LTC PROPERTIES INC 10-Q

Item 1. Financial Statements ​ LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEET S (amounts in thousands, except per share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 ​ ​ ​ (unaudited) ​ (audited) ​ ASSETS ​ ​ ​ ​ ​ ​ ​ Investments: ​ ​ ​ ​ ​ ​ ​ Land ​ $ 139,436 ​ $ 128,590 ​ Buildings and improvements ​ 1,639,229 ​ 1,482,075 ​ Properties held-for-sale, net of accumulated depreciation: 2026—$ 4,523 ; 2025—$ 0 ​ 654 ​ — ​ Accumulated depreciation and amortization ​ ( 425,246 ) ​ ( 408,906 ) ​ Owned real properties, net ​ 1,354,073 ​ 1,201,759 ​ Financing receivables, net of credit loss reserve: 2026—$ 2,869 ; 2025—$ 3,631 ​ ​ 284,047 ​ ​ 359,457 ​ Mortgage loans receivable, net of credit loss reserve: 2026—$ 3,955 ; 2025—$ 3,849 ​ 392,137 ​ 381,662 ​ Real property investments, net ​ 2,030,257 ​ 1,942,878 ​ Notes receivable, net of credit loss reserve: 2026—$ 257 ; 2025—$ 259 ​ 25,471 ​ 25,615 ​ Investments in unconsolidated joint ventures ​ ​ — ​ ​ 12,524 ​ Investments, net ​ 2,055,728 ​ 1,981,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 40,435 ​ 14,387 ​ Debt issue costs related to revolving line of credit ​ 6,123 ​ 4,742 ​ Interest receivable ​ 24,621 ​ 22,720 ​ Straight-line rent receivable ​ 17,329 ​ 17,949 ​ Prepaid expenses and other assets ​ 32,622 ​ 21,245 ​ Total assets ​ $ 2,176,858 ​ $ 2,062,060 ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ Revolving line of credit ​ $ 200,000 ​ $ 252,863 ​ Term loans, net of debt issue costs: 2026—$ 1,596 ; 2025—$ 1,787 ​ ​ 198,404 ​ ​ 198,213 ​ Senior unsecured notes, net of debt issue costs: 2026—$ 814 ; 2025—$ 895 ​ 378,686 ​ 391,105 ​ Accrued interest ​ 1,793 ​ 3,806 ​ Accrued expenses and other liabilities ​ 56,344 ​ 53,689 ​ Total liabilities ​ 835,227 ​ 899,676 ​ EQUITY ​ ​ ​ ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ ​ ​ ​ ​ Common stock: $ 0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026— 53,906 ; 2025— 48,482 ​ 539 ​ 485 ​ Capital in excess of par value ​ 1,386,159 ​ 1,189,846 ​ Cumulative net income ​ 1,896,637 ​ 1,843,407 ​ Accumulated other comprehensive income ​ 3,409 ​ 482 ​ Cumulative distributions ​ ( 2,018,188 ) ​ ( 1,959,236 ) ​ Total LTC Properties, Inc. stockholders’ equity ​ 1,268,556 ​ 1,074,984 ​ Non-controlling interests ​ 73,075 ​ 87,400 ​ Total equity ​ 1,341,631 ​ 1,162,384 ​ Total liabilities and equity ​ $ 2,176,858 ​ $ 2,062,060 ​ ​ See accompanying notes. ​ ​ 3 Table of Contents LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOM E (amounts in thousands, except per share, unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 25,990 ​ $ 30,177 ​ $ 52,329 ​ $ 61,621 ​ ​ Resident fees and services ​ ​ 56,132 ​ ​ 11,950 ​ ​ 105,717 ​ ​ 11,950 ​ ​ Interest income from financing receivables ​ ​ 5,640 ​ ​ 7,084 ​ ​ 13,895 ​ ​ 14,086 ​ ​ Interest income from mortgage loans ​ 10,315 ​ ​ 9,680 ​ 20,544 ​ 18,859 ​ ​ Interest and other income ​ 782 ​ 1,349 ​ 1,785 ​ 2,755 ​ ​ Total revenues ​ 98,859 ​ 60,240 ​ 194,270 ​ 109,271 ​ ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ 9,484 ​ 8,014 ​ 20,266 ​ 15,927 ​ ​ Depreciation and amortization ​ 12,371 ​ 8,776 ​ 24,350 ​ 17,938 ​ ​ Seniors housing operating expenses ​ ​ 42,208 ​ ​ 9,419 ​ ​ 79,097 ​ ​ 9,419 ​ ​ Provision (recovery) for credit losses ​ 27 ​ 387 ​ ( 657 ) ​ 3,439 ​ ​ Transaction costs ​ ​ 1,189 ​ ​ 6,706 ​ ​ 1,877 ​ ​ 7,147 ​ ​ Triple-net lease property tax expense ​ ​ 2,101 ​ ​ 2,795 ​ ​ 4,495 ​ ​ 5,902 ​ ​ General and administrative expenses ​ 8,161 ​ 8,447 ​ 16,743 ​ 15,418 ​ ​ Total expenses ​ 75,541 ​ 44,544 ​ 146,171 ​ 75,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before unconsolidated joint ventures, real estate dispositions and other items ​ ​ 23,318 ​ ​ 15,696 ​ ​ 48,099 ​ ​ 34,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net ​ ​ 7,562 ​ ​ 332 ​ ​ 7,552 ​ ​ 503 ​ ​ Income from unconsolidated joint ventures ​ ​ 101 ​ ​ 439 ​ ​ 396 ​ ​ 4,104 ​ ​ Income tax (provision) benefit ​ ​ ( 166 ) ​ ​ 81 ​ ​ ( 276 ) ​ ​ 81 ​ ​ Net income ​ ​ 30,815 ​ ​ 16,548 ​ ​ 55,771 ​ ​ 38,769 ​ ​ Income allocated to non-controlling interests ​ ( 1,178 ) ​ ( 1,456 ) ​ ( 2,541 ) ​ ( 2,997 ) ​ ​ Net income attributable to LTC Properties, Inc. ​ 29,637 ​ 15,092 ​ ​ 53,230 ​ 35,772 ​ ​ Income allocated to participating securities ​ ( 158 ) ​ ​ ( 154 ) ​ ​ ( 314 ) ​ ( 317 ) ​ ​ Net income available to common stockholders ​ $ 29,479 ​ $ 14,938 ​ $ 52,916 ​ $ 35,455 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.57 ​ $ 0.33 ​ $ 1.05 ​ $ 0.78 ​ ​ Diluted ​ $ 0.56 ​ $ 0.32 ​ $ 1.05 ​ $ 0.77 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares used to calculate earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 51,872 ​ 45,714 ​ 50,217 ​ 45,524 ​ ​ Diluted ​ 52,198 ​ 46,028 ​ 50,543 ​ 45,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared and paid per common share ​ $ 0.57 ​ $ 0.57 ​ $ 1.14 ​ $ 1.14 ​ ​ ​ See accompanying notes. ​ 4 Table of Contents ​ LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (amounts in thousands, unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ 2025 2026 ​ 2025 ​ Net income ​ $ 30,815 ​ $ 16,548 ​ $ 55,771 ​ $ 38,769 ​ Unrealized gain (loss) on cash flow hedges before reclassification ​ 2,251 ​ 79 ​ 3,736 ​ ( 59 ) ​ Gains reclassified from accumulated other comprehensive income to interest expense ​ ​ ( 398 ) ​ ​ ( 796 ) ​ ​ ( 809 ) ​ ​ ( 1,568 ) ​ Comprehensive income ​ ​ 32,668 ​ ​ 15,831 ​ ​ 58,698 ​ ​ 37,142 ​ Less: Comprehensive income allocated to non-controlling interests ​ ( 1,178 ) ​ ( 1,456 ) ​ ( 2,541 ) ​ ( 2,997 ) ​ Comprehensive income attributable to LTC Properties, Inc. ​ $ 31,490 ​ $ 14,375 ​ $ 56,157 ​ $ 34,145 ​ ​ ​ 5 Table of Contents LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF EQUITY (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital in ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Non- ​ ​ ​ ​ ​ ​ Common Stock ​ ​ Excess of ​ ​ Net ​ ​ Accumulated ​ ​ Cumulative ​ ​ Stockholder's ​ ​ Controlling ​ ​ Total ​ ​ ​ Shares ​ ​ Amount ​ ​ Par Value ​ ​ Income ​ ​ OCI ​ ​ Distributions ​ ​ Equity ​ ​ Interests ​ ​ Equity ​ Balance—December 31, 2024 ​ 45,511 ​ $ 455 ​ $ 1,082,764 ​ $ 1,725,435 ​ $ 3,815 ​ $ ( 1,851,842 ) ​ $ 960,627 ​ $ 92,378 ​ $ 1,053,005 ​ Issuance of common stock ​ 238 ​ ​ 2 ​ ​ 8,409 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,411 ​ ​ — ​ ​ 8,411 ​ Issuance of restricted stock ​ 114 ​ ​ 1 ​ ​ ( 1 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Common stock cash distributions ($ 0.57 per share) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 27,259 ) ​ ​ ( 27,259 ) ​ ​ — ​ ​ ( 27,259 ) ​ Stock-based compensation expense ​ — ​ ​ — ​ ​ 2,253 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,253 ​ ​ — ​ ​ 2,253 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 20,680 ​ ​ — ​ ​ — ​ ​ 20,680 ​ ​ 1,541 ​ ​ 22,221 ​ Vesting of performance-based stock units ​ 163 ​ ​ 2 ​ ​ ( 2 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Fair market valuation adjustment for interest rate swap ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 910 ) ​ ​ — ​ ​ ( 910 ) ​ ​ — ​ ​ ( 910 ) ​ Cash paid for taxes in lieu of common shares ​ ( 138 ) ​ ​ ( 1 ) ​ ​ ( 4,771 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 4,772 ) ​ ​ — ​ ​ ( 4,772 ) ​ Acquisitions of non-controlling interest ​ — ​ ​ — ​ ​ 2,883 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,883 ​ ​ ( 4,033 ) ​ ​ ( 1,150 ) ​ Non-controlling interest distributions ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 2,486 ) ​ ​ ( 2,486 ) ​ Other ​ — ​ ​ — ​ ​ ( 11 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 11 ) ​ ​ — ​ ​ ( 11 ) ​ Balance—March 31, 2025 ​ 45,888 ​ $ 459 ​ $ 1,091,524 ​ $ 1,746,115 ​ $ 2,905 ​ $ ( 1,879,101 ) ​ $ 961,902 ​ $ 87,400 ​ $ 1,049,302 ​ Issuance of common stock ​ 149 ​ ​ 2 ​ ​ 5,167 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,169 ​ ​ — ​ ​ 5,169 ​ Issuance of restricted stock ​ 21 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Common Stock cash distributions ($ 0.57 per share) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 26,297 ) ​ ​ ( 26,297 ) ​ ​ — ​ ​ ( 26,297 ) ​ Stock-based compensation expense ​ — ​ ​ — ​ ​ 2,795 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,795 ​ ​ — ​ ​ 2,795 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 15,092 ​ ​ — ​ ​ — ​ ​ 15,092 ​ ​ 1,456 ​ ​ 16,548 ​ Vesting of performance-based stock units ​ 20 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Fair market valuation adjustment for interest rate swap ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 717 ) ​ ​ — ​ ​ ( 717 ) ​ ​ — ​ ​ ( 717 ) ​ Cash paid for taxes in lieu of common shares ​ ( 13 ) ​ ​ — ​ ​ ( 437 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 437 ) ​ ​ — ​ ​ ( 437 ) ​ Acquisitions of non-controlling interest ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Non-controlling interest distributions ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 1,456 ) ​ ​ ( 1,456 ) ​ Other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Balance—June 30, 2025 ​ 46,065 ​ $ 461 ​ $ 1,099,049 ​ $ 1,761,207 ​ $ 2,188 ​ $ ( 1,905,398 ) ​ $ 957,507 ​ $ 87,400 ​ $ 1,044,907 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance—December 31, 2025 ​ 48,482 ​ $ 485 ​ $ 1,189,846 ​ $ 1,843,407 ​ $ 482 ​ $ ( 1,959,236 ) ​ $ 1,074,984 ​ $ 87,400 ​ $ 1,162,384 ​ Issuance of common stock ​ 1,146 ​ ​ 11 ​ ​ 43,283 ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,294 ​ ​ — ​ ​ 43,294 ​ Issuance of restricted stock ​ 130 ​ ​ 1 ​ ​ ( 1 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Common stock cash distributions ($ 0.57 per share) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 29,171 ) ​ ​ ( 29,171 ) ​ ​ — ​ ​ ( 29,171 ) ​ Stock-based compensation expense ​ — ​ ​ — ​ ​ 2,064 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,064 ​ ​ — ​ ​ 2,064 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 23,593 ​ ​ — ​ ​ — ​ ​ 23,593 ​ ​ 1,363 ​ ​ 24,956 ​ Vesting of performance-based stock units ​ 171 ​ ​ 2 ​ ​ ( 2 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Fair market valuation adjustment for interest rate swap ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,074 ​ ​ — ​ ​ 1,074 ​ ​ — ​ ​ 1,074 ​ Cash paid for taxes in lieu of common shares ​ ( 150 ) ​ ​ ( 1 ) ​ ​ ( 5,874 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 5,875 ) ​ ​ — ​ ​ ( 5,875 ) ​ Non-controlling interest distributions ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 15,688 ) ​ ​ ( 15,688 ) ​ Other ​ — ​ ​ — ​ ​ ( 12 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 12 ) ​ ​ — ​ ​ ( 12 ) ​ Balance—March 31, 2026 ​ 49,779 ​ $ 498 ​ $ 1,229,304 ​ $ 1,867,000 ​ $ 1,556 ​ $ ( 1,988,407 ) ​ $ 1,109,951 ​ $ 73,075 ​ $ 1,183,026 ​ Issuance of common stock ​ 4,112 ​ ​ 41 ​ ​ 154,529 ​ ​ — ​ ​ — ​ ​ — ​ ​ 154,570 ​ ​ — ​ ​ 154,570 ​ Issuance of restricted stock ​ 15 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Common stock cash distributions ($ 0.57 per share) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 29,781 ) ​ ​ ( 29,781 ) ​ ​ — ​ ​ ( 29,781 ) ​ Stock-based compensation expense ​ — ​ ​ — ​ ​ 2,326 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,326 ​ ​ — ​ ​ 2,326 ​ Net income ​ — ​ ​ — ​ ​ — ​ ​ 29,637 ​ ​ — ​ ​ — ​ ​ 29,637 ​ ​ 1,178 ​ ​ 30,815 ​ Fair market valuation adjustment for interest rate swap ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,853 ​ ​ — ​ ​ 1,853 ​ ​ — ​ ​ 1,853 ​ Non-controlling interest distributions ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 1,178 ) ​ ​ ( 1,178 ) ​ Balance—June 30, 2026 ​ 53,906 ​ $ 539 ​ $ 1,386,159 ​ $ 1,896,637 ​ $ 3,409 ​ $ ( 2,018,188 ) ​ $ 1,268,556 ​ $ 73,075 ​ $ 1,341,631 ​ ​ ​ ​ ​ 6 Table of Contents ​ LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOW S (amounts in thousands, unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ​ OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 55,771 ​ $ 38,769 ​ ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 24,350 ​ 17,938 ​ ​ Stock-based compensation expense ​ 4,390 ​ 5,048 ​ ​ Gain on sale of real estate, net ​ ( 7,552 ) ​ ( 503 ) ​ ​ Income tax provision (benefit) ​ ​ 276 ​ ​ ( 81 ) ​ ​ Income from unconsolidated joint ventures ​ ( 396 ) ​ ( 4,104 ) ​ ​ Income distributions from unconsolidated joint ventures ​ ​ 494 ​ ​ 4,138 ​ ​ Straight-line rental adjustment ​ ​ 598 ​ 1,075 ​ ​ Adjustment for collectability of straight-line rental income ​ ​ — ​ ​ 243 ​ ​ Adjustment for collectability of lease incentives ​ ​ 13 ​ ​ 249 ​ ​ Effective interest income ​ ​ ( 1,118 ) ​ ​ ( 2,930 ) ​ ​ Amortization of lease incentives ​ ​ 247 ​ ​ 380 ​ ​ (Recovery) provision for credit losses ​ ( 657 ) ​ 3,439 ​ ​ Amortization of debt issue costs ​ ​ 1,003 ​ ​ 780 ​ ​ Other non-cash items, net ​ 5 ​ 46 ​ ​ Change in operating assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ Increase in interest receivable ​ ( 3,324 ) ​ ( 4,177 ) ​ ​ Decrease in accrued interest payable ​ ( 2,013 ) ​ ( 212 ) ​ ​ Net change in other assets and liabilities ​ ( 6,945 ) ​ ( 500 ) ​ ​ Net cash provided by operating activities ​ 65,142 ​ 59,598 ​ ​ INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate properties ​ ( 171,623 ) ​ — ​ ​ Investment in real estate capital improvements ​ ( 6,448 ) ​ ( 2,495 ) ​ ​ Proceeds from sale of real estate, net ​ 9,496 ​ 3,186 ​ ​ Investment in financing receivables ​ ​ ( 373 ) ​ ​ — ​ ​ Proceeds from the sale of properties accounted for as a financing receivable ​ ​ 62,220 ​ ​ — ​ ​ Investment in real estate mortgage loans receivable ​ ( 10,766 ) ​ ( 41,535 ) ​ ​ Principal payments received on mortgage loans receivable ​ 180 ​ 451 ​ ​ Investments in unconsolidated joint ventures ​ ( 34 ) ​ ( 192 ) ​ ​ Proceeds from liquidation of investments in unconsolidated joint ventures ​ ​ 12,558 ​ ​ 13,000 ​ ​ Principal payments received on notes receivable ​ 146 ​ 888 ​ ​ Net cash used in investing activities ​ ( 104,644 ) ​ ( 26,697 ) ​ ​ FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ Net (repayments) borrowings under revolving line of credit ​ ( 52,863 ) ​ 24,200 ​ ​ Repayment of debt ​ ​ ( 12,500 ) ​ ​ ( 12,500 ) ​ ​ Proceeds from common stock issued ​ 198,064 ​ 13,785 ​ ​ Payments of common share issuance costs ​ ​ ( 200 ) ​ ​ ( 205 ) ​ ​ Distributions paid to stockholders ​ ( 58,952 ) ​ ( 53,556 ) ​ ​ Acquisition of and distributions paid to non-controlling interests ​ — ​ ( 1,188 ) ​ ​ Financing costs paid ​ ( 2,112 ) ​ ( 22 ) ​ ​ Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives ​ ​ ( 5,875 ) ​ ​ ( 5,209 ) ​ ​ Other ​ ( 12 ) ​ ( 11 ) ​ ​ Net cash provided by (used in) financing activities ​ 65,550 ​ ( 34,706 ) ​ ​ Increase (decrease) in cash and cash equivalents ​ 26,048 ​ ( 1,805 ) ​ ​ Cash and cash equivalents, beginning of period ​ 14,387 ​ 9,414 ​ ​ Cash and cash equivalents, end of period ​ $ 40,435 ​ $ 7,609 ​ ​ Supplemental disclosure of cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ Interest paid ​ $ 21,276 ​ $ 15,359 ​ ​ Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ ​ Write-off of notes receivable ​ $ — ​ $ ( 2,693 ) ​ ​ Increase (decrease) in fair value of interest rate swap agreements ​ $ 2,927 ​ $ ( 1,627 ) ​ ​ Distributions paid to non-controlling interests ​ $ ( 2,541 ) ​ $ ( 3,904 ) ​ ​ Transfer of joint venture partner's non-controlling interest to LTC ​ $ — ​ $ 2,883 ​ ​ Distributions to non-controlling interests related to sale of properties accounted for as a financing receivable ​ $ ( 14,325 ) ​ $ — ​ ​ See accompanying notes. ​ 7 Table of Contents 1. Description of Business The Company LTC Properties, Inc. (“LTC” or the “Company”), a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in seniors housing and health care properties primarily through our owned seniors housing operating portfolio (“SHOP”), triple-net leases and joint ventures. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Investment Portfolio Our goal is to invest in properties that provide an opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location and operator. As of June 30, 2026, our total gross investment portfolio included owned real properties subject to non-cancellable triple-net leases (“NNN” or “Triple-Net Portfolio”) ( 39.5 %), SHOP ( 32.1 %), properties we own accounted for as financing receivables ( 11.5 %), mortgage loans receivable secured by first mortgages ( 15.9 %) and notes receivable ( 1.0 %). Property Types Our seniors housing and health care property classifications include independent living communities, assisted living communities, memory care communities and combinations thereof and skilled nursing centers (“SNF”). Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the seniors housing communities classification (“SH”). We also have investments in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and a behavioral health care hospital. Any reference to the number or type of properties or facilities, number of units, number of beds, number of operators and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. 2. Basis of Presentation and Accounting Policies Basis of Presentation We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results for a full year. 8 Table of Contents Principles of Consolidation The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment. Segments During the second quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”) as permitted by the Housing and Economic Recovery Act of 2008. Under RIDEA, REITs are permitted to participate directly in the cash flow of qualified healthcare properties (compared to receiving solely contractual rental income). Accordingly, effective in the second quarter of 2025, we conduct and manage our business as two operating segments, for reporting and decision-making purposes: i) real estate investments segment (“Real Estate Investments Segment”) which consists of our Triple-Net Portfolio, financing receivables, mortgage loans, notes receivable and unconsolidated joint ventures and ii) SHOP segment. See Note 17-Segment Information for more information. 9 Table of Contents 3. Owned Real Properties Our owned real properties include 92 properties within our Triple-Net Portfolio leased to 16 different operators and 34 properties within our SHOP segment managed on our behalf by 11 independent operators under separate management agreements. The following tables summarize our investments in owned properties at June 30, 2026 (dollar amounts in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NNN ​ SHOP ​ Total ​ ​ ​ ​ Percentage ​ Number ​ ​ ​ Percentage ​ Number ​ ​ ​ Percentage ​ Number ​ ​ Gross ​ of ​ of ​ Gross ​ of ​ of ​ Gross ​ of ​ of Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Investment ​ Investment ​ Properties (1) ​ Investment ​ Investment ​ Properties (1) Seniors Housing ​ $ 447,788 ​ 25.1 % ​ 50 ​ $ 801,022 ​ 44.9 % ​ 34 ​ $ 1,248,810 ​ 70.0 % ​ 84 Skilled Nursing ​ ​ 523,027 ​ 29.3 % ​ 41 ​ ​ — ​ — % ​ — ​ ​ 523,027 ​ 29.3 % ​ 41 Other (2) ​ ​ 12,005 ​ 0.7 % ​ 1 ​ ​ — ​ — % ​ — ​ ​ 12,005 ​ 0.7 % ​ 1 Total (3) ​ $ 982,820 ​ 55.1 % ​ 92 ​ $ 801,022 ​ 44.9 % ​ 34 ​ $ 1,783,842 ​ 100.0 % ​ 126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Number of ​ Investment ​ ​ Gross ​ SNF ​ SH ​ per Type of Property ​ Investment ​ Beds ​ Units ​ Bed/Unit Seniors Housing-NNN ​ $ 447,788 ​ — ​ 2,971 ​ $ 150.72 ​ Seniors Housing-SHOP ​ ​ 801,022 ​ — ​ 2,879 ​ $ 278.23 ​ Seniors Housing ​ ​ 1,248,810 ​ — ​ 5,850 ​ $ 213.47 ​ Skilled Nursing ​ ​ 523,027 ​ 5,076 ​ 236 ​ $ 98.46 ​ Other (2) ​ ​ 12,005 ​ 118 ​ — ​ ​ n/a ​ Total (3) ​ $ 1,783,842 ​ 5,194 ​ 6,086 ​ ​ ​ ​ (1) We own properties in 22 states. ​ (2) Includes three parcels of land held-for-use, and one behavioral health care hospital. ​ (3) Subsequent to June 30, 2026, we acquired five SHs within our SHOP segment for an aggregate purchase price of $ 207,850 . The communities have an aggregate of 495 units and are located in Colorado, Minnesota (2), New Mexico and Wisconsin. Additionally, we sold a 99 -bed SNF in Oregon for $ 34,200 . The property had a gross book value and net book value of $ 5,177 and $ 654 , respectively. Owned Real Properties–SHOP During the second quarter of 2025, we began utilizing the RIDEA structure and established a SHOP segment. Following the establishment of our SHOP segment, during the second through fourth quarter of 2025, we acquired 11 seniors housing communities within the SHOP segment. Additionally, we terminated triple-net master leases with three operators and converted 15 seniors housing communities covered under the master leases into our SHOP segment. Upon conversion into the SHOP segment, two of these communities are operating and accounted for as one community. During the six months ended June 30, 2026, we continued to expand our SHOP segment. Accordingly, we acquired five seniors housing communities within our SHOP segment for $ 171,455,000 . See Acquisitions below for more information. Also, we terminated two additional triple-net master leases and converted four seniors housing communities covered under these master leases into our SHOP segment. Upon conversion, we entered into management agreements with two operators new to us. The communities are located in Georgia, South Carolina and Texas (2) with a total of 247 -units and an aggregate gross book value of $ 59,387,000 . As of June 30, 2026, our SHOP segment represented 32.1 % of our gross portfolio investments and comprised of 34 seniors housing communities that are managed on our behalf by 11 independent operators pursuant to separate management agreements. 