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LOANS RECEIVABLE AND OTHER INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
The Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of June 30, 2026
Investment
Quantity
as of
June 30, 2026
Property Type
Principal Balance
as of
June 30, 2026 (1)
Book Value
as of
June 30, 2026
Book Value
as of December 31, 2025
Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of ReturnMaturity Date
Loans Receivable:
Mortgage1 Behavioral Health$19,000 $19,000 $335,600 10.0 %10.0 %01/31/27
Other10 Multiple36,218 34,110 38,194 7.3 %6.6 %08/31/26 - 08/31/33
11 55,218 53,110 373,794 8.2 %7.8 %
Allowance for loan losses— (5,256)(5,047)
$55,218 $47,854 $368,747 
Other Investments:
Preferred Equity4 Senior Housing67,012 67,224 65,353 11.0 %11.0 %N/A
Total 15 $122,230 $115,078 $434,100 9.7 %9.6 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
On June 30, 2026, the Company received a reduced cash payment of $200.0 million in full satisfaction of the $300.0 million Recovery Centers of America mortgage loan, resulting in a write-off of $100.0 million. The agreement for repayment and the requisite confirmation of the borrower’s ability to secure financing and execute the reduced payoff of the mortgage loan were not obtained until June 2026.
As of June 30, 2026, the Company has committed to provide up to an aggregate $7.9 million of future funding related to one preferred equity investment and three loan receivable investments.
Additional information regarding the Company’s loans receivable is as follows (dollars in thousands):
Six Months Ended June 30,
20262025
Allowance for loan losses:
Balance at beginning of the period$5,047 $6,094 
Provision for (recovery of) loan losses986 (400)
Write-off of uncollectible balances(777)— 
Balance at end of the period$5,256 $5,694 
As of each of June 30, 2026 and December 31, 2025, the Company had one loan receivable investment with deteriorated credit quality with a principal balance of $1.2 million and a book value of zero. As of June 30, 2026 and December 31, 2025, two loans receivable investments with zero book value and three loans receivable investments with zero book value were on nonaccrual status, respectively.
As of June 30, 2026 and December 31, 2025, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.