Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2023

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


	September 30, 2023		December 31, 2022
Secured loans(1)	$	192,187	$	350,837
CCRC resident loans	42,215		33,083
Unamortized discounts and fees	(498)		(808)
Reserve for loan losses	(8,023)		(8,280)
Loans receivable, net	$	225,881	$	374,832

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(1)At September 30, 2023 and December 31, 2022, the Company had $36 million and $40 million, respectively, remaining of commitments to fund additional loans for 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 reserves for loan losses, as of September 30, 2023 (in thousands):


Investment Type	Year of Origination												Total
	2023		2022		2021(1)		2020		2019		Prior
Secured loans
Risk rating:
Performing loans	$	—	$	—	$	167,736	$	15,930	$	—	$	—	$	183,666
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total secured loans	$	—	$	—	$	167,736	$	15,930	$	—	$	—	$	183,666
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CCRC resident loans
Risk rating:
Performing loans	$	38,701	$	3,514	$	—	$	—	$	—	$	—	$	42,215
Watch list loans	—		—		—		—		—		—		—
Workout loans	—		—		—		—		—		—		—
Total CCRC resident loans	$	38,701	$	3,514	$	—	$	—	$	—	$	—	$	42,215
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—
Current period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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(1)Additional financing funded on the Sunrise Senior Housing Portfolio Seller Financing (as discussed above) is included in the year of origination of the initial financing.

Schedule of Financing Receivable, Allowance for Credit Loss

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


	September 30, 2023						December 31, 2022
	Secured Loans		Other(1)		Total		Secured Loans		Other(1)		Total
Reserve for loan losses, beginning of period	$	8,280	$	—	$	8,280	$	1,804	$	9	$	1,813

Provision for expected loan losses	2,539		—		2,539		6,527		7		6,534
Expected loan losses (recoveries) related to loans sold or repaid	(2,796)		—		(2,796)		(51)		(16)		(67)



Reserve for loan losses, end of period	$	8,023	$	—	$	8,023	$	8,280	$	—	$	8,280

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(1)Includes CCRC resident loans and other loan activity.