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Notes Receivable | 3 Months Ended
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Mar. 31, 2025
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, 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.
​ 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 | ​
​ 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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- 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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