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Loans Receivable (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Schedule of Loans Receivable | The following table summarizes the Company’s loans receivable (in thousands):
| December 31,
| 2024 |  | 2023
Secured loans(1)(2) | $ | 638,482 |  |  | $ | 178,678 |
CCRC resident loans | 61,273 |  |  | 42,733 |
Mezzanine loans(2) | 50,314 |  |  | — |
Unamortized discounts and fees(3) | (22,380) |  |  | (131) |
Reserve for loan losses | (10,499) |  |  | (2,830) |
Loans receivable, net | $ | 717,190 |  |  | $ | 218,450 |
_______________________________________ (1)At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects, of which $49 million related to loans acquired as part of the Merger. 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 in February 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)As of December 31, 2024, includes net unamortized discounts of $3 million related to the loans receivable acquired as part of the Merger (see Note 3) and an $18 million unamortized mark-to-market discount related to the Outpatient Medical Seller Financing as discussed below.
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses | 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 December 31, 2024 (in thousands):
Investment Type |  | Year of Origination(1) |  | Total
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |
Secured loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing loans |  | $ | 433,801 |  |  | $ | 48,663 |  |  | $ | 25,232 |  |  | $ | 105,088 |  |  | $ | — |  |  | $ | — |  |  | $ | 612,784 |
Watch list loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Workout loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total secured loans |  | $ | 433,801 |  |  | $ | 48,663 |  |  | $ | 25,232 |  |  | $ | 105,088 |  |  | $ | — |  |  | $ | — |  |  | $ | 612,784 |
Current period gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current period recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period net write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mezzanine loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing loans |  | $ | 13,653 |  |  | $ | 5,284 |  |  | $ | 4,446 |  |  | $ | 6,572 |  |  | $ | 10,094 |  |  | $ | 3,084 |  |  | $ | 43,133 |
Watch list loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Workout loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mezzanine loans |  | $ | 13,653 |  |  | $ | 5,284 |  |  | $ | 4,446 |  |  | $ | 6,572 |  |  | $ | 10,094 |  |  | $ | 3,084 |  |  | $ | 43,133 |
Current period gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current period recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period net write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
CCRC resident loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing loans |  | $ | 59,321 |  |  | $ | 1,790 |  |  | $ | 162 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,273 |
Watch list loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Workout loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total CCRC resident loans |  | $ | 59,321 |  |  | $ | 1,790 |  |  | $ | 162 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,273 |
Current period gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current period recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period net write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_______________________________________ (1)Additional fundings under existing loans are 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):
| December 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 on funded loans receivable | 2,744 |  |  | 4,925 |  |  | 7,669 |  |  | 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 | $ | 5,574 |  |  | $ | 4,925 |  |  | $ | 10,499 |  |  | $ | 2,830 |  |  | $ | — |  |  | $ | 2,830 |
_______________________________________ (1)Includes CCRC resident loans.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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