Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

At June 30, 2022, we had commitments as follows (in thousands):


						Total
	Investment			2022		Commitment		Remaining
	Commitment			Funding		Funded		Commitment
Real estate properties(Footnote 2. Real Estate Investments)	$	15,593	⁽¹⁾	$	2,133	$	3,771	$	11,822
Accrued incentives and earn-out liabilities (Footnote 5. Lease Incentives)		12,000	⁽²⁾		—		—		12,000
Mortgage loans (Footnote 2. Real Estate Investments)		32,507	⁽³⁾		858		4,598		27,909
Notes receivable (Footnote 4. Notes Receivable)		27,380			11,788		15,558		11,822
Total	$	87,480		$	14,779	$	23,927	$	63,553

(1)	Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing properties.

(2)

Additionally, during the six months ended June 30, 2022, we purchased four skilled nursing centers in Texas and leased these properties under a 10-year lease with an existing operator. The lease provides either an earn-out payment up to $3,000 or a purchase option but not both. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Footnote 2.

(3)	Represents $14,507 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios.