v3.26.1
FINANCING RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Company's Investments in Financing Receivables
The following table provides information regarding the Company's financing receivables at June 30, 2026 and December 31, 2025 (dollars in thousands):
Property Count and Type
As of June 30, 2026
As of December 31, 2025
As of June 30, 2026
As of December 31, 2025
SNFSenior housing
Principal Balance
Carrying Value
Principal Balance
Carrying Value
Weighted Average Effective Interest RateMaturity Date
Financing receivable, at fair value35 6 
(1)
$91,280 $92,899 
(4)
$91,280 $92,193 
(4)
12.0 %12.0 %11/30/2039
Financing receivable15 — 
(2)
375,000 376,866 
(5)
— — 9.7 %N/A4/30/2041
Financing receivable5 2 
(3)
86,000 86,390 — — 9.0 %N/A4/30/2041
Total$552,280 $556,155 $91,280 $92,193 
(1) The seller-lessee has the option to purchase the properties in separate tranches. The purchase price is a fixed amount. The next option window opens in December 2026, with the final tranche's window closing in 2039.
(2) The seller-lessee has the option to purchase up to five properties in each of three separate tranches. The purchase price is a fixed capitalization rate on contract rent. The first tranche's option window opens in 2034, with the final tranche's window closing in 2039.
(3) The seller-lessee has the option to purchase all seven properties. The purchase price is a fixed capitalization rate on contract rent. The option window opens and closes within 2036.
(4) Fair value of financing receivable includes $1.6 million and $0.9 million of accrued interest as of June 30, 2026 and December 31, 2025, respectively.
(5) Financing receivable includes $0.9 million of accrued interest as of June 30, 2026.
As of June 30, 2026 and December 31, 2025, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):
Property Count and Type(1)
As of June 30, 2026
As of December 31, 2025
As of June 30, 2026
As of December 31, 2025
Loans Receivable, at Fair Value:SNF
Senior housing
Principal Balance
Fair Value(2)
Principal Balance
Fair Value(2)
Weighted Average Contractual Interest Rate(3), (4)
Maturity Date
Mortgage secured loans receivable(5)
6623$839,479 $861,553 $719,314 $736,474 8.9 %8.8 %9/29/2026 - 9/30/2039
Mezzanine loans receivable(5)
23— 47,176 46,170 56,976 56,476 11.7 %12.1 %1/31/2029 - 12/31/2034
Total$886,655 $907,723 $776,290 $792,950 
Loans Receivable, at Amortized Cost:
SNFSenior housing
Principal Balance
Book Value(6)
Principal Balance
Book Value
Weighted Average Effective Interest RateMaturity Date
Mortgage secured loans receivable62$155,073 $156,180 $20,888 $21,728 9.8 %6.1 %9/21/2026 - 4/30/2027
Total$155,073 $156,180 $20,888 $21,728 
Other Investments:
Principal Balance
Book Value
Principal Balance
Book Value
Weighted Average Effective Interest RateMaturity Date
Preferred equity$83,782 $84,582 $83,782 $84,585 11.5 %11.5 %N/A
Total$83,782 $84,582 $83,782 $84,585 
(1)Property count and type are as of June 30, 2026.
(2)Fair value of mortgage secured loans receivable includes $6.0 million and $3.9 million of accrued interest as of June 30, 2026 and December 31, 2025, respectively. Fair value of mezzanine loans receivable includes $0.4 million and $0.6 million of accrued interest as of June 30, 2026 and December 31, 2025, respectively.
(3)Rates are net of subservicing fee, if applicable.
(4)Two mortgage secured loans receivable use term secured overnight financing rate (“SOFR”), which is subject to a floor for certain of the loans.
(5)If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable property counts are included in both respective totals.
(6)Book value of loans receivable, at amortized cost includes $(0.8) million and $0.4 million of unamortized loan origination fees and loan costs, net as of June 30, 2026 and December 31, 2025, respectively. Book value of loans receivable, at amortized cost includes $1.9 million and $0.5 million of accrued interest as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Financing Receivable Activity
The following table summarizes the financing receivables activity for the six months ended June 30, 2026 (in thousands):
Financing Receivable, at Fair ValueFinancing Receivables
Balance at December 31, 2025$92,193 $— 
Originations— 467,129 
Credit loss reserve— (4,671)
Accrued interest706 880 
Amortization of loan costs— (82)
Balance at June 30, 2026$92,899 $463,256 
Summary of Expected Credit Loss
The expected credit losses related to financial instruments that are within the scope of ASC 326 are as follows (dollars in thousands):
Amount
Reserve for loan losses, as of December 31, 2025$6,994 
Provision for expected loan losses on funded financing receivables4,671 
Reserve for loan losses, as of June 30, 2026$11,665