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Notes Receivable | 9 Months Ended
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Sep. 30, 2020
Notes Receivable. |
Notes Receivable |
4. | Notes Receivable
Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components as of September 30, 2020 and December 31, 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2020 | ​ | December 31, 2019 |
Mezzanine loans | $ | 8,566 | ​ | $ | 13,284 | ​
Other loans | ​ | 5,875 | ​ | ​ | 4,824 | ​
Notes receivable reserve | ​ | (144) | ​ | ​ | (181) | ​
Total | $ | 14,297 | ​ | $ | 17,927 | ​
The following table summarizes our notes receivable activity for the nine months ended September 30, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Nine Months Ended September 30,
​ | ​ | 2020 | ​ | ​ | 2019 | ​
Advances under notes receivable | $ | 1,366 | (1) | $ | 8,531 | (2)
Principal payments received under notes receivable | ​ | (4,732) | ​ | ​ | (3,446) | ​
Reclassified to lease incentives | ​ | (300) | (3) | ​ | (200) | (3)
Notes receivable reserve | ​ | 36 | ​ | ​ | (48) | ​
Total | $ | (3,630) | ​ | $ | 4,837 | ​
(1) | We originated a $1,250 note agreement, funding $1,000 with a commitment to fund $250. The note bears interest at 5.0%.
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(2) | We originated a $6,800 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months. Additionally, we originated a $1,400 note agreement, funding $1,124 with a commitment to fund $276. The note bears interest at 7.0%. Further, we originated a $550 note agreement, funding $400 with a commitment to fund $150. The note bears interest at 7.5%.
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(3) | Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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