CONCENTRATION OF RISK

9 Months Ended

Sep. 30, 2025

Risks and Uncertainties [Abstract]

CONCENTRATION OF RISK

CONCENTRATION OF RISK

Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions.

Major operator concentration – The Company has operators from which it derived 10% or more of its revenue for the nine months ended September 30, 2025 and 2024. The following table sets forth information regarding the Company’s major operators as of September 30, 2025 and 2024:

	Percentage of Total Revenue
Operator/Borrower	Three Months Ended		Nine Months Ended
September 30, 2025(1)
Ensign(2)	17	%	20	%
September 30, 2024(1)
Ensign(2)	25	%	28	%
Priority Management Group	11	%	12	%

(1) Based on the Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements.

(2) Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise.

Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain geographies from which the Company derived 10% or more of its revenue for the nine months ended September 30, 2025 and 2024:

	Percentage of Total Revenue
Geography	Three Months Ended		Nine Months Ended
September 30, 2025(1)
CA	22	%	22	%
U.K.	17	%	10	%
TX	9	%	11	%
TN	9	%	10	%
September 30, 2024(1)
CA	28	%	29	%
TX	17	%	19	%

(1) Based on the Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements.