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Notes Receivable (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
8.0% | ​ | 11.0 | % | ​ | 2027 | ​ | Mezzanine | ​ | $ | 25,000 | ​ | ​ | 1 | ​ | ALF | ​
0.0% | ​ | — | ​ | ​ | 2028 | ​ | Working capital | ​ | ​ | 1,429 | ​ | ​ | 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 | ​ | ​ | 1,457 | ​ | ​ | 2 | ​ | ALF | ​
0.0% | ​ | — | ​ | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 47,717 | (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 at December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At December 31, 2024 | ​ | At December 31, 2023 |
Mezzanine loans | $ | 42,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 5,717 | ​ | ​ | 19,101 | ​
Notes receivable credit loss reserve | ​ | (477) | ​ | ​ | (611) | ​
Total | $ | 47,240 | ​ | $ | 60,490 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, | ​
​ | ​ | 2024 | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Advances under notes receivable | $ | 340 | ​ | $ | 20,377 | (3) | $ | 37,192 | (5)
Principal payments received under notes receivable | ​ | (13,434) | (1) | ​ | (14,687) | (4) | ​ | (6,843) | ​
Write-off of notes receivable | ​ | (290) | (2) | ​ | (3,561) | (2) | ​ | — | ​
Recovery (provision) of credit losses | ​ | 134 | ​ | ​ | (22) | ​ | ​ | (303) | ​
Net (decrease) increase in notes receivable | $ | (13,250) | ​ | $ | 2,107 | ​ | $ | 30,046 | ​
(1) | During 2024, we received $12,103 towards the paydown of a $13,531 working capital note. The remaining $1,428 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate of $1,331 related to the payoff of three working capital notes.
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(2) | During 2024 and 2023, we wrote-off uncollectible working capital notes.
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(3) | During 2023, we originated a mezzanine loan to recapitalize an existing 130-unit ILF/ALF/MC in Georgia and construction of 89 additional units. The loan term is five years at an initial yield of 8.75% and an IRR of 12.0%.
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(4) | 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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(5) | During 2022, we originated a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. 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 have a total of 621 units and include independent living, assisted living and memory care.

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