Notes and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Notes and other receivables

Notes and other receivables consist of the following as of September 30, 2020 and December 31, 2019 ($ in thousands):

	September 30, 2020		December 31, 2019
Note receivable, secured, bearing interest at 9.00%, due May 2021 (Originated May 2017) (1)	$	—	$	16,828
Note receivable, secured, bearing interest at 9.90%, due November 2021 (Originated November 2018)	13,857		12,838
Related party note receivable, secured, bearing variable rate interest, due February 2020 (Originated November 2019) (2)(3)	—		85,713
Notes receivable, secured, bearing interest at 10.50%, due February 2023 (Originated March 2020)	7,499		—
Note receivable, secured, bearing interest at 11.00%, due October 2023 (Originated April 2020)	13,134		—
Notes and other receivables from affiliates (4)	5,505		4,442
Straight line rent receivables	21,373		6,083
Other receivables	14,236		8,461
Allowance for credit losses	(172)		—
Total notes and other receivables	$	75,432	$	134,365

(1) In January 2020, the Company received cash of $16.9 million from the payoff of this note receivable.

(2) See Note 6, Related Party Transactions, for additional details.

(3) In January 2020, the Company received cash of $85.8 million from the payoff of this note receivable.

(4) These amounts consist of short-term loans outstanding and due from various joint ventures as of September 30, 2020 and December 31, 2019. See Note 6, Related Party Transactions, for additional details.

Schedule of allowance for credit loss

The following table presents the allowance for credit losses rollforward for the mortgage backed security ($ in thousands):

Balance at December 31, 2019	$	—
Impact of adoption ASC 326 (1)	13,644
Provision for credit losses	—
Balance at September 30, 2020	$	13,644

(1) As part of the adoption of ASC 326, effective January 1, 2020, the Company recorded a gross up of the mortgage backed security and related allowance for credit losses of $13.6 million. This gross up had no effect on the Company's consolidated results of operations or financial position.

The following table presents the activity in the allowance for credit losses for notes and other receivables by loan type ($ in thousands):

	Mezzanine Loans		Bridge Loans		Total
Balance at December 31, 2019	$	—	$	—	$	—
Impact of adoption ASC 326	147		43		190
Provision for credit losses	25		(43)		(18)
Balance at September 30, 2020	$	172	$	—	$	172