v3.25.2
Notes Receivable (Tables)
6 Months Ended
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.