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Notes Receivable (Tables) | 3 Months Ended
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Mar. 31, 2025
Notes Receivable. |
Summary of investments in notes receivable | Notes receivable consist of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at March 31, 2025 (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 | ​ | ​ | 1,329 | ​ | ​ | 1 | ​ | SNF | ​
8.8% | ​ | 12.0 | % | ​ | 2028 | ​ | Mezzanine | ​ | ​ | 17,000 | ​ | ​ | 1 | ​ | ALF | ​
7.4% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 500 | ​ | ​ | 1 | ​ | ALF | ​
7.6% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 957 | ​ | ​ | 1 | ​ | ALF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 44,786 | (1) | ​ | 5 | ​ | ​ | ​
(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, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At March 31, 2025 | ​ | At December 31, 2024 |
Mezzanine loans | $ | 42,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 2,786 | ​ | ​ | 5,717 | ​
Notes receivable credit loss reserve | ​ | (448) | ​ | ​ | (477) | ​
Total | $ | 44,338 | ​ | $ | 47,240 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the three months ended March 31, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31, | ​
​ | ​ | 2025 | ​ | ​ | 2024 | ​
Principal payments received under notes receivable | $ | (238) | ​ | $ | (550) | ​
Write-off of notes receivable | ​ | (2,693) | (1) | ​ | — | ​
Recovery of credit losses | ​ | 29 | ​ | ​ | 6 | ​
Net decrease in notes receivable | $ | (2,902) | ​ | $ | (544) | ​
(1) | Represents the write-off of Anthem Memory Care LLC (“Anthem”) working capital note in connection with the transition of triple-net leases covering 12 properties to RIDEA.

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