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VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended
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Jun. 30, 2025
Variable Interest Entities [Abstract] |
Schedule of Variable Interest Entities | Below is a summary of our assets, liabilities, collateral and maximum exposure to loss associated with these unconsolidated VIEs as of June 30, 2025 and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ | ​ | 2025 |  | 2024
​ | ​ | (in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Real estate assets – net(1) | ​ | $ | 1,033,590 | ​ | $ | 1,250,131
Real estate loans receivable – net | ​ |  | 599,127 | ​ | ​ | 534,048
Investments in unconsolidated joint ventures | ​ | ​ | 8,187 | ​ | ​ | 9,754
Non-real estate loans receivable – net | ​ |  | 17,241 | ​ | ​ | 38,463
Contractual receivables – net | ​ |  | 1,207 | ​ | ​ | 994
Other assets | ​ | ​ | — | ​ | ​ | 1,539
Total assets | ​ |  | 1,659,352 |  | ​ | 1,834,929
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses and other liabilities | ​ | ​ | (50,880) | ​ | ​ | (52,692)
Total liabilities | ​ |  | (50,880) |  | ​ | (52,692)
​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral | ​ |  |  |  | ​ |
Personal guarantee | ​ |  | (48,000) | ​ | ​ | (48,000)
Other collateral(1)(2) | ​ |  | (1,229,290) | ​ | ​ | (1,422,096)
Total collateral | ​ |  | (1,277,290) | ​ | ​ | (1,470,096)
​ | ​ | ​ | ​ | ​ | ​ | ​
Maximum exposure to loss | ​ | $ | 331,182 | ​ | $ | 312,141
(1) | Amount excludes accounts receivable that Omega has a security interest in as collateral under the two working capital loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $6.1 million and $5.5 million as of June 30, 2025 and December 31, 2024, respectively.
(2) | The decrease in the balance from December 31, 2024 to June 30, 2025 primarily relates to the transition of facilities from LaVie to Avardis during the second quarter of 2025, as discussed further in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements.
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from the operators that are considered unconsolidated VIEs, following the date they were determined to be VIEs, for the three and six months ended June 30, 2025 and 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
​ | ​ | ​ | (in thousands) | ​ | (in thousands)
Revenue | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Rental income | ​ | ​ | $ | 31,766 | ​ | $ | 26,715 | ​ | $ | 64,653 | ​ | $ | 45,843
Interest income | ​ | ​ |  | 7,242 | ​ |  | 3,491 | ​ |  | 14,568 | ​ |  | 6,455
Total | ​ | ​ | $ | 39,008 | ​ | $ | 30,206 | ​ | $ | 79,221 | ​ | $ | 52,298

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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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