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VARIABLE INTEREST ENTITIES (Tables)
6 Months Ended
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