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Notes Receivable (Tables) | 9 Months Ended
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Sep. 30, 2025
Notes Receivable. |
Summary of investments in notes receivable | Notes receivable consist of working capital loans and a mezzanine loan. The following table summarizes our investments in notes receivable at September 30, 2025 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
9.0% | ​ | — | ​ | ​ | 2026 | ​ | Working capital | ​ | $ | 25 | ​ | ​ | 1 | ​ | SH | ​
8.0% | ​ | 11.0 | % | ​ | 2027 | ​ | Mezzanine | ​ | ​ | 25,000 | ​ | ​ | 1 | ​ | SH | ​
0.0% | ​ | — | ​ | ​ | 2028 | ​ | Working capital | ​ | ​ | 1,028 | ​ | ​ | 1 | ​ | SNF | ​
7.6% | ​ | — | ​ | ​ | 2030 | ​ | Working capital | ​ | ​ | 957 | ​ | ​ | 1 | ​ | SH | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 27,010 | (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 September 30, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | At September 30, 2025 | ​ | At December 31, 2024 |
Mezzanine loans | $ | 25,000 | ​ | $ | 42,000 | ​
Working capital loans | ​ | 2,010 | ​ | ​ | 5,717 | ​
Notes receivable credit loss reserve | ​ | (270) | ​ | ​ | (477) | ​
Total notes receivable, net of credit loss reserve | $ | 26,740 | ​ | $ | 47,240 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the nine months ended September 30, 2025 and 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Nine Months Ended September 30, | ​
​ | ​ | 2025 | ​ | ​ | 2024 | ​
Advances under notes receivable | $ | 25 | ​ | $ | 340 | ​
Principal payments received under notes receivable | ​ | (18,039) | (1) | ​ | (13,268) | (3)
Write-off of notes receivable | ​ | (2,693) | (2) | ​ | — | ​
Recovery of credit losses | ​ | 207 | ​ | ​ | 129 | ​
Net decrease in notes receivable | $ | (20,500) | ​ | $ | (12,799) | ​
(1) | Includes the following:
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| (a) | $17,000 related to an early payoff of a mezzanine loan. In conjunction with the mezzanine loan payoff, we received exit IRR income of $2,599 recognized as Interest and other income in our Consolidated Statements of Income. The exit IRR income was partially offset by $1,624 of effective interest previously recognized over the term of the mezzanine loan through payoff;
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| (b) | $639 related to the payoff of three working capital loans; and
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| (c) | $400 related to the paydown of a working capital loan.
​
(2) | 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.
​
(3) | During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate of $1,282 related to the payoff of two working capital notes.

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