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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
DescriptionContractual Interest RateMaturity DatePeriodic Payment TermsPrior LiensPrincipal Balance
Book Value (1)
Carrying Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Secured Loans:
Multiple (21 SNF, 15 ALF, 1 ILF)
8.4 %2029
(3)
$— $260,000 $262,888 N/A
North Carolina (5 SNF, 3 SNF Campus)
9.2 %
(2)
2029
(3)
— 165,000 169,974 N/A
West Virginia (17 SNF, 1 SNF Campus)
8.4 %2027
(3)
482,000 
(4)
75,000 71,804 N/A
Georgia (4 SNF)
9.0 %
(2)
2025
(3)
80,575 
(5)
29,600 28,825 N/A
Tennessee (2 SNF)
9.1 %2031
(3)
— 26,675 27,339 N/A
California (1 SNF, 1 ALF & 1 ILF)
9.0 %2033
(3)
— 25,993 24,800 N/A
Maryland (1 SNF)
9.4 %2039
(3)
— 19,190 17,769 N/A
Florida (2 SNF)
9.0 %2028
(3)
— 15,727 15,621 N/A
Washington (1 SNF)
8.5 %2034
(3)
— 11,250 11,263 N/A
Colorado (1 SNF )
8.5 %2034
(3)
— 9,800 9,940 N/A
California (3 SNF)
10.3 %
(2)
2025
(3)
24,825 
(5)
7,301 7,245 N/A
California (1 ALF)
9.9 %2026
(3)
— 6,300 6,409 N/A
California (4 SNF)
12.0 %2026
(3)
38,330 
(6)
3,564 3,491 N/A
Indiana (1 ALF)
9.0 %2025
(3)
— 2,000 2,016 N/A
Florida (1 ALF)
9.0 %2027
(3)
— 1,000 1,008 N/A
Mezzanine Loans:
Virginia (15 SNF)
14.0 %2027
(3)
270,000 35,000 35,422 N/A
West Virginia (17 SNF, 1 SNF Campus)
11.0 %
(2)
2032
(3)
557,000 
(4)
25,000 22,690 N/A
Missouri (6 SNF, 2 Campus, 2 ALF)
14.0 %
(2)
2027
(3)
100,200 9,800 9,918 N/A
California (2 SNF)
11.5 %2029
(3)
13,597 7,365 7,438 N/A
Maryland (1 SNF Campus)
13.0 %2034
(3)
15,276 5,122 5,144 N/A
$1,581,803 $740,687 $741,004 
(1)The aggregate cost for federal income tax purposes was $740.7 million as of December 31, 2024.
(2)Interest rates are variable and represent the rate in effect as of December 31, 2024.
(3)Interest is due monthly, and principal is due at the maturity date.
(4)The secured term loan was structured with an “A” tranche, a “B” tranche, and a “C” tranche, with the “C” tranche being the most subordinate. The Company’s loan constituted the entirety of the “C” tranche. The Company also extended a mezzanine loan to the borrower group. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.
(5)The secured term loan was structured with an “A” and a “B” tranche, with the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders. The Company’s loan constituted the entirety of the “B” tranche. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.
(6)The first mortgage loans on these properties are not held by the Company. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.
Changes in mortgage secured and mezzanine loans are summarized as follows (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of period$178,568 $156,368 $15,155 
Additions during period:
New mortgage and mezzanine loans555,203 53,834 147,150 
Interest income added to principal2,600 388 1,165 
Deductions during period:
Paydowns/Repayments(4,412)(25,537)— 
Unrealized gain (loss), net9,045 (6,485)(7,102)
Balance at end of period$741,004 $178,568 $156,368