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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
6 Months Ended
Jun. 30, 2023
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments, at Fair Value
As of June 30, 2023 and December 31, 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands):
As of June 30, 2023
InvestmentFacility Count and Type
Principal Balance as of June 30, 2023
Book Value as of June 30, 2023
Book Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Senior mortgage secured loan receivable
18 SNF/Campus
$75,000 $71,488 $72,543 8.4 %
(1)
6/30/2027
Mortgage secured loan receivable
5 SNF
22,250 21,208 21,345 10.6 %
(2)
8/1/2025
Mortgage secured loan receivable
4 SNF
24,900 23,503 23,796 9.0 %
(2)
9/8/2025
Mortgage secured loan receivable(3)
1 ALF
2,000 2,000 — 9.0 %5/31/2024
Mortgage secured loan receivable(4)
2 SNF Campus / ILF
25,993 25,993 — 9.0 %6/29/2033
Mezzanine loan receivable(5)
9 SNF
— — 14,672 — — 
Mezzanine loan receivable
18 SNF/Campus
25,000 22,630 24,012 11.0 %6/30/2032
$175,143 $166,822 $156,368 
(1) Rate is net of subservicing fee.
(2) Term secured overnight financing rate (“SOFR”) used as of June 30, 2023 was 5.11%. Rates are net of subservicing fees.
(3) In June 2023, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the properties with a $2.0 million mortgage loan. The mortgage loan is secured by the ALF. The mortgage loan has a one-year extension option and may be prepaid in whole before the maturity date.
(4) In June 2023, the Company extended a $26.0 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by one SNF campus and one ILF. The mortgage loan is set to mature on June 29, 2033 and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 3% of the loan plus unpaid interest payments.
(5) Mezzanine loan was prepaid during the six months ended June 30, 2023.
Schedule of Other Real Estate Related Investment Activity
The following table summarizes the Company’s other real estate related investments activity for the six months ended June 30, 2023 and 2022 (dollars in thousands):
Six Months Ended June 30,
2023
2022
Origination of other real estate related investments$28,243 $100,000 
Accrued interest, net(184)13 
Unrealized losses on other real estate related investments, net(2,605)— 
Repayments of other real estate related investments(15,000)— 
Net increase in other real estate related investments, at fair value$10,454 $100,013 
As of June 30, 2023 and December 31, 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands):
As of June 30, 2023
Investment
Principal Balance as of June 30, 2023
Book Value as of June 30, 2023
Book Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$10,328 $10,333 $9,600 8.5 %8/31/2023 - 9/30/2025
Expected credit loss— (2,094)(2,094)
Total$10,328 $8,239 $7,506 
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the six months ended June 30, 2023 and 2022 (dollars in thousands):
Six Months Ended June 30,
2023
2022
Origination of loans receivable$1,019 $2,500 
Principal payments(287)(276)
Accrued interest, net(2)
Provision for loan losses, net— (4,594)
Net increase (decrease) in other loans receivable$733 $(2,372)
Schedule of Interest and Other Income
The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and six months ended June 30, 2023 and 2022 (dollars in thousands):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Investment2023202220232022
Mortgage secured loans receivable$2,762 $17 $5,466 $17 
Mezzanine loans receivable695 713 2,278 1,163 
Other351 17 507 36 
Total$3,808 $747 $8,251 $1,216