CONCENTRATION OF RISK (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Schedule of Concentration of Risk

Major operator or borrower concentration – The Company has operators and borrowers from which it derived 10% or more of its revenue for the years ended December 31, 2025, 2024 and 2023. The following table sets forth information regarding the Company’s major operators as of December 31, 2025, 2024 and 2023:

	Percentage of Total Revenue
Operator/Borrower(1)
December 31, 2025
Ensign(2)	18	%
December 31, 2024
Ensign(2)	26	%
Priority Management Group	12	%
December 31, 2023
Ensign(2)	32	%
Priority Management Group	14	%

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

(2)See Note 4, Real Estate Investments, Net, for further information regarding Ensign and PMG. 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 states, from which the Company derived 10% or more of its revenue for the years ended December 31, 2025, 2024 and 2023:

	Percentage of Total Revenue
State(1)
December 31, 2025
CA	21	%
U.K.	12	%
TX	10	%
TN	10	%
December 31, 2024
CA	28	%
TX	18	%
December 31, 2023
CA	28	%
TX	21	%

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