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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
Schedule of Other Real Estate Related Investments | As of September 30, 2025 and December 31, 2024, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):
|  | Facility Count and Type |  |  |  |  |  |  |  |  |  | As of September 30, 2025
Loans Receivable, at Fair Value: |  | SNF | Campus | ALF | ILF |  | Principal Balance as of September 30, 2025 |  | Fair Value as of September 30, 2025(1) |  | Principal Balance as of December 31, 2024 |  | Fair Value as of December 31, 2024(1) |  | Weighted Average Contractual Interest Rate(2), (3) |  | Maturity Date
Mortgage secured loans receivable(4) |  | 60 | 4 | 18 | 2 |  | $ | 669,164 |  |  | $ | 677,562 |  |  | $ | 658,400 |  |  | $ | 660,392 |  |  | 8.8 | % |  | 12/12/2025 - 9/30/2039
Mezzanine loans receivable(4) |  | 41 | 4 | 2 | — |  |  | 88,676 |  |  | 87,889 |  |  | 82,287 |  |  | 80,612 |  |  | 12.8 | % |  | 7/25/2027 - 12/31/2034
Total |  |  |  |  |  |  | $ | 757,840 |  |  | $ | 765,451 |  |  | $ | 740,687 |  |  | $ | 741,004 |  |  |  |  |
|  | Facility Count and Type |  |  |  |  |  |  |  |  |  | As of September 30, 2025
Loan Receivable, at Amortized Cost: |  | U.K. Care Home |  | Principal Balance as of September 30, 2025 |  | Book Value as of September 30, 2025(5) |  | Principal Balance as of December 31, 2024 |  | Book Value as of December 31, 2024 |  | Weighted Average Effective Interest Rate |  | Maturity Date
Mortgage secured loan receivable |  | 1 |  | $ | 20,839 |  |  | $ | 21,350 |  |  | $ | — |  |  | $ | — |  |  | 6.1 | % |  | 9/21/2026
|  |  |  |  |  |  | $ | 20,839 |  |  | $ | 21,350 |  |  | $ | — |  |  | $ | — |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | As of September 30, 2025
|  |  |  |  |  |  | Principal Balance as of September 30, 2025 |  | Book Value as of September 30, 2025 |  | Principal Balance as of December 31, 2024 |  | Book Value as of December 31, 2024 |  | Weighted Average Contractual Interest Rate |  | Maturity Date
Preferred equity |  |  |  |  |  |  | $ | 83,782 |  |  | $ | 84,494 |  |  | $ | 53,782 |  |  | $ | 54,199 |  |  | 11.5 | % |  | N/A
Total |  |  |  |  |  |  | $ | 83,782 |  |  | $ | 84,494 |  |  | $ | 53,782 |  |  | $ | 54,199 |  |  |  |  |
|  | Facility Count and Type |  |  |  |  |  |  |  |  |  | As of September 30, 2025
Financing Receivable, at Fair Value: |  | SNF | Campus | ALF | ILF |  | Principal Balance as of September 30, 2025 |  | Fair Value as of September 30, 2025(6) |  | Principal Balance as of December 31, 2024 |  | Fair Value as of December 31, 2024(6) |  | Weighted Average Effective Interest Rate(7) |  | Maturity Date
Financing Receivable |  | 39 | — |  | 5 | 2 |  | $ | 95,723 |  |  | $ | 98,054 |  |  | $ | 95,723 |  |  | $ | 96,004 |  |  | 12.0 | % |  | 11/30/2039
Total |  |  |  |  |  |  | $ | 95,723 |  |  | $ | 98,054 |  |  | $ | 95,723 |  |  | $ | 96,004 |  |  |  |  |
(1)Fair value of mortgage secured loans receivable includes $3.4 million of accrued interest as of both September 30, 2025 and December 31, 2024. Fair value of mezzanine loans receivable includes $0.9 million of accrued interest as of both September 30, 2025 and December 31, 2024. (2)Rates are net of subservicing fee, if applicable. (3)Two mortgage secured loans receivable and two mezzanine loans receivable use term secured overnight financing rate (“SOFR”), which are subject to a floor for certain of the loans. Term SOFR used as of September 30, 2025 was 4.13%. (4)If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable facility counts are included in both respective totals. (5)Book value of loan receivable, at amortized cost, includes $0.5 million of loan costs as of September 30, 2025. (6)Fair value of financing receivable includes $2.3 million and $0.3 million of accrued interest as of September 30, 2025 and December 31, 2024, respectively. (7)The Company leased these facilities back to the seller under a 15-year contract, with two five-year renewal options. The agreement provides for an initial contractual cash yield of 11.0% for the first three years, with annual CPI-based escalators beginning in year four, subject to a 3% cap. The agreement provides for deferred payments equal to 2.0% of the contractual cash yield in the first year and 0.5% of the contractual cash yield in the second year. The agreement also provides for purchase options. At the time the seller-lessee exercises its purchase options, option proceeds will be used to repay any outstanding deferred payments as well as additional payments such that the Company receives a contractual cash yield of 12.5% on its gross investment in the applicable properties through the option exercise date. If any deferred amounts remain unpaid, beginning in year eight, the deferred amounts are to be repaid in 24 equal monthly payments. The Company has not received notice of exercise for the purchase option period currently open.