10 Table of Contents The following table presents information related to our SHOP segment as of June 30, 2026 ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Number ​ Number ​ Investment ​ ​ ​ Gross ​ of ​ of ​ per State ​ Investment ​ Properties ​ Units ​ Unit Wisconsin ​ $ 248,824 ​ 7 ​ 742 ​ $ 335.34 Georgia ​ ​ 148,036 ​ 5 ​ 552 ​ $ 268.18 Illinois ​ ​ 68,130 ​ 5 ​ 325 ​ $ 209.63 Arizona ​ ​ 54,312 ​ 1 ​ 104 ​ $ 522.23 California ​ ​ 49,036 ​ 2 ​ 133 ​ $ 368.69 Colorado ​ ​ 41,950 ​ 4 ​ 228 ​ $ 183.99 Kentucky ​ ​ 39,901 ​ 2 ​ 158 ​ $ 252.54 Oregon ​ ​ 33,361 ​ 1 ​ 186 ​ $ 179.36 Tennessee ​ ​ 31,491 ​ 1 ​ 100 ​ $ 314.91 Texas ​ ​ 26,786 ​ 2 ​ 88 ​ $ 304.39 All Other ​ ​ 59,195 ​ 4 ​ 263 ​ $ 225.08 Total ​ $ 801,022 (1) 34 ​ 2,879 ​ $ 278.23 (1) Subsequent to June 30, 2026, we acquired the following five additional communities within our SHOP segment and we entered into three management agreements with three independent operators: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ Number ​ Type ​ ​ of ​ ​ Purchase ​ of ​ of State ​ Properties ​ ​ Price ​ Units ​ Property Minnesota ​ 2 ​ $ 95,350 ​ 215 ​ SH New Mexico & Colorado ​ 2 ​ ​ 72,500 ​ 133 ​ SH Wisconsin ​ 1 ​ ​ 40,000 ​ 147 ​ SH Totals ​ 5 ​ $ 207,850 ​ 495 ​ ​ ​ Acquisitions During the six months ended June 30, 2026 and 2025, we acquired the following communities within our SHOP segment ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ State (1) ​ Type of Property ​ Price (1) ​ Costs ​ Costs (1) ​ Properties (1) ​ Beds/Units (1) 2026 ​ Georgia ​ SH ​ $ 108,000 ​ $ 192 ​ $ 108,192 ​ 3 ​ 394 ​ ​ ​ Arizona ​ SH ​ ​ 54,250 ​ ​ 58 ​ ​ 54,308 ​ 1 ​ 104 ​ ​ ​ Illinois ​ SH ​ ​ 9,205 ​ ​ 82 ​ ​ 9,287 ​ 1 ​ 61 ​ ​ ​ Totals ​ ​ ​ $ 171,455 ​ $ 332 ​ $ 171,787 (2) 5 ​ 559 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ n/a ​ n/a ​ $ — ​ $ — ​ $ — ​ — ​ — ​ (1) Subsequent to June 30, 2026, we acquired the following five additional communities within our SHOP segment and entered into three management agreements with three independent operators: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ Number ​ Type ​ ​ of ​ ​ Purchase ​ of ​ of State ​ Properties ​ ​ Price ​ Units ​ Property Minnesota ​ 2 ​ $ 95,350 ​ 215 ​ SH New Mexico & Colorado ​ 2 ​ ​ 72,500 ​ 133 ​ SH Wisconsin ​ 1 ​ ​ 40,000 ​ 147 ​ SH Totals ​ 5 ​ $ 207,850 ​ 495 ​ ​ ​ ​ ​ (2) Excludes $ 217 of additional costs incurred related to 2025 acquisitions. Additionally, at acquisition, we received property tax proration credits of $ 381 . ​ 11 Table of Contents The total acquisition costs allocated to SHOP assets acquired were as follows ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ Amount Land ​ $ 10,996 Buildings and improvements ​ ​ 160,791 Total acquisition costs ​ $ 171,787 ​ Capital Improvement Projects During the six months ended June 30, 2026 and 2025, we funded capital improvement projects of $ 5,275,000 and $ 91,000 , respectively, within our SHOP segment. Owned Real Properties–Triple-Net Portfolio Our Triple-Net Portfolio includes owned properties that are leased pursuant to non-cancelable triple-net operating leases. Triple-net leases require the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. The majority of our triple-net leases contain provisions for specified annual increases over the rents of the prior year. Lease Extensions Many of the triple-net leases contain renewal options that, if exercised, could result in the amount of rent payable upon renewal being greater than that currently being paid. The following table provides information related to our triple-net lease extensions during the six months ended June 30, 2026 and 2025 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ Original ​ Extended Type of Property ​ ​ Investment ​ Properties ​ Beds/Units ​ State ​ Maturity ​ Maturity SH ​ $ 83,293 ​ 5 ​ 266 ​ CO, NJ ​ December 31, 2027 ​ December 31, 2032 SH ​ ​ 68,767 ​ 7 ​ 461 ​ IL, MI, OH ​ May 31, 2026 ​ May 31, 2027 SH ​ ​ 9,052 ​ 4 ​ 155 ​ OK ​ October 31, 2026 ​ October 31, 2030 ​ ​ $ 161,112 ​ 16 ​ 882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SH ​ $ 68,353 ​ 7 ​ 461 ​ IL, MI, OH ​ May 31, 2025 ​ May 31, 2026 SNF ​ ​ 53,339 ​ 6 ​ 782 ​ AL, NM ​ April 30, 2026 (1) April 30, 2031 SH ​ ​ 32,361 ​ 2 ​ 159 ​ GA, SC ​ December 31, 2025 ​ December 31, 2026 SH ​ ​ 25,704 ​ 2 ​ 88 ​ TX ​ February 28, 2025 ​ February 28, 2026 SNF ​ ​ 13,054 ​ 2 ​ 211 ​ SC ​ February 28, 2026 ​ February 28, 2031 SNF ​ ​ 5,275 ​ 2 ​ 141 ​ TN ​ December 31, 2025 (2) December 31, 2026 ​ ​ $ 198,086 ​ 21 ​ 1,842 ​ ​ ​ ​ ​ ​ (1) During the third quarter of 2025, Genesis Healthcare, Inc. (“Genesis”) filed for Chapter 11 bankruptcy. Genesis has paid their contractual rent through August 2026. ​ (2) During the third quarter of 2025, the operator provided an election notice to exercise its purchase option, and the properties were sold during the second quarter of 2026. See Properties Sold below for more information. Lease Terminations During the six months ended June 30, 2026, we terminated two triple-net master leases and converted four seniors housing communities covered under the master leases into our SHOP segment. Upon conversion, we entered into management agreements with two independent operators. The communities are located in Georgia, South Carolina and Texas (2) with a total of 247 units and an 12 Table of Contents aggregate gross book value of $ 59,387,000 . During the six months ended June 30, 2025, we terminated two existing leases with the same operator, and combined them into a single master lease. The new master lease had a five-year term with one 1-year extension option and four 5-year extension options. In connection with the termination of these leases, we wrote-off straight-line rent receivable and lease incentive balances of $ 243,000 and $ 249,000 , respectively. During the fourth quarter of 2025, we terminated the new master lease and converted the communities covered under the master lease into our SHOP segment. Also, during the six months ended June 30, 2025, we terminated our Anthem triple-net master leases and converted the communities covered under the master leases into our SHOP segment. In conjunction with the conversion, we wrote-off Anthem’s working capital note of $ 2,693,000 and the related interest receivable of $ 371,000 during the six months ended June 30, 2025. In addition, we terminated our triple-net lease with New Perspective Senior Living, LLC (“New Perspective”) and converted the community covered under the lease into our SHOP segment. In connection with the conversion, we paid New Perspective a $ 5,971,000 lease termination fee. Components of Rental Income The following table summarizes components of our rental income for the three and six months ended June 30, 2026 and 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, Rental Income ​ ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 ​ Contractual cash rental income ​ $ 24,187 (1) $ 28,079 (1) $ 48,723 (1) $ 57,702 (1) Variable cash rental income (2) ​ ​ 2,196 ​ ​ 2,777 ​ ​ 4,464 ​ ​ 5,866 ​ Straight-line rent adjustment ​ ​ ( 264 ) ​ ​ ( 497 ) ​ ​ ( 598 ) ​ ​ ( 1,075 ) ​ Adjustment of lease incentives and rental income ​ ​ ( 13 ) (3) ​ — ​ ​ ( 13 ) (3) ​ ( 492 ) (4) Amortization of lease incentives ​ ​ ( 116 ) ​ ​ ( 182 ) ​ ​ ( 247 ) ​ ​ ( 380 ) ​ Total ​ $ 25,990 ​ $ 30,177 ​ $ 52,329 ​ $ 61,621 ​ (1) Decreased primarily due to the conversion of communities from NNN to the SHOP segment and lower rent due to property sales, partially offset by rent increases from fair-market rent resets, escalations and capital improvements. ​ (2) The variable cash rental income for the three and six months ended June 30, 2026 and 2025 includes reimbursement of real estate taxes by our lessees. Decreased due to the conversion of communities from NNN to SHOP and property sales. ​ (3) In connection with the termination of a master lease and converting the communities covered under the master lease into our SHOP segment, we wrote-off lease incentive balance of $ 13 . ​ (4) In connection with the termination of two existing leases with the same operator, and combining them into a single master lease, we wrote-off a straight-line rent receivable of $ 243 and a lease incentive balance of $ 249 . We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. For leases where we have concluded it is not probable that we will collect substantially all the lease payments under those leases, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a straight-line basis. We write-off uncollectible operator receivable balances, including straight-line rent receivable and lease incentives balances, as a reduction to rental income in the period such balances are no longer probable of being collected. During the six months ended June 30, 2026, we wrote-off lease incentive balance of $ 13,000 , in connection with the termination of a master lease and converting the communities covered under the master lease into our SHOP segment. During the six months ended June 30, 2025, we wrote-off straight-line rent receivable and lease incentive balances of $ 243,000 and $ 249,000 , respectively, in connection with the termination of two existing leases with the same operator, and combining them into a master lease as discussed above. 