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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments, at Fair Value
As of December 31, 2025 and 2024, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):
Other Real Estate Related Investments:
Property Count and Type
As of December 31, 2025
As of December 31, 2024
Loans Receivable, at Fair Value:
Skilled nursing
Senior housing
Principal Balance as of December 31, 2025
Fair Value as of December 31, 2025(1)
Principal Balance as of December 31, 2024
Fair Value as of December 31, 2024(1)
Weighted Average Contractual Interest Rate(2), (3)
Weighted Average Contractual Interest Rate(2), (3)
Maturity Date
Mortgage secured loans receivable(4)
60 21 $719,314 $736,474 $658,400 $660,392 8.8 %8.8 %6/1/2026 - 9/30/2039
Mezzanine loans receivable(4)
31 2 56,976 56,476 82,287 80,612 12.1 %12.8 %7/25/2027 - 12/31/2034
Total$776,290 $792,950 $740,687 $741,004 
Property Count and Type
As of December 31, 2025
As of December 31, 2024
Loan Receivable, at Amortized Cost:
U.K. Care Homes
Principal Balance as of December 31, 2025
Book Value as of December 31, 2025(5)
Principal Balance as of December 31, 2024
Book Value as of December 31, 2024
Weighted Average Effective Interest RateWeighted Average Effective Interest RateMaturity Date
Mortgage secured loan receivable1$20,888 $21,728 $— $— 6.1%N/A9/21/2026
Total$20,888 $21,728 $— $— 
As of December 31, 2025
As of December 31, 2024
Preferred Equity Investments:
Principal Balance as of December 31, 2025
Book Value as of December 31, 2025
Principal Balance as of December 31, 2024
Book Value as of December 31, 2024
Weighted Average Effective Interest RateWeighted Average Effective Interest RateMaturity Date
Preferred Equity$83,782 $84,585 $53,782 $54,199 11.5 %11.1 %N/A
Total$83,782 $84,585 $53,782 $54,199 
Property Count and Type
As of December 31, 2025
As of December 31, 2024
Financing Receivable, at Fair Value:
Skilled nursing
Senior housing
Principal Balance as of December 31, 2025
Fair Value as of December 31, 2025(6)
Principal Balance as of December 31, 2024
Fair Value as of December 31, 2024(6)
Weighted Average Effective Interest Rate(7)
Weighted Average Effective Interest Rate(7)
Maturity Date
Financing Receivable35 6 $91,280 $92,193 $95,723 $96,004 12.0 %12.0 %11/30/2039
Total$91,280 $92,193 $95,723 $96,004 
(1)Fair value of mortgage secured loans receivable includes $3.9 million and $3.4 million of accrued interest as of December 31, 2025 and 2024, respectively. Fair value of mezzanine loans receivable includes $0.6 million and $0.9 million of accrued interest as of December 31, 2025 and 2024, respectively.
(2)Rates are net of subservicing fee, if applicable.
(3)One mortgage secured loan receivable and one mezzanine loan receivable use term secured overnight financing rate (“SOFR”), which are subject to a floor for certain of the loans. Term SOFR used as of December 31, 2025 was 3.70%.
(4)If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable property counts are included in both respective totals.
(5)Book value of loan receivable, at amortized cost, includes $0.4 million of loan costs as of December 31, 2025.
(6)Fair value of financing receivable includes $0.9 million and $0.3 million of accrued interest as of December 31, 2025 and 2024, respectively.
(7)The Company leased these properties back to the seller under a 15-year contract, with two five-year renewal options. The agreement provides for an initial contractual cash yield of 11.0% for the first three years, with annual CPI-based escalators beginning in year four, subject to a 3% cap. The agreement provides for deferred payments equal to 2.0% of the contractual cash yield in the first year and 0.5% of the contractual cash yield in the second year. At the time the seller-lessee exercises its purchase options, option proceeds will be used to repay any outstanding deferred payments as well as additional payments such that the Company receives a contractual cash yield of 12.5% on its gross investment in the applicable properties through the option exercise date. If any deferred amounts remain unpaid, beginning in year eight, the deferred amounts are to be repaid in 24 equal monthly payments.One purchase option was exercised and closed during the period; all other purchase option periods remain closed. See the Financing Receivable discussion below for additional information.
Schedule of Other Real Estate Related Investment Activity
The following table summarizes the Company’s other real estate related investments activity for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):
For the Year Ended December 31,
2025
2024
2023
Origination of other real estate related investments$161,213 $607,203 $53,834 
Accrued interest, net1,034 2,998 388 
Unrealized gain (loss) on other real estate related investments, net15,831 9,045 (6,485)
Amortization of fees(117)— — 
Payments of other real estate related investments(73,901)(4,412)(25,537)
Net increase in other real estate related investments$104,060 $614,834 $22,200 
As of December 31, 2025 and 2024, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets, consisted of the following (dollars in thousands):
As of December 31, 2025
As of December 31, 2024
Investment
Principal Balance as of December 31, 2025
Book Value as of December 31, 2025
Principal Balance as of December 31, 2024
Book Value as of December 31, 2024
Weighted Average Contractual Interest RateWeighted Average Contractual Interest RateMaturity Date
Other loans receivable$29,509 $30,217 $21,979 $22,010 8.4 %9.0 %6/1/2026 - 12/31/2030
Expected credit loss— (6,994)— (6,994)
Total$29,509 $23,223 $21,979 $15,016 
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
For the Year Ended December 31,
2025
2024
2023
Origination of loans receivable$1,762 $4,985 $8,486 
Assumption of other loans receivable in connection with the Acquisition(1)
6,990 — — 
Principal payments(1,222)(100)(988)
Accrued interest, net677 (31)58 
Provision for loan losses— (4,900)— 
Net increase (decrease) in other loans receivable$8,207 $(46)$7,556 
(1)In connection with the Acquisition, the Company assumed other loans receivable, including one for $6.7 million related to the development of a U.K. Care Home. Upon certain conditions being met, a put option by the operator or a call option by the Company may each be exercised providing for the Company’s acquisition of the development for an additional $3.6 million. If these options are not exercised the loan becomes repayable in June 2026.
Schedule of Interest and Other Income
The following table summarizes the interest and other income recognized from the other real estate related investments, other loans receivable, and other investments during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
For the Year Ended December 31,
Investment202520242023
Mortgage secured loans receivable$59,680 $35,972 $13,329 
Mezzanine loans receivable10,705 9,456 3,683 
Preferred equity investments8,217 2,826 18 
Other loans receivable2,049 1,227 847 
Financing receivable11,492 1,009 — 
Other(1)
14,831 17,535 1,294 
Total$106,974 $68,025 $19,171 
(1)Other income is comprised of interest income on money market funds and escrow deposits.