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Loans Receivable (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 September 30,
2025		December 31,
2024
Secured loans(1)
$580,912 $638,482 
CCRC resident loans66,549 61,273 
Mezzanine loans53,120 50,314 
Unamortized discounts and fees(15,477)(22,380)
Reserve for loan losses(11,602)(10,499)
Loans receivable, net$673,502 $717,190 
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(1)At September 30, 2025, the Company had $121 million of remaining commitments to fund additional principal on loans for outpatient medical and lab capital expenditure projects. At December 31, 2024, the Company had $85 million of remaining commitments to fund additional principal on loans for outpatient medical capital expenditure projects.
Schedule of Internal Ratings for Loans Receivable
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 September 30, 2025 (in thousands):
Investment Type
Year of Origination(1)
Total
2025
2024202320222021Prior
Secured loans
Risk rating:
Performing loans$36,445 $441,192 $53,216 $30,302 $— $— $561,155 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$36,445 $441,192 $53,216 $30,302 $— $— $561,155 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
Mezzanine loans
Risk rating:
Performing loans$4,245 $13,406 $5,139 $4,651 $7,158 $11,199 $45,798 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine loans$4,245 $13,406 $5,139 $4,651 $7,158 $11,199 $45,798 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
CCRC resident loans
Risk rating:
Performing loans$55,461 $10,878 $175 $35 $— $— $66,549 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total CCRC resident loans$55,461 $10,878 $175 $35 $— $— $66,549 
Current period gross write-offs$— $— $— $— $— $— $— 
Current period recoveries— — — — — — — 
Current period net write-offs$— $— $— $— $— $— $— 
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(1)Additional fundings under existing loans are included in the year of origination of the initial loan.
Schedule of Reserve for Loan Losses
The following table summarizes the Company’s reserve for loan losses (in thousands):
 September 30, 2025December 31, 2024
 Secured Loans
Mezzanine Loans and Other(1)
TotalSecured Loans
Mezzanine Loans and Other(1)
Total
Reserve for loan losses, beginning of period$5,574 $4,925 $10,499 $2,830 $— $2,830 
Provision for expected loan losses (recoveries) on funded loans receivable1,153 1,581 2,734 2,744 4,925 7,669 
Expected loan losses (recoveries) related to loans sold or repaid(1,460)(171)(1,631)— — — 
Reserve for loan losses, end of period$5,267 $6,335 $11,602 $5,574 $4,925 $10,499 
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(1)Includes CCRC resident loans.