v3.26.1
OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments
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 Other Real Estate Related Investment Activity
The following table summarizes the Company’s other real estate related investments activity for the six months ended June 30, 2026 and 2025 (dollars in thousands):
Six Months Ended June 30,
2026
2025
Origination of other real estate related investments$259,599 $51,489 
Accrued interest, net3,376 255 
Unrealized gain on other real estate related investments, net
1,732 3,255 
Loan origination fees, net of amortization(1,099)— 
Payments of other real estate related investments(14,385)(9,302)
Net change in other real estate related investments$249,223 $45,697 
As of June 30, 2026 and December 31, 2025, the Company’s other loans receivable, which are included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands):
As of June 30, 2026
As of December 31, 2025
Investment
Principal Balance as of June 30, 2026
Book Value as of June 30, 2026
Principal Balance as of December 31, 2025
Book Value as of December 31, 2025
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$20,753 $20,803 $29,509 $30,217 8.7 %8.4 %9/30/2026 - 12/31/2030
Expected credit loss— (6,994)— (6,994)
Total$20,753 $13,809 $29,509 $23,223 
Schedule of Other Real Estate Related Investment Transactions
The following table summarizes the Company’s other real estate related investments from January 1, 2026 through June 30, 2026 (dollars in thousands):
Investment TypeInvestmentEffective Interest RateNumber of PropertiesMaturity DateAccounting Policy
Mortgage secured loan receivable(1)
$26,849 8.7 %1 1/19/2027Amortized Cost
Mortgage secured loan receivable3,700 8.6 %— (2)5/31/2035Fair Value Option
Mortgage secured loan receivable42,550 9.3 %5 4/1/2032Fair Value Option
Mortgage secured loan receivable7,500 8.6 %1 (2)5/31/2035Fair Value Option
Mortgage secured loan receivable(3)
55,000 8.8 %3 4/30/2031Fair Value Option
Mortgage secured loan receivable108,000 10.7 %6 4/30/2027Amortized Cost
Mortgage secured loan receivable10,000 14.0 %— (2)12/5/2028Fair Value Option
Mortgage secured loan receivable6,000 12.4 %3 6/1/2029Fair Value Option
Total$259,599 9.9 %19 
(1)Loans originated in British Pound (“GBP”) are converted at the spot rate on date of investment.
(2)Includes an additional funding on an existing mortgage secured loan receivable.
(3)The principal balance amortizes on a scheduled basis throughout the loan term.
The following table summarizes the Company’s other real estate related investments from January 1, 2025 through June 30, 2025 (dollars in thousands):
Investment TypeInvestmentEffective Interest RateNumber of PropertiesMaturity DateAccounting Policy
Mezzanine loan receivable$6,389 13.0 %— (1)12/31/2034Fair Value Option
Mortgage secured loan receivable9,000 9.3 %(2)— (1)6/1/2029Fair Value Option
Mortgage secured loan receivable6,100 8.6 %1 5/31/2035Fair Value Option
Preferred Equity30,000 12.0 %30 
Total$51,489 11.3 %31 
(1)Includes additional fundings on an existing mortgage and mezzanine loan receivable.
(2)Variable rate subject to a floor, and SOFR plus 4.25%, less servicing fee.
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the six months ended June 30, 2026 and 2025 (dollars in thousands):
Six Months Ended June 30,
2026
2025
Origination of other loans receivable$— $226 
Assumption of other loans receivable in connection with the acquisition(1)
— 7,124 
Principal payments and conversion to investments in real estate(2)
(8,752)(555)
Accrued interest, net(2)
(658)52 
Foreign currency translation(4)— 
Net change in other loans receivable
$(9,414)$6,847 
(1) In connection with the Care REIT acquisition in the U.K. during the six months ended June 30, 2025, the Company assumed other loans receivable, including one for $6.9 million related to the development of a U.K. Care Home. Upon certain conditions being met, a put option by the operator or a call option by the Company may each be exercised providing for the Company’s acquisition of the development for additional cash consideration.
(2) During the six months ended June 30, 2026, the Company exercised the option to acquire the U.K. Care Home. The principal payments and accrued interest include $8.1 million and $0.8 million of non-cash activity, respectively, related to the Company’s acquisition of the U.K. Care Home. See Note 3, Real Estate Investments, Net, for further information.
Schedule of Interest and Other Income
The following table summarizes the interest and other income recognized from the other real estate related investments, other loans receivable and other investments during the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Investment2026202520262025
Mortgage secured loans receivable$21,603 $14,512 $38,261 $28,900 
Mezzanine loans receivable1,629 2,873 3,353 5,694 
Preferred equity investments2,404 1,911 4,803 3,408 
Other loans receivable367 407 888 741 
Other(1)
801 3,847 1,456 6,975 
Total$26,804 $23,550 $48,761 $45,718 
(1) Other income is comprised of interest income on money market funds and escrow deposits.