Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table provides information on the assets and liabilities of our consolidated VIEs ($ in thousands):


	June 30,		December 31,
	2026		2025
Real Estate Investments segment:
Real estate properties, net	$	128,289	$	112,717
Cash and cash equivalents	1,051		1,020
Straight-line rents receivable	318		554
Other assets, net	1,481		2,751

SHOP segment:
Real estate properties, net	492,675		290,691
Cash and cash equivalents	10,690		8,121
Other assets, net	4,969		1,457
Accounts payable and other liabilities	8,497		5,473

The following table provides a summary of our relationships and sources of exposure related to our unconsolidated VIEs as of June 30, 2026 ($ in thousands):


Year			Net		Maximum
of Initial		Source of	Carrying		Exposure		Note
Involvement	Name	Exposure	Amounts		to Loss		References
2014	Senior Living	Various1	$	38,319	$	54,819	Notes 4, 5
2016	Senior Living Management	Note	12,000		12,000		Note 4
2018	Bickford	Notes	15,997		27,540		Note 4
2019	Encore Senior Living	Various2	52,045		63,569		N/A
2020	Timber Ridge OpCo	Various3	(5,712)		(712)		Notes 6, 7
2020	Senior Living Hospitality Group	Various1	13,249		13,773		N/A
2021	Montecito Medical Real Estate	Notes	6,629		6,629		N/A
2021	Vizion Health	Various1	17,970		17,970		N/A
2021	Navion Senior Solutions	Various4	7,038		9,188		N/A
2024	Mainstay Healthcare	Note	9,064		9,064		N/A
2026	Senior Residential Realty LP	Note	5,537		5,537		N/A

1 Note(s) and straight-line rents receivable

2 Note, straight-line rents receivable and interest receivable

3 Loan commitment, equity method investment, straight-line rents receivable and unamortized lease incentive

4 Straight-line rents receivable and unamortized lease incentive

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details