 37 post-acute care facilities which it leases to the Company. The Company determined the Saddle manager held a de facto agency relationship with the Company under FASB ASC Topic 810, Consolidation (ASC 810). Saddle is a VIE; however, because the Company is not the primary beneficiary, it does not consolidate the entity and only accounts for its specific interest in the investment. The investment was $3,283 and $4,986 on the Company’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. All of the Company’s other equity investments are individually immaterial with the largest investment of $7,752 in an entity representing an ownership of 49.0%. (Gain) loss from the investment in partnerships was $(730) and $14 for the three months ended June 30, 2026 and 2025, respectively and was $(1,185), and $312 for the six months ended June 30, 2026 and 2025, respectively.
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