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Notes Receivable (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Receivable. |
Summary of investments in notes receivable | Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2022 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
5.0% | ​ | — | ​ | 2023 | ​ | Working capital | ​ | $ | 380 | ​ | ​ | 1 | ​ | ALF | ​
7.0% | ​ | — | ​ | 2023 | ​ | Working capital | ​ | ​ | 500 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | 12.0% | ​ | 2023 | ​ | Mezzanine | ​ | ​ | 7,460 | ​ | ​ | 1 | ​ | ALF | ​
5.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 184 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | 10.5% | ​ | 2024 | ​ | Mezzanine | ​ | ​ | 4,355 | (1) | ​ | 1 | ​ | ILF | ​
4.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 13,531 | ​ | ​ | 1 | ​ | SNF |
5.0% | ​ | — | ​ | 2025 | ​ | Working capital | ​ | ​ | 932 | ​ | ​ | 1 | ​ | ALF | ​
7.5% | ​ | — | ​ | 2027 | ​ | Working capital | ​ | ​ | 550 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | 11.0% | ​ | 2027 | ​ | Mezzanine | ​ | ​ | 25,000 | ​ | ​ | 1 | ​ | ALF | ​
6.5% | ​ | — | ​ | 2030 | ​ | Working capital | ​ | ​ | 138 | ​ | ​ | 1 | ​ | SNF | ​
7.1% | ​ | — | ​ | 2030 | ​ | Working capital | ​ | ​ | 1,607 | ​ | ​ | 2 | ​ | ALF | ​
7.0% | ​ | — | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | — | ​ | 2032 | ​ | Working capital | ​ | ​ | 1,642 | ​ | ​ | 1 | ​ | SNF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 58,972 | ​ | ​ | 14 | ​ | ​ | ​
(1) | Subsequent to December 31, 2022, we received $4,545 which includes a prepayment fee and the exit IRR totaling $190, from a mezzanine loan early payoff. The mezzanine loan was on a 136-unit in Oregon.
Summary of mezzanine loans and other loan arrangements | The following table is a summary of our notes receivable components at December 31, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At December 31,
​ | 2022 | ​ | 2021 |
Mezzanine loans (1) (2) | $ | 36,815 | ​ | $ | 11,815 | ​
Other loans | ​ | 22,157 | ​ | ​ | 16,808 | ​
Notes receivable credit loss reserve | ​ | (589) | ​ | ​ | (286) | ​
Total | $ | 58,383 | ​ | $ | 28,337 | ​
(1) | Subsequent to December 31, 2022, we received $4,545, which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan early payoff. The mezzanine loan was on a 136-unit ILF in Oregon.
​
(2) | During 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 ILF, ALF and MC.
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the years ended December 31, 2022 through 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, | ​
​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Advances under notes receivable | $ | 37,192 | (1) | $ | 16,353 | (2) | $ | 2,078 | ​
Interest reserve withheld | ​ | — | ​ | ​ | 353 | ​ | ​ | — | ​
Principal payments received under notes receivable (3) | ​ | (6,843) | ​ | ​ | (2,694) | ​ | ​ | (5,275) | ​
Reclassified to lease incentives | ​ | — | ​ | ​ | — | ​ | ​ | (300) | (4)
Provision (recovery) for credit losses | ​ | (303) | ​ | ​ | (140) | ​ | ​ | 35 | ​
Net increase (decrease) in notes receivable | $ | 30,046 | ​ | $ | 13,872 | ​ | $ | (3,462) | ​
(1) | Includes origination of a $25,000 mezzanine loan for the recapitalization of five ALFs 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 $9,761 of funding under a working capital loan to HMG Healthcare, LLC.
​
(2) | Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0%. During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided an operator a $25,000 secured working capital loan to facilitate the transition of the 11 properties from Senior Care and Abri Health and funded $9,900 under this working capital loan.
​
(3) | Subsequent to December 31, 2022, we received $4,545, which includes a prepayment fee and the exit IRR totaling $190, from a mezzanine loan early payoff. The mezzanine loan was on a 136-unit ILF in Oregon.
​
(4) | Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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