LOANS RECEIVABLE AND INVESTMENTS

12 Months Ended

Dec. 31, 2025

Loans Receivable And Investments [Abstract]

NOTE 6 – LOANS RECEIVABLE AND INVESTMENTS, NET

As of December 31, 2025 and 2024, we held $164.7 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 consist 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 December 31, 2025:
Net real estate investments
Secured loans receivable and investments, net (1)	$	143,913	$	—	$	143,913	$	146,364
Other assets
Non-mortgage loans receivable, net	24,062		(3,235)		20,827		20,432
Total loans receivable and investments, net (2)	$	167,975	$	(3,235)	$	164,740	$	166,796
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 $0.8 million and $1.4 million of sales-type lease receivables as of December 31, 2025 and 2024, respectively.

(2)Loans receivable and investments, net have contractual maturities ranging from 2026 to 2041.

2024 Activity

In September 2024, we provided new secured debt financing of $109.0 million to the owner of a senior housing property, secured by the asset and with additional credit support. The loan provides us with a right of first offer to purchase the asset on certain terms and conditions. The loan had a 3-year term and bore interest at a variable rate based on one-month SOFR, subject to a floor of 4.50%, plus a spread of 5.75%, which increased to 6.00% commencing October 1, 2025.