Loans Receivable (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Receivables [Abstract] |
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| Schedule of Loans Receivable |
The following table summarizes the Company’s loans receivable (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | Secured loans(1) | $ | 240,963 | | | $ | 583,460 | | | Mezzanine loans | 52,192 | | | 47,690 | | | Unamortized discounts and fees | (916) | | | (13,785) | | | Reserve for loan losses | (8,036) | | | (11,345) | | | | | | | | | | | Loans receivable, net | $ | 284,203 | | | $ | 606,020 | |
_______________________________________(1)At September 30, 2026 and December 31, 2025, the Company had $59 million and $99 million, respectively, of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects.
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| Schedule of Loan Receivable Activity |
The following is a summary of the Company’s loans receivable activity for the periods presented (in thousands): | | | | | | | | | | | | | Secured Loans | | Mezzanine Loans | | Loans receivable as of December 31, 2024 | $ | 638,482 | | | $ | 50,314 | | | Add: Advances on and acquisitions of loans receivable | 87,648 | | | 4,756 | | Less: Receipts on loans receivable and other reductions(1) | (142,670) | | | (7,380) | | | Loans receivable as of December 31, 2025 | 583,460 | | | 47,690 | | | Add: Advances on and acquisitions of loans receivable | 56,502 | | | 9,342 | | Less: Receipts on loans receivable and other reductions | (398,999) | | | (4,840) | | | Loans receivable as of September 30, 2026 | $ | 240,963 | | | $ | 52,192 | |
_______________________________________ (1)Includes the following: (i) the full early repayment in August 2025 of the $58 million outstanding balance of seller financing provided to the buyer of a portfolio of Senior Housing Operating Property (“SHOP”) facilities in January 2021 and (ii) the full repayment upon maturity in January 2025 of the $48 million outstanding balance of seller financing provided to the buyer of another SHOP portfolio in January 2021. Both of these loans receivable were secured by the buyer’s equity ownership in the properties.
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| Schedule of Internal Ratings for Loans Receivable |
The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of September 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Year of Origination(1) | | Total | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | | Secured loans | | | | | | | | | | | | | | | | Risk rating: | | | | | | | | | | | | | | | | Performing loans | | $ | 10,540 | | | $ | 67,324 | | | $ | 80,605 | | | $ | 42,756 | | | $ | 34,319 | | | $ | — | | | $ | 235,544 | | | Watch list loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Workout loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total secured loans | | $ | 10,540 | | | $ | 67,324 | | | $ | 80,605 | | | $ | 42,756 | | | $ | 34,319 | | | $ | — | | | $ | 235,544 | | | Current period gross write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Current period recoveries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Current period net write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Mezzanine loans | | | | | | | | | | | | | | | | Risk rating: | | | | | | | | | | | | | | | | Performing loans | | $ | 8,953 | | | $ | 4,290 | | | $ | 14,413 | | | $ | — | | | $ | 4,096 | | | $ | 16,907 | | | $ | 48,659 | | | Watch list loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Workout loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total mezzanine loans | | $ | 8,953 | | | $ | 4,290 | | | $ | 14,413 | | | $ | — | | | $ | 4,096 | | | $ | 16,907 | | | $ | 48,659 | | | Current period gross write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Current period recoveries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Current period net write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
_______________________________________ (1)Additional fundings under existing loans are included in the year of origination of the initial loan.
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| Schedule of Reserve for Loan Losses |
The following table summarizes the Company’s reserve for loan losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Secured Loans | | Mezzanine Loans | | | | Total | | Secured Loans | | Mezzanine Loans | | | | Total | | Reserve for loan losses, beginning of period | $ | 4,750 | | | $ | 6,595 | | | | | $ | 11,345 | | | $ | 5,574 | | | $ | 4,925 | | | | | $ | 10,499 | | | | | | | | | | | | | | | | | | | Provision for expected loan losses on funded loans receivable | 83 | | | (3,228) | | | | | (3,145) | | | 908 | | | 2,215 | | | | | 3,123 | | | Expected loan losses (recoveries) related to loans sold or repaid in full | — | | | (164) | | | | | (164) | | | (1,732) | | | (545) | | | | | (2,277) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reserve for loan losses, end of period | $ | 4,833 | | | $ | 3,203 | | | | | $ | 8,036 | | | $ | 4,750 | | | $ | 6,595 | | | | | $ | 11,345 | |
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