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Loans Receivable
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans Receivable Loans Receivable
At December 31, 2023 and 2022, loans receivable were as follows:
As of December 31,
(In thousands)20232022
Amortized cost (net of allowance for expected credit losses):
Real estate loans$200,381 $173,616 
Commercial loans890 19,386 
Total$201,271 $193,002 
Fair value:
Real estate loans$197,354 $168,595 
Commercial loans890 19,386 
Total$198,244 $187,981 
The real estate loans are secured by commercial and residential real estate primarily located in London and New York. These loans generally earn interest at fixed or stepped interest rates and have maturities through 2026. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans primarily earn interest on a fixed basis and have varying maturities generally not exceeding 10 years.
In 2023, the Company recognized an $18.8 million impairment on commercial loans.
Loans receivable in non-accrual status was none and $0.2 million as of December 31, 2023 and 2022, respectively.
The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the years ended December 31, 2023 and 2022:
20232022
(In thousands)Real Estate LoansCommercial LoansTotalReal Estate LoansCommercial LoansTotal
Allowance for expected credit losses, beginning of period$1,100 $691 $1,791 $1,362 $356 $1,718 
Reduction due to write-offs— (569)(569)— — — 
Change in allowance for expected credit losses1,883 (101)1,782 (262)335 73 
Allowance for expected credit losses, end of period$2,983 $21 $3,004 $1,100 $691 $1,791 
During the year ended December 31, 2023, the Company increased the allowance for expected credit losses due to changes in economic assumptions utilized in its credit loss model.
The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions.
In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions.