XML 48 R37.htm IDEA: XBRL DOCUMENT

REAL ESTATE LOANS RECEIVABLE (Tables) - Mortgage Receivables and Other Real Estate Loans [Member]

6 Months Ended

Jun. 30, 2025

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Investments

A summary of our real estate loans receivable by loan type is as follows:


		As of June 30, 2025
		Weighted			Weighted
		Average			Average Years			June 30,			December 31,
		Interest Rate			to Maturity			2025			2024

								(in thousands)
Mortgage notes receivable – gross		11.0	%		4.1	⁽¹⁾		$	968,365		$	982,327
Allowance for credit losses on mortgage notes receivable									(35,833)			(39,562)
Mortgage notes receivable – net									932,532			942,765
Other real estate loans – gross		9.1	%		6.9	⁽²⁾			520,732			517,220
Allowance for credit losses on other real estate loans									(36,444)			(31,687)
Other real estate loans – net									484,288			485,533
Total real estate loans receivable – net								$	1,416,820		$	1,428,298

(1)

Consists of mortgage notes with maturity dates ranging from 2025 through 2037 (with $194.1 million maturing in 2025). Two of the mortgage notes with an aggregate principal balance of $12.5 million are past due and have been written down, through our allowance for credit losses, to the estimated fair value of the underlying collateral of $1.5 million.

(2)	Consists of other real estate loans with maturity dates ranging from 2025 through 2035 (with $25.6 million maturing in 2025).

Summary of Real Estate interest income

Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

	(in thousands)						(in thousands)
Mortgage notes – interest income	$	25,520		$	21,651		$	51,525		$	41,494
Other real estate loans – interest income		7,455			9,307			14,612			18,203
Total real estate loans interest income	$	32,975		$	30,958		$	66,137		$	59,697

Summary of real estate loan activity

The following is a summary of advances and principal repayments under our real estate loans:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024

	(in thousands)						(in thousands)
Advances on new real estate loans receivable⁽¹⁾	$	25,604		$	112,895		$	45,651		$	154,136
Advances on existing real estate loans receivable		3,186			601			9,677			3,362
Principal repayments on real estate loans receivable⁽²⁾		(21,326)			(3,014)			(64,830)			(7,005)
Net cash advances (repayments) on real estate loans receivable	$	7,464		$	110,482		$	(9,502)		$	150,493

(1)

For the three and six months ended June 30, 2025, consists of advances under 12 and 14 new real estate loans originated during 2025 with weighted average interest rates of 10.0% and 10.3%, respectively. For the three and six months ended June 30, 2024, consists of advances under four and 11 new real estate loans with weighted average interest rates of 11.5% and 10.2%, respectively.

(2)

The six months ended June 30, 2025 includes $40.6 million of early repayments on mortgage notes with a weighted average interest rate of 11.6%, as of the repayment date, subject to the master mortgage agreement with Ciena Healthcare Management, Inc (“Ciena”). Excludes principal recoveries on loans written off in prior periods and cash recoveries related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding.