Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On December 12, 2025, LTC Properties, Inc. ("LTC") entered into a First Amendment (the "Amendment") to its Credit Agreement dated July 21, 2025 (the "Credit Agreement") with KeyBank National Association, as Administrative Agent and L/C Issuer, and KeyBank National Association, Wells Fargo Bank, National Association, Citizens Bank, N.A., The Huntington National Bank, Royal Bank of Canada and U.S. Bank National Association, as Lenders. In addition, KeyBanc Capital Markets, Inc., Wells Fargo Securities, LLC and Citizens Securities, Inc., as Joint Lead Arrangers and Joint Book Runners, Wells Fargo Bank, National Association and Citizens Bank, N.A. are serving as Co-Syndication Agents, The Huntington National Bank, is serving as Documentation Agent, and Royal Bank of Canada, is serving as Sustainability Agent.

The Amendment increases the aggregate commitment of the lenders under the Credit Agreement from $600 million to $800 million by exercising the incremental facility in accordance with the terms of the Credit Agreement and establishing a $50 million three-year term loan, $55 million four-year term loan, $55 million five-year term loan, and $40 million seven-year term loan (collectively, the "Term Loans"), maturing in 2028, 2029, 2030 and 2032, respectively. The material terms of the Credit Agreement otherwise remain unchanged.

A copy of the Amendment is filed as Exhibit 10.1 hereto and is hereby incorporated by reference. The above summary of the Amendment is qualified in its entirety by reference to such filed exhibit.

In connection with entering into the Amendment, LTC entered into interest rate swap agreements to effectively fix the interest rate on the 2028, 2029, 2030 and 2032 Term Loans at 4.61%, 4.65%, 4.70% and 5.22% per annum, respectively, based on the Credit Agreement's stated applicable margins.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is hereby incorporated by reference.