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LOANS RECEIVABLE AND OTHER INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
As of June 30, 2022 and December 31, 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of June 30, 2022
Investment
Quantity
as of
June 30, 2022
Property Type
Principal Balance
as of
June 30, 2022 (1)
Book Value
as of
June 30, 2022
Book Value
as of
December 31, 2021		Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of Return
Maturity Date
as of
June 30, 2022
Loans Receivable:
Mortgage2 Behavioral Health$309,000 $309,000 $309,000 7.7 %7.7 %11/01/26 - 01/31/27
Construction— —— — 3,347 — — —
Other12 Multiple38,693 34,881 36,028 6.8 %6.1 %11/30/22 - 08/31/28
14 347,693 343,881 348,375 7.6 %7.5 %
Allowance for loan losses— (6,612)(6,344)
$347,693 $337,269 $342,031 
Other Investments:
Preferred Equity8 Skilled Nursing / Senior Housing57,861 58,073 57,055 11.0 %10.9 %N/A
Total 22 $405,554 $395,342 $399,086 8.0 %8.0 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of June 30, 2022, the Company has committed to provide up to $72.6 million of future funding related to two preferred equity investments and two loan receivable investments with maturity dates ranging from December 2022 to November 2026.
As of June 30, 2022 and December 31, 2021, the Company had three loans receivable investments, with an aggregate principal balance of $1.6 million and $1.7 million, respectively, that were considered to have deteriorated credit quality. As of each of June 30, 2022 and December 31, 2021, the book value of the outstanding loans with deteriorated credit quality was $0.1 million.
During the three and six months ended June 30, 2022, the Company reduced its allowance for loan losses by $0.2 million and increased its allowance for loan losses by $0.3 million, respectively. During the three and six months ended June 30, 2021, the Company reduced its allowance for loan losses by $0.1 million and increased its allowance for loan losses by $1.8 million, respectively.
As of June 30, 2022 and December 31, 2021, the Company had a $6.6 million and $6.3 million allowance for loan losses, respectively, and three loans receivable investments with no book value were on nonaccrual status. As of June 30, 2022 and December 31, 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.