Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

At March 31, 2023, we had commitments as follows (in thousands):


						Total
	Investment			2023		Commitment		Remaining
	Commitment			Funding		Funded		Commitment
Real estate properties(Note 2. Real Estate Investments)	$	15,602	⁽¹⁾	$	830	$	4,464	$	11,138
Accrued incentives and earn-out liabilities (Note 5. Lease Incentives)		19,000	⁽²⁾		—		—		19,000
Mortgage loans (Note 2. Real Estate Investments)		32,507	⁽³⁾		983		10,596		21,911
Notes receivable (Note 7. Notes Receivable)		26,630	⁽⁴⁾		605		14,700		11,930
Total	$	93,739		$	2,418	$	29,760	$	63,979

(1)	Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.

(2)

Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 2. Real Estate Investments.

(3)	Represents $14,507 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios.

(4)	Represents working capital loan commitments.