13 Table of Contents We continue to take into account the current financial conditions of our operators, in our estimation of uncollectible accounts and deferred rents receivable and closely monitor the collectability of such rents, adjusting future estimates as necessary. Purchase Options Some of our triple-net lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements as of June 30, 2026 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ Option ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Window ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ 2027-2029 ​ Oklahoma ​ SH ​ 4 ​ $ 9,052 ​ $ 2,874 ​ 2027-2029 (2) Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 46,868 ​ 2029 ​ Colorado/Kansas/Ohio/Texas ​ SH ​ 17 ​ ​ 65,877 ​ ​ 27,596 ​ 2029 ​ North Carolina ​ SH ​ 5 ​ ​ 15,239 ​ ​ 6,595 ​ ​ ​ Total ​ ​ ​ 30 ​ $ 142,894 ​ $ 83,933 ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) The operator may elect to either receive an earn-out payment or exercise its purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 14. Commitments and Contingencies. ​ See Note-4 Financing Receivables for purchase options included in our financing receivable agreements. Improvement Projects During the six months ended June 30, 2026 and 2025, we invested in the following capital improvement projects within our Triple-Net Portfolio ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ Type of Property ​ 2026 ​ 2025 ​ ​ Seniors Housing Communities ​ $ 793 ​ $ 1,668 ​ ​ Skilled Nursing Centers ​ ​ 380 ​ ​ 736 ​ ​ Total ​ $ 1,173 ​ $ 2,404 ​ ​ ​ 14 Table of Contents Properties Held-for-Sale The following table summarizes our held-for-sale properties as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ At June 30, 2026 ​ Oregon ​ SNF ​ 1 (1) 99 ​ $ 5,177 ​ $ ( 4,523 ) ​ At December 31, 2025 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ $ — ​ (1) Subsequent to June 30, 2026, this property was sold. Properties Sold During the six months ended June 30, 2026 and 2025, we recognized a net gain on sale of real estate of $ 7,552,000 and $ 503,000 , respectively. The following table summarizes property sales during the six months ended June 30, 2026 and 2025 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (Loss) (1) ​ 2026 (2) ​ Tennessee ​ SNF ​ 2 ​ 141 ​ $ 9,500 ​ $ 1,944 ​ $ 7,562 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 10 ) (3) Total ​ ​ ​ ​ ​ 2 ​ 141 ​ $ 9,500 ​ $ 1,944 ​ $ 7,552 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ Ohio ​ SH ​ 1 ​ 39 ​ $ 1,000 ​ $ 670 ​ $ 259 ​ ​ ​ Ohio (4) ​ n/a ​ — ​ — ​ ​ 1,800 ​ ​ 1,342 ​ ​ 340 ​ ​ ​ Oklahoma ​ SH ​ 1 ​ 29 ​ ​ 670 ​ ​ 670 ​ ​ ( 96 ) ​ Total ​ ​ ​ ​ ​ 2 ​ 68 ​ $ 3,470 ​ $ 2,682 ​ $ 503 ​ ( (1) Calculation of net gain (loss) includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable. ​ (2) Subsequent to June 30, 2026, we sold a 99 -bed skilled nursing center in Oregon for $ 34,200 . The property had a gross book value and a net book value of $ 5,177 and $ 654 , respectively. At June 30, 2026, this property met the criteria under GAAP as held-for-sale. ​ (3) We recognized a loss due to additional costs incurred related to properties sold during 2025. ​ (4) We sold a parcel of land adjacent to a memory care community within our portfolio . 4. Financing Receivables We have entered into joint venture (“JV”) agreements and contributed into these JVs for the purchase of properties through sale and leaseback transactions. Concurrently, each of these JVs leased the purchased properties back to an affiliate of the seller and provided the seller-lessee with purchase options. Accordingly, these sale and leaseback transactions meet the accounting criteria to be presented as financing receivables. Furthermore, we determined that we exercise power over and receive benefits from each of these joint ventures. Therefore, we consolidated the joint ventures as Financing Receivables on our Consolidated Balance Sheets and recorded the rental revenue from these joint ventures as Interest income from financing receivables on our Consolidated Statements of Income . 15 Table of Contents The following tables provide information regarding our investments in financing receivables at June 30, 2026 ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ Purchase ​ ​ Investment Interest ​ Investment ​ Lease ​ ​ ​ Gross ​ LTC ​ of ​ of ​ of ​ Option ​ ​ per Rate ​ Year ​ Maturity ​ State ​ Investments ​ Investment ​ Properties ​ Properties ​ Beds/Units ​ Window ​ ​ Bed/Unit 7.50 % (1) 2023 ​ 2033 ​ NC ​ $ 123,456 ​ $ 120,540 ​ SH ​ 11 ​ 523 ​ 2025-2029 ​ $ 236.05 7.25 % (2) 2024 ​ 2034 ​ NC/SC ​ ​ 122,460 ​ ​ 64,450 ​ SH ​ 13 ​ 523 ​ 2024-2028 ​ $ 234.15 7.25 % (2) 2024 ​ 2034 ​ NC ​ ​ 41,000 ​ ​ 37,985 ​ SH ​ 4 ​ 217 ​ 2024-2028 ​ $ 188.94 Total ​ ​ ​ ​ ​ ​ ​ $ 286,916 ​ $ 222,975 ​ ​ ​ 28 ​ 1,263 ​ ​ ​ ​ ​ (1) The seller-lessee has the option to buy the properties in multiple tranches and in serial closings approved by LTC with an exit IRR of 9.0 % on any portion of the properties being purchased. ​ (2) The seller-lessee has a purchase option exercisable with an exit IRR of 8.0 % . The following table summarizes our financing receivable activity for the six months ended June 30, 2026 and 2025 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ 2025 ​ Investment and funding under financing receivables ​ $ 373 ​ $ — ​ Sale of properties accounted for as a financing receivable ​ ​ ( 62,220 ) (1) ​ — ​ Distribution paid to non-controlling interest related to sale of properties accounted for as a financing receivable ​ ​ ( 14,325 ) (1) (2) ​ — ​ Amortization of capital costs ​ ​ — ​ ​ ( 43 ) ​ Recovery of credit losses ​ ​ 762 ​ ​ — ​ Net decrease in financing receivables ​ $ ( 75,410 ) ​ $ ( 43 ) ​ (1) During the three months ended March 31, 2026, the lessee exercised its purchase option pursuant to its master lease to acquire three skilled nursing centers in Florida with a total of 299 beds. In conjunction with this transaction, we received exit IRR income of $ 1,812 . Additionally, we wrote-off $ 198 effective interest receivable previously recognized over the term of the financing receivable through payoff. ​ (2) Represents a non-cash distribution made in connection with the payoff discussed in (1) above. ​ 16 Table of Contents ​ 5. Mortgage Loans Receivable The following table sets forth information regarding our investments in mortgage loans secured by first mortgages at June 30, 2026 (dollar amounts in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ SH ​ per Interest Rate ​ Maturity ​ State ​ Investment ​ Property ​ Investment ​ Loans (1) ​ Properties (1) ​ Beds ​ Units ​ Bed/Unit 11.3 % (2) 2043 ​ MI ​ $ 179,875 ​ SNF ​ 45.4 % 1 ​ 14 ​ 1,749 ​ — ​ $ 102.84 ​ 8.3 % ​ 2030 ​ CA ​ ​ 56,379 ​ SH ​ 14.2 % 1 ​ 2 ​ — ​ 171 ​ $ 329.70 ​ 8.5 % ​ 2030 ​ FL ​ ​ 40,528 ​ SH ​ 10.2 % 1 ​ 1 ​ — ​ 250 ​ $ 162.11 ​ 10.3 % (3) 2045 ​ MI ​ ​ 39,550 ​ SNF ​ 10.0 % 1 ​ 4 ​ 480 ​ — ​ $ 82.40 ​ 10.8 % (3) 2045 ​ MI ​ 19,600 ​ SNF ​ 5.0 % 1 ​ 2 ​ 201 — ​ $ 97.51 ​ 8.8 % ​ 2027 ​ MI ​ ​ 17,983 ​ SH ​ 4.6 % 1 ​ 1 ​ — ​ 85 ​ $ 211.56 ​ 11.0 % (3) 2045 ​ MI ​ ​ 14,775 ​ SNF ​ 3.7 % 1 ​ 1 ​ 146 ​ — ​ $ 101.20 ​ 7.3 % ​ 2027 ​ NC ​ ​ 11,016 ​ SH ​ 2.8 % 1 ​ 1 ​ — ​ 45 ​ $ 244.80 ​ 9.0 % (4) 2030 ​ IL ​ ​ 16,386 ​ UDP ​ 4.1 % 1 ​ — ​ — ​ — ​ $ — ​ Total ​ ​ ​ ​ ​ $ 396,092 (1) ​ ​ 100.0 % 9 ​ 26 ​ 2,576 551 ​ $ 126.67 ​ (1) Our mortgage loans are secured by properties located in five states with six borrowers. Additionally, some loans contain certain guarantees and/or provide for certain facility fees. Gross investment shown above excludes the impact of credit loss reserve. ​ (2) During 2025, we modified the mortgage loan with Prestige, the borrower, to provide Prestige an option to prepay their mortgage loan at par without penalty within a 12-month window beginning in July 2026. The modification was effective July 1, 2025. Under the modification, Prestige agreed to provide us with at least a 90-day notice of its intention to exercise the option, and the ability for Prestige to exercise the pre-payment option is contingent on several factors including Prestige being current and in good standing on all its mortgage loans with LTC and obtaining replacement financing. In conjunction with the loan modification and the penalty-free early payoff option, during the third quarter of 2025, we wrote-off $ 41,455 of effective interest previously accrued related to this mortgage loan. During the three months ended March 31, 2026, Prestige provided notice of its intent to repay its $ 179,875 mortgage loan. Prestige is current on their contractual loan obligations through August 2026. ​ (3) Mortgage loans provide for 2.25 % annual increases in the interest rate after a certain time period. ​ (4) During 2024, we committed to fund a $ 26,120 mortgage loan for the construction of a 116 -unit SH located in Illinois. The borrower contributed $ 12,300 of equity which initially funded the construction. During the third quarter of 2025, we began funding the commitment. The loan bears interest at a current rate of 9.0 % and an IRR of 9.5 % . ​ 17 Table of Contents The following table summarizes our mortgage loan activity for the six months ended June 30, 2026 and 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ 2025 ​ Originations and funding under mortgage loans receivable ​ $ 9,472 (1) $ 41,535 (2) Application of interest reserve ​ ​ 1,294 ​ ​ — ​ Scheduled principal payments received ​ ​ ( 180 ) ​ ​ ( 451 ) ​ Mortgage loan premium amortization ​ ​ ( 5 ) ​ ​ ( 3 ) ​ Provision for credit losses ​ ​ ( 106 ) ​ ​ ( 411 ) ​ Net increase in mortgage loans receivable ​ $ 10,475 ​ $ 40,670 ​ (1) We funded the following: ​ (a) $ 8,592 under a $ 26,120 mortgage loan commitment for the construction of a 116 -unit SH located in Illinois. The borrower contributed $ 12,300 of equity which was used to initially fund the construction. During the third quarter of 2025, we began funding this commitment. Our remaining commitment is $ 9,734 . The loan bears interest at a current rate of 9.0 % and an IRR of 9.5 % ; and ​ (b) $ 880 under a $ 19,500 mortgage loan commitment for the construction of an 85 -unit SH in Michigan. The borrower contributed $ 12,100 equity upon origination, which was used to initially fund the construction. Our remaining commitment is $ 1,517 . The 8.8 % interest-only loan matures in March 2027 and includes two one-year extension options, each of which is contingent on certain coverage thresholds. ​ (2) We funded the following: ​ (a) $ 38,495 under a $ 42,300 mortgage loan commitment secured by a 250 -unit SH in Florida. The loan term is five years at a fixed rate of 8.5 % ; and ​ (b) $ 3,040 under our $ 19,500 mortgage loan commitment discussed in (1) (b) above . 