LOANS RECEIVABLE AND INVESTMENTS, NET

3 Months Ended

Mar. 31, 2026

NOTE 6—LOANS RECEIVABLE AND INVESTMENTS, NET

As of March 31, 2026, and December 31, 2025, we held $158.2 million and $164.7 million, respectively, of loans receivable and investments, net of allowance, which are comprised of secured loans receivable and investments, net and non-mortgage loans receivable, net and relate to senior housing and healthcare operators or properties. Secured loans receivable and investments, net generally consist of sales-type lease receivables and loans that are primarily collateralized by a mortgage, a leasehold mortgage or an assignment or pledge of equity interest in entities that primarily own real estate. Non-mortgage loans receivable, net are generally corporate loans that are collateralized primarily by non-real estate related collateral or are unsecured.

The following is a summary of our loans receivable and investments, net (dollars in thousands):


	Amortized Cost		Allowance		Carrying Amount		Fair Value
As of March 31, 2026:
Net real estate investments
Secured loans receivable and investments, net (1)	$	137,374	$	—	$	137,374	$	140,698
Other assets
Non-mortgage loans receivable, net	24,014		(3,235)		20,778		19,659
Total loans receivable and investments, net (2)	$	161,388	$	(3,235)	$	158,152	$	160,357
As of December 31, 2025:
Net real estate investments
Secured loans receivable and investments, net (1)	$	143,913	$	—	$	143,913	$	146,364
Other assets
Non-mortgage loans receivable, net	24,062		(3,235)		20,827		20,432
Total loans receivable and investments, net (2)	$	167,975	$	(3,235)	$	164,740	$	166,796

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(1)Includes $0.7 million and $0.8 million of sales-type lease receivables as of March 31, 2026 and December 31, 2025, respectively.

(2)Loans receivable and investments, net have contractual maturities ranging from 2026 to 2041.