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Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 March 31, 2021December 31, 2020
Secured loans(1)
$724,389 $161,530 
Mezzanine and other44,513 44,347 
Unamortized discounts, fees, and costs(14,626)(222)
Reserve for loan losses(14,134)(10,280)
Loans receivable, net$740,142 $195,375 
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(1)At March 31, 2021, the Company had $100 million remaining of commitments to fund senior housing redevelopment and capital expenditure projects. At December 31, 2020, the Company had $11 million remaining of commitments to fund senior housing redevelopment and capital expenditure projects.
Schedule of Financing Receivable Credit Quality Indicators and by Year of Origination
The following table summarizes, by year of origination, the Company’s internal ratings for loans receivable, net of unamortized discounts, fees, and costs and reserves for loan losses, as of March 31, 2021 (dollars in thousands):
Investment TypeYear of OriginationTotal
20212020201920182017Prior
Secured loans
Risk rating:
Performing loans$543,310 $96,665 $63,381 $— $— $— $703,356 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$543,310 $96,665 $63,381 $— $— $— $703,356 
Mezzanine and other
Risk rating:
Performing loans$12,274 $12,113 $10,535 $— $— $— $34,922 
Watch list loans— — — — — 1,864 1,864 
Workout loans— — — — — — — 
Total mezzanine and other$12,274 $12,113 $10,535 $— $— $1,864 $36,786 
Schedule of Financing Receivable, Allowance for Credit Loss
The following table summarizes the Company’s reserve for loan losses (in thousands):
 March 31, 2021December 31, 2020
 Secured LoansMezzanine and OtherTotalSecured LoansMezzanine and OtherTotal
Reserve for loan losses, beginning of period$3,152 $7,128 $10,280 $— $— $— 
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings— — — 513 907 1,420 
Provision for expected loan losses2,740 1,114 3,854 2,639 6,221 8,860 
Reserve for loan losses, end of period$5,892 $8,242 $14,134 $3,152 $7,128 $10,280