XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended
--- | ---
Sep. 30, 2025
Receivables [Abstract] |
ALLOWANCE FOR CREDIT LOSSES | NOTE 7 – ALLOWANCE FOR CREDIT LOSSES A rollforward of our allowance for credit losses for the nine months ended September 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 nine months ended September 30, 2025(1) | ​ | Write-offs charged against allowance for the nine months ended September 30, 2025 | ​ | Other reductions to the allowance for the nine months ended September 30, 2025 | ​ | Allowance for Credit Loss as of September 30, 2025
​ | ​ | ​ | (in thousands)
1 | ​ | Real estate loan receivable | $ | 312 | ​ | $ | (69) | ​ | $ | — | ​ | $ | — | ​ | $ | 243
2 | ​ | Real estate loans receivable | ​ | 492 | ​ | ​ | (241) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 251
3 | ​ | Real estate loans receivable | ​ | 10,991 | ​ | ​ | (387) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,604
4 | ​ | Real estate loans receivable | ​ | 22,528 | ​ | ​ | (3,055) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,473
5 | ​ | Real estate loans receivable | ​ | 25,476 | ​ | ​ | 4,396 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,872
6 | ​ | Real estate loans receivable | ​ | 11,450 | ​ | ​ | (832) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,618
​ | ​ | Sub-total | ​ | 71,249 | ​ | ​ | (188) | (2) | ​ | — | ​ | ​ | — | ​ | ​ | 71,061
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
5 | ​ | Investment in direct financing leases | ​ | 1,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,605) | (3) | ​ | —
​ | ​ | Sub-total | ​ | 1,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,605) | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Non-real estate loans receivable | ​ | 37 | ​ | ​ | (16) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21
3 | ​ | Non-real estate loans receivable | ​ | 1,868 | ​ | ​ | (624) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,244
4 | ​ | Non-real estate loans receivable | ​ | 2,268 | ​ | ​ | (1,195) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,073
5 | ​ | Non-real estate loans receivable | ​ | 43,287 | ​ | ​ | (1,415) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41,872
6 | ​ | Non-real estate loans receivable | ​ | 75,335 | ​ | ​ | 3,801 | ​ | ​ | (21,509) | (4) | ​ | — | ​ | ​ | 57,627
​ | ​ | Sub-total | ​ | 122,795 | ​ | ​ | 551 | (2) | ​ | (21,509) | ​ | ​ | — | ​ | ​ | 101,837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Unfunded real estate loan commitments | ​ | 1 | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
3 | ​ | Unfunded real estate loan commitments | ​ | 461 | ​ | ​ | (21) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 440
4 | ​ | Unfunded real estate loan commitments | ​ | 40 | ​ | ​ | 110 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 150
5 | ​ | Unfunded real estate loan commitments | ​ | 1,767 | ​ | ​ | (1,560) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 207
2 | ​ | Unfunded non-real estate loan commitments | ​ | 13 | ​ | ​ | (10) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3
3 | ​ | Unfunded non-real estate loan commitments | ​ | 183 | ​ | ​ | (112) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 71
4 | ​ | Unfunded non-real estate loan commitments | ​ | 433 | ​ | ​ | (39) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 394
6 | ​ | Unfunded non-real estate loan commitments | ​ | 65 | ​ | ​ | (65) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | Sub-total | ​ | 2,963 | ​ | ​ | (1,698) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,265
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | $ | 198,612 | ​ | $ | (1,335) | ​ | $ | (21,509) | ​ | $ | (1,605) | ​ | $ | 174,163
​
(1) | During the nine months ended September 30, 2025, we received proceeds of $2.0 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 $2.3 million. Both of these loans and related reserves were previously written off, so the $2.3 million aggregate recovery is not included in the rollforward above.
(2) | These amounts include cash recoveries of $4.3 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 $2.1 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, along with one other non-real estate loan that was previously fully reserved.
