OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Other Real Estate Related Investments, at Fair Value

As of March 31, 2024 and December 31, 2023, the Company’s other real estate related investments consisted of the following (dollar amounts in thousands):

	Facility Count and Type										As of March 31, 2024
Loans Receivable, at Fair Value:	SNF	Campus	ALF	ILF	Principal Balance as of March 31, 2024		Fair Value as of March 31, 2024		Fair Value as of December 31, 2023		Weighted Average Contractual Interest Rate			Maturity Date
Mortgage secured loans receivable	31	1	4	1	$	166,197	$	157,265	$	156,769	8.9	%	(1), (2)	5/31/2024 - 6/29/2033
Mezzanine loans receivable	40	3	2	—	77,165		74,276		21,799		12.8	%	(1), (2)	7/25/2027 - 6/30/2032
					$	243,362	$	231,541	$	178,568
(1) Rates are net of subservicing fee, if applicable.
(2) Two mortgage secured loans receivable and two mezzanine loans receivable use term secured overnight financing rate (“SOFR”), which are subject to a floor for certain of the loans. Term SOFR used as of March 31, 2024 was 5.33%.
	Facility Count and Type										As of March 31, 2024
Other Investments:	SNF	Campus	ALF	ILF	Principal Balance as of March 31, 2024		Book Value as of March 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate			Maturity Date
Preferred Equity	3	—	—	—	1,782		1,805		1,801		15.0	%		N/A
Total					$	1,782	$	1,805	$	1,801

Schedule of Other Real Estate Related Investment Activity

The following table summarizes the Company’s other real estate related investments activity for the three months ended March 31, 2024 and 2023 (dollars in thousands):

	Three Months Ended March 31,
	2024		2023
Origination of other real estate related investments	$	53,165	$	—
Accrued interest, net	425		(150)
Unrealized losses on other real estate related investments, net	(612)		(454)
Prepayments of other real estate related investments	—		(15,000)
Net change in other real estate related investments	$	52,978	$	(15,604)

As of March 31, 2024 and December 31, 2023, 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, 2024
Investment	Principal Balance as of March 31, 2024		Book Value as of March 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate		Maturity Date
Other loans receivable	$	17,094	$	17,156	$	17,156	8.8	%	6/30/2024 - 5/31/2026
Expected credit loss	—		(2,094)		(2,094)
Total	$	17,094	$	15,062	$	15,062

Schedule of Loan Receivable Activity

The following table summarizes the Company’s other loans receivable activity for the three months ended March 31, 2024 and 2023 (dollars in thousands):

	Three Months Ended March 31,
	2024		2023
Principal payments	$	—	$	(143)
Accrued interest, net	—		(1)
Net change in other loans receivable	$	—	$	(144)

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 months ended March 31, 2024 and 2023 (dollars in thousands):

	For the Three Months Ended March 31,
Investment	2024		2023
Mortgage secured loans receivable	$	3,772	$	2,704
Mezzanine loans receivable	1,895		1,583
Preferred equity investment	68		—
Other loans receivable	331		156
Other(1)	3,502		—
Total	$	9,568	$	4,443

(1) Other income is comprised of interest income on money market funds.