Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2024

The following table summarizes the Company’s loans receivable (in thousands):


	March 31, 2024		December 31, 2023
Secured loans(1)(2)	$	200,289	$	178,678
CCRC resident loans	47,283		42,733
Mezzanine loans(2)	35,820		—
Unamortized discounts and fees(3)	(6,260)		(131)
Reserve for loan losses	(9,334)		(2,830)
Loans receivable, net	$	267,798	$	218,450

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(1)At March 31, 2024, the Company had $74 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects. At December 31, 2023, the Company had $29 million of remaining commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. This $29 million commitment was reduced to zero at March 31, 2024 in conjunction with the refinance of the Sunrise Senior Housing Portfolio Seller Financing as discussed below.

(2)Includes secured loans and mezzanine loans acquired as part of the Merger (see Note 3).

(3)Includes net unamortized discounts of $5 million related to the loans receivable acquired as part of the Merger (see Note 3).

Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of March 31, 2024 (in thousands):


Investment Type	Year of Origination												Total
	2024		2023		2022		2021(1)		2020		Prior
Secured loans
Risk rating:
Performing loans	$	36,951	$	22,213	$	23,969	$	106,362	$	—	$	—	$	189,495
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total secured loans	$	36,951	$	22,213	$	23,969	$	106,362	$	—	$	—	$	189,495
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Mezzanine loans
Risk rating:
Performing loans	$	—	$	4,788	$	4,486	$	7,936	$	10,638	$	3,172	$	31,020
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total mezzanine loans	$	—	$	4,788	$	4,486	$	7,936	$	10,638	$	3,172	$	31,020
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CCRC resident loans
Risk rating:
Performing loans	$	18,365	$	28,627	$	291	$	—	$	—	$	—	$	47,283
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total CCRC resident loans	$	18,365	$	28,627	$	291	$	—	$	—	$	—	$	47,283
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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(1)Additional loans funded for capital expenditure projects (as discussed above) is included in the year of origination of the initial loan.

Schedule of Financing Receivable, Allowance for Credit Loss

The following table summarizes the Company’s reserve for loan losses (in thousands):


	March 31, 2024				December 31, 2023
	Secured Loans		Mezzanine Loans and Other(1)		Total		Secured Loans		Mezzanine Loans and Other(1)		Total
Reserve for loan losses, beginning of period	$	2,830	$	—	$	2,830	$	8,280	$	—	$	8,280

Provision for expected loan losses	5,400		1,104		6,504		2,088		—		2,088
Expected loan losses (recoveries) related to loans sold or repaid	—		—		—		(7,538)		—		(7,538)



Reserve for loan losses, end of period	$	8,230	$	1,104	$	9,334	$	2,830	$	—	$	2,830

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(1)Includes CCRC resident loans.