Loans Receivable

9 Months Ended

Sep. 30, 2019

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



	September 30, 2019								December 31, 2018
	Real Estate Secured		Other Secured			Total			Real Estate Secured		Other Secured			Total
Mezzanine	$	—	$	25,702		$	25,702		$	—	$	21,013		$	21,013
Participating development loans and other⁽¹⁾	111,942		—			111,942			42,037		—			42,037
Unamortized discounts, fees and costs	—		(25		)	(25		)	—		(52		)	(52		)
	$	111,942	$	25,677		$	137,619		$	42,037	$	20,961		$	62,998

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(1)	At September 30, 2019, the Company had $17 million remaining of commitments to fund a $115 million senior living development project.

Loans Receivable Internal Ratings

The following table summarizes the Company’s internal ratings for loans receivable at September 30, 2019 (dollars in thousands):



	Carrying Amount		Percentage of Loan Portfolio	Internal Ratings
Investment Type	Carrying Amount		Percentage of Loan Portfolio	Performing Loans		Watch List Loans		Workout Loans
Real estate secured	$	111,942	81	$	111,942	$	—	$	—
Other secured	25,677		19	25,677		—		—
	$	137,619	100	$	137,619	$	—	$	—

U.K. Bridge Loan

In 2016, the Company provided a £105 million ($131 million at closing) bridge loan (the “U.K. Bridge Loan”) to Maria Mallaband Care Group Ltd. (“MMCG”) to fund the acquisition of a portfolio of seven care homes in the U.K. Under the U.K. Bridge Loan, the Company retained a three year call option to acquire those seven care homes at a future date for £105 million, subject to certain conditions precedent being met. In March 2018, upon resolution of all conditions precedent, the Company began the process of exercising its call option to acquire the seven care homes and concluded that it should consolidate the real estate. As a result, the Company derecognized the outstanding loan receivable of £105 million and recognized a £29 million ($41 million) loss on consolidation. Refer to Note 15 for the complete impact of consolidating the seven care homes during the first quarter of 2018.

In June 2018, the Company completed the process of exercising the above-mentioned call option. The seven care homes acquired through the call option were included in the U.K. JV transaction (see Note 4).