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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2025

(Dollars in thousands)

Location	Interest Rate	Fixed / Variable	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages (1)		Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgage relating to two senior housing properties located in:
Texas	Lesser of 9.50% or Term SOFR plus 5.00%	Variable	2/16/2026	Interest only (2)	$	—	$	8,000	$	8,000	$	—
First mortgage relating to two senior housing properties located in:
Tennessee	Greater of 9.00% or Term SOFR plus 4.50%	Variable	4/23/2026	Interest only	—		3,150		3,138		—
First mortgage relating to two senior housing properties located in:
South Carolina	Greater of 9.00% or Term SOFR plus 4.50%	Variable	5/21/2026	Interest only	—		3,150		3,134		—
First mortgage relating to one senior housing property located in:
Washington	Greater of 10.25% or Term SOFR plus 5.75%	Variable	9/20/2027	Interest only (3)	—		109,000		108,345		—
First mortgage relating to one senior housing property located in:
Pennsylvania	Term SOFR plus 3.25%	Variable	11/4/2027	Interest and principal; $20.4M balloon due at maturity	—		20,467		20,467		—
Total					$	—	$	143,767	$	143,084	$	—

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(1)     For Federal income tax purposes, the aggregate cost of investments in mortgage loans on real estate is the carrying amount, as disclosed in the schedule.

(2)     This loan was previously scheduled to mature on June 15, 2025 and was extended to mature on February 16, 2026.

(3)     A prepayment premium consisting of accelerated interest charged on the prepaid amount is assessed, as of the date of the prepayment, at the greater of the contract rate and the term SOFR forward curve through September 30, 2026. An exit fee is assessed at 1% of the amount of principal prepaid.

Reconciliation of Mortgage Loans:

	Year Ended December 31,
	2025		2024		2023
Beginning Balance	$	143,472	$	26,087	$	491,334
Additions:
New loans (1)	—		115,359		—
Construction draws	934		2,100		835
Total additions	934		117,459		835
Deductions:
Principal repayments	(1,730)		(74)		—
Conversions to real property	—		—		(486,082)
Allowance	—		—		20
Amortization of deferred financing costs	408
Total deductions	(1,322)		(74)		(486,062)
Effect of foreign currency translation	—		—		—
Ending Balance	$	143,084	$	143,472	$	26,087

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(1)     New loans include $7.5 million received as non-cash consideration for properties sold in 2024.