Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2021

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


	December 31,
	2021		2020
Secured loans(1)	$	396,281	$	161,530
Mezzanine and other	25,529		44,347
Unamortized discounts, fees, and costs	(4,186)		(222)
Reserve for loan losses	(1,813)		(10,280)


Loans receivable, net	$	415,811	$	195,375

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(1)At December 31, 2021 and 2020, the Company had $58 million and $11 million, respectively, remaining of commitments to fund senior housing redevelopment and capital expenditure projects.

Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and reserves for loan losses, as of December 31, 2021 (in thousands):


Investment Type	Year of Origination												Total
	2021		2020		2019		2018		2017		Prior
Secured loans
Risk rating:
Performing loans	$	309,494	$	78,606	$	2,191	$	—	$	—	$	—	$	390,291
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total secured loans	$	309,494	$	78,606	$	2,191	$	—	$	—	$	—	$	390,291



Mezzanine and other
Risk rating:
Performing loans	$	23,901	$	1,522	$	97	$	—	$	—	$	—	$	25,520
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total mezzanine and other	$	23,901	$	1,522	$	97	$	—	$	—	$	—	$	25,520

Schedule of Financing Receivable, Allowance for Credit Loss

The following table summarizes the Company’s reserve for loan losses (in thousands):


	December 31, 2021						December 31, 2020
	Secured Loans		Mezzanine and Other		Total		Secured Loans		Mezzanine and Other		Total
Reserve for loan losses, beginning of period	$	3,152	$	7,128	$	10,280	$	—	$	—	$	—
Cumulative-effect of adopting ASU 2016-13 to beginning retained earnings	—		—		—		513		907		1,420
Provision for expected loan losses	793		896		1,689		2,898		14,356		17,254
Expected loan losses related to loans sold or repaid(1)	(2,141)		(8,015)		(10,156)		(259)		(8,135)		(8,394)



Reserve for loan losses, end of period	$	1,804	$	9	$	1,813	$	3,152	$	7,128	$	10,280

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(1)Includes six loans sold or repaid during the year ended December 31, 2021 and three loans sold or repaid during the year ended December 31, 2020.