6. Investment in Unconsolidated Joint Ventures We had a $ 12,700,000 acquisition, development and construction (“ADC”) mortgage loan with a carrying value of $ 12,558,000 . The ADC mortgage loan, secured by a 104 -bed skilled nursing center in Texas, met the accounting criteria to be considered a variable interest entity (“VIE”). We were not the primary beneficiary of the VIE as we did not have both: 1) the power to direct the activities that most significantly affect the VIE’s economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we had significant influence over the VIE. Therefore, we accounted for the investment as a joint venture using the equity method of accounting. During the three months ended June 30, 2026, the mortgage loan was paid off. 18 Table of Contents Additionally, we had two preferred equity investments that also met the accounting criteria to be considered a VIE based on the same factors discussed above for the ADC loan. During 2025, both preferred equity investments were redeemed. The following table summarizes income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the six months ended June 30, 2026 and 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2026 ​ SNF (1) ​ $ 494 (1) $ 396 (1) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ SNF (1) ​ $ 589 (1) $ 589 (1) $ — ​ ​ ​ SH (2) ​ ​ 289 (2) ​ 289 (2) ​ — ​ ​ ​ SH (3) ​ ​ 3,226 (3) ​ 3,172 (3) ​ 54 ​ Total ​ ​ ​ $ 4,104 ​ $ 4,050 ​ $ 54 ​ (1) During the second quarter of 2026, the mortgage loan was paid off. ​ (2) During the fourth quarter of 2025, our preferred equity investment in the JV that owns a 109 -unit SH in Washington was redeemed for $ 8,140 , which included a 12.0 % exit IRR of $ 1,800 . ​ (3) During the first quarter of 2025, our preferred equity investment in the JV that owns a 267 -unit SH in Washington was redeemed for $ 15,962 , which included a 13 % exit IRR of $ 2,962 . 7. Notes Receivable Notes receivable consist of working capital loans and a mezzanine loan. The following table summarizes our investments in notes receivable at June 30, 2026 ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 9.0 % ​ — ​ ​ 2026 ​ Working capital ​ $ 25 ​ ​ 1 ​ SH ​ 8.0 % ​ 11.0 % ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ SH ​ 0.0 % ​ — ​ ​ 2028 ​ Working capital ​ ​ 703 ​ ​ 1 ​ SNF ​ Total ​ ​ ​ ​ ​ ​ ​ ​ $ 25,728 (1) ​ 3 ​ ​ ​ (1) Excludes the impact of credit loss reserve. ​ The following table is a summary of our notes receivable components as of June 30, 2026 and December 31, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ At June 30, 2026 ​ At December 31, 2025 Mezzanine loans $ 25,000 ​ $ 25,000 Working capital loans ​ 728 ​ ​ 874 Notes receivable credit loss reserve ​ ( 257 ) ​ ​ ( 259 ) Total notes receivable, net of credit loss reserve $ 25,471 ​ $ 25,615 ​ 19 Table of Contents The following table summarizes our notes receivable activity for the six months ended June 30, 2026 and 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ ​ 2025 ​ Principal payments received under notes receivable $ ( 146 ) ​ $ ( 888 ) ​ Write-off of notes receivable ​ — ​ ​ ( 2,693 ) (1) Recovery of credit losses ​ 2 ​ ​ 36 ​ Net decrease in notes receivable $ ( 144 ) ​ $ ( 3,545 ) ​ (1) Represents the write-off of Anthem Memory Care LLC (“Anthem”) working capital note in connection with the conversion of Anthem’s triple-net leases to SHOP. 8. Credit Loss Reserve We apply ASC Topic 326, Financial Instruments-Credit Losses (“ASC 326”), which requires a forward-looking “expected loss” model, to estimate our loan losses. We determined our Financing receivables , Mortgage loans receivable and Notes receivable line items on our Consolidated Balance Sheets are within the scope of ASC 326. Financing receivables . We obtained controlling interests in JVs that acquired properties through sale and leaseback transactions. The JVs concurrently leased the purchased properties to affiliates of sellers and provided the sellers-lessees with purchase options. We consolidated the JVs as Financing receivables on our Consolidated Balance Sheets. For more information regarding these transactions see Note 4. Financing Receivables above. At June 30, 2026, we had investments in three JVs accounted for as financing receivables that owned 28 properties in two states. In addition to owning the properties through our controlling interests in the JVs, generally, these leases provide one or more of the following: security deposits, property tax impounds, repair and maintenance escrows and other credit enhancements such as corporate or personal guarantees or letters of credit. Mortgage loans. As part of our strategy of making investments in properties used in the provision of long-term health care services, we provided mortgage loan financing on such properties. At June 30, 2026, we had nine mortgage loans secured by 26 properties in five states with six borrowers. In addition to a lien on the mortgaged properties, the loans are generally secured by non-real estate assets of the properties and contain certain other security provisions in the form of letters of credit and/or security deposits. Notes receivable. Our notes receivable consist of working capital notes and a mezzanine loan. Security for these notes can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests and personal/corporate guarantees. 20 Table of Contents The following table summarizes our financial instruments within the scope of ASC 326 by year of origination ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of origination (1) ​ At June 30, 2026 Investment Type: ​ 2026 ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ — ​ $ — ​ $ 163,460 ​ $ 123,456 ​ $ — ​ $ — ​ $ 286,916 ​ $ 2,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 96,907 ​ $ 16,386 ​ $ 28,999 ​ $ — ​ $ 253,800 ​ $ 396,092 ​ $ 3,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,000 ​ $ — ​ $ 25,000 ​ $ 250 Working Capital loans ​ ​ — ​ ​ — ​ ​ 25 ​ ​ — ​ ​ — ​ ​ 703 ​ ​ 728 ​ ​ 7 Total Notes Receivable ​ $ — ​ $ — ​ $ 25 ​ $ — ​ $ 25,000 ​ $ 703 ​ $ 25,728 ​ $ 257 (1) Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan. We monitor the credit quality of our financial instruments through a variety of methods determined by the underlying collateral or other protective rights, operator’s payment history and other internal metrics. Our monitoring process includes periodic review of financial statements for each facility, scheduled property inspections and review of covenant compliance, industry conditions and current and future economic conditions. The future economic conditions are based on the economic data from the Federal Reserve and reasonable assumptions for the future economic trends. In determining the “expected” credit loss reserves on these instruments, we utilize the probability of default and discounted cash flow methods. Further, we stress-test the results to reflect the impact of unknown adverse future events including recessions. The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recovery ​ Provision ​ ​ ​ ​ ​ Balance ​ ​ due to ​ due to ​ Balance ​ ​ ​ at ​ ​ Payoffs/ ​ Originations/ ​ at ​ Description ​ 12/31/2025 ​ ​ Write-offs ​ additional funding ​ 6/30/2026 ​ Credit Loss Reserve – Financing Receivables ​ $ 3,631 ​ $ ( 765 ) (1) $ 3 ​ $ 2,869 ​ Credit Loss Reserve – Mortgage Loans Receivable ​ ​ 3,849 ​ ​ — ​ ​ 106 ​ ​ 3,955 ​ Credit Loss Reserve – Notes Receivable ​ ​ 259 ​ ​ ( 2 ) ​ ​ — ​ ​ 257 ​ (1) Relates to the recovery of a credit loss reserve on a financing receivable resulting from the lessee’s exercise of its purchase option for the underlying properties during the three months ended March 31, 2026. We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write-off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write-off accrued interest receivable by recognizing credit loss expense. As of June 30, 2026, the total balance of accrued interest receivable of $ 24,621,000 was not included in the measurement of expected credit loss. During the six months ended June 30, 2025, we wrote-off Anthem’s interest receivable of $ 371,000 in connection with the conversion of Anthem’s triple-net leases to SHOP as explained in Note 3. Owned Real Properties . 21 Table of Contents 9. Prepaid Expenses and Other Assets The following is a summary of our prepaid expenses and other assets at June 30, 2026 and December 31, 2025 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 Investments, prepaid expenses and other assets ​ $ 7,016 ​ $ 3,609 Intangible assets, net of accumulated amortization: 2026— $ 2,135 ; 2025— $ 1,789 ​ ​ 6,174 ​ ​ 6,520 SHOP prepaid expenses and other assets ​ ​ 6,419 ​ ​ 2,399 SHOP accounts receivable, net of credit loss reserve: 2026— $ 443 ; 2025— $ 304 ​ ​ 4,928 ​ ​ 3,130 Interest rate swap asset ​ ​ 3,409 ​ ​ 482 Right of use asset, net ​ ​ 2,412 ​ ​ 2,580 Lease incentives ​ ​ 2,264 ​ ​ 2,525 Total ​ $ 32,622 ​ $ 21,245 ​ ​ 10. Intangible Assets We make estimates in allocating the purchase price of acquisitions to the various components of the acquisition based on the fair value of each component. For certain acquisitions, such components include in-place leases and other intangible assets. In the case of the value of in-place leases, we make estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases. The following is a summary of the carrying amount of intangible assets as of June 30, 2026 and December 31, 2025 (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 30,403 (1) ​ $ ( 10,025 ) (2) ​ $ 20,378 ​ $ 24,098 (1) ​ $ ( 7,772 ) (2) ​ $ 16,326 Tax abatement intangible ​ $ 8,309 (3) ​ $ ( 2,135 ) (3) ​ $ 6,174 ​ $ 8,309 (3) ​ $ ( 1,789 ) (3) ​ $ 6,520 (1) Included in the Buildings and improvements line item in our Consolidated Balance Sheets . Increase relates to acquisition of five seniors housing communities during 2026 within our SHOP segment. See Note 3. Owned Real Properties for more information regarding our SHOP segment acquisitions. ​ (2) Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets . ​ (3) Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets . The following table provides future amortization expenses related to the intangible assets at June 30, 2026 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July-December ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ 2026 ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ 2031 ​ ​ ​ Thereafter In-place leases (1) ​ $ 20,378 ​ $ 2,390 ​ $ 4,662 ​ $ 4,329 ​ $ 3,998 ​ $ 3,454 ​ $ 1,214 ​ $ 331 Tax abatement intangible (2) ​ 6,174 ​ ​ 346 ​ 692 ​ 692 ​ 692 ​ 692 ​ 692 ​ 2,368 ​ ​ $ 26,552 ​ $ 2,736 ​ $ 5,354 ​ $ 5,021 ​ $ 4,690 ​ $ 4,146 ​ $ 1,906 ​ $ 2,699 (1) Recorded as amortization expense included in the Depreciation and amortization line item on our Consolidated Statements of Income. ​ (2) Recorded as Triple-net lease property tax expense on our Consolidated Statements of Income . ​ 22 Table of Contents 11. Debt Obligations Unsecured Credit Facility. We had an unsecured credit agreement (the “Original Credit Agreement”) that provided for an aggregate commitment of the lenders of up to $ 525,000,000 comprising of a $ 425,000,000 revolving credit facility and two $ 50,000,000 term loans with maturities of November 19, 2025 and November 19, 2026 (the “Original Term Loans”). The Original Credit Agreement had a maturity date of November 19, 2026 and permitted us to request increases to the revolving credit facility and term loans commitments up to a total of $ 1,000,000,000 (the “Original Accordion”). During the third quarter of 2025, we entered into a new four-year unsecured credit agreement (the “Credit Agreement”) maturing in July 2029, to replace the Original Credit Agreement. The Credit Agreement increased the aggregate commitment on our revolving line of credit from $ 425,000,000 to $ 600,000,000 (the “Revolving Line of Credit”), provided for the opportunity to increase the total commitment to an aggregate $ 1,200,000,000 (the “Accordion”) and allowed for a one-year extension option, subject to customary conditions. Material terms of the Credit Agreement remained unchanged. In connection with the Credit Agreement, the Original Term Loans were rolled into the Revolving Line of Credit. During the fourth quarter of 2025, we amended our Credit Agreement to increase the aggregate commitment of the lenders by $ 200,000,000 to a total of $ 800,000,000 through the exercise of the Accordion and established term loans totaling $ 200,000,000 (the “Term Loans”). The Term Loans consist of $ 50,000,000 , $ 55,000,000 , $ 55,000,000 and $ 40,000,000 borrowings, with contractual maturities of three , four , five and seven years , respectively. During the second quarter of 2026, we entered into an amendment to the Credit Agreement (the “Amended Credit Agreement”) to increase the aggregate commitment of its lenders by $ 300,000,000 to a total of $ 1,100,000,000 , through the exercise of the Credit Agreement’s accordion feature. The $ 300,000,000 increase expands our aggregate revolving credit (the “Amended Revolving Line of Credit”) commitment to $ 900,000,000 . Additionally, the Amended Credit Agreement increases the Accordion feature up to $ 2,000,000,000 (the “Amended Accordion”). The material terms of the Amended Credit Agreement remain unchanged. Based on our leverage at June 30, 2026, the facility provides for interest annually at SOFR plus 105 basis points and a facility fee of 15 basis points. Interest Rate Swap Agreements. In connection with entering into the Original Term Loans described above, we entered into two receive variable/pay fixed interest rate swap agreements with maturities of November 19, 2025 and November 19, 2026, respectively, that effectively locked in the forecasted interest payments on the Original Term Loans’ borrowings over their four and five year terms of the loans. Additionally, during the fourth quarter of 2025, we entered into interest rate swaps with maturities of three , four , five and seven years , respectively to effectively lock-in the forecasted interest payments on the Term Loans. Furthermore, during the second quarter of 2026, we entered into three-year interest rate swap agreements to effectively fix the interest rate on $ 150,000,000 of borrowings under our Amended Revolving Line of Credit. Our interest rate swaps are considered cash flow hedges and are recorded on our Consolidated Balance Sheets at fair value in Prepaid expenses and other assets , with cumulative changes in the fair value of these instruments recognized in Accumulated other comprehensive income (loss) on our Consolidated Balance Sheets . During the six months ended June 30, 2026 and 2025, we recorded an increase of $ 2,927,000 and a decrease of $ 1,627,000 to the fair value of our interest rate swaps, respectively. ​ 23 Table of Contents Information regarding our interest rate swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy, is presented below ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at ​ Swap Rate ​ Date Entered ​ Maturity Date ​ Rate Index ​ ​ Amount ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ 2.46 % ​ November 2021 ​ November 19, 2026 ​ 1-month SOFR ​ $ 50,000 (1) $ 486 ​ ​ $ 938 ​ 4.61 % ​ December 2025 ​ December 12, 2028 ​ SOFR with 5-day lookback ​ ​ 25,000 ​ ​ 312 ​ ​ ​ ( 52 ) ​ 4.61 % ​ December 2025 ​ December 12, 2028 ​ SOFR with 5-day lookback ​ ​ 25,000 ​ ​ 315 ​ ​ ​ ( 55 ) ​ 4.65 % ​ December 2025 ​ December 12, 2029 ​ SOFR with 5-day lookback ​ ​ 55,000 ​ ​ 798 ​ ​ ​ ( 136 ) ​ 4.68 % ​ December 2025 ​ December 12, 2030 ​ SOFR with 5-day lookback ​ ​ 30,000 ​ ​ 496 ​ ​ ​ ( 45 ) ​ 4.72 % ​ December 2025 ​ December 12, 2030 ​ SOFR with 5-day lookback ​ ​ 25,000 ​ ​ 380 ​ ​ ​ ( 74 ) ​ 4.95 % ​ June 2026 ​ June 25, 2029 ​ SOFR with 5-day lookback ​ ​ 30,000 ​ ​ 20 ​ ​ ​ — ​ 4.97 % ​ June 2026 ​ June 25, 2029 ​ SOFR with 5-day lookback ​ ​ 35,000 ​ ​ ( 3 ) ​ ​ ​ — ​ 4.97 % ​ June 2026 ​ June 25, 2029 ​ SOFR with 5-day lookback ​ ​ 30,000 ​ ​ — ​ ​ ​ — ​ 4.99 % ​ June 2026 ​ June 25, 2029 ​ SOFR with 5-day lookback ​ ​ 55,000 ​ ​ ( 30 ) ​ ​ ​ — ​ 5.21 % ​ December 2025 ​ December 12, 2032 ​ SOFR with 5-day lookback ​ ​ 27,500 ​ ​ 455 ​ ​ ​ ( 45 ) ​ 5.25 % ​ December 2025 ​ December 12, 2032 ​ SOFR with 5-day lookback ​ ​ 12,500 ​ ​ 180 ​ ​ ​ ( 49 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 400,000 ​ $ 3,409 ​ ​ $ 482 ​ (1) During the third quarter of 2025, the interest rate swap was rolled into the Revolving Line of Credit. Senior Unsecured Notes. We have senior unsecured notes held by institutional investors with interest rates ranging from 3.66 % to 4.50 %. The senior unsecured notes mature between 2026 and 2033. The Credit Agreement and the senior unsecured notes contain financial covenants, which are measured quarterly, that require us to maintain, among other things: ● a ratio of total indebtedness to total asset value not greater than 0.6 to 1.0; ​ ● a ratio of secured debt to total asset value not greater than 0.35 to 1.0; ​ ● a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and ● a ratio of EBITDA, as calculated in the debt obligation, to fixed charges not less than 1.50 to 1.0. At June 30, 2026, we were in compliance with all applicable financial covenants. These debt obligations also contain additional customary covenants and events of default that are subject to a number of important and significant limitations, qualifications and exceptions. 24 Table of Contents The following table sets forth information regarding debt obligations by component as of June 30, 2026 and December 31, 2025 ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2026 ​ At December 31, 2025 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit (2) ​ 4.33 % ​ $ 200,000 ​ $ 700,000 ​ $ 252,863 ​ $ 347,137 ​ Term loans, net of debt issue costs ​ 4.66 % ​ ​ 198,404 ​ ​ — ​ ​ 198,213 ​ ​ — ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.11 % ​ ​ 378,686 ​ ​ — ​ ​ 391,105 ​ ​ — ​ Total ​ 4.31 % ​ $ 777,090 ​ $ 700,000 ​ $ 842,181 ​ $ 347,137 ​ (1) Represents weighted average interest rate as of June 30, 2026. ​ (2) Subsequent to June 30, 2026, we borrowed $ 156,100 under our unsecured revolving line of credit. Accordingly, we have $ 356,100 outstanding and $ 543,900 available for borrowing under our unsecured revolving line of credit as of August 5, 2026. ​ (3) Subsequent to June 30, 2026, we repaid $ 7,000 in scheduled principal paydown on our senior unsecured notes. ​ ​ During the six months ended June 30, 2026 and 2025, our debt borrowings and repayments were as follows ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2026 ​ 2025 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Revolving line of credit ​ $ 125,037 (1) $ ( 177,900 ) ​ $ 53,600 ​ $ ( 29,400 ) ​ Senior unsecured notes ​ ​ — ​ ​ ( 12,500 ) (2) ​ — ​ ​ ( 12,500 ) ​ Total ​ $ 125,037 ​ $ ( 190,400 ) ​ $ 53,600 ​ $ ( 41,900 ) ​ (1) Subsequent to June 30, 2026, we borrowed $ 156,100 under our unsecured revolving line of credit. Accordingly, we have $ 356,100 outstanding and $ 543,900 available for borrowing under our unsecured revolving line of credit as of August 5, 2026. (2) Subsequent to June 30, 2026, we repaid $ 7,000 in scheduled principal paydown on our senior unsecured notes. ​ 12. Accrued Expenses and Other Liabilities The following is a summary of our accrued expenses and other liabilities at June 30, 2026 and December 31, 2025 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 Impounds ​ $ 16,736 ​ $ 14,627 SHOP liabilities ​ ​ 15,150 ​ ​ 8,734 Property tax liability ​ ​ 6,784 ​ ​ 7,125 Maintenance and repair reserves ​ ​ 5,749 ​ ​ 6,152 Accounts payable and other accrued liabilities ​ ​ 4,754 ​ ​ 7,584 Lease liabilities ​ ​ 2,412 ​ ​ 2,580 SHOP deferred revenue ​ ​ 2,402 ​ ​ 2,115 Deferred commitments ​ ​ 1,256 ​ ​ 3,171 Security deposits ​ ​ 1,101 ​ ​ 1,601 Total ​ $ 56,344 ​ $ 53,689 ​ ​ 25 Table of Contents 13. Equity Non-controlling Interests. We have entered into partnerships to develop and/or own real estate. Given that our limited members do not have substantive kick-out rights, liquidation rights, or participation rights, we have concluded that the partnerships are VIEs. As we exercise power over and receive benefits from the VIEs, we are considered the primary beneficiary. Accordingly, we consolidate the VIEs and record the non-controlling interests on our Consolidated Balance Sheets . As of June 30, 2026, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2024 ​ Own real estate ​ SH ​ NC/SC ​ $ 122,460 ​ $ 58,010 ​ 2024 ​ Own real estate ​ SH ​ NC ​ ​ 41,000 ​ ​ 3,015 ​ 2023 ​ Own real estate ​ SH ​ OH ​ ​ 54,953 ​ ​ 9,134 ​ 2023 ​ Own real estate ​ SH ​ NC ​ ​ 123,456 ​ ​ 2,916 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 