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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments, at Fair Value
As of September 30, 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 September 30, 2023
InvestmentFacility Count and Type
Principal Balance as of September 30, 2023
Fair Value as of September 30, 2023
Fair Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Senior mortgage secured loan receivable
18 SNF/Campus
$75,000 $68,472 $72,543 8.4 %
(1)
6/30/2027
Mortgage secured loan receivable
5 SNF
22,250 21,210 21,345 10.7 %
(2)
8/1/2025
Mortgage secured loan receivable
4 SNF
24,900 22,716 23,796 9.0 %
(2)
9/8/2025
Mortgage secured loan receivable(3)
1 ALF
2,000 2,000 — 9.0 %5/31/2024
Mortgage secured loan receivable(4)
2 SNF Campus / ILF
25,993 26,186 — 9.0 %6/29/2033
Mortgage secured loan receivable(5)
2 SNF
15,727 15,397 — 9.0 %8/1/2028
Mortgage secured loan receivable(6)
3 SNF
3,564 3,390 — 12.0 %9/29/2026
Mezzanine loan receivable(7)
9 SNF
— — 14,672 — — 
Mezzanine loan receivable
18 SNF/Campus
25,000 21,804 24,012 11.0 %6/30/2032
$194,434 $181,175 $156,368 
(1) Rate is net of subservicing fee.
(2) Term secured overnight financing rate (“SOFR”) used as of September 30, 2023 was 5.32%. Rates are net of subservicing fees.
(3) In June 2023, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the properties with a $2.0 million mortgage loan. The mortgage loan is secured by the ALF. The mortgage loan has a one-year extension option and may be prepaid in whole before the maturity date.
(4) In June 2023, the Company extended a $26.0 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by one SNF campus and one ILF. The mortgage loan is set to mature on June 29, 2033 and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 3% of the loan plus unpaid interest payments.
(5) In July 2023, the Company extended a $15.7 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by two SNFs. The mortgage loan is set to mature on August 1, 2028, with one five-year extension option and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 2% to 3% of the loan plus unpaid interest payments; provided, however, that no exit fee is payable in connection with the loan being refinanced pursuant to a loan (or loans) provided by Fannie Mae, Freddie Mac, Federal Housing Administration, or a similar governmental authority.
(6) In September 2023, the Company extended a $3.6 million mortgage loan as part of a larger, multi-tranche real estate secured term loan facility to a skilled nursing real estate owner. The secured term loan was structured with an “A” and a “B” tranche (with the payments on the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders). The Company’s $3.6 million secured mortgage loan constituted the entirety of the “B” tranche with its payments subordinated accordingly. The mortgage loan is secured by three SNFs. The mortgage loan is set to mature on September 29, 2026, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 2% of any proposed financing in connection with the loan being refinanced by the U.S. Department of Housing and Urban Development.
(7) Mezzanine loan was prepaid during the nine months ended September 30, 2023.
Schedule of Other Real Estate Related Investment Activity
The following table summarizes the Company’s other real estate related investments activity for the nine months ended September 30, 2023 and 2022 (dollars in thousands):
Nine Months Ended September 30,
2023
2022
Origination of other real estate related investments$47,534 $147,150 
Accrued interest, net129 1,063 
Unrealized losses on other real estate related investments, net(7,856)(4,706)
Prepayments of other real estate related investments(15,000)— 
Net change in other real estate related investments, at fair value$24,807 $143,507 
As of September 30, 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 September 30, 2023
Investment
Principal Balance as of September 30, 2023
Book Value as of September 30, 2023
Book Value as of December 31, 2022
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$14,053 $14,090 $9,600 8.7 %9/1/2023 - 5/31/2026
(1)
Expected credit loss— (2,094)(2,094)
Total$14,053 $11,996 $7,506 
(1) One other loan receivable with a balance of approximately $26,000 had a maturity date of September 1, 2023. This loan was paid off subsequent to September 30, 2023.
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the nine months ended September 30, 2023 and 2022 (dollars in thousands):
Nine Months Ended September 30,
2023
2022
Origination of loans receivable$5,160 $14,500 
Principal payments(703)(416)
Accrued interest, net33 (3)
Provision for loan losses, net— (4,594)
Net change in other loans receivable$4,490 $9,487 
Schedule of Interest and Other Income
The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
Investment2023202220232022
Mortgage secured loans receivable$3,741 $2,098 $9,207 $2,115 
Mezzanine loans receivable702 1,163 2,980 2,326 
Other216 14 723 50 
Total$4,659 $3,275 $12,910 $4,491