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VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024:

September 30, 

December 31, 

2025

    

2024

(in thousands)

Assets

Real estate assets – net(1)

$

1,023,473

$

1,250,131

Real estate loans receivable – net

 

589,595

534,048

Investments in unconsolidated entities

81,257

9,754

Non-real estate loans receivable – net

 

17,241

38,463

Contractual receivables – net

 

3,333

994

Other assets

790

1,539

Total assets

 

1,715,689

 

1,834,929

Liabilities

Accrued expenses and other liabilities

(51,012)

(52,692)

Total liabilities

 

(51,012)

 

(52,692)

Collateral

 

  

 

  

Personal guarantee

 

(8,000)

(48,000)

Other collateral(1)

 

(1,284,379)

(1,422,096)

Total collateral

 

(1,292,379)

(1,470,096)

Maximum exposure to loss

$

372,298

$

312,141

(1)The decrease in the balance from December 31, 2024 to September 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 nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, 

Nine Months Ended September 30, 

2025

    

2024

2025

    

2024

(in thousands)

(in thousands)

Revenue

 

  

 

  

 

  

 

  

Rental income

$

26,921

$

29,956

$

91,574

$

75,799

Interest income

 

8,449

 

3,442

 

23,017

 

9,897

Total

$

35,370

$

33,398

$

114,591

$

85,696