SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Recent Acquisitions and Investments In July 2026, the Company received a partial prepayment on one mortgage loan in the amount of $73.7 million. On August 1, 2026, the Company acquired two senior housing communities located in Utah for $65.1 million, which includes estimated capitalized acquisition costs. The communities will be operated by an independent manager under the Company’s SHOP platform. On August 6, 2026, the Company acquired ten senior housing communities for approximately £113.5 million, which excludes estimated acquisition costs. In connection with the acquisition of the senior housing communities, the Company entered into new long-term triple-net leases with a new operator. The leases have terms of ten years, with two ten-year renewal options and RPI-based rent escalators, subject to a floor of 2% and a ceiling of 4%. Annual cash rent under the leases is £9.3 million. In connection with the acquisition, the Company extended mortgage loans totaling £49.2 million to the new operator. The mortgage loans are secured by six senior housing communities and bear interest at a rate of 8.6%. The mortgage loans are set to mature on August 5, 2027, and include put and call options, subject to certain conditions, to purchase the real estate. Upon receipt by the operator of certain regulatory approvals, the Company intends to exercise its option to accelerate the mortgage loans, acquire the underlying real estate securing the mortgage loans, and enter into new long-term leases with the same operator. In addition to the transactions listed above, subsequent to June 30, 2026, the Company also completed the following transactions: •Acquired one senior housing community in the U.K. for approximately £7.2 million. •Invested $7.0 million in a mortgage loan. •One mortgage loan with a principal balance of $15.7 million was fully paid off. •Exercised an option to acquire one senior housing community in exchange for settling a mortgage loan with a principal balance of £15.5 million. Financing Activity Subsequent to June 30, 2026, the Company borrowed $285 million, net under the Third Amended Revolving Facility to fund recent acquisitions. In addition, subsequent to June 30, 2026, the Company entered into forward contracts under the ATM Program to sell 2.2 million shares for gross proceeds of $90.6 million, all of which remain outstanding.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

Recent Acquisitions and Investments

In July 2026, the Company received a partial prepayment on one mortgage loan in the amount of $73.7 million.

On August 1, 2026, the Company acquired two senior housing communities located in Utah for $65.1 million, which includes estimated capitalized acquisition costs. The communities will be operated by an independent manager under the Company’s SHOP platform.

On August 6, 2026, the Company acquired ten senior housing communities for approximately £113.5 million, which excludes estimated acquisition costs. In connection with the acquisition of the senior housing communities, the Company entered into new long-term triple-net leases with a new operator. The leases have terms of ten years, with two ten-year renewal options and RPI-based rent escalators, subject to a floor of 2% and a ceiling of 4%. Annual cash rent under the leases is £9.3 million. In connection with the acquisition, the Company extended mortgage loans totaling £49.2 million to the new operator. The mortgage loans are secured by six senior housing communities and bear interest at a rate of 8.6%. The mortgage loans are set to mature on August 5, 2027, and include put and call options, subject to certain conditions, to purchase the real estate. Upon receipt by the operator of certain regulatory approvals, the Company intends to exercise its option to accelerate the mortgage loans, acquire the underlying real estate securing the mortgage loans, and enter into new long-term leases with the same operator.

In addition to the transactions listed above, subsequent to June 30, 2026, the Company also completed the following transactions:

•Acquired one senior housing community in the U.K. for approximately £7.2 million.

•Invested $7.0 million in a mortgage loan.

•One mortgage loan with a principal balance of $15.7 million was fully paid off.

•Exercised an option to acquire one senior housing community in exchange for settling a mortgage loan with a principal balance of £15.5 million.

Financing Activity

Subsequent to June 30, 2026, the Company borrowed $285 million, net under the Third Amended Revolving Facility to fund recent acquisitions. In addition, subsequent to June 30, 2026, the Company entered into forward contracts under the ATM Program to sell 2.2 million shares for gross proceeds of $90.6 million, all of which remain outstanding.