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Other Real Estate Related and Other Investments (Tables)

12 Months Ended

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