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REAL ESTATE LOANS RECEIVABLE (Tables) - Mortgage Receivables and Other Real Estate Loans [Member]

9 Months Ended

Sep. 30, 2025

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Investments

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.

Summary of Real Estate interest income

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

Summary of real estate loan activity

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).