A rollforward of our allowance for credit losses for the nine months ended September 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 nine months ended September 30, 2024(1) | ​ | Write-offs charged against allowance for the nine months ended September 30, 2024 | ​ | Allowance for Credit Loss as of September 30, 2024
​ | ​ | ​ | (in thousands)
1 | ​ | Real estate loans receivable | $ | 1,501 | ​ | $ | (959) | ​ | $ | — | ​ | $ | 542
2 | ​ | Real estate loans receivable | ​ | 291 | ​ | ​ | 159 | ​ | ​ | — | ​ | ​ | 450
3 | ​ | Real estate loans receivable | ​ | 12,635 | ​ | ​ | (2,025) | ​ | ​ | — | ​ | ​ | 10,610
4 | ​ | Real estate loans receivable | ​ | 65,113 | ​ | ​ | (40,676) | (2) | ​ | — | ​ | ​ | 24,437
5 | ​ | Real estate loans receivable | ​ | — | ​ | ​ | 26,453 | (2) | ​ | — | ​ | ​ | 26,453
6 | ​ | Real estate loans receivable | ​ | 11,450 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,450
​ | ​ | Sub-total | ​ | 90,990 | ​ | ​ | (17,048) | ​ | ​ | — | ​ | ​ | 73,942
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
5 | ​ | Investment in direct financing leases | ​ | 2,489 | ​ | ​ | (839) | ​ | ​ | — | ​ | ​ | 1,650
​ | ​ | Sub-total | ​ | 2,489 | ​ | ​ | (839) | ​ | ​ | — | ​ | ​ | 1,650
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Non-real estate loans receivable | ​ | 1,151 | ​ | ​ | (672) | ​ | ​ | — | ​ | ​ | 479
3 | ​ | Non-real estate loans receivable | ​ | 3,903 | ​ | ​ | (1,945) | ​ | ​ | — | ​ | ​ | 1,958
4 | ​ | Non-real estate loans receivable | ​ | 720 | ​ | ​ | 1,074 | ​ | ​ | — | ​ | ​ | 1,794
5 | ​ | Non-real estate loans receivable | ​ | 43,404 | ​ | ​ | 4,254 | ​ | ​ | — | ​ | ​ | 47,658
6 | ​ | Non-real estate loans receivable | ​ | 72,453 | ​ | ​ | 9,569 | ​ | ​ | (7,632) | ​ | ​ | 74,390
​ | ​ | Sub-total | ​ | 121,631 | ​ | ​ | 12,280 | (3) | ​ | (7,632) | ​ | ​ | 126,279
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | ​ | Unfunded real estate loan commitments | ​ | 10 | ​ | ​ | (10) | ​ | ​ | — | ​ | ​ | —
3 | ​ | Unfunded real estate loan commitments | ​ | 335 | ​ | ​ | (13) | ​ | ​ | — | ​ | ​ | 322
4 | ​ | Unfunded real estate loan commitments | ​ | 4,314 | ​ | ​ | (4,253) | (2) | ​ | — | ​ | ​ | 61
5 | ​ | Unfunded real estate loan commitments | ​ | — | ​ | ​ | 2,364 | (2) | ​ | — | ​ | ​ | 2,364
2 | ​ | Unfunded non-real estate loan commitments | ​ | 692 | ​ | ​ | (585) | ​ | ​ | — | ​ | ​ | 107
3 | ​ | Unfunded non-real estate loan commitments | ​ | 46 | ​ | ​ | 96 | ​ | ​ | — | ​ | ​ | 142
4 | ​ | Unfunded non-real estate loan commitments | ​ | 63 | ​ | ​ | 17 | ​ | ​ | — | ​ | ​ | 80
5 | ​ | Unfunded non-real estate loan commitments | ​ | 1,594 | ​ | ​ | (1,594) | ​ | ​ | — | ​ | ​ | —
6 | ​ | Unfunded non-real estate loan commitments | ​ | — | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | 22
​ | ​ | ​ | ​ | 7,054 | ​ | ​ | (3,956) | ​ | ​ | — | ​ | ​ | 3,098
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | $ | 222,164 | ​ | $ | (9,563) | ​ | $ | (7,632) | ​ | $ | 204,969
(1) | During the nine months ended September 30, 2024, we received proceeds of $5.0 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 $5.0 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 on the Maplewood Revolver.