341,869 ​ $ 73,075 ​ (1) Includes the total real estate investments and excludes intangible assets. During 2026, a lessee, which was also our joint venture partner in a VIE for which we were the primary beneficiary, exercised its purchase option and acquired three skilled nursing centers owned by the JV. The centers have a total of 299 beds and are located in Florida with an aggregate gross book value of $ 76,545,000 . Our JV partner’s non-controlling interest contribution was $ 14,325,000 . As a result, this VIE is not listed in the table above. Common Stock. We have an equity distribution agreement (the “Equity Distribution Agreement”) to offer and sell, from time to time, up to $ 400,000,000 in aggregate offering price of shares of our common stock. The Equity Distribution Agreement provides for sales of common shares to be made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During the six months ended June 30, 2026, we sold 5,257,220 shares of common stock for $ 198,064,000 in net proceeds under our Equity Distribution Agreement. Additionally, we incurred $ 200,000 of costs associated with this agreement, which have been recorded in additional paid in capital as a reduction of proceeds received. At June 30, 2026, we had $ 88,572,000 available under the Equity Distribution Agreement. During the six months ended June 30, 2025, we sold 387,600 shares of common stock for $ 13,785,000 in net proceeds under our Equity Distribution Agreement. Additionally, we incurred $ 205,000 of costs associated with this agreement, which have been recorded in additional paid in capital as a reduction of proceeds received. During the six months ended June 30, 2026 and 2025, we acquired 149,745 and 151,018 , respectively, shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Available Shelf Registration. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be 26 Table of Contents described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires in November 2027. Distributions. We declared and paid the following cash dividends (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 58,952 (2) $ 58,952 (2) $ 53,556 (3) $ 53,556 (3) (1) Represents $ 0.19 per share per month for the six months ended June 30, 2026 and 2025. ​ (2) Includes $ 1,301 of distribution related to vesting of the performance-based stock units. ​ (3) Includes $ 1,312 of distribution related to vesting of the performance-based stock units. In July 2026, we declared a monthly cash dividend of $ 0.19 per share on our common stock for the months of July, A ugust and September 2026 , payable on July 31 , August 31 and September 30, 2026 , respectively, to stockholders of record on July 23 , August 21 , and September 22, 2026 , respectively. Stock-Based Compensation . During 2021, we adopted and our shareholders approved the 2021 Equity Participation Plan (“the 2021 Plan”) which replaces the 2015 Equity Participation Plan (“the 2015 Plan”). Under the 2021 Plan, 1,900,000 shares of common stock have been authorized and reserved for awards, less one share for every one share that was subject to an award granted under the 2015 Plan after December 31, 2020 and prior to adoption. In addition, any shares that are not issued under outstanding awards under the 2015 Plan because the shares were forfeited or cancelled after December 31, 2020 will be added to and again be available for awards under the 2021 Plan. Under the 2021 Plan, the shares were authorized and reserved for awards to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2021 Plan and the 2015 Plan are set by our compensation committee at its discretion. Beginning in the first quarter of 2024, we entered into Performance Stock Unit Award Agreements, based upon absolute and relative total shareholder return, under the 2021 Plan. 27 Table of Contents The following table summarizes our restricted stock activity for the six months ended June 30, 2026 and 2025 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ Shares ​ Weighted Average Price ​ ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 ​ Outstanding, January 1 ​ ​ 270,701 ​ ​ 301,209 ​ $ 33.75 ​ $ 33.18 ​ Granted ​ ​ 145,369 ​ ​ 135,041 ​ $ 38.93 ​ $ 34.94 ​ Vested ​ ​ ( 140,801 ) ​ ​ ( 165,549 ) (1) $ 34.11 ​ $ 33.69 ​ Outstanding, June 30 ​ ​ 275,269 ​ ​ 270,701 ​ $ 36.30 ​ $ 33.75 ​ ​ (1) Includes the accelerated vesting of 13,362 shares of restricted common stock in connection with an employee’s retirement. During the six months ended June 30, 2026, 170,827 units of performance-based stock units vested. During the six months ended June 30, 2025, 182,915 units of performance-based stock units vested, which includes the accelerated vesting of 19,694 performance-based stock units in connection with an employee’s retirement. During the six months ended June 30, 2026 and 2025, we granted restricted stock and performance-based stock units under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ ​ ​ No. of ​ per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2026 ​ 129,984 ​ $ 38.92 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 62,247 ​ $ 36.63 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 55,870 ​ $ 40.81 ​ Performance-based stock units ​ TSR targets (2) ​ ​ ​ 15,385 ​ $ 39.00 ​ Restricted stock ​ (3) ​ ​ ​ 263,486 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 113,790 ​ $ 34.88 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 52,666 ​ $ 33.37 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 48,535 ​ $ 36.21 ​ Performance-based stock units ​ TSR targets (2) ​ ​ ​ 5,626 ​ $ 35.55 ​ Restricted stock ​ April 30, 2028 ​ ​ ​ 15,625 ​ $ 35.20 ​ Restricted stock ​ (3) ​ ​ ​ 236,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in three years . ​ (2) Vesting is based on achieving certain TSR targets relative to the TSR of a predefined peer group in three years . ​ (3) Vesting date is the earlier of the one -year anniversary of the award date and the date of the next annual meeting of the stockholders of LTC following the award date. ​ ​ 28 Table of Contents Compensation expense recognized related to the vesting of restricted common stock and performance-based stock units for the six months ended June 30, 2026 and 2025 was $ 4,390,000 and $ 5,048,000 , respectively. Accordingly, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense July-December 2026 ​ $ 4,569 2027 ​ ​ 6,305 2028 ​ ​ 3,529 2029 ​ ​ 534 Total ​ $ 14,937 ​ ​ 14. Commitments and Contingencies At June 30, 2026, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2026 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Owned real properties-Triple-Net Portfolio (Note 3. Owned Real Properties) ​ $ 1,104 (1) $ 230 ​ $ 497 ​ $ 607 Financing receivables ( Note 4. Financing Receivables) ​ ​ 2,250 ​ ​ 373 ​ ​ 2,038 ​ ​ 212 Accrued incentives and earn-out liabilities ​ ​ 3,000 (2) ​ — ​ ​ — ​ ​ 3,000 Mortgage loans ( Note 5. Mortgage Loans Receivable ) ​ ​ 68,765 (3) ​ 10,313 ​ ​ 35,841 ​ ​ 32,924 Notes receivable ( Note 7. Notes Receivable ) ​ ​ 370 (4) ​ — ​ ​ 25 ​ ​ 345 Total ​ $ 75,489 ​ $ 10,916 ​ $ 38,401 ​ $ 37,088 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties. ​ (2) Represents an earn-out payment up to $ 3,000 to an operator under a master lease on four SNFs in Texas. 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. Owned Real Properties . ​ (3) Includes $ 45,620 related to two construction loans, $ 19,250 of contingent commitments available upon the borrower achieving certain coverage ratios, and $ 3,895 of other commitments. ​ (4) Represents working capital loan commitments. Additionally, we expect to invest capital related to our SHOP segment to improve and maintain our properties. Some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 3. Owned Real Properties and Note 4. Financing Receivables for additional 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. ​ 29 Table of Contents 15. Earnings per Share The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 ​ Net income ​ $ 30,815 ​ $ 16,548 ​ $ 55,771 ​ $ 38,769 ​ Less income allocated to non-controlling interests ​ ( 1,178 ) ​ ( 1,456 ) ​ ( 2,541 ) ​ ( 2,997 ) ​ Less non-forfeitable dividends on participating securities ​ ​ ( 158 ) ​ ​ ( 154 ) ​ ​ ( 314 ) ​ ​ ( 317 ) ​ Net income available to common stockholders–basic and diluted ​ $ 29,479 ​ $ 14,938 ​ $ 52,916 ​ $ 35,455 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ ​ 51,872 ​ ​ 45,714 ​ ​ 50,217 ​ ​ 45,524 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-based stock units ​ ​ 326 ​ ​ 314 ​ ​ 326 ​ ​ 314 ​ Total effect of dilutive securities ​ ​ 326 ​ ​ 314 ​ ​ 326 ​ ​ 314 ​ Shares for diluted net income per share ​ ​ 52,198 ​ ​ 46,028 ​ ​ 50,543 ​ ​ 45,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.57 ​ $ 0.33 ​ $ 1.05 ​ $ 0.78 ​ Diluted net income per share ​ $ 0.56 ​ $ 0.32 ​ $ 1.05 ​ $ 0.77 ​ ​ ​ 16. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities. 30 Table of Contents The carrying amount of cash and cash equivalents approximates their fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and estimated fair value of our financial instruments as of June 30, 2026 and December 31, 2025 were as follows ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2026 ​ At December 31, 2025 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 284,047 ​ $ 291,189 (1) $ 359,457 ​ $ 367,986 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 392,137 ​ ​ 473,743 (2) ​ 381,662 ​ ​ 462,312 (2) Notes receivable, net of credit loss reserve ​ 25,471 ​ 29,548 (3) 25,615 ​ 29,576 (3) Revolving line of credit ​ 200,000 ​ ​ 200,000 (4) ​ 252,863 ​ ​ 252,863 (4) Term loans, net of debt issue costs ​ ​ 198,404 ​ ​ 198,404 (4) ​ 198,213 ​ ​ 198,213 (4) Senior unsecured notes, net of debt issue costs ​ 378,686 ​ ​ 356,704 (5) ​ 391,105 ​ ​ 372,511 (5) (1) Our investment in financing receivables is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate used to value our future cash inflows of the financing receivables at both June 30, 2026 and December 31, 2025 was 7.5 % . ​ (2) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable was 8.8 % for both June 30, 2026 and December 31, 2025. ​ (3) Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at June 30, 2026 and December 31, 2025 was 7.8 % and 7.7 % , respectively. ​ (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at June 30, 2026 and December 31, 2025 based upon prevailing market interest rates for similar debt arrangements. ​ (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At June 30, 2026, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.75 % for those maturing before 2030 and 6.0 % for those maturing at or beyond 2030. At December 31, 2025, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.25 % for those maturing before year 2030 and 5.50 % for those maturing at or beyond year 2030. 