Vanguard Portfolio Management reports 10.01% LTC Properties (LTC) ownership in Schedule 13G

Rhea-AI Filing Summary

Vanguard Portfolio Management LLC reports beneficial ownership of 4,769,083 shares of LTC Properties Inc common stock, representing 10.01% of the class. Vanguard has shared voting power over 17,804 shares and shared dispositive power over all 4,769,083 shares, with no sole voting or dispositive authority.

The filing follows a January 12, 2026 internal realignment at The Vanguard Group, Inc., after which portfolio management and proxy voting responsibilities shifted to Vanguard Portfolio Management LLC. The reported position reflects securities held by Vanguard funds and other managed accounts over which Vanguard affiliates exercise voting and/or dispositive power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

LTC Properties Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

502175102

(CUSIP Number)

01/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 502175102

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 17,804.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,769,083.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,769,083.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.01 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc., the parent entity of Vanguard Portfolio Management LLC, went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. Such services are performed by Vanguard Portfolio Management LLC. In accordance with SEC Release No. 34-39538 (January 12, 1998), Vanguard Portfolio Management LLC anticipates that it and certain other subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership on a disaggregated basis from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. This Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated in the previous paragraph exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LTC Properties Inc
(b)	Address of issuer's principal executive offices: 2829 Townsgate Road, Suite 350, Westlake Village, CA, 91361
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 502175102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4769083
(b)	Percent of class: 10.01 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 17804
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4769083
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	02/05/2026

FAQ

How many LTC Properties (LTC) shares does Vanguard Portfolio Management report owning?

Vanguard Portfolio Management LLC reports beneficial ownership of 4,769,083 LTC Properties common shares. These shares include positions held by Vanguard funds and other managed accounts over which Vanguard affiliates have dispositive and, in some cases, voting power, as detailed in the Schedule 13G filing.

What percentage of LTC Properties (LTC) does Vanguard Portfolio Management beneficially own?

Vanguard Portfolio Management LLC reports beneficial ownership of 10.01% of LTC Properties’ common stock. This percentage is based on 4,769,083 shares attributed to Vanguard-managed funds and accounts, making Vanguard a significant institutional holder under U.S. securities disclosure rules.

What voting and dispositive power does Vanguard have over LTC (LTC Properties) shares?

Vanguard Portfolio Management LLC reports shared voting power over 17,804 LTC shares and shared dispositive power over 4,769,083 shares, with no sole voting or dispositive power. This means decisions are generally made jointly for these positions across related Vanguard entities.

Why did Vanguard Portfolio Management file this Schedule 13G on LTC Properties (LTC)?

The filing discloses that Vanguard Portfolio Management crossed the beneficial ownership threshold in LTC Properties, reaching 10.01%. It also reflects an internal realignment effective January 12, 2026, where portfolio management and proxy voting responsibilities shifted from The Vanguard Group, Inc. to Vanguard Portfolio Management LLC.

Is Vanguard Portfolio Management seeking control of LTC Properties (LTC) through this stake?

No. Vanguard Portfolio Management certifies the LTC shares were acquired and are held in the ordinary course of business. It explicitly states they are not held for the purpose or effect of changing or influencing control of LTC Properties, consistent with a passive investment approach under Schedule 13G.

Who ultimately benefits from Vanguard’s LTC Properties (LTC) holdings?

The filing states that Vanguard funds and other managed accounts have the right to receive dividends and sale proceeds from the LTC shares. No single other person’s interest in the reported securities exceeds 5% of the LTC Properties common stock class.