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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

At December 31, 2024, we had commitments as follows (in thousands):


						Total
	Investment			2024		Commitment		Remaining
	Commitment			Funding		Funded		Commitment
Real estate properties(Note 5. Real Estate Investments)	$	16,848	⁽¹⁾	$	10,308	$	11,259	$	5,589
Accrued incentives and earn-out liabilities (Note 8. Lease Incentives)		4,525	⁽²⁾		—		—		4,525
Mortgage loans (Note 5. Real Estate Investments)		63,620	⁽³⁾		12,754		14,754		48,866
Joint venture investments (Note 6. Investments in Unconsolidated Joint Ventures)		1,536	⁽⁴⁾		98		98		1,438
Notes receivable (Note 7. Notes Receivable)		760	⁽⁵⁾		—		—		760
Total	$	87,289		$	23,160	$	26,111	$	61,178

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

(2)

Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. 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 Note 5. Real Estate Investments.

(3)

Represents $19,500 of commitment related to a construction loan, $26,120 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.

(4)

Represents an interest reserve of $750 and capital expenditure reserves of $786 related to a mortgage loan secured by a combination SNF and ALF property in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note. 6 Investment in Unconsolidated Joint Ventures.

(5)	Represents working capital loan commitments.