Notes receivable consist of working capital loans and a mezzanine loan. The following table summarizes our investments in notes receivable at March 31, 2026 (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 | | | 791 | | | 1 | | SNF | | Total | | | | | | | | | $ | 25,816 | (1) | | 3 | | | |
| (1) | Excludes the impact of credit loss reserve. |
The following table is a summary of our notes receivable components as of March 31, 2026 and December 31, 2025 (in thousands): | | | | | | | At March 31, 2026 | | At December 31, 2025 | Mezzanine loans | $ | 25,000 | | $ | 25,000 | Working capital loans | | 816 | | | 874 | Notes receivable credit loss reserve | | (258) | | | (259) | Total notes receivable, net of credit loss reserve | $ | 25,558 | | $ | 25,615 |
The following table summarizes our notes receivable activity for the three months ended March 31, 2026 and 2025 (in thousands): | | | | | | | | Three Months Ended March 31, | | | | 2026 | | | 2025 | | Principal payments received under notes receivable | $ | (58) | | $ | (238) | | Write-off of notes receivable | | — | | | (2,693) | (1) | Recovery of credit losses | | 1 | | | 29 | | Net decrease in notes receivable | $ | (57) | | $ | (2,902) | |
| (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. |
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