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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments, at Fair Value
As of September 30, 2024 and December 31, 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):
Facility Count and Type
As of September 30, 2024
Loans Receivable, at Fair Value:SNFCampusALFILF
Principal Balance as of September 30, 2024
Fair Value as of September 30, 2024
Fair Value as of December 31, 2023
Weighted Average Contractual Interest Rate(1), (2)
Maturity Date
Mortgage secured loans receivable(3)
594192$617,872 $611,627 $156,769 8.8 %5/31/2025 - 6/29/2033
Mezzanine loans receivable(3)
4032— 77,165 74,822 21,799 12.8 %7/25/2027 - 6/30/2032
$695,037 $686,449 $178,568 
As of September 30, 2024
Other Investments:
Principal Balance as of September 30, 2024
Book Value as of September 30, 2024
Book Value as of December 31, 2023
Weighted Average Contractual Interest RateMaturity Date
Preferred equity$53,782 $54,281 $1,801 11.1 %N/A
Total$53,782 $54,281 $1,801 
(1) Rates are net of subservicing fee, if applicable.
(2) Three 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 September 30, 2024 was 4.84%.
(3) If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable facility counts are included in both respective totals.
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, 2024 and 2023 (dollars in thousands):
Nine Months Ended September 30,
2024
2023
Origination of other real estate related investments$556,951 $47,534 
Accrued interest, net4,099 129 
Unrealized loss on other real estate related investments, net(689)(7,856)
Prepayments of other real estate related investments— (15,000)
Net change in other real estate related investments$560,361 $24,807 
As of September 30, 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 September 30, 2024
Investment
Principal Balance as of September 30, 2024
Book Value as of September 30, 2024
Book Value as of December 31, 2023
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$17,979 $18,046 $17,156 8.8 %
6/30/2024(1) - 4/26/2027
Expected credit loss— (2,094)(2,094)
Total$17,979 $15,952 $15,062 

(1) One other loan receivable with a principal balance of $4.9 million matured on June 30, 2024. The Company and the borrower are in the process of negotiating terms for an extension of the maturity date. The other loan receivable is considered collectible as of September 30, 2024.
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands):
Nine Months Ended September 30,
2024
2023
Origination of other loans receivable$985 $5,160 
Principal payments(100)(703)
Accrued interest, net5 33 
Net change in other loans receivable$890 $4,490 
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, 2024 and 2023 (dollars in thousands):
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
Investment2024202320242023
Mortgage secured loans receivable$12,054 $3,741 $21,370 $9,207 
Mezzanine loans receivable2,522 702 6,911 2,980 
Preferred equity investment1,110 — 1,322 — 
Other loans receivable354 216 1,023 532 
Other(1)
4,188 — 12,654 191 
Total$20,228 $4,659 $43,280 $12,910 
(1) Other income is comprised of interest income on money market funds.