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Notes Receivable | 9 Months Ended
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Sep. 30, 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 September 30, 2024 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
8.3% | ​ | — | ​ | ​ | 2025 | ​ | Working capital | ​ | $ | 50 | ​ | ​ | 1 | ​ | ALF | ​
9.0% | ​ | — | ​ | ​ | 2026 | ​ | Working capital | ​ | ​ | 290 | ​ | ​ | 1 | ​ | ALF |
8.0% | ​ | 11.0 | % | ​ | 2027 | ​ | Mezzanine | ​ | ​ | 25,000 | ​ | ​ | 1 | ​ | ALF | ​
0.0% | ​ | — | ​ | ​ | 2028 | ​ | Working capital | ​ | ​ | 1,545 | ​ | ​ | 1 | ​ | SNF | ​
8.8% | ​ | 12.0 | % | ​ | 2028 | ​ | Mezzanine | ​ | ​ | 17,000 | ​ | ​ | 1 | ​ | ALF | ​
6.5% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 138 | ​ | ​ | 2 | ​ | SNF | ​
7.4% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 500 | ​ | ​ | 1 | ​ | ALF | ​
7.4% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 957 | ​ | ​ | 1 | ​ | ALF | ​
0.0% | ​ | — | ​ | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 48,173 | (1) | ​ | 10 | ​ | ​ | ​
(1) | Excludes the impact of credit loss reserve.
​ The following table is a summary of our notes receivable components as of September 30, 2024 and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At September 30, 2024 | ​ | At December 31, 2023 |
Mezzanine loans | $ | 42,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 6,173 | ​ | ​ | 19,101 | ​
Notes receivable credit loss reserve | ​ | (482) | ​ | ​ | (611) | ​
Total | $ | 47,691 | ​ | $ | 60,490 | ​
​ The following table summarizes our notes receivable activity for the nine months ended September 30, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Nine Months Ended September 30,
​ | ​ | 2024 | ​ | ​ | 2023 | ​
Advances under notes receivable | $ | 340 | ​ | $ | 19,258 | ​
Principal payments received under notes receivable | ​ | (13,268) | (1) | ​ | (14,537) | (2)
Recovery of credit losses | ​ | 129 | ​ | ​ | (48) | ​
Net (decrease) increase in notes receivable | $ | (12,799) | ​ | $ | 4,673 | ​
(1) | During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate $1,282 related to the payoff of two working capital notes.
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(2) | 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. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off.
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- Definition The entire disclosure for claims held for amounts due to 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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