Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Summary of mezzanine loans and other loan arrangements

The following table is a summary of our notes receivable components as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Mezzanine loans ⁽¹⁾	$	36,815	$	11,815
Other loans		25,312		16,808
Notes receivable credit loss reserve		(619)		(286)
Total	$	61,508	$	28,337

(1)

During the first quarter of 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The mezzanine loan has a term of approximately five years, with two one-year extension options and bears interest at 8% with an IRR of 11%. The five communities are located in Oregon and Montana, have a total of 621 units, and include independent living, assisted living and memory care.

Summary of notes receivable activity

The following table summarizes our notes receivable activity for the three months ended March 31, 2022 and 2021 (in thousands):


	Three months March 31,
		2022			2021
Advances under notes receivable	$	34,791	⁽¹⁾	$	1,656
Principal payments received under notes receivable		(1,287)			(2,553)
Provision for credit losses		(333)			9
Net increase (decrease) in notes receivable	$	33,171		$	(888)

(1)	Includes the origination of a $25,000 mezzanine loan for the recapitalization of five assisted living communities located in Oregon and Montana and $8,742 of net funding under a working capital loan to HMG.