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Loans Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
December 31,
 20242023
Secured loans(1)(2)
$638,482 $178,678 
CCRC resident loans61,273 42,733 
Mezzanine loans(2)
50,314 — 
Unamortized discounts and fees(3)
(22,380)(131)
Reserve for loan losses(10,499)(2,830)
Loans receivable, net$717,190 $218,450 
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(1)At December 31, 2024, the Company had $85 million of remaining commitments to fund additional loans for outpatient medical capital expenditure projects, of which $49 million related to loans acquired as part of the Merger. At December 31, 2023, the Company had $29 million of remaining commitments to fund additional loans for senior housing redevelopment and capital expenditure projects. This $29 million commitment was reduced to zero in February 2024 in conjunction with the refinance of the Sunrise Senior Housing Portfolio Seller Financing as discussed below.
(2)Includes secured loans and mezzanine loans acquired as part of the Merger (see Note 3).
(3)As of December 31, 2024, includes net unamortized discounts of $3 million related to the loans receivable acquired as part of the Merger (see Note 3) and an $18 million unamortized mark-to-market discount related to the Outpatient Medical Seller Financing as discussed below.
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses 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 December 31, 2024 (in thousands):
Investment Type
Year of Origination(1)
Total
20242023202220212020Prior
Secured loans
Risk rating:
Performing loans$433,801 $48,663 $25,232 $105,088 $— $— $612,784 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$433,801 $48,663 $25,232 $105,088 $— $— $612,784 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$13,653 $5,284 $4,446 $6,572 $10,094 $3,084 $43,133 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$13,653 $5,284 $4,446 $6,572 $10,094 $3,084 $43,133 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
CCRC resident loans
Risk rating:
Performing loans$59,321 $1,790 $162 $— $— $— $61,273 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total CCRC resident loans
$59,321 $1,790 $162 $— $— $— $61,273 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
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(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Schedule of Financing Receivable, Allowance for Credit Loss The following table summarizes the Company’s reserve for loan losses (in thousands):
 December 31, 2024December 31, 2023
 Secured Loans
Mezzanine Loans and Other(1)
TotalSecured Loans
Mezzanine Loans and Other(1)
Total
Reserve for loan losses, beginning of period$2,830 $— $2,830 $8,280 $— $8,280 
Provision for expected loan losses on funded loans receivable2,744 4,925 7,669 2,088 — 2,088 
Expected loan losses (recoveries) related to loans sold or repaid
— — — (7,538)— (7,538)
Reserve for loan losses, end of period$5,574 $4,925 $10,499 $2,830 $— $2,830 
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(1)Includes CCRC resident loans.