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Other Real Estate Related and Other Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, All Other Investments [Abstract] |
Schedule of Other Real Estate Related Investments, at Fair Value | As of December 31, 2023 and 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands):
|  |  |  |  |  |  |  | As of December 31, 2023
Investment | Facility Count and Type | Principal Balance as of December 31, 2023 |  | Fair Value as of December 31, 2023 |  | Fair Value as of December 31, 2022 |  | Weighted Average Contractual Interest Rate |  | Maturity Date
Mortgage secured loans receivable | 30 SNF, 3 ALF, 2 Campus & ILF | $ | 165,197 |  |  | $ | 156,769 |  |  | $ | 117,684 |  |  | 8.9 | % | (1), (2) | 5/31/2024 - 6/29/2033
Mezzanine loans receivable | 18 SNF/Campus | 25,000 |  |  | 21,799 |  |  | 38,684 |  |  | 11.0 | % |  | 6/30/2032
Total |  | $ | 190,197 |  |  | $ | 178,568 |  |  | $ | 156,368 |  |  |  |  |
(1)Rates are net of subservicing fee, if applicable. (2)Two mortgage secured loans receivable use term secured overnight financing rate (“SOFR”). Term SOFR used as of December 31, 2023 was 5.35%. Rates are net of subservicing fees.
Schedule of Other Real Estate Related Investment Activity | The following table summarizes the Company’s other real estate related investments activity for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Origination of other real estate related investments |  | $ | 53,834 |  |  | $ | 147,150 |  |  | $ | — |
Accrued interest, net |  | 388 |  |  | 1,165 |  |  | 155 |
Unrealized loss on other real estate related investments, net |  | (6,485) |  |  | (7,102) |  |  | — |
Prepayments of other real estate related investments |  | (25,537) |  |  | — |  |  | — |
Net increase in other real estate related investments, at fair value |  | $ | 22,200 |  |  | $ | 141,213 |  |  | $ | 155 |
As of December 31, 2023 and 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets, consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | As of December 31, 2023
Investment |  | Principal Balance as of December 31, 2023 |  | Book Value as of December 31, 2023 |  | Book Value as of December 31, 2022 |  | Weighted Average Contractual Interest Rate |  | Maturity Date
Other loans receivable |  | $ | 17,094 |  |  | $ | 17,156 |  |  | $ | 9,600 |  |  | 8.8 | % |  | 6/30/2024 - 5/31/2026
Expected credit loss |  | — |  |  | (2,094) |  |  | (2,094) |  |  |  |  |
Total |  | $ | 17,094 |  |  | $ | 15,062 |  |  | $ | 7,506 |  |  |  |  |
Schedule of Loan Receivable Activity | The following table summarizes the Company’s other loans receivable activity for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Origination of loans receivable |  | $ | 8,486 |  |  | $ | 14,500 |  |  | $ | 1,253 |
Principal payments |  | (988) |  |  | (6,307) |  |  | (393) |
Accrued interest, net |  | 58 |  |  | (4) |  |  | (6) |
Provision for loan losses, net |  | — |  |  | (3,844) |  |  | — |
Net increase in other loans receivable |  | $ | 7,556 |  |  | $ | 4,345 |  |  | $ | 854 |
Schedule of Interest and Other Income | The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the years ended December 31, 2023, 2022 and 2021 (dollar amounts in thousands):
|  | For the Year Ended December 31,
Investment |  | 2023 |  | 2022 |  | 2021
Mortgage secured loans receivable |  | $ | 13,329 |  |  | $ | 4,853 |  |  | $ | — |
Mezzanine loans receivable |  | 3,683 |  |  | 3,489 |  |  | 1,825 |
Preferred equity investments |  | 18 |  |  | — |  |  | — |
Other loans receivable |  | 847 |  |  | 284 |  |  | 331 |
Other |  | 1,294 |  |  | — |  |  | — |
Total |  | $ | 19,171 |  |  | $ | 8,626 |  |  | $ | 2,156 |

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