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INVESTMENTS IN UNCONSOLIDATED ENTITIES

9 Months Ended

Sep. 30, 2025

INVESTMENTS IN UNCONSOLIDATED ENTITIES [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

NOTE 9 – INVESTMENTS IN UNCONSOLIDATED ENTITIES

Unconsolidated Entities

The following is a summary of our investments in unconsolidated entities (dollars in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying Amount

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​

Ownership

​

Facility

​

Facility

​

September 30,

​

December 31,

Entity/Description

​

% (1)

​

Type

​

Count (1)

​

2025

2024

Lakeway Realty, L.L.C.

​

51%

​

Specialty facility

​

1

​

$

65,465

​

$

67,541

In Substance Real Estate Investments(2)

​

N/A

​

ALF

​

12

​

​

75,279

​

​

—

Other Healthcare JVs(3)(4)

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9% – 25%

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N/A

​

N/A

​

​

7,424

​

​

7,317

Other Real Estate JVs(4)(5)

​

20% – 50%

​

Various

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6

​

2,122

​

6,736

Second Spring Healthcare Investment

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15%

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N/A

​

—

​

​

8

​

7,117

​

​

​

​

​

​

​

​

$

150,298

​

$

88,711

(1) Ownership percentages and facility counts are as of September 30, 2025.

(2) During the third quarter of 2025, we entered into three mortgage loan agreements with maximum borrowings of $77.7 million that are secured by 12 facilities. Under the three mortgage loan agreements, we are able to participate in the residual profits of the facilities, subject to the mortgage, upon a sale or refinancing. We evaluated the characteristics of these three investments, including the associated risks and rewards, and have determined they are more similar to those associated with an investment in real estate than a loan. Arrangements with characteristics in line with real estate joint ventures are treated as in substance real estate investments and accounted for using the equity method. We have determined that the three borrowers under the mortgage loans are VIEs but we have not consolidated the borrowers because we are not the primary beneficiary.

(3) Includes six joint ventures engaged in business that support the long-term healthcare industry and our operators.  

(4) As of September 30, 2025, and December 31, 2024, we had an aggregate of $18.5 million of loans outstanding with these joint ventures.

(5) Includes three joint ventures formed for the purpose of owning or providing financing for SNFs, ALFs or specialty facilities.

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- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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