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Loans Receivable (Tables)
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Schedule of Loans Receivable
The following table summarizes the Company’s loans receivable (in thousands):
 September 30, 2021December 31, 2020
Secured loans(1)
$395,303 $161,530 
Mezzanine and other23,701 44,347 
Unamortized discounts, fees, and costs(5,215)(222)
Reserve for loan losses(2,727)(10,280)
Loans receivable, net$411,062 $195,375 
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(1)At September 30, 2021, the Company had $59 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 September 30, 2021 (in thousands):
Investment TypeYear of OriginationTotal
20212020201920182017Prior
Secured loans
Risk rating:
Performing loans$308,504 $76,749 $2,122 $— $— $— $387,375 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total secured loans$308,504 $76,749 $2,122 $— $— $— $387,375 
Mezzanine and other
Risk rating:
Performing loans$21,808 $1,777 $102 $— $— $— $23,687 
Watch list loans— — — — — — — 
Workout loans— — — — — — — 
Total mezzanine and other$21,808 $1,777 $102 $— $— $— $23,687 
Schedule of Financing Receivable, Allowance for Credit Loss
The following table summarizes the Company’s reserve for loan losses (in thousands):
 September 30, 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 
Expected loan losses related to loans sold or repaid(1)
(1,643)(8,015)(9,658)(259)(8,135)(8,394)
Expected loan losses related to loans transferred to held for sale(2)
(498)— (498)— — — 
Provision for expected loan losses1,702 901 2,603 2,898 14,356 17,254 
Reserve for loan losses, end of period$2,713 $14 $2,727 $3,152 $7,128 $10,280 
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(1)Includes five loans sold or repaid during the nine months ended September 30, 2021 and three loans sold or repaid during the year ended December 31, 2020.
(2)Includes one loan held for sale at September 30, 2021.