LOANS RECEIVABLE AND INVESTMENTS

As of March 31, 2016 and December 31, 2015, we had $1.0 billion and $895.0 million, respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our net loans receivable and investments as of March 31, 2016 and December 31, 2015, including amortized cost, fair value and unrealized gains or losses on available-for-sale investments:



	March 31, 2016
	Carrying Amount		Amortized Cost		Fair Value		Unrealized Gain
	(In thousands)

Secured mortgage loans and other	$	938,516	$	938,516	$	967,776	$	—
Government-sponsored pooled loan investments (1)	64,082		62,352		64,082		1,730
Total investments reported as Secured loans receivable and investments, net	1,002,598		1,000,868		1,031,858		1,730

Non-mortgage loans receivable	38,096		38,096		39,289		—
Total investments reported as Other assets	38,096		38,096		39,289		—
Total net loans receivable and investments	$	1,040,694	$	1,038,964	$	1,071,147	$	1,730

(1) Investments in government-sponsored pool loans have contractual maturity dates in 2023.



	December 31, 2015
	Carrying Amount		Amortized Cost		Fair Value		Unrealized Gain
	(In thousands)

Secured mortgage loans and other	$	793,433	$	793,433	$	816,849	$	—
Government-sponsored pooled loan investments	63,679		62,130		63,679		1,549
Total investments reported as Secured loans receivable and investments, net	857,112		855,563		880,528		1,549

Non-mortgage loans receivable	37,926		37,926		38,806		—
Total investments reported as Other assets	37,926		37,926		38,806		—
Total net loans receivable and investments	$	895,038	$	893,489	$	919,334	$	1,549

2016 Activity

In February 2016 we made a $140.0 million secured mezzanine loan investment, at par, relating to Class A life sciences properties in California and Massachusetts that has an annual interest rate of 9.95% and matures in 2021.

2015 Activity

We issued one non-mortgage loan ($20.0 million) and one secured loan ($78.4 million) to buyers in connection with the sales of certain assets in February and October, respectively. In June 2015 we sold our $71.0 million investment in senior unsecured corporate bonds for $76.8 million. We recognized a gain of $5.8 million that is included within income from loans and investments in our Consolidated Statements of Income for the year ended December 31, 2015. This gain includes $5.0 million that was previously unrealized within accumulated other comprehensive income on our Consolidated Balance Sheets as of December 31, 2014.

During the year ended December 31, 2015, we received aggregate proceeds of $97.0 million in final repayment of three secured and one non-mortgage loans receivable. We recognized gains aggregating $1.9 million on the repayment of these loans receivable that are recorded in income from loans and investments in our Consolidated Statements of Income for the year ended December 31, 2015.