Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

Description	Contractual Interest Rate			Maturity Date	Periodic Payment Terms	Prior Liens			Principal Balance		Book Value (1)		Carrying Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Secured Loans:
Multiple (21 SNF, 16 Senior housing)	8.4	%		2029	(3)	$	—		$	260,000	$	267,950	N/A
North Carolina (7 SNF)	9.2	%	(2)	2029	(6)	—			174,000		182,562		N/A
West Virginia (18 SNF)	8.5	%		2028	(3)	507,500		(4)	75,000		73,450		N/A
California (1 Senior housing)	9.3	%		2028	(3)	—			36,750		37,099		N/A
West Virginia (18 SNF)	9.7	%		2028	(3)	478,500		(4)	29,000		29,239		N/A
Tennessee (2 SNF)	9.1	%		2031	(3)	—			26,675		27,174		N/A
California (1 SNF, 2 Senior housing)	9.0	%		2033	(3)	—			25,993		26,105		N/A
Washington (2 SNF)	8.5	%		2035	(3)	—			25,065		25,200		N/A
United Kingdom (1 Senior housing)	8.5	%		2026	(3)	—			20,888		21,728		N/A
Maryland (1 SNF)	9.6	%	(2)	2039	(3)	—			19,190		19,400		N/A
Florida (2 SNF)	9.0	%		2028	(3)	—			15,727		15,640		N/A
Washington (1 SNF)	8.5	%		2034	(3)	—			11,250		11,332		N/A
Colorado (1 SNF )	8.5	%		2034	(3)	—			9,800		10,336		N/A
California (1 Senior housing)	9.9	%		2026	(3)	—			6,300		6,386		N/A
California (4 SNF)	12.0	%		2026	(6)	38,330		(5)	3,564		3,593		N/A
Florida (1 Senior housing)	9.0	%		2027	(3)	—			1,000		1,008		N/A
Mezzanine Loans:
West Virginia (18 SNF)	11.0	%		2032	(3)	582,500		(4)	25,000		23,575		N/A
Maryland (2 SNF)	13.2	%	(2)	2034	(3)	33,310		(5)	11,511		11,740		N/A
Missouri (8 SNF, 2 Senior housing)	14.0	%	(2)	2027	(6)	100,200		(5)	9,800		10,390		N/A
California (2 SNF)	11.5	%		2029	(3)	13,156		(5)	7,365		7,438		N/A
Maryland (1 SNF)	12.5	%		2030	(3)	7,252		(5)	3,300		3,332		N/A
						$	1,760,748		$	797,178	$	814,677

(1)The aggregate cost for federal income tax purposes was $797.2 million as of December 31, 2025.

(2)Interest rates are variable and represent the rate in effect as of December 31, 2025.

(3)Interest is due monthly, and principal is due at the maturity date.

(4)The secured term loan was structured with an “A” tranche, a “B” tranche, and a “C” tranche, with the “C” tranche being the most subordinate. The Company’s loans constituted the entirety of the “B” and “C” tranches. The Company also extended a mezzanine loan to the borrower group. Accordingly, the amounts of the prior liens at December 31, 2025 are estimated.

(5)The first mortgage loans on these properties are not held by the Company. Accordingly, the amounts of the prior liens at December 31, 2025 are estimated.

(6)Interest is due monthly, and principal begins amortizing during the term of the loan.

Changes in mortgage secured and mezzanine loans are summarized as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	741,004	$	178,568	$	156,368
Additions during period:
New mortgage and mezzanine loans	131,213		555,203		53,834
Interest income added to principal	647		2,600		388
Total additions	131,860		557,803		54,222
Deductions during period:
Paydowns/Repayments	(73,901)		(4,412)		(25,537)
Unrealized gain (loss), net	16,181		9,045		(6,485)
Amortized fees	(117)		—		—
Total deductions	(57,837)		4,633		(32,022)
Change in balance due to foreign currency translation	(350)		—		—
Balance at end of period	$	814,677	$	741,004	$	178,568