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Loans Receivable (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
June 30,
2026		December 31,
2025
Secured loans(1)
$227,699 $583,460 
Mezzanine loans43,079 47,690 
Unamortized discounts and fees(1,215)(13,785)
Reserve for loan losses(8,165)(11,345)
Loans receivable, net$261,398 $606,020 
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(1)At June 30, 2026 and December 31, 2025, the Company had $70 million and $99 million, respectively, of remaining commitments to fund additional principal on loans for outpatient medical and lab 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, 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, 2025583,460 47,690 
Add: Advances on and acquisitions of loans receivable43,238 229 
Less: Receipts on loans receivable and other reductions
(398,999)(4,840)
Loans receivable as of June 30, 2026$227,699 $43,079 
Schedule of Internal Ratings for Loans Receivable
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 June 30, 2026 (in thousands):
Investment Type
Year of Origination(1)
Total
2026
2025
202420232022Prior
Secured loans
Risk rating:
Performing loans$10,293 $60,987 $76,059 $41,889 $33,395 $— $222,623 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$10,293 $60,987 $76,059 $41,889 $33,395 $— $222,623 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$— $4,292 $13,919 $— $3,862 $16,702 $38,775 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$— $4,292 $13,919 $— $3,862 $16,702 $38,775 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
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(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Schedule of Reserve for Loan Losses
The following table summarizes the Company’s reserve for loan losses (in thousands):
June 30, 2026December 31, 2025
Secured LoansMezzanine LoansTotalSecured LoansMezzanine LoansTotal
Reserve for loan losses, beginning of period$4,750 $6,595 $11,345 $5,574 $4,925 $10,499 
Provision for expected loan losses on funded loans receivable(417)(2,599)(3,016)908 2,215 3,123 
Expected loan losses (recoveries) related to loans sold or repaid in full— (164)(164)(1,732)(545)(2,277)
Reserve for loan losses, end of period$4,333 $3,832 $8,165 $4,750 $6,595 $11,345