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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS
 3 Months Ended
Mar. 31, 2023
Investments, All Other Investments [Abstract]  
OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS
As of March 31, 2023 and December 31, 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands):
As of March 31, 2023
InvestmentFacility Count and Type
Principal Balance as of March 31, 2023
Book Value as of March 31, 2023
Book Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Senior mortgage secured loan receivable
18 SNF/Campus
$75,000 $72,543 $72,543 8.4 %
(1)
6/30/2027
Mortgage secured loan receivable
5 SNF
22,250 21,350 21,345 10.5 %
(2)
8/1/2025
Mortgage secured loan receivable
4 SNF
24,900 23,796 23,796 9.0 %
(2)
9/8/2025
Mezzanine loan receivable(3)
9 SNF
— — 14,672 — — 
Mezzanine loan receivable
18 SNF/Campus
25,000 23,075 24,012 11.0 %6/30/2032
$147,150 $140,764 $156,368 
(1) Rate is net of subservicing fee.
(2) Term secured overnight financing rate (“SOFR”) used as of March 31, 2023 was 4.80%. Rates are net of subservicing fees.
(3) Mezzanine loan was prepaid during the three months ended March 31, 2023.
The following table summarizes the Company’s other real estate related investments activity for the three months ended March 31, 2023 and 2022 (dollars in thousands):
Three Months Ended March 31,
2023
2022
Accrued interest, net$(150)$— 
Unrealized losses on other real estate related investments, net(454)— 
Repayments of other real estate related investments(15,000)— 
Net decrease in other real estate related investments, at fair value$(15,604)$— 
As of March 31, 2023 and December 31, 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands):
As of March 31, 2023
Investment
Principal Balance as of March 31, 2023
Book Value as of March 31, 2023
Book Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$9,453 $9,456 $9,600 8.5 %9/1/2023 - 9/30/2025
Expected credit loss— (2,094)(2,094)
Total$9,453 $7,362 $7,506 
The following table summarizes the Company’s other loans receivable activity for the three months ended March 31, 2023 and 2022 (dollars in thousands):
Three Months Ended March 31,
2023
2022
Origination of loans receivable$— $2,500 
Principal payments(143)(888)
Accrued interest, net(1)— 
Provision for loan losses, net— (3,844)
Net decrease in other loans receivable$(144)$(2,232)
Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated statements of operations. During the three months ended March 31, 2022, the Company recorded a $4.6 million expected credit loss related to two other loans receivable that were placed on non-accrual status, net of a loan loss recovery of $0.8 million related to a loan previously written-off. During the three months ended March 31, 2023, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired.
The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three months ended March 31, 2023 and 2022 (dollars in thousands):
For the Three Months Ended March 31,
Investment20232022
Mortgage secured loans receivable$2,704 $— 
Mezzanine loans receivable1,583 450 
Other156 19 
Total$4,443 $469