Year Ended December 31,

2024

2023

2022

(in thousands)

Non-cash investing and financing transactions:

Contribution of financing receivables from non-controlling interests

$

61,025

$

12,965

$

14,325

Investment in financing receivables

(163,460)

—

Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables

102,435

—

Seller financing related to property sales

—

13,750

—

Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan

—

(8,841)

—

Reserves withheld at financing and mortgage loan receivable origination

—

(3,641)

107

Write-off of notes receivable

(290)

(3,561)

—

Accretion of interest reserve recorded as mortgage loan receivable

233

1,939

6,192

Preferred return reserve related to investment in unconsolidated joint ventures

—

351

Change in fair value of interest rate swap agreements

(2,295)

(2,609)

8,891

Transfer of joint venture partner's non-controlling interest to LTC

1,240

—

Distributions paid to non-controlling interests

3,820

1,644

—

Distributions paid to non-controlling interests related to property sale

2,305

—