LTC PROPERTIES INC 10-Q

Item 1A. RISK FACTORS The additional risk factor below should be read in conjunction with the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Changes in federal, state, or local laws limiting REIT investments in the health care sector may adversely impact our ability to participate in the ownership of and investment in health care real estate. Legislation potentially impacting REIT ownership and investment in the health care sector has recently been introduced or is under discussion at the federal and state level. These legislative proposals range from additional oversight to prohibitions on investors acquiring or increasing ownership, or operational or financial control, in a nursing home. Such legislation or similar laws or regulations, if enacted, may limit our opportunities to participate in the ownership of, or investment in, health care real estate. Changes in federal, state, or local laws or regulations limiting REIT investment in the health care sector, reducing health care related benefits for REITs, or requiring additional approvals for health care entities to do business with REITs, could have a material adverse effect on our financial condition and operations. Except as described in this Item 1A, there have been no other known material changes from the risk factors since December 31, 2024 . ​ 50 Table of Contents Ite m 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS During the three months ended March 31, 2025, we did not make any unregistered sales of equity securities. During the three months ended March 31, 2025, we acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Thee average prices paid per share for each month in the quarter ended March 31, 2025 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of Shares ​ Maximum ​ ​ ​ ​ ​ ​ ​ Purchased as ​ Number of ​ ​ ​ ​ Average ​ Part of ​ Shares that May ​ ​ Total Number ​ Price ​ Publicly ​ Yet Be ​ ​ of Shares ​ Paid per ​ Announced ​ Purchased Period ​ Purchased ​ Share ​ Plan ​ Under the Plan January 1 - January 31, 2025 — ​ $ — — — ​ February 1 - February 28, 2025 60,141 ​ $ 34.17 — — ​ March 1 - March 31, 2025 77,869 ​ $ 34.89 — — ​ Total ​ 138,010 ​ ​ ​ ​ — ​ — ​ ​ ​