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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies |
Commitments and Contingencies |
12. | Commitments and Contingencies
At September 30, 2025, we had commitments as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | ​ | ​
​ | ​ | Investment | ​ | 2025 | ​ | Commitment | ​ | Remaining
​ | ​ | Commitment | ​ | Funding | ​ | Funded | ​ | Commitment
Triple-Net properties | ​ | $ | 5,256 | (1) | $ | 2,211 | ​ | $ | 3,786 | ​ | $ | 1,470
SHOP properties | ​ | ​ | 4,328 | ​ | ​ | 137 | ​ | ​ | 137 | ​ | ​ | 4,191
Subtotal: owned real estate properties (Note 3. Real Estate Investments) | ​ | ​ | 9,584 | ​ | ​ | 2,348 | ​ | ​ | 3,923 | ​ | ​ | 5,661
Financing receivables (Note 3.Real Estate Investments) | ​ | ​ | 2,250 | ​ | ​ | 777 | ​ | ​ | 777 | ​ | ​ | 1,473
Accrued incentives and earn-out liabilities (Note 6. Lease Incentives) | ​ | ​ | 4,500 | (2) | ​ | — | ​ | ​ | — | ​ | ​ | 4,500
Mortgage loans (Note 3. Real Estate Investments) | ​ | ​ | 69,770 | (3) | ​ | 5,890 | ​ | ​ | 20,644 | ​ | ​ | 49,126
Joint venture investments (Note 4. Investments in Unconsolidated Joint Ventures) | ​ | ​ | 1,438 | (4) | ​ | 740 | ​ | ​ | 740 | ​ | ​ | 698
Notes receivable (Note 5. Notes Receivable) | ​ | ​ | 560 | (5) | ​ | 25 | ​ | ​ | 25 | ​ | ​ | 535
Total | ​ | $ | 88,102 | ​ | $ | 9,780 | ​ | $ | 26,109 | ​ | $ | 61,993
(1) | Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.
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(2) | Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning in April 2024 through March 2027. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 3. Real Estate Investments.
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(3) | Represents $45,620 related to two construction loans, $19,950 of contingent commitments available upon the borrower achieving certain coverage ratios, and $4,200 of other commitments.
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(4) | Represents expenditure reserve of $1,438 related to a mortgage loan secured by a SNF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 4. Investment in Unconsolidated Joint Ventures.
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(5) | Represents working capital loan commitments.
Additionally, some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 3. Real Estate Investments for a table summarizing information about our purchase options. We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

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