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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

At March 31, 2025, we had commitments as follows (in thousands):


						Total
	Investment			2025		Commitment		Remaining
	Commitment			Funding		Funded		Commitment
Real estate properties(Note 2. Real Estate Investments)	$	11,445	⁽¹⁾	$	1,234	$	7,536	$	3,909
Accrued incentives and earn-out liabilities (Note 5. Lease Incentives)		8,500	⁽²⁾		—		—		8,500
Mortgage loans (Note 2. Real Estate Investments)		63,620	⁽³⁾		1,919		16,672		46,948
Joint venture investments (Note 3. Investments in Unconsolidated Joint Ventures)		1,438	⁽⁴⁾		—		—		1,438
Notes receivable (Note 4. Notes Receivable)		560	⁽⁵⁾		—		—		560
Total	$	85,563		$	3,153	$	24,208	$	61,355

(1)	Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.

(2)

Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning in April 2024 through March 2027. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 2. Real Estate Investments.

(3)	Represents $45,620 related to construction loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios.

(4)	Represents expenditure reserve of $1,438 related to a mortgage loan secured by a SNF and ALF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 3. Investment in Unconsolidated Joint Ventures.

(5)	Represents working capital loan commitments.