31 Table of Contents 17. Segment Information We use the management approach in determining the reportable operating segments. The management approach considers the internal organization and reporting used by our chief operating decision maker (“CODM”) for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, we: i. Determine our CODM; ii. identify and analyze our potential business components; iii. identify our operating segments; and iv. determine whether there are multiple operating segments requiring presentation as separate reportable segments. During the six months ended June 30, 2026 and 2025, the CODM has been collectively identified as our Executive Chairman and Co-CEOs, who share the responsibility for allocating resources and assessing segment performance. During the second quarter of 2025, we began utilizing the RIDEA structure and established our SHOP segment. Accordingly, we conduct and manage our business as two operating segments: real estate investments and SHOP and our CODM evaluated the performance of our investments based on net operating income (“NOI”). For more information and reconciliation of NOI see Item 2. Non-GAAP Financial Measures . The following tables summarize information by reportable segment for the three and six months ended June 30, 2026 and 2025 (unaudited, in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2026 ​ ​ Real estate ​ ​ ​ ​ Non-segment ​ ​ ​ ​ ​ ​ ​ investment portfolio ​ ​ ​ SHOP ​ ​ ​ /corporate (1) ​ ​ ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 25,990 ​ $ — ​ $ — ​ $ 25,990 Resident fees and services ​ ​ — ​ ​ 56,132 ​ ​ — ​ ​ 56,132 Interest income from financing receivables ​ ​ 5,640 ​ ​ — ​ ​ — ​ ​ 5,640 Interest income from mortgage loans ​ ​ 10,315 ​ ​ — ​ ​ — ​ ​ 10,315 Interest and other income ​ ​ 639 ​ ​ — ​ ​ 143 ​ ​ 782 Total revenues ​ ​ 42,584 ​ ​ 56,132 ​ ​ 143 ​ ​ 98,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from unconsolidated joint ventures ​ ​ 101 ​ ​ — ​ ​ — ​ ​ 101 Property level expenses ​ ​ ( 2,101 ) ​ ​ ( 42,208 ) ​ ​ — ​ ​ ( 44,309 ) NOI ​ ​ 40,584 ​ ​ 13,924 ​ ​ 143 ​ ​ 54,651 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 9,484 ) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 12,371 ) Provision for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 27 ) Transaction costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 1,189 ) General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 8,161 ) Gain on sale of real estate, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,562 Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 166 ) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 30,815 ​ ​ 32 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ Real estate ​ ​ ​ Non-segment ​ ​ ​ ​ ​ ​ ​ investment portfolio ​ ​ ​ SHOP ​ ​ ​ /corporate (1) ​ ​ ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 52,329 ​ $ — ​ $ — ​ $ 52,329 Resident fees and services ​ ​ — ​ ​ 105,717 ​ ​ — ​ ​ 105,717 Interest income from financing receivables ​ ​ 13,895 ​ ​ — ​ ​ — ​ ​ 13,895 Interest income from mortgage loans ​ ​ 20,544 ​ ​ — ​ ​ — ​ ​ 20,544 Interest and other income ​ ​ 1,278 ​ ​ — ​ ​ 507 ​ ​ 1,785 Total revenues ​ ​ 88,046 ​ ​ 105,717 ​ ​ 507 ​ ​ 194,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from unconsolidated joint ventures ​ ​ 396 ​ ​ — ​ ​ — ​ ​ 396 Property level expenses ​ ​ ( 4,495 ) ​ ​ ( 79,097 ) ​ ​ — ​ ​ ( 83,592 ) NOI ​ ​ 83,947 ​ ​ 26,620 ​ ​ 507 ​ ​ 111,074 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 20,266 ) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 24,350 ) Write-off of effective interest receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — Recovery for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 657 Transaction costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 1,877 ) General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 16,743 ) Gain on sale of real estate, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,552 Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 276 ) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 55,771 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2025 ​ ​ Real estate ​ ​ ​ ​ Non-segment ​ ​ ​ ​ ​ ​ ​ investment portfolio ​ ​ ​ SHOP ​ ​ ​ /corporate (1) ​ ​ ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 30,177 ​ $ — ​ $ — ​ $ 30,177 Resident fees and services ​ ​ — ​ ​ 11,950 ​ ​ — ​ ​ 11,950 Interest income from financing receivables ​ ​ 7,084 ​ ​ — ​ ​ — ​ ​ 7,084 Interest income from mortgage loans ​ ​ 9,680 ​ ​ — ​ ​ — ​ ​ 9,680 Interest and other income ​ ​ 1,224 ​ ​ — ​ ​ 125 ​ ​ 1,349 Total revenues ​ ​ 48,165 ​ ​ 11,950 ​ ​ 125 ​ ​ 60,240 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from unconsolidated joint ventures ​ ​ 439 ​ ​ — ​ ​ — ​ ​ 439 Property level expenses ​ ​ ( 2,795 ) ​ ​ ( 9,419 ) ​ ​ — ​ ​ ( 12,214 ) NOI ​ ​ 45,809 ​ ​ 2,531 ​ ​ 125 ​ ​ 48,465 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 8,014 ) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 8,776 ) Provision for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 387 ) Transaction costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 6,706 ) General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 8,447 ) Gain on sale of real estate, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 332 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,548 ​ ​ 33 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ Real estate ​ ​ ​ ​ Non-segment ​ ​ ​ ​ ​ ​ ​ investment portfolio ​ ​ ​ SHOP ​ ​ ​ /corporate (1) ​ ​ ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 61,621 ​ $ — ​ $ — ​ $ 61,621 Resident fees and services ​ ​ — ​ ​ 11,950 ​ ​ — ​ ​ 11,950 Interest income from financing receivables ​ ​ 14,086 ​ ​ — ​ ​ — ​ ​ 14,086 Interest income from mortgage loans ​ ​ 18,859 ​ ​ — ​ ​ — ​ ​ 18,859 Interest and other income ​ ​ 2,451 ​ ​ — ​ ​ 304 ​ ​ 2,755 Total revenues ​ ​ 97,017 ​ ​ 11,950 ​ ​ 304 ​ ​ 109,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from unconsolidated joint ventures ​ ​ 4,104 ​ ​ — ​ ​ — ​ ​ 4,104 Property level expenses ​ ​ ( 5,902 ) ​ ​ ( 9,419 ) ​ ​ — ​ ​ ( 15,321 ) NOI ​ ​ 95,219 ​ ​ 2,531 ​ ​ 304 ​ ​ 98,054 Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 15,927 ) Depreciation and Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 17,938 ) Provision for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 3,439 ) Transaction costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 7,147 ) General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 15,418 ) Gain on sale of real estate, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 503 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,769 ​ (1) The non-segment/corporate category includes income from temporary investments and other corporate-level income not attributable to a reportable segment. Total assets by reportable business segment and segment-level significant expense categories are not disclosed as our CODM is not provided with such information to evaluate business performance and allocate resources. ​ ​ 34 Table of Contents 18. Income Taxes Our Company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders. Under RIDEA, a REIT may lease a "qualified healthcare property" on an arm's-length basis to a taxable REIT subsidiary ("TRS") if the property is operated on behalf of such TRS by a person who qualifies as an “eligible independent operator”. Generally, the rent received from the TRS will meet the related party exception and will be treated as “rents from real property”. A "qualified healthcare property" includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. Resident fees and services revenue and related operating expenses for these facilities are reported on our Consolidated Statements of Income and are subject to federal, state and local income taxes. Our provision for income taxes for the three and six months ended June 30, 2026, was an expense of $ 166,000 and $ 276,000 , respectively. Our provision for income taxes for the three and six months ended June 30, 2025 reflected a benefit of $ 81,000 . At June 30, 2026, our deferred income tax assets and deferred income tax liabilities with respect to our TRS entity were $ 217,000 and $ 0 , respectively. At December 31, 2025, our deferred income tax assets and deferred income tax liabilities with respect to our TRS entity were $ 729,000 and $ 695,000 , respectively. ​ ​ 19. Subsequent Events Subsequent to June 30, 2026, the following events occurred: Real Estate Acquisitions. The following table summarizes information regarding our acquisitions subsequent to June 30, 2026 ( dollar amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ Number ​ Type ​ ​ ​ of ​ Purchase ​ of ​ of State ​ ​ Properties ​ Price ​ Beds/Units ​ Property Minnesota ​ ​ 2 ​ $ 95,350 ​ 215 ​ SH New Mexico & Colorado ​ ​ 2 ​ ​ 72,500 ​ 133 ​ SH Wisconsin ​ ​ 1 ​ ​ 40,000 ​ 147 ​ SH Totals (1) ​ ​ 5 ​ $ 207,850 ​ 495 ​ ​ (1) In conjunction with the acquisitions, we entered into three management agreements with three independent operators. Property Sales. We sold a 99 -bed skilled nursing center in Oregon for $ 34,200,000 . The property which was classified as held-for-sale at June 30, 2026, had a gross book value and net book value of $ 5,177,000 and $ 654,000 , respectively. Debt. We borrowed $ 156,100,000 under our unsecured revolving line of credit. Accordingly, as of August 5, 2026, we have $ 356,100,000 outstanding and $ 543,900,000 available for borrowing under our unsecured revolving line of credit. Additionally, we repaid $ 7,000,000 in scheduled principal paydowns on our senior unsecured notes. Equity: We declared a monthly cash dividend of $ 0.19 per share on our common stock for the months of July, August and September 2026, payable on July 31 , August 31 and September 30, 2026 , respectively to stockholders of record on July 23 , August 21 , and September 22, 2026 , respectively. ​ 35 Table of Contents