Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2020

The following table summarizes the Company’s loans receivable (in thousands):


	September 30, 2020		December 31, 2019
Secured mortgage loans(1)	$	212,393	$	161,964
Mezzanine and other	52,052		27,752

Unamortized discounts, fees, and costs	887		863
Reserve for loan losses	(11,547)		—
Loans receivable including loans receivable held for sale	253,785		190,579
Loans receivable held for sale	(22,623)		—
Loans receivable, net	$	231,162	$	190,579

_______________________________________

(1)At September 30, 2020, the Company had $14 million remaining of commitments to fund $196 million of senior housing development and redevelopment projects. At December 31, 2019, the Company had $25 million remaining of commitments to fund $174 million of senior housing development and redevelopment projects.

Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination

The following table summarizes the Company’s internal ratings for DFLs at September 30, 2020 (dollars in thousands):


	Carrying Amount		Percentage of DFL Portfolio	Internal Ratings
Segment				Performing DFLs		Watch List DFLs		Workout DFLs

Other non-reportable segments	$	44,706	100	$	44,706	$	—	$	—
	$	44,706	100	$	44,706	$	—	$	—

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of September 30, 2020 (dollars in thousands):


Investment Type	Year of Origination										Total
	2020		2019		2018		2017		2016
Secured mortgage loans(1)
Risk rating:
Performing loans	$	36,805	$	58,998	$	—	$	114,459	$	—	$	210,262
Watch list loans	—		—		—		—		—		—
Workout loans	—		—		—		—		—		—
Total secured mortgage loans	$	36,805	$	58,998	$	—	$	114,459	$	—	$	210,262



Mezzanine and other(1)
Risk rating:
Performing loans	$	18,966	$	14,243	$	—	$	—	$	8,453	$	41,662
Watch list loans	—		—		—		1,861		—		1,861
Workout loans	—		—		—		—		—		—
Total mezzanine and other	$	18,966	$	14,243	$	—	$	1,861	$	8,453	$	43,523

_______________________________________

(1)Includes loans receivable held for sale.

Schedule of Financing Receivable, Allowance for Credit Loss

The following table summarizes the Company’s reserve for loan losses at September 30, 2020 (in thousands):


	September 30, 2020
	Secured Mortgage Loans		Mezzanine and Other		Total
Reserve for loan losses, December 31, 2019	$	—	$	—	$	—
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings	513		907		1,420
Provision for expected loan losses	1,851		8,276		10,127


Reserve for loan losses, September 30, 2020	$	2,364	$	9,183	$	11,547