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):

(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.

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.

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.