CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Investments:
Land	$ 128,590,000	$ 118,209,000
Buildings and improvements	1,482,075,000	1,212,853,000
Properties held-for-sale, net of accumulated depreciation: 2025-$0; 2024-$1,346		670,000
Accumulated depreciation and amortization	(408,906,000)	(405,884,000)
Owned real properties, net	1,201,759,000	925,848,000
Financing receivables, net of credit loss reserve: 2025-$3,631; 2024-$3,615	359,457,000	357,867,000
Mortgage loans receivable, net of credit loss reserve: 2025-$3,849; 2024-$3,151	381,662,000	312,583,000
Real property investments, net	1,942,878,000	1,596,298,000
Notes receivable, net of credit loss reserve: 2025-$259; 2024-$477	25,615,000	47,240,000
Investments in unconsolidated joint ventures	12,524,000	30,602,000
Investments, net	1,981,017,000	1,674,140,000
Other assets:
Cash and cash equivalents	14,387,000	9,414,000
Debt issue costs related to revolving line of credit	4,742,000	1,410,000
Interest receivable	22,720,000	60,258,000
Straight-line rent receivable	17,949,000	21,505,000
Prepaid expenses and other assets	21,245,000	19,415,000
Total assets	2,062,060,000	1,786,142,000
LIABILITIES
Revolving line of credit	252,863,000	144,350,000
Term loans, net of debt issue costs: 2025-$1,787; 2024-$192	198,213,000	99,808,000
Senior unsecured notes, net of debt issue costs: 2025-$895; 2024-$1,058	391,105,000	440,442,000
Accrued interest	3,806,000	3,094,000
Accrued expenses and other liabilities	53,689,000	45,443,000
Total liabilities	899,676,000	733,137,000
Stockholders' equity:
Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025-48,482; 2024-45,511	485,000	455,000
Capital in excess of par value	1,189,846,000	1,082,764,000
Cumulative net income	1,843,407,000	1,725,435,000
Accumulated other comprehensive income	482,000	3,815,000
Cumulative distributions	(1,959,236,000)	(1,851,842,000)
Total LTC Properties, Inc. stockholders' equity	1,074,984,000	960,627,000
Non-controlling interests	87,400,000	92,378,000
Total equity	1,162,384,000	1,053,005,000
Total liabilities and equity	$ 2,062,060,000	$ 1,786,142,000

LTC PROPERTIES INC 10-K