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Notes Receivable | 9 Months Ended
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Sep. 30, 2025
Notes Receivable. |
Notes Receivable |
5. | 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.
​ 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 | ​
​ 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:
​
| (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.
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(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.
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(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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- 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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