Schedule of Other Real Estate Related Investment Activity | The following table summarizes the Company’s other real estate related investments activity for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Origination of other real estate related investments |  | $ | 78,164 |  |  | $ | 556,951 |
Accrued interest, net |  | 372 |  |  | 4,099 |
Unrealized gain (loss) on other real estate related investments, net |  | 6,858 |  |  | (689) |
Payments of other real estate related investments |  | (9,302) |  |  | — |
Net change in other real estate related investments |  | $ | 76,092 |  |  | $ | 560,361 |
As of September 30, 2025 and December 31, 2024, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | As of September 30, 2025 |
Investment |  | Principal Balance as of September 30, 2025 |  | Book Value as of September 30, 2025 |  | Book Value as of December 31, 2024 |  | Weighted Average Contractual Interest Rate |  | Maturity Date |
Other loans receivable |  | $ | 28,291 |  |  | $ | 28,811 |  |  | $ | 22,010 |  |  | 8.5 | % |  | 6/1/2026 - 12/31/2030 |
Expected credit loss |  | — |  |  | (6,994) |  |  | (6,994) |  |  |  |  |  |
Total |  | $ | 28,291 |  |  | $ | 21,817 |  |  | $ | 15,016 |  |  |  |  |  |
Schedule of Loan Receivable Activity | The following table summarizes the Company’s other loans receivable activity for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Origination of other loans receivable |  | $ | 226 |  |  | $ | 985 |
Assumption of other loans receivable in connection with the Acquisition(1) |  | 6,974 |  |  | — |
Principal payments |  | (889) |  |  | (100) |
Accrued interest, net |  | 490 |  |  | 5 |
Net change in other loans receivable |  | $ | 6,801 |  |  | $ | 890 |
(1) In connection with the Acquisition, the Company assumed other loans receivable, including one for $6.7 million related to the development of a U.K. Care Home. Upon certain conditions being met, a put option by the operator or a call option by the Company may each be exercised providing for the Company’s acquisition of the development for an additional $5.0 million. If these options are not exercised the loan becomes repayable in June 2026.
Schedule of Interest and Other Income | The following table sum marizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Investment | 2025 |  | 2024 |  | 2025 |  | 2024
Mortgage secured loans receivable | $ | 15,009 |  |  | $ | 12,054 |  |  | $ | 43,909 |  |  | $ | 21,370 |
Mezzanine loans receivable | 2,904 |  |  | 2,522 |  |  | 8,598 |  |  | 6,911 |
Preferred equity investment | 2,403 |  |  | 1,110 |  |  | 5,811 |  |  | 1,322 |
Other loans receivable | 790 |  |  | 354 |  |  | 1,529 |  |  | 1,023 |
Financing receivable | 2,908 |  |  | — |  |  | 8,601 |  |  | — |
Other(1) | 4,165 |  |  | 4,188 |  |  | 11,142 |  |  | 12,654 |
Total | $ | 28,179 |  |  | $ | 20,228 |  |  | $ | 79,590 |  |  | $ | 43,280 |
(1) Other income is comprised of interest income on money market funds and escrow deposits.

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