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REAL ESTATE LOANS RECEIVABLE | 9 Months Ended
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Sep. 30, 2025
REAL ESTATE LOANS RECEIVABLE [Abstract] |
REAL ESTATE LOANS RECEIVABLE | NOTE 5 – REAL ESTATE LOANS RECEIVABLE Real estate loans consist of mortgage notes and other real estate loans which are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. As of September 30, 2025, our real estate loans receivable consists of 22 fixed rate mortgage notes on 96 long-term care facilities and 21 other real estate loans. The facilities subject to the mortgage notes are operated by 17 independent healthcare operating companies and are located in 12 U.S. states and within the U.K. We monitor compliance with our real estate loans and, when necessary, have initiated collection, foreclosure and other proceedings with respect to certain outstanding real estate loans. A summary of our real estate loans receivable by loan type is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of September 30, 2025 | ​ | ​ |  | ​ |  |  | ​
​ | ​ | Weighted | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​
​ | ​ | Average | ​ | ​ | Average Years | ​ | ​ | September 30, | ​ | December 31,
​ |  | Interest Rate | ​ | ​ | to Maturity | ​ | ​ | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (in thousands)
Mortgage notes receivable – gross | ​ | 11.0 | % | ​ | 4.0 | (1) | ​ | $ | 958,228 |  | $ | 982,327
Allowance for credit losses on mortgage notes receivable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (34,676) | ​ | ​ | (39,562)
Mortgage notes receivable – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 923,552 | ​ | ​ | 942,765
Other real estate loans – gross | ​ | 9.1 | % | ​ | 6.6 | (2) | ​ | ​ | 528,062 | ​ | ​ | 517,220
Allowance for credit losses on other real estate loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (36,385) |  | ​ | (31,687)
Other real estate loans – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 491,677 | ​ | ​ | 485,533
Total real estate loans receivable – net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,415,229 | ​ | $ | 1,428,298
(1) | Consists of mortgage notes with maturity dates ranging from 2025 through 2037 (with $184.0 million maturing in 2025). One mortgage note is past due that has a principal balance of $6.4 million and has been written down, through our allowance for credit losses, to the estimated fair value of the underlying collateral of $1.5 million.
(2) | Consists of other real estate loans with maturity dates ranging from 2025 through 2035 (with $24.6 million maturing in 2025). None of the loans are past due.
Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
​ | (in thousands) | ​ | (in thousands)
Mortgage notes – interest income | $ | 26,950 |  | $ | 23,539 | ​ | $ | 78,475 |  | $ | 65,033
Other real estate loans – interest income |  | 7,471 |  | ​ | 10,082 | ​ |  | 22,083 |  | ​ | 28,285
Total real estate loans interest income | $ | 34,421 | ​ | $ | 33,621 | ​ | $ | 100,558 | ​ | $ | 93,318
​ ​ The following is a summary of advances and principal repayments under our real estate loans:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Nine Months Ended
​ | September 30, | ​ | September 30,
​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
​ | (in thousands) | ​ | (in thousands)
Advances on new real estate loans receivable(1) | $ | 8,064 |  | $ | 54,855 | ​ | $ | 53,715 | ​ | $ | 208,991
Advances on existing real estate loans receivable | ​ | 2,096 |  | ​ | 481 | ​ | ​ | 11,773 | ​ | ​ | 3,843
Principal repayments on real estate loans receivable(2) |  | (2,880) |  | ​ | (7,731) | ​ | ​ | (67,710) | ​ | ​ | (14,736)
Net cash advances (repayments) on real estate loans receivable | $ | 7,280 | ​ | $ | 47,605 | ​ | $ | (2,222) | ​ | $ | 198,098
(1) | For the three and nine months ended September 30, 2025, consists of advances under three and 17 new real estate loans, respectively, that originated during 2025 with weighted average interest rates of 10.0% and 10.3%, respectively. For the three and nine months ended September 30, 2024, consists of advances under 10 and 19 new real estate loans, respectively, that originated during 2024 with weighted average interest rates of 10.2%.
(2) | The nine months ended September 30, 2025 includes $40.6 million of early repayments on mortgage notes with a weighted average interest rate of 11.6%, as of the repayment date, subject to the master mortgage agreement with Ciena Healthcare Management, Inc (“Ciena”). Excludes principal recoveries on loans written off in prior periods and cash recoveries 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. Also excludes $10.1 million related to a non-cash acquisition of one facility previously subject to a mortgage loan with Omega in which the principal amount under the loan agreement was settled in exchange for title to the facility (see Note 2 – Real Estate Assets).
Included below is additional discussion on any significant new loans issued and significant updates to any existing loans. Maplewood Revolving Credit Facility We have a $320 million revolving credit facility with Maplewood (the “Maplewood Revolver”) that bears interest at 7% per annum (consisting of 4% per annum of cash interest and 3% per annum PIK for 2025) and matures in June 2035. The amortized cost basis of the Maplewood Revolver was $263.6 million as of September 30, 2025 and December 31, 2024. Due to liquidity issues of the borrower, the Maplewood Revolver is on non-accrual status. Maplewood failed to make aggregate cash interest payments that were required under the loan agreement of $3.2 million and $8.6 million during the three and nine months ended September 30, 2025, respectively, and of $0.8 million and $2.0 million during the three and nine months ended September 30, 2024, respectively. As such, we did not record any interest income for the Maplewood Revolver during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, the internal risk rating on the loan is a 5, which we believe appropriately reflects the risks associated with the loan as of September 30, 2025. See the allowance for credit losses attributable to real estate loans with a 5 internal risk rating within Note 7 – Allowance for Credit Losses. As discussed within Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, Omega entered into a settlement agreement with the Estate during the third quarter of 2024 that, among other things, grants Omega the right to direct the assignment of Mr. Smith’s equity to the key members of the existing Maplewood management team or their designee(s), with the Estate remaining liable under Mr. Smith’s guaranty until August 2025, and requires Omega to refrain from exercising contractual rights or remedies in connection with the defaults. The transition terms are in the process of being finalized, and while preliminary regulatory approvals related to the operating assets’ transfer of licensure have been received, the transition is subject to completion of the final agreements and receipt of final regulatory approvals of such licensure transfer. If the equity assignments are not completed, we may incur a substantial loss on the Maplewood Revolver up to the amortized cost basis of the loan.

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- Definition Real estate loans consist of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in the related properties, corporate guarantees and/or personal guarantees + References No definition available. + Details
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