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v3.25.2

ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of expected credit loss | A rollforward of our allowance for credit losses for the six months ended June 30, 2025 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rating | ​ | Financial Statement Line Item | Allowance for Credit Loss as of December 31, 2024 | ​ | Provision (Recovery) for Credit Loss for the six months ended June 30, 2025(1) | ​ | Write-offs charged against allowance for the six months ended June 30, 2025 | ​ | Other reductions to the allowance for the six months ended June 30, 2025 | ​ | Allowance for Credit Loss as of June 30, 2025
​ | ​ | ​ | (in thousands)
1 | ​ | Real estate loan receivable | $ | 312 | ​ | $ | (47) | ​ | $ | — | ​ | $ | — | ​ | $ | 265
2 | ​ | Real estate loans receivable | ​ | 492 | ​ | ​ | (155) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 337
3 | ​ | Real estate loans receivable | ​ | 10,991 | ​ | ​ | (57) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,934
4 | ​ | Real estate loans receivable | ​ | 22,528 | ​ | ​ | (2,695) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,833
5 | ​ | Real estate loans receivable | ​ | 25,476 | ​ | ​ | 4,408 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,884
6 | ​ | Real estate loans receivable | ​ | 11,450 | ​ | ​ | (426) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,024
​ | ​ | Sub-total | ​ | 71,249 | ​ | ​ | 1,028 | (2) | ​ | — | ​ | ​ | — | ​ | ​ | 72,277
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
5 | ​ | Investment in direct financing leases | ​ | 1,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,605) | (3) | ​ | —
​ | ​ | Sub-total | ​ | 1,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,605) | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Non-real estate loans receivable | ​ | 37 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 43
3 | ​ | Non-real estate loans receivable | ​ | 1,868 | ​ | ​ | (412) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,456
4 | ​ | Non-real estate loans receivable | ​ | 2,268 | ​ | ​ | (1,001) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,267
5 | ​ | Non-real estate loans receivable | ​ | 43,287 | ​ | ​ | (701) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 42,586
6 | ​ | Non-real estate loans receivable | ​ | 75,335 | ​ | ​ | 4,285 | ​ | ​ | (17,851) | (4) | ​ | — | ​ | ​ | 61,769
​ | ​ | Sub-total | ​ | 122,795 | ​ | ​ | 2,177 | (2) | ​ | (17,851) | ​ | ​ | — | ​ | ​ | 107,121
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Unfunded real estate loan commitments | ​ | 1 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2
3 | ​ | Unfunded real estate loan commitments | ​ | 461 | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 479
4 | ​ | Unfunded real estate loan commitments | ​ | 40 | ​ | ​ | 140 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 180
5 | ​ | Unfunded real estate loan commitments | ​ | 1,767 | ​ | ​ | (924) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 843
2 | ​ | Unfunded non-real estate loan commitments | ​ | 13 | ​ | ​ | (7) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6
3 | ​ | Unfunded non-real estate loan commitments | ​ | 183 | ​ | ​ | (77) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 106
4 | ​ | Unfunded non-real estate loan commitments | ​ | 433 | ​ | ​ | (18) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 415
6 | ​ | Unfunded non-real estate loan commitments | ​ | 65 | ​ | ​ | (65) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | Sub-total | ​ | 2,963 | ​ | ​ | (932) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,031
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | $ | 198,612 | ​ | $ | 2,273 | ​ | $ | (17,851) | ​ | $ | (1,605) | ​ | $ | 181,429
​
(1) | During the six months ended June 30, 2025, we received proceeds of $1.7 million from the liquidating trust related to the $25.0 million DIP facility to Gulf Coast Health Care LLC (“Gulf Coast”) and proceeds of $0.3 million related to one other real estate loan, which resulted in a recovery for credit losses of $2.0 million. Both of these loans and related reserves were previously written off, so the $2.0 million aggregate recovery is not included in the rollforward above.
(2) | These amounts include cash recoveries of $2.9 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $1.8 million related to principal payments received on loans that were fully reserved.
(3) | Represents the allowance for credit losses related to an investment in a direct financing lease that was reclassified to real estate assets in connection with the termination of the lease in the first half of 2025 as discussed further in Note 2 – Real Estate Assets.
(4) | Amount reflects the write-off of the reserves associated with the $10.0 million DIP financing and the $8.3 million term loan to LaVie (which were both previously fully reserved) that were discharged as part of the LaVie plan of reorganization that was made effective on June 1, 2025.
A rollforward of our allowance for credit losses for the six months ended June 30, 2024 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rating | ​ | Financial Statement Line Item | Allowance for Credit Loss at December 31, 2023 | ​ | Provision (Recovery) for Credit Loss for the six months ended June 30, 2024(1) | ​ | Write-offs charged against allowance for the six months ended June 30, 2024 | ​ | Allowance for Credit Loss as of June 30, 2024
​ | ​ | ​ | (in thousands)
1 | ​ | Real estate loans receivable | $ | 1,501 | ​ | $ | (574) | ​ | $ | — | ​ | $ | 927
2 | ​ | Real estate loans receivable | ​ | 291 | ​ | ​ | 460 | ​ | ​ | — | ​ | ​ | 751
3 | ​ | Real estate loans receivable | ​ | 12,635 | ​ | ​ | 310 | ​ | ​ | — | ​ | ​ | 12,945
4 | ​ | Real estate loans receivable | ​ | 65,113 | ​ | ​ | (37,237) | (2) | ​ | — | ​ | ​ | 27,876
5 | ​ | Real estate loans receivable | ​ | — | ​ | ​ | 28,032 | (2) | ​ | — | ​ | ​ | 28,032
6 | ​ | Real estate loans receivable | ​ | 11,450 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,450
​ | ​ | Sub-total | ​ | 90,990 | ​ | ​ | (9,009) | ​ | ​ | — | ​ | ​ | 81,981
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
5 | ​ | Investment in direct financing leases | ​ | 2,489 | ​ | ​ | (790) | ​ | ​ | — | ​ | ​ | 1,699
​ | ​ | Sub-total | ​ | 2,489 | ​ | ​ | (790) | ​ | ​ | — | ​ | ​ | 1,699
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Non-real estate loans receivable | ​ | 1,151 | ​ | ​ | (158) | ​ | ​ | — | ​ | ​ | 993
3 | ​ | Non-real estate loans receivable | ​ | 3,903 | ​ | ​ | (792) | ​ | ​ | — | ​ | ​ | 3,111
4 | ​ | Non-real estate loans receivable | ​ | 720 | ​ | ​ | (290) | ​ | ​ | — | ​ | ​ | 430
5 | ​ | Non-real estate loans receivable | ​ | 43,404 | ​ | ​ | 5,016 | ​ | ​ | — | ​ | ​ | 48,420
6 | ​ | Non-real estate loans receivable | ​ | 72,453 | ​ | ​ | 6,698 | ​ | ​ | (7,632) | ​ | ​ | 71,519
​ | ​ | Sub-total | ​ | 121,631 | ​ | ​ | 10,474 | (3) | ​ | (7,632) | ​ | ​ | 124,473
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Unfunded real estate loan commitments | ​ | 10 | ​ | ​ | (9) | ​ | ​ | — | ​ | ​ | 1
3 | ​ | Unfunded real estate loan commitments | ​ | 335 | ​ | ​ | 62 | ​ | ​ | — | ​ | ​ | 397
4 | ​ | Unfunded real estate loan commitments | ​ | 4,314 | ​ | ​ | (4,263) | (2) | ​ | — | ​ | ​ | 51
5 | ​ | Unfunded real estate loan commitments | ​ | — | ​ | ​ | 3,063 | (2) | ​ | — | ​ | ​ | 3,063
2 | ​ | Unfunded non-real estate loan commitments | ​ | 692 | ​ | ​ | (446) | ​ | ​ | — | ​ | ​ | 246
3 | ​ | Unfunded non-real estate loan commitments | ​ | 46 | ​ | ​ | 176 | ​ | ​ | — | ​ | ​ | 222
4 | ​ | Unfunded non-real estate loan commitments | ​ | 63 | ​ | ​ | (36) | ​ | ​ | — | ​ | ​ | 27
5 | ​ | Unfunded non-real estate loan commitments | ​ | 1,594 | ​ | ​ | (1,594) | ​ | ​ | — | ​ | ​ | —
6 | ​ | Unfunded non-real estate loan commitments | ​ | — | ​ | ​ | 92 | ​ | ​ | — | ​ | ​ | 92
​ | ​ | ​ | ​ | 7,054 | ​ | ​ | (2,955) | ​ | ​ | — | ​ | ​ | 4,099
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | $ | 222,164 | ​ | $ | (2,280) | ​ | $ | (7,632) | ​ | $ | 212,252
(1) | During the six months ended June 30, 2024, we received proceeds of $3.3 million from the liquidating trust related to the $25.0 million DIP facility to Gulf Coast, which resulted in a recovery for credit losses of $3.3 million that is not included in the rollforward above since we had previously written-off the loan balance and related reserve.
(2) | Amount reflects the movement of reserves associated with the Maplewood Revolver due to an adjustment to the internal risk rating on the loan from 4 to 5 during the first quarter of 2024. See Note 5 – Real Estate Loans Receivable for additional information.
(3) | The amount includes cash recoveries of $2.4 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $0.2 million related to principal payments received on loans that were fully reserved.
Schedule by segment balance by vintage and credit quality indicator | A summary of our amortized cost basis by year of origination and credit quality indicator is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rating | Financial Statement Line Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 & older | Revolving Loans | Balance as of June 30, 2025
​ | ​ | (in thousands)
1 | Real estate loans receivable | $ | — | $ | — | $ | — | $ | 20,000 | $ | — | $ | — | $ | — | $ | — | $ | 20,000
2 | Real estate loans receivable | ​ | — | ​ | 29,700 | ​ | 8,680 | ​ | — | ​ | — | ​ | 21,325 | ​ | — | ​ | — | ​ | 59,705
3 | Real estate loans receivable | ​ | 26,867 | ​ | 255,614 | ​ | 159,630 | ​ | 25,600 | ​ | 72,420 | ​ | — | ​ | — | ​ | — | ​ | 540,131
4 | Real estate loans receivable | ​ | 18,775 | ​ | 79,971 | ​ | 82,673 | ​ | — | ​ | 31,747 | ​ | 72,413 | ​ | 307,606 | ​ | — | ​ | 593,185
5 | Real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 263,580 | ​ | 263,580
6 | Real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 12,496 | ​ | — | ​ | 12,496
​ | Sub-total | ​ | 45,642 | ​ | 365,285 | ​ | 250,983 | ​ | 45,600 | ​ | 104,167 | ​ | 93,738 | ​ | 320,102 | ​ | 263,580 | ​ | 1,489,097
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | Non-real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 16,439 | ​ | 16,439
3 | Non-real estate loans receivable | ​ | 2,124 | ​ | 3,882 | ​ | 77,003 | ​ | 15,738 | ​ | — | ​ | — | ​ | 2,683 | ​ | 50,439 | ​ | 151,869
4 | Non-real estate loans receivable | ​ | 3,152 | ​ | 4,411 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 121,766 | ​ | 30,690 | ​ | 160,019
5 | Non-real estate loans receivable | ​ | 500 | ​ | 6,000 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 42,810 | ​ | — | ​ | 49,310
6 | Non-real estate loans receivable | ​ | — | ​ | 6,386 | ​ | 5,158 | ​ | 24,458 | ​ | — | ​ | — | ​ | 26,822 | ​ | — | ​ | 62,824
​ | Sub-total | ​ | 5,776 | ​ | 20,679 | ​ | 82,161 | ​ | 40,196 | ​ | — | ​ | — | ​ | 194,081 | ​ | 97,568 | ​ | 440,461
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total | $ | 51,418 | $ | 385,964 | $ | 333,144 | $ | 85,796 | $ | 104,167 | $ | 93,738 | $ | 514,183 | $ | 361,148 | $ | 1,929,558
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year to date gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | (7,851) | $ | — | $ | — | $ | (10,000) | $ | (17,851)

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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