LOANS RECEIVABLE AND INVESTMENTS, NET

9 Months Ended

Sep. 30, 2025

NOTE 6—LOANS RECEIVABLE AND INVESTMENTS, NET

As of September 30, 2025, and December 31, 2024, we held $203.4 million and $173.0 million, respectively, of loans receivable and investments, net of allowance, which are comprised of secured loans receivable and investments, net and non-mortgage loans receivable, net and relate to senior housing and healthcare operators or properties. Secured loans receivable and investments, net generally consists of sales-type lease receivables and loans that are primarily collateralized by a mortgage, a leasehold mortgage or an assignment or pledge of equity interest in entities that primarily own real estate. Non-mortgage loans receivable, net are generally corporate loans that are collateralized primarily by non-real estate related collateral or are unsecured.

The following is a summary of our loans receivable and investments, net (dollars in thousands):


	Amortized Cost		Allowance		Carrying Amount		Fair Value
As of September 30, 2025:
Net real estate investments
Secured loans receivable and investments, net (1)	$	182,504	$	—	$	182,504	$	183,309
Other assets
Non-mortgage loans receivable, net	24,681		(3,810)		20,871		20,227
Total loans receivable and investments, net (2)	$	207,185	$	(3,810)	$	203,375	$	203,536
As of December 31, 2024:
Net real estate investments
Secured loans receivable and investments, net (1)	$	144,872	$	—	$	144,872	$	146,229
Other assets
Non-mortgage loans receivable, net	31,939		(3,810)		28,129		27,640
Total loans receivable and investments, net (2)	$	176,811	$	(3,810)	$	173,001	$	173,869

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(1)Includes $39.5 million and $1.4 million of sales-type lease receivables as of September 30, 2025 and December 31, 2024, respectively.

(2)Loans receivable and investments, net have contractual maturities ranging from 2025 to 2041.