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Notes Receivable (Tables) | 3 Months Ended
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Mar. 31, 2024
Notes Receivable. |
Summary of investments in notes receivable |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
4.0% | ​ | — | ​ | ​ | 2024 | ​ | Working capital | ​ | $ | 13,531 | ​ | ​ | 1 | ​ | SNF |
5.0% | ​ | — | ​ | ​ | 2025 | ​ | Working capital | ​ | ​ | 732 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | 11.0 | % | ​ | 2027 | ​ | Mezzanine | ​ | ​ | 25,000 | ​ | ​ | 1 | ​ | ALF | ​
8.8% | ​ | 12.0 | % | ​ | 2028 | ​ | Mezzanine | ​ | ​ | 17,000 | ​ | ​ | 1 | ​ | ALF | ​
6.5% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 138 | ​ | ​ | 1 | ​ | SNF | ​
7.3% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 500 | ​ | ​ | 1 | ​ | ALF | ​
7.4% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 957 | ​ | ​ | 1 | ​ | ALF | ​
0.0% | ​ | — | ​ | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 60,551 | (1) | ​ | 8 | ​ | ​ | ​
(1) | Excludes the impact of credit loss reserve.
Summary of mezzanine loans and other loan arrangements | The following table is a summary of our notes receivable components as of March 31, 2024 and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At March 31, 2024 | ​ | At December 31, 2023 |
Mezzanine loans | $ | 42,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 18,551 | ​ | ​ | 19,101 | ​
Notes receivable credit loss reserve | ​ | (605) | ​ | ​ | (611) | ​
Total | $ | 59,946 | ​ | $ | 60,490 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the three months ended March 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | ​ | 2024 | ​ | ​ | 2023 | ​
Advances under notes receivable | $ | — | ​ | $ | 605 | ​
Principal payments received under notes receivable | ​ | (550) | ​ | ​ | (12,641) | (1)
Recovery of credit losses | ​ | 6 | ​ | ​ | 120 | ​
Net decrease in notes receivable | $ | (544) | ​ | $ | (11,916) | ​
(1) | During 2023, we received $4,545, which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136-unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203-unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan.

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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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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