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LOANS RECEIVABLE AND OTHER INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
    As of December 31, 2022 and 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of December 31, 2022
Investment
Quantity
as of
December 31, 2022
Property Type
Principal Balance as of December 31, 2022 (1)
Book Value
as of
December 31, 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
December 31, 2022
Loans Receivable:
Mortgage2 Behavioral Health$319,000 $319,000 $309,000 7.6 %7.6 %11/01/26 - 01/31/27
Construction— —— — 3,347 — %— %—
Other10 Multiple51,364 47,936 36,028 7.1 %6.6 %02/03/23 - 08/31/28
12 370,364 366,936 348,375 7.6 %7.5 %
Allowance for loan losses— (6,611)(6,344)
$370,364 $360,325 $342,031 
Other Investments:
Preferred Equity7 Skilled Nursing / Senior Housing50,902 51,071 57,055 10.8 %10.8 %N/A
Total19 $421,266 $411,396 $399,086 8.0 %7.9 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of December 31, 2022, the Company has committed to provide up to $33.6 million of future funding related to two preferred equity investments.
Additional information regarding the Company’s loans receivable is as follows (dollars in thousands):
Year Ended December 31,
202220212020
Allowance for loan losses:
Balance at the beginning of the year$6,344 $2,458 $542 
Provision for loan losses267 3,886 1,916 
Balance at the end of the year$6,611 $6,344 $2,458 
As of December 31,
20222021
Deteriorated credit quality:
Number of loans receivable investments1 4 
Principal balance$1,214 $1,780 
Book value— 188 
Nonaccrual status:
Number of loans receivable investments3 3 
Book value$— $— 
As of December 31, 2022 and 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.