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Notes Receivable | 3 Months Ended
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Mar. 31, 2024
Notes Receivable. |
Notes Receivable |
4. | Notes Receivable
Notes receivable consist of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at March 31, 2024 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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.
​ 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 | ​
​ 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 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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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