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Loans Receivable
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Loans Receivable Loans Receivable
At December 31, 2024 and 2023, loans receivable were as follows:
As of December 31,
(In thousands)20242023
Amortized cost (net of allowance for expected credit losses):
Real estate loans$402,382 $200,381 
Commercial loans3,071 890 
Total$405,453 $201,271 
Fair value:
Real estate loans$402,177 $197,354 
Commercial loans3,071 890 
Total$405,248 $198,244 
The real estate loans are secured by commercial and residential real estate primarily located in the U.K. and New York. These loans generally earn interest at fixed or stepped interest rates and have maturities through 2028. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans primarily earn interest on a fixed basis and have varying maturities generally not exceeding 5 years.
The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the years ended December 31, 2024 and 2023:
20242023
(In thousands)Real Estate LoansCommercial LoansTotalReal Estate LoansCommercial LoansTotal
Allowance for expected credit losses, beginning of period$2,983 $21 $3,004 $1,100 $691 $1,791 
Reduction due to write-offs— — — — (569)(569)
Change in allowance for expected credit losses(1,895)5 (1,890)1,883 (101)1,782 
Allowance for expected credit losses, end of period$1,088 $26 $1,114 $2,983 $21 $3,004 
During the year ended December 31, 2024, the Company decreased the allowance for expected credit losses due to a decrease in the weighted average life of the loan portfolio. During the year ended December 31, 2023, the Company increased the allowance for expected credit losses due to changes in economic assumptions utilized in its credit loss model.
The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions.
In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions.