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Notes Receivable (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 | ​ | SH | ​
0.0% | ​ | — | ​ | ​ | 2028 | ​ | Working capital | ​ | ​ | 1,178 | ​ | ​ | 1 | ​ | SNF | ​
8.8% | ​ | 12.0 | % | ​ | 2028 | ​ | Mezzanine | ​ | ​ | 17,000 | ​ | ​ | 1 | ​ | SH | ​
7.6% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 957 | ​ | ​ | 1 | ​ | SH | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 44,135 | (1) | ​ | 4 | ​ | ​ | ​
(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 June 30, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At June 30, 2025 | ​ | At December 31, 2024 |
Mezzanine loans | $ | 42,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 2,135 | ​ | ​ | 5,717 | ​
Notes receivable credit loss reserve | ​ | (441) | ​ | ​ | (477) | ​
Total notes receivable, net of credit loss reserve | $ | 43,694 | ​ | $ | 47,240 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the six months ended June 30, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30, | ​
​ | ​ | 2025 | ​ | ​ | 2024 | ​
Advances under notes receivable | $ | — | ​ | $ | 188 | ​
Principal payments received under notes receivable | ​ | (888) | ​ | ​ | (2,294) | ​
Write-off of notes receivable | ​ | (2,693) | (1) | ​ | — | ​
Recovery of credit losses | ​ | 36 | ​ | ​ | 21 | ​
Net decrease in notes receivable | $ | (3,545) | ​ | $ | (2,085) | ​
(1) | Represents the write-off of Anthem Memory Care LLC (“Anthem”) working capital note in connection with the conversion of Anthem’s Triple-Net leases to SHOP.

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