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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV - Mortgage Loans on Real Estate |
Description |  | Contractual Interest Rate |  | Maturity Date |  | Periodic Payment Terms |  | Prior Liens |  | Principal Balance |  | Book Value (1) |  | Carrying Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Secured Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
West Virginia (18 SNF facilities) |  | 8.4 | % |  | 2027 |  | (3) |  | $ | 482,000 |  | (4) | $ | 75,000 |  |  | $ | 68,913 |  |  | N/A
California (4 SNF facilities) |  | 10.7 | % | (2) | 2025 |  | (3) |  | 28,112 |  | (5) | 11,713 |  |  | 11,501 |  |  | N/A
Georgia (4 SNF facilities) |  | 9.0 | % | (2) | 2025 |  | (3) |  | 72,700 |  | (5) | 24,900 |  |  | 22,962 |  |  | N/A
Florida (2 SNF facilities) |  | 9.0 | % |  | 2028 |  | (3) |  | — |  |  | 15,727 |  |  | 15,399 |  |  | N/A
California (3 SNF facilities) |  | 12.0 | % |  | 2026 |  | (3) |  | 30,294 |  | (6) | 3,564 |  |  | 3,439 |  |  | N/A
Indiana (1 ALF facility) |  | 9.0 | % |  | 2024 |  | (3) |  | — |  |  | 2,000 |  |  | 2,016 |  |  | N/A
California (2 SNF Campus & ILF facility) |  | 9.0 | % |  | 2033 |  | (3) |  | — |  |  | 25,993 |  |  | 26,194 |  |  | N/A
California (1 ALF facility) |  | 9.9 | % |  | 2026 |  | (3) |  | — |  |  | 6,300 |  |  | 6,345 |  |  | N/A
Mezzanine Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
West Virginia (18 SNF facilities) |  | 11.0 | % |  | 2032 |  | (3) |  | 557,000 |  | (4) | 25,000 |  |  | 21,799 |  |  | N/A
|  |  |  |  |  |  |  | $ | 1,170,106 |  |  | $ | 190,197 |  |  | $ | 178,568 |  |  |
(1)The aggregate cost for federal income tax purposes was $190.2 million as of December 31, 2023. (2)Interest rates are variable and represent the rate in effect as of December 31, 2023. (3)Interest is due monthly, and principal is due at the maturity date. (4)The secured term loan was structured with an “A” tranche, a “B” tranche, and a “C” tranche, with the “C” tranche being the most subordinate. The Company’s loan constituted the entirety of the “C” tranche. The Company also extended a mezzanine loan to the borrower group. Accordingly, the amounts of the prior liens at December 31, 2023 are estimated. (5)The secured term loan was structured with an “A” and a “B” tranche, with the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders. The Company’s loan constituted the entirety of the “B” tranche. Accordingly, the amounts of the prior liens at December 31, 2023 are estimated. (6)The first mortgage loans on these properties are not held by the Company. Accordingly, the amounts of the prior liens at December 31, 2023 are estimated. Changes in mortgage secured and mezzanine loans are summarized as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of period |  | $ | 156,368 |  |  | $ | 15,155 |  |  | $ | 15,000 |
Additions during period: |  |  |  |  |  |
New mortgage and mezzanine loans |  | 53,834 |  |  | 147,150 |  |  | — |
Interest income added to principal |  | 388 |  |  | 1,165 |  |  | 155 |
Deductions during period: |  |  |  |  |  |
Paydowns/Repayments |  | (25,537) |  |  | — |  |  | — |
Unrealized losses, net |  | (6,485) |  |  | (7,102) |  |  | — |
Balance at end of period |  | $ | 178,568 |  |  | $ | 156,368 |  |  | $ | 15,155 |

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479851/948-310-S99-1 + Details
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