Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans Receivable

The following table summarizes the Company’s loans receivable (in thousands):

	March 31, 2023		December 31, 2022
Secured loans(1)	$	214,238	$	350,837
CCRC resident loans	36,470		33,083
Unamortized discounts, fees, and costs	(1,407)		(808)
Reserve for loan losses	(6,152)		(8,280)
Loans receivable, net	$	243,149	$	374,832

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(1)At each of March 31, 2023 and December 31, 2022, the Company had $40 million remaining of commitments to fund additional loans for senior housing redevelopment and capital expenditure projects.

Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of March 31, 2023 (in thousands):

Investment Type	Year of Origination												Total
	2023		2022		2021		2020		2019		Prior
Secured loans
Risk rating:
Performing loans	$	—	$	—	$	163,562	$	43,117	$	—	$	—	$	206,679
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total secured loans	$	—	$	—	$	163,562	$	43,117	$	—	$	—	$	206,679
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CCRC resident loans
Risk rating:
Performing loans	$	14,482	$	21,910	$	—	$	78	$	—	$	—	$	36,470
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total CCRC resident loans	$	14,482	$	21,910	$	—	$	78	$	—	$	—	$	36,470
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of Financing Receivable, Allowance for Credit Loss

The following table summarizes the Company’s reserve for loan losses (in thousands):

	March 31, 2023						December 31, 2022
	Secured Loans		Other(1)		Total		Secured Loans		Other(1)		Total
Reserve for loan losses, beginning of period	$	8,280	$	—	$	8,280	$	1,804	$	9	$	1,813
Provision for expected loan losses	(171)		—		(171)		6,527		7		6,534
Expected loan losses (recoveries) related to loans sold or repaid	(1,957)		—		(1,957)		(51)		(16)		(67)
Reserve for loan losses, end of period	$	6,152	$	—	$	6,152	$	8,280	$	—	$	8,280

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(1)Includes CCRC resident loans and other loan activity.