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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS | 6 Months Ended
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Jun. 30, 2023
Investments, All Other Investments [Abstract] |
OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS | OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS As of June 30, 2023 and December 31, 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  | As of June 30, 2023
Investment |  | Facility Count and Type |  | Principal Balance as of June 30, 2023 |  | Book Value as of June 30, 2023 |  | Book Value as of December 31, 2022 |  | Weighted Average Contractual Interest Rate |  | Maturity Date
Senior mortgage secured loan receivable |  | 18 SNF/Campus |  | $ | 75,000 |  |  | $ | 71,488 |  |  | $ | 72,543 |  |  | 8.4 | % | (1) | 6/30/2027
Mortgage secured loan receivable |  | 5 SNF |  | 22,250 |  |  | 21,208 |  |  | 21,345 |  |  | 10.6 | % | (2) | 8/1/2025
Mortgage secured loan receivable |  | 4 SNF |  | 24,900 |  |  | 23,503 |  |  | 23,796 |  |  | 9.0 | % | (2) | 9/8/2025
Mortgage secured loan receivable(3) |  | 1 ALF |  | 2,000 |  |  | 2,000 |  |  | — |  |  | 9.0 | % |  | 5/31/2024
Mortgage secured loan receivable(4) |  | 2 SNF Campus / ILF |  | 25,993 |  |  | 25,993 |  |  | — |  |  | 9.0 | % |  | 6/29/2033
Mezzanine loan receivable(5) |  | 9 SNF |  | — |  |  | — |  |  | 14,672 |  |  | — |  |  | — |
Mezzanine loan receivable |  | 18 SNF/Campus |  | 25,000 |  |  | 22,630 |  |  | 24,012 |  |  | 11.0 | % |  | 6/30/2032
|  |  |  | $ | 175,143 |  |  | $ | 166,822 |  |  | $ | 156,368 |  |  |  |  |
(1) Rate is net of subservicing fee. (2) Term secured overnight financing rate (“SOFR”) used as of June 30, 2023 was 5.11%. Rates are net of subservicing fees. (3) In June 2023, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the properties with a $2.0 million mortgage loan. The mortgage loan is secured by the ALF. The mortgage loan has a one-year extension option and may be prepaid in whole before the maturity date. (4) In June 2023, the Company extended a $26.0 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by one SNF campus and one ILF. The mortgage loan is set to mature on June 29, 2033 and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 3% of the loan plus unpaid interest payments. (5) Mezzanine loan was prepaid during the six months ended June 30, 2023. The following table summarizes the Company’s other real estate related investments activity for the six months ended June 30, 2023 and 2022 (dollars in thousands):
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
Origination of other real estate related investments |  | $ | 28,243 |  |  | $ | 100,000 |
Accrued interest, net |  | (184) |  |  | 13 |
Unrealized losses on other real estate related investments, net |  | (2,605) |  |  | — |
Repayments of other real estate related investments |  | (15,000) |  |  | — |
Net increase in other real estate related investments, at fair value |  | $ | 10,454 |  |  | $ | 100,013 |
As of June 30, 2023 and December 31, 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | As of June 30, 2023
Investment |  | Principal Balance as of June 30, 2023 |  | Book Value as of June 30, 2023 |  | Book Value as of December 31, 2022 |  | Weighted Average Contractual Interest Rate |  | Maturity Date
Other loans receivable |  | $ | 10,328 |  |  | $ | 10,333 |  |  | $ | 9,600 |  |  | 8.5 | % |  | 8/31/2023 - 9/30/2025
Expected credit loss |  | — |  |  | (2,094) |  |  | (2,094) |  |  |  |  |
Total |  | $ | 10,328 |  |  | $ | 8,239 |  |  | $ | 7,506 |  |  |  |  |
The following table summarizes the Company’s other loans receivable activity for the six months ended June 30, 2023 and 2022 (dollars in thousands):
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
Origination of loans receivable |  | $ | 1,019 |  |  | $ | 2,500 |
Principal payments |  | (287) |  |  | (276) |
Accrued interest, net |  | 1 |  |  | (2) |
Provision for loan losses, net |  | — |  |  | (4,594) |
Net increase (decrease) in other loans receivable |  | $ | 733 |  |  | $ | (2,372) |
Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated statements of operations. During the six months ended June 30, 2022, the Company recorded a $4.6 million expected credit loss related to two other loans receivable that have been placed on non-accrual status, including an unfunded loan commitment of $0.4 million, net of a loan loss recovery of $0.8 million related to a loan previously written-off. During the six months ended June 30, 2023, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired. The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and six months ended June 30, 2023 and 2022 (dollars in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Investment | 2023 |  | 2022 |  | 2023 |  | 2022
Mortgage secured loans receivable | $ | 2,762 |  |  | $ | 17 |  |  | $ | 5,466 |  |  | $ | 17 |
Mezzanine loans receivable | 695 |  |  | 713 |  |  | 2,278 |  |  | 1,163 |
Other | 351 |  |  | 17 |  |  | 507 |  |  | 36 |
Total | $ | 3,808 |  |  | $ | 747 |  |  | $ | 8,251 |  |  | $ | 1,216 |

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