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LOANS RECEIVABLE AND OTHER INVESTMENTS
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
As of September 30, 2021 and December 31, 2020, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
September 30, 2021
InvestmentQuantity
as of
September 30,
2021		Property Type
Principal Balance
as of
September 30,
2021 (1)
Book Value
as of
September 30,
2021		Book Value
as of
December 31, 2020		Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of ReturnMaturity Date
as of
September 30,
2021
Loans Receivable:
Mortgage1 Specialty Hospital$19,000 $19,000 $19,000 10.0 %10.0 %01/31/27
Construction1 Senior Housing3,343 3,348 3,352 8.0 %7.8 %09/30/22
Other15 Multiple40,333 36,549 39,005 6.8 %6.9 %12/03/21- 08/31/28
17 62,676 58,897 61,357 7.9 %7.9 %
Allowance for loan losses— (4,269)(2,458)
$62,676 $54,628 $58,899 
Other Investments:
Preferred Equity8 Skilled Nursing / Senior Housing51,035 51,268 43,940 11.2 %11.2 %N/A
Total 25 $113,711 $105,896 $102,839 9.3 %9.4 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of September 30, 2021 and December 31, 2020, the Company had four loans receivable investments, with an aggregate principal balance of $1.9 million and $2.1 million, respectively, that were considered to have deteriorated credit quality. As of September 30, 2021 and December 31, 2020, the book value of the outstanding loans with deteriorated credit quality was $0.3 million and $0.5 million, respectively.
During the three months ended September 30, 2021, no adjustment to the Company’s allowance for loan losses was necessary, and during the nine months ended September 30, 2021, the Company increased its allowance for loan losses by $1.8 million. During the three months ended September 30, 2020, the Company decreased its allowance for loan losses by $0.1 million, and during the nine months ended September 30, 2020, the Company increased its allowance for loan losses by $0.7 million.
As of September 30, 2021, the Company had a $4.3 million allowance for loan losses and three loans receivable investments with no book value were on nonaccrual status. As of September 30, 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.
As of December 31, 2020, the Company had a $2.5 million allowance for loan losses and two loans receivable investments with no book value were on nonaccrual status. As of December 31, 2020, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.