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Loans Receivable
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Loans Receivable Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of credit allowance, or for non-real estate loans receivable, in receivables and other assets. The following is a summary of our loans receivable (in thousands):
 Year Ended December 31,
 20242023
Mortgage loans$1,540,437 $1,057,516 
Other real estate loans290,438 324,660 
Allowance for credit losses on real estate loans receivable(25,831)(20,589)
Real estate loans receivable, net of credit allowance1,805,044 1,361,587 
Non-real estate loans230,508 503,993 
Allowance for credit losses on non-real estate loans receivable(7,966)(173,874)
Non-real estate loans receivable, net of credit allowance222,542 330,119 
Total loans receivable, net of credit allowance$2,027,586 $1,691,706 
Accrued interest receivable was $32,205,000 and $31,798,000 as of December 31, 2024 and December 31, 2023, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets.
The following is a summary of our loan activity for the periods presented (in thousands):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Advances on loans receivable$623,501 $490,736 $156,045 
Less: Receipts on loans receivable294,409 90,215 196,310 
Net cash advances (receipts) on loans receivable$329,092 $400,521 $(40,265)
During the year ended December 31, 2024, we provided a first mortgage loan in the amount of $456,199,000, collateralized by a portfolio of seniors housing communities. The loan bears interest at 10% per annum.
The following is a summary of our loans by credit loss category (in thousands):
December 31, 2024
Loan categoryYears of OriginationLoan Carrying ValueAllowance for Credit LossNet Loan BalanceNo. of Loans
Deteriorated loans2007 - 2019$9,450 $(7,293)$2,157 3
Collective loan pool2010 - 2019141,404 (1,815)139,589 11
Collective loan pool202034,390 (442)33,948 5
Collective loan pool2021865,713 (11,271)854,442 10
Collective loan pool202290,953 (1,168)89,785 13
Collective loan pool2023325,479 (4,181)321,298 10
Collective loan pool2024593,994 (7,627)586,367 14
Total loans$2,061,383 $(33,797)$2,027,586 66 
Both the unsecured and the secured notes with Genesis are recorded in non-real estate loans receivable. The unsecured notes were included in the deteriorated loan category and per our policy, we did not recognize interest income on these notes during the three years ended December 31, 2024. As of December 31, 2023, the outstanding contractual balance of the unsecured notes was $290,296,000 and the carrying value was $24,246,000 after the application of an allowance for credit losses and consideration of unrecognized interest. The carrying value of the secured indebtedness payable by Genesis to us was $166,859,000. During the year ended December 31, 2024, we sold the entirety of the Genesis unsecured notes receivable for cash proceeds of $24,246,000. In addition, we sold a portion of the secured notes receivable from Genesis for cash proceeds of $74,134,000. The cash proceeds from these sales are included in receipts on loans receivable in the summary of loan activity table above. Additionally, during 2024 the secured notes were modified to extend the maturity date to June 30, 2026 and to convert to cash-pay interest beginning January 1, 2025.
The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the activity within the allowance for credit losses on loans receivable for the periods presented (in thousands):
 Year Ended December 31,
 202420232022
Balance at beginning of year$194,463 $164,249 $166,785 
Provision for loan losses, net(1)
10,125 8,797 (1,394)
Purchased deteriorated loan— 19,077 — 
Reserve for unrecognized interest added to principal— 2,066 — 
Loan write-offs(170,483)— — 
Foreign currency translation(308)274 (1,142)
Balance at end of year$33,797 $194,463 $164,249 
(1) Excludes the provision for loan loss on held-to-maturity debt securities.