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OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
Schedule of Other Real Estate Related Investments, at Fair Value
As of December 31, 2024 and 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):
Other Real Estate Related Investments:
Facility Count and Type
As of December 31, 2024
Loans Receivable, at Fair Value:SNFCampusALFILF
Principal Balance as of December 31, 2024
Fair Value as of December 31, 2024(1)
Fair Value as of December 31, 2023(1)
Weighted Average Contractual Interest Rate(2), (3)
Maturity Date
Mortgage secured loans receivable(4)
62 4 19 2 $658,400 $660,392 $156,769 8.8 %5/31/2025 - 9/30/2039
Mezzanine loans receivable(4)
40 4 2 — 82,287 80,612 21,799 12.8 %7/25/2027 - 12/31/2034
Total$740,687 $741,004 $178,568 
As of December 31, 2024
Principal Balance as of December 31, 2024
Book Value as of December 31, 2024
Book Value as of December 31, 2023
Weighted Average Contractual Interest RateMaturity Date
Preferred Equity$53,782 $54,199 $1,801 11.1 %N/A
Total$53,782 $54,199 $1,801 
Facility Count and Type
As of December 31, 2024
Financing Receivable, at Fair Value:SNFCampusALFILF
Principal Balance as of December 31, 2024
Fair Value as of December 31, 2024(5)
Fair Value as of December 31, 2023
Weighted Average Effective Interest Rate(6)
Maturity Date
Financing Receivable39 — 5 2 $95,723 $96,004 $— 12.0 %11/30/2039
Total$95,723 $96,004 $— 
(1)Fair value of mortgage secured loans receivable includes $3.4 million and $1.5 million of accrued interest as of December 31, 2024 and 2023, respectively. Fair value of mezzanine loans receivable includes $0.9 million and $0.2 million of accrued interest as of December 31, 2024 and 2023, respectively.
(2)Rates are net of subservicing fee, if applicable.
(3)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 December 31, 2024 was 4.34%.
(4)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.
(5)Fair value of financing receivable includes $0.3 million of accrued interest for the year ended December 31, 2024.
(6)The Company leased these facilities back to the seller under a 15-year contract, with two five-year renewal options. The agreement provides for an initial contractual cash yield of 11.0% for the first three years, with annual CPI-based escalators beginning in year four, subject to a 3% cap. The agreement provides for deferred payments equal to 2.0% of the contractual cash yield in the first year and 0.5% of the contractual cash yield in the second year. At the time the seller-lessee exercises its purchase options, option proceeds will be used to repay any outstanding deferred payments as well as additional payments such that the Company receives a contractual cash yield of 12.5% on its gross investment in the applicable properties through the option exercise date. If any deferred amounts remain unpaid, beginning in year eight, the deferred amounts are to be repaid in 24 equal monthly payments. The Company has not received notice of exercise for the purchase option period currently open.
Schedule of Other Real Estate Related Investment Activity
The following table summarizes the Company’s other real estate related investments activity for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):
For the Year Ended December 31,
2024
2023
2022
Origination of other real estate related investments$607,203 $53,834 $147,150 
Accrued interest, net2,998 388 1,165 
Unrealized gain (loss) on other real estate related investments, net9,045 (6,485)(7,102)
Payments of other real estate related investments(4,412)(25,537)— 
Net change in other real estate related investments$614,834 $22,200 $141,213 
As of December 31, 2024 and 2023, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets, consisted of the following (dollars in thousands):
As of December 31, 2024
Investment
Principal Balance as of December 31, 2024
Book Value as of December 31, 2024
Book Value as of December 31, 2023
Weighted Average Contractual Interest RateMaturity Date
Other loans receivable$21,979 $22,010 $17,156 9.0 %9/30/2025 - 12/31/2027
Expected credit loss— (6,994)(2,094)
Total$21,979 $15,016 $15,062 
Schedule of Loan Receivable Activity
The following table summarizes the Company’s other loans receivable activity for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
For the Year Ended December 31,
2024
2023
2022
Origination of loans receivable$4,985 $8,486 $14,500 
Principal payments(100)(988)(6,307)
Accrued interest, net(31)58 (4)
Provision for loan losses, net(4,900)— (3,844)
Net (decrease) increase in other loans receivable$(46)$7,556 $4,345 
Schedule of Interest and Other Income
The following table summarizes the interest and other income recognized from the other real estate related investments, other loans receivable, and other investments during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
For the Year Ended December 31,
Investment202420232022
Mortgage secured loans receivable$35,972 $13,329 $4,853 
Mezzanine loans receivable9,456 3,683 3,489 
Preferred equity investments2,826 18 — 
Other loans receivable1,227 847 284 
Financing receivable1,009 — — 
Other(1)
17,535 1,294 — 
Total$68,025 $19,171 $8,626 
(1)Other income is comprised primarily of interest income on money market funds.