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Notes Receivable | 6 Months Ended
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Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2022 | ​ | December 31, 2021 |
Mezzanine loans (1) | $ | 36,815 | ​ | $ | 11,815 | ​
Other loans | ​ | 21,979 | ​ | ​ | 16,808 | ​
Notes receivable credit loss reserve | ​ | (588) | ​ | ​ | (286) | ​
Total | $ | 58,206 | ​ | $ | 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.
The following table summarizes our notes receivable activity for the six months ended June 30, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30, | ​
​ | ​ | 2022 | ​ | ​ | 2021 | ​
Advances under notes receivable | $ | 36,788 | (1) | $ | 1,811 | ​
Principal payments received under notes receivable | ​ | (6,618) | ​ | ​ | (2,553) | ​
Provision for credit losses | ​ | (301) | ​ | ​ | 7 | ​
Net increase (decrease) in notes receivable | $ | 29,869 | ​ | $ | (735) | ​
(1) | Includes origination of a $25,000 mezzanine loan for the recapitalization of five assisted living communities located in Oregon and Montana. Additionally includes origination of a working capital loan for a commitment of up to $2,000, of which $1,867 has been funded and $9,541 of funding under a working capital loan to HMG Healthcare, LLC (“HMG”).

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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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