v3.24.2
Loans Receivable (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 June 30,
2024		December 31,
2023
Secured loans(1)(2)
$200,583 $178,678 
CCRC resident loans53,346 42,733 
Mezzanine loans(2)
35,820 — 
Unamortized discounts and fees(3)
(5,128)(131)
Reserve for loan losses(9,143)(2,830)
Loans receivable, net$275,478 $218,450 
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(1)At June 30, 2024, the Company had $69 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects. At December 31, 2023, the Company had $29 million of remaining commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. This $29 million commitment was reduced to zero in February 2024 in conjunction with the refinance of the Sunrise Senior Housing Portfolio Seller Financing as discussed below.
(2)Includes secured loans and mezzanine loans acquired as part of the Merger (see Note 3).
(3)As of June 30, 2024, includes net unamortized discounts of $5 million related to the loans receivable acquired as part of the Merger (see Note 3).
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination
The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of June 30, 2024 (in thousands):
Investment Type
Year of Origination(1)
Total
202420232022
2021
2020Prior
Secured loans
Risk rating:
Performing loans$37,466 $26,854 $24,221 $101,984 $— $— $190,525 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$37,466 $26,854 $24,221 $101,984 $— $— $190,525 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$— $4,924 $4,573 $8,034 $10,863 $3,213 $31,607 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$— $4,924 $4,573 $8,034 $10,863 $3,213 $31,607 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
CCRC resident loans
Risk rating:
Performing loans$36,219 $16,838 $289 $— $— $— $53,346 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total CCRC resident loans$36,219 $16,838 $289 $— $— $— $53,346 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
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(1)Additional loans funded for capital expenditure projects (as discussed above) is included in the year of origination of the initial loan.
Schedule of Financing Receivable, Allowance for Credit Loss
The following table summarizes the Company’s reserve for loan losses (in thousands):
 June 30, 2024December 31, 2023
 Secured Loans
Mezzanine Loans and Other(1)
TotalSecured Loans
Mezzanine Loans and Other(1)
Total
Reserve for loan losses, beginning of period$2,830 $— $2,830 $8,280 $— $8,280 
Provision for expected loan losses on funded loans receivable5,209 1,104 6,313 2,088 — 2,088 
Expected loan losses (recoveries) related to loans sold or repaid— — — (7,538)— (7,538)
Reserve for loan losses, end of period$8,039 $1,104 $9,143 $2,830 $— $2,830 
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(1)Includes CCRC resident loans.