(3) | The amount includes cash recoveries of $3.5 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 $0.6 million related to principal payments received on loans that were fully reserved.
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 September 30, 2025
​ | ​ | (in thousands)
1 | Real estate loans receivable | $ | — | $ | — | $ | — | $ | 20,000 | $ | — | $ | — | $ | — | $ | — | $ | 20,000
2 | Real estate loans receivable | ​ | — | ​ | 29,700 | ​ | — | ​ | — | ​ | — | ​ | 21,325 | ​ | — | ​ | — | ​ | 51,025
3 | Real estate loans receivable | ​ | 34,787 | ​ | 246,752 | ​ | 167,318 | ​ | 24,600 | ​ | 72,420 | ​ | — | ​ | — | ​ | — | ​ | 545,877
4 | Real estate loans receivable | ​ | 19,289 | ​ | 80,279 | ​ | 82,688 | ​ | — | ​ | 31,730 | ​ | 72,359 | ​ | 307,373 | ​ | — | ​ | 593,718
5 | Real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 263,580 | ​ | 263,580
6 | Real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 12,090 | ​ | — | ​ | 12,090
​ | Sub-total | ​ | 54,076 | ​ | 356,731 | ​ | 250,006 | ​ | 44,600 | ​ | 104,150 | ​ | 93,684 | ​ | 319,463 | ​ | 263,580 | ​ | 1,486,290
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2 | Non-real estate loans receivable | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 16,439 | ​ | 16,439
3 | Non-real estate loans receivable | ​ | 1,993 | ​ | 3,555 | ​ | 75,323 | ​ | 15,137 | ​ | — | ​ | — | ​ | 2,752 | ​ | 46,534 | ​ | 145,294
4 | Non-real estate loans receivable | ​ | 11,404 | ​ | 4,411 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 125,736 | ​ | 29,443 | ​ | 170,994
5 | Non-real estate loans receivable | ​ | 500 | ​ | 6,000 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 42,088 | ​ | 1,500 | ​ | 50,088
6 | Non-real estate loans receivable | ​ | — | ​ | 6,386 | ​ | 1,500 | ​ | 24,457 | ​ | — | ​ | — | ​ | 26,362 | ​ | — | ​ | 58,705
​ | Sub-total | ​ | 13,897 | ​ | 20,352 | ​ | 76,823 | ​ | 39,594 | ​ | — | ​ | — | ​ | 196,938 | ​ | 93,916 | ​ | 441,520
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total | $ | 67,973 | $ | 377,083 | $ | 326,829 | $ | 84,194 | $ | 104,150 | $ | 93,684 | $ | 516,401 | $ | 357,496 | $ | 1,927,810
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year to date gross write-offs | $ | — | $ | — | $ | (3,658) | $ | — | $ | (7,851) | $ | — | $ | — | $ | (10,000) | $ | (21,509)
​ Interest Receivable on Real Estate Loans and Non-Real Estate Loans We have elected the practical expedient to exclude interest receivable from our allowance for credit losses. As of September 30, 2025 and December 31, 2024, we have excluded $12.5 million and $11.1 million, respectively, of contractual interest receivables and $2.2 million and $1.8 million, respectively, of effective yield interest receivables from our allowance for credit losses. We write off contractual interest receivables to provision for credit losses in the period we determine the interest is no longer considered collectible. During the three months ended September 30, 2025 and 2024, we recognized $0.9 million and $0.6 million, respectively, of interest income related to loans on non-accrual status as of September 30, 2025. During the nine months ended September 30, 2025 and 2024, we recognized $1.5 million and $2.8 million, respectively, of interest income related to loans on non-accrual status as of September 30, 2025.

X
- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent + Details
Name: | us-gaap_AllowanceForCreditLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration