| Schedule of Loans Receivable |
The following table summarizes the Company’s loans receivable (in thousands): | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | Secured loans(1) | $ | 627,563 | | | $ | 638,482 | | | CCRC resident loans | 65,021 | | | 61,273 | | | Mezzanine loans | 53,011 | | | 50,314 | | | Unamortized discounts and fees | (17,735) | | | (22,380) | | | Reserve for loan losses | (11,331) | | | (10,499) | | | Loans receivable, net | $ | 716,529 | | | $ | 717,190 | |
_______________________________________(1)At June 30, 2025, the Company had $130 million of remaining commitments to fund additional loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects.
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| Schedule of Internal Ratings for Loans Receivable |
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, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Year of Origination(1) | | Total | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | | Secured loans | | | | | | | | | | | | | | | | Risk rating: | | | | | | | | | | | | | | | | Performing loans | | $ | 33,181 | | | $ | 435,512 | | | $ | 49,627 | | | $ | 30,337 | | | $ | 57,422 | | | $ | — | | | $ | 606,079 | | | Watch list loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Workout loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total secured loans | | $ | 33,181 | | | $ | 435,512 | | | $ | 49,627 | | | $ | 30,337 | | | $ | 57,422 | | | $ | — | | | $ | 606,079 | | | Current period gross write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Current period recoveries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Current period net write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Mezzanine loans | | | | | | | | | | | | | | | | Risk rating: | | | | | | | | | | | | | | | | Performing loans | | $ | 4,265 | | | $ | 13,829 | | | $ | 5,213 | | | $ | 4,497 | | | $ | 6,693 | | | $ | 10,932 | | | $ | 45,429 | | | Watch list loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Workout loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total mezzanine loans | | $ | 4,265 | | | $ | 13,829 | | | $ | 5,213 | | | $ | 4,497 | | | $ | 6,693 | | | $ | 10,932 | | | $ | 45,429 | | | Current period gross write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Current period recoveries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Current period net write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | CCRC resident loans | | | | | | | | | | | | | | | | Risk rating: | | | | | | | | | | | | | | | | Performing loans | | $ | 42,014 | | | $ | 22,794 | | | $ | 175 | | | $ | 38 | | | $ | — | | | $ | — | | | $ | 65,021 | | | Watch list loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Workout loans | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total CCRC resident loans | | $ | 42,014 | | | $ | 22,794 | | | $ | 175 | | | $ | 38 | | | $ | — | | | $ | — | | | $ | 65,021 | | | Current period gross write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Current period recoveries | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Current period net write-offs | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
_______________________________________ (1)Additional fundings under existing loans are included in the year of origination of the initial loan.
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| Schedule of Reserve for Loan Losses |
The following table summarizes the Company’s reserve for loan losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Secured Loans | | Mezzanine Loans and Other(1) | | | | Total | | Secured Loans | | Mezzanine Loans and Other(1) | | | | Total | | Reserve for loan losses, beginning of period | $ | 5,574 | | | $ | 4,925 | | | | | $ | 10,499 | | | $ | 2,830 | | | $ | — | | | | | $ | 2,830 | | | | | | | | | | | | | | | | | | | Provision for expected loan losses (recoveries) on funded loans receivable | 346 | | | 1,440 | | | | | 1,786 | | | 2,744 | | | 4,925 | | | | | 7,669 | | | Expected loan losses (recoveries) related to loans sold or repaid | (783) | | | (171) | | | | | (954) | | | — | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reserve for loan losses, end of period | $ | 5,137 | | | $ | 6,194 | | | | | $ | 11,331 | | | $ | 5,574 | | | $ | 4,925 | | | | | $ | 10,499 | |
_______________________________________ (1)Includes CCRC resident loans.
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