LOANS RECEIVABLE AND INVESTMENTS

6 Months Ended

Jun. 30, 2020

Loans Receivable And Investments [Abstract]

NOTE 5—LOANS RECEIVABLE AND INVESTMENTS

As of June 30, 2020 and December 31, 2019, we had $918.6 million and $1.0 billion, respectively, of net loans receivable and investments relating to senior housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments:


	Carrying Amount		Amortized Cost		Fair Value		Unrealized Gain
	(In thousands)
As of June 30, 2020:
Secured/mortgage loans and other, net	$	633,582	$	633,582	$	529,374	$	—
Government-sponsored pooled loan investments, net ^{(1) (3)}	48,249		53,603		48,249		3,492
Total investments reported as secured loans receivable and investments, net	681,831		687,185		577,623		3,492
Non-mortgage loans receivable, net ⁽³⁾	16,146		40,648		15,007		—
Marketable debt securities ⁽²⁾	220,630		213,195		220,630		7,435
Total loans receivable and investments, net	$	918,607	$	941,028	$	813,260	$	10,927

As of December 31, 2019:
Secured/mortgage loans and other, net	$	645,546	$	645,546	$	646,925	$	—
Government-sponsored pooled loan investments, net ⁽¹⁾	59,066		52,178		59,066		6,888
Total investments reported as secured loans receivable and investments, net	704,612		697,724		705,991		6,888
Non-mortgage loans receivable, net	63,724		63,724		63,538		—
Marketable debt securities ⁽²⁾	237,360		213,062		237,360		24,298
Total loans receivable and investments, net	$	1,005,696	$	974,510	$	1,006,889	$	31,186

⁽¹⁾Investments in government-sponsored pool loans have contractual maturity dates in 2021 and 2023.

⁽²⁾Investments in marketable debt securities have contractual maturity dates in 2024 and 2026.

⁽³⁾As of June 30, 2020, the carrying amounts for government-sponsored pooled loan investments, net and non-mortgage loans receivable, net reflect allowances of $8.8 million and $24.5 million, respectively.

2020 Activity

During the six months ended June 30, 2020, we received aggregate proceeds of $106.1 million for the full repayment of the principal balances of various loans receivable with a weighted average interest rate of 8.3% that were due to mature between 2020 and 2025, resulting in total gains of $1.4 million.

In April 2020, we received as consideration $66 million of notes secured by equity pledges on real estate assets with an effective interest rate of 9.2% in connection with the termination of the Holiday Lease. See “Note 3 - Concentration Of Credit Risk”.

In June 2020, we recognized $29.7 million in expense in establishing allowances on our loan and investment portfolio (see “Note 1 - Description Of Business - COVID-19 Update”).