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LOANS RECEIVABLE AND INVESTMENTS | 9 Months Ended
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Sep. 30, 2016
Loans Receivable And Investments [Abstract] |
LOANS RECEIVABLE AND INVESTMENTS | NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2016 and December 31, 2015, we had $874.3 million and $895.0 million, respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our net loans receivable and investments as of September 30, 2016 and December 31, 2015, including amortized cost, fair value and unrealized gains or losses on available-for-sale investments:
|  | September 30, 2016
|  | Carrying Amount |  | Amortized Cost |  | Fair Value |  | Unrealized Gain
|  | (In thousands)
Secured mortgage loans and other |  | $ | 757,107 |  |  | $ | 757,107 |  |  | $ | 776,410 |  |  | $ | — |
Government-sponsored pooled loan investments (1) |  | 64,556 |  |  | 62,849 |  |  | 64,556 |  |  | 1,707 |
Total investments reported as Secured loans receivable and investments, net |  | 821,663 |  |  | 819,956 |  |  | 840,966 |  |  | 1,707 |
Non-mortgage loans receivable |  | 52,664 |  |  | 52,664 |  |  | 53,736 |  |  | — |
Total investments reported as Other assets |  | 52,664 |  |  | 52,664 |  |  | 53,736 |  |  | — |
Total loans receivable and investments, net |  | $ | 874,327 |  |  | $ | 872,620 |  |  | $ | 894,702 |  |  | $ | 1,707 |
|  | December 31, 2015
|  | Carrying Amount |  | Amortized Cost |  | Fair Value |  | Unrealized Gain
|  | (In thousands)
Secured mortgage loans and other |  | $ | 793,433 |  |  | $ | 793,433 |  |  | $ | 816,849 |  |  | $ | — |
Government-sponsored pooled loan investments (1) |  | 63,679 |  |  | 62,130 |  |  | 63,679 |  |  | 1,549 |
Total investments reported as Secured loans receivable and investments, net |  | 857,112 |  |  | 855,563 |  |  | 880,528 |  |  | 1,549 |
Non-mortgage loans receivable |  | 37,926 |  |  | 37,926 |  |  | 38,806 |  |  | — |
Total investments reported as Other assets |  | 37,926 |  |  | 37,926 |  |  | 38,806 |  |  | — |
Total loans receivable and investments, net |  | $ | 895,038 |  |  | $ | 893,489 |  |  | $ | 919,334 |  |  | $ | 1,549 |
(1) Investments in government-sponsored pool loans have contractual maturity dates in 2023 for September 30, 2016 and 2022 and 2023 for December 31, 2015. 2016 Activity For the nine months ended September 30, 2016, we received aggregate proceeds of $198.5 million in final repayment of three secured loans receivable and recognized gains of $8.7 million that is recorded in income from loans and investments in our Consolidated Statements of Income. In connection with the Wexford Acquisition, we acquired three non-mortgage loans receivable totaling $13.4 million. In February 2016, we made a $140.0 million secured mezzanine loan investment, at par, relating to Class A life sciences properties in California and Massachusetts, that has an annual interest rate of 9.95% and matures in 2021. In October 2016, we committed to provide secured debt financing in the amount of $700 million to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc. (“LHP”). The loan (the “Loan”) has a five-year term and is LIBOR-based with an initial interest rate of approximately 8% and is guaranteed by Ardent’s parent company. Ardent will also receive an equity contribution from its majority owner, an affiliate of Equity Group Investments. The Loan is subject to the satisfaction of customary closing conditions. Ardent’s acquisition of LHP is expected to close in the first quarter of 2017, but there can be no assurance as to whether, when or on what terms Ardent’s acquisition of LHP or the Loan will be completed. 2015 Activity We issued one non-mortgage loan ($20.0 million) and one secured loan ($78.4 million) to buyers in connection with the sales of certain assets in February and October, respectively. In June 2015, we sold our $71.0 million investment in senior unsecured corporate bonds for $76.8 million. We recognized a gain of $5.8 million that is included within income from loans and investments in our Consolidated Statements of Income for the year ended December 31, 2015. This gain includes $5.0 million that was previously unrealized within accumulated other comprehensive income on our Consolidated Balance Sheets as of December 31, 2014. During the year ended December 31, 2015, we received aggregate proceeds of $97.0 million in final repayment of three secured and one non-mortgage loans receivable. We recognized gains aggregating $1.9 million on the repayment of these loans receivable that are recorded in income from loans and investments in our Consolidated Statements of Income for the year ended December 31, 2015.

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