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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies |
Schedule of commitments | At June 30, 2025, we had commitments as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | ​ | ​
​ | ​ | Investment | ​ | 2025 | ​ | Commitment | ​ | Remaining
​ | ​ | Commitment | ​ | Funding | ​ | Funded | ​ | Commitment
Triple-Net properties | ​ | $ | 10,445 | (1) | $ | 1,956 | ​ | $ | 7,683 | ​ | $ | 2,762
SHOP properties | ​ | ​ | 4,119 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,119
Subtotal: owned real estate properties (Note 3. Real Estate Investments) | ​ | ​ | 14,564 | ​ | ​ | 1,956 | ​ | ​ | 7,683 | ​ | ​ | 6,881
Accrued incentives and earn-out liabilities (Note 6. Lease Incentives) | ​ | ​ | 8,500 | (2) | ​ | — | ​ | ​ | — | ​ | ​ | 8,500
Mortgage loans (Note 3. Real Estate Investments) | ​ | ​ | 67,570 | (3) | ​ | 3,185 | ​ | ​ | 17,939 | ​ | ​ | 49,631
Joint venture investments (Note 4. Investments in Unconsolidated Joint Ventures) | ​ | ​ | 1,438 | (4) | ​ | 192 | ​ | ​ | 192 | ​ | ​ | 1,246
Notes receivable (Note 5. Notes Receivable) | ​ | ​ | 560 | (5) | ​ | — | ​ | ​ | 50 | ​ | ​ | 510
Total | ​ | $ | 92,632 | ​ | $ | 5,333 | ​ | $ | 25,864 | ​ | $ | 66,768
(1) | Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.
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(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 3. Real Estate Investments.
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(3) | Represents $45,620 related to two construction loan, $19,950 of contingent commitments available upon the borrower achieving certain coverage ratios, and $2,000 of other commitments.
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(4) | Represents expenditure reserve of $1,438 related to a mortgage loan secured by a SNF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 4. Investment in Unconsolidated Joint Ventures.
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(5) | Represents working capital loan commitments.

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