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Loans Receivable (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
December 31,
 20252024
Secured loans(1)
$583,460 $638,482 
Mezzanine loans47,690 50,314 
Unamortized discounts and fees(13,785)(22,380)
Reserve for loan losses(11,345)(10,499)
Loans receivable, net$606,020 $655,917 
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(1)At December 31, 2025, the Company had $99 million of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional principal on loans for outpatient medical capital expenditure projects.
Schedule of Loan Receivable Activity
The following is a summary of the Company’s loans receivable activity for the periods presented (in thousands):
 
Secured Loans
Mezzanine Loans
Loans receivable as of December 31, 2022
$350,837 $— 
Add: Advances on and acquisitions of loans receivable
10,925 — 
Less: Receipts on loans receivable and other reductions
(183,084)— 
Loans receivable as of December 31, 2023
178,678 — 
Add: Advances on and acquisitions of loans receivable(1)
537,520 52,667 
Less: Receipts on loans receivable and other reductions
(77,716)(2,353)
Loans receivable as of December 31, 2024
638,482 50,314 
Add: Advances on and acquisitions of loans receivable87,648 4,756 
Less: Receipts on loans receivable and other reductions
(142,670)(7,380)
Loans receivable as of December 31, 2025
$583,460 $47,690 
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(1)Includes loans acquired as part of the Merger and the Outpatient Medical Seller Financing discussed above.
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of December 31, 2025 (in thousands):
Investment Type
Year of Origination(1)
Total
20252024202320222021Prior
Secured loans
Risk rating:
Performing loans$44,052 $450,352 $39,771 $31,545 $— $— $565,720 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$44,052 $450,352 $39,771 $31,545 $— $— $565,720 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$4,217 $12,890 $— $3,194 $7,782 $12,217 $40,300 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$4,217 $12,890 $— $3,194 $7,782 $12,217 $40,300 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
_______________________________________
(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Schedule of Financing Receivable, Allowance for Credit Loss The following table summarizes the Company’s reserve for loan losses (in thousands):
December 31,
 202520242023
 Secured Loans
Mezzanine Loans
TotalSecured Loans
Mezzanine Loans
TotalSecured Loans
Mezzanine Loans
Total
Reserve for loan losses, beginning of period$5,574 $4,925 $10,499 $2,830 $— $2,830 $8,280 $— $8,280 
Provision for expected loan losses on funded loans receivable908 2,215 3,123 2,744 4,925 7,669 2,088 — 2,088 
Expected loan losses (recoveries) related to loans sold or repaid(1,732)(545)(2,277)— — — (7,538)— (7,538)
Reserve for loan losses, end of period$4,750 $6,595 $11,345 $5,574 $4,925 $10,499 $2,830 $— $2,830