Other Real Estate Investments, Net

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

OTHER REAL ESTATE INVESTMENTS

As of March 31, 2022 and December 31, 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):


								As of March 31, 2022
Investment	Financial Statement Line Item	Principal Balance as of March 31, 2022		Book Value as of March 31, 2022		Book Value as of December 31, 2021		Weighted Average Contractual Interest Rate		Maturity Date
Mezzanine loan receivable	Other real estate investments	$	15,000	$	15,155	$	15,155	12.0	%	11/30/2025
Other loans receivable	Prepaid expenses and other assets, net	5,516		5,523		3,161		8.0	%	9/1/2023 - 12/31/2023
Expected credit loss	Prepaid expenses and other assets, net	(4,594)		(4,594)		—
Total		$	15,922	$	16,084	$	18,316

Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated statements of operations. During the three months ended March 31, 2022, the Company recorded a $4.6 million expected credit loss related to two other loans receivable that were placed on non-accrual status, including an unfunded loan commitment of $0.4 million, net of a loan loss recovery of $0.8 million related to a loan previously written-off. As of December 31, 2021, the Company had no expected credit loss and did not consider any loan receivable investments to be impaired.

The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the quarter ended March 31, 2022 and 2021 (dollars in thousands):


	For the Three Months Ended March 31,
Investment	2022		2021
Mezzanine loan receivable	$	450	$	450


Other	19		55
Total	$	469	$	505