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Loans Receivable and Other Lending Investments, net (Tables)
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Schedule of the company's loans and other lending investments by class
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
 As of
June 30,
2020		December 31,
2019
Construction loans
Senior mortgages$496,465  $518,992  
Corporate/Partnership loans96,464  95,394  
Subtotal - gross carrying value of construction loans(1)
592,929  614,386  
Loans
Senior mortgages53,142  53,592  
Corporate/Partnership loans22,597  24,424  
Subordinate mortgages11,252  10,877  
Subtotal - gross carrying value of loans86,991  88,893  
Other lending investments
Financing receivables (refer to Note 5)45,033  44,339  
Held-to-maturity debt securities87,755  84,981  
Available-for-sale debt securities24,611  23,896  
Subtotal - other lending investments157,399  153,216  
Total gross carrying value of loans receivable and other lending investments837,319  856,495  
Allowance for loan losses(35,612) (28,634) 
Total loans receivable and other lending investments, net$801,707  $827,861  
____________________________________________________________
(1)As of June 30, 2020, 20%, or $119.3 million, gross carrying value of construction loans had completed construction and 35%, or $209.0 million, gross carrying value of construction loans had substantially completed construction.
Schedule of changes in the company's allowance for loan losses Changes in the Company's allowance for loan losses were as follows for the three months ended June 30, 2020 ($ in thousands):
General Allowance
Construction Loans
Loans		Held to
Maturity Debt Securities		Financing ReceivablesSpecific
Allowance		Total
Allowance for loan losses at beginning of period$9,724  $686  $53  $1,100  $21,701  $33,264  
Provision for loan losses(1)
2,012  219  58  59  —  2,348  
Allowance for loan losses at end of period$11,736  $905  $111  $1,159  $21,701  $35,612  
____________________________________________________________
(1)During the three months ended June 30, 2020, the Company recorded a provision for loan losses of $2.3 million (refer to Note 3) resulting from the macroeconomic impact of COVID-19 on commercial real estate markets, which was partially offset by a $0.3 million reduction in provision for loan losses for unfunded loan commitments that were funded during the three months ended June 30, 2020, and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."
Changes in the Company's allowance for loan losses were as follows for the six months ended June 30, 2020 ($ in thousands):
General Allowance
Construction Loans
Loans		Held to
Maturity Debt Securities		Financing ReceivablesSpecific
Allowance		Total
Allowance for loan losses at beginning of period$6,668  $265  $—  $—  $21,701  $28,634  
Adoption of new accounting standard(1)
(353) 98  20  964  —  729  
Provision for loan losses(2)
5,421  542  91  195  —  6,249  
Allowance for loan losses at end of period$11,736  $905  $111  $1,159  $21,701  $35,612  
____________________________________________________________
(1)On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13 (refer to Note 3), of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."
(2)During the six months ended June 30, 2020, the Company recorded a provision for loan losses of $6.2 million (refer to Note 3) resulting from the macroeconomic impact of COVID-19 on commercial real estate markets, which was partially offset by a $0.2 million reduction in provision for loan losses for unfunded loan commitments that were funded during the six months ended June 30, 2020, and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."
Schedule of recorded investment in loans and associated allowance for loan losses
The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of June 30, 2020 and December 31, 2019 ($ in thousands):
Individually
Evaluated for
Impairment(1)
Collectively
Evaluated for
Impairment		Total
As of June 30, 2020   
Construction loans(2)
$—  $592,929  $592,929  
Loans(2)
37,307  49,684  86,991  
Financing receivables—  45,033  45,033  
Held-to-maturity debt securities—  87,755  87,755  
Available-for-sale debt securities(3)
—  24,611  24,611  
Less: Allowance for loan losses(21,701) (13,911) (35,612) 
Total$15,606  $786,101  $801,707  
As of December 31, 2019   
Construction loans(2)
$—  $614,386  $614,386  
Loans(2)
37,820  51,073  88,893  
Financing receivables—  44,339  44,339  
Held-to-maturity debt securities—  84,981  84,981  
Available-for-sale debt securities(3)
—  23,896  23,896  
Less: Allowance for loan losses(21,701) (6,933) (28,634) 
Total$16,119  $811,742  $827,861  
_______________________________________________________________________________
(1)The carrying value of this loan includes an unamortized discount of $0.1 million as of June 30, 2020 and December 31, 2019. The Company's one loan individually evaluated for impairment represents a loan on non-accrual status; therefore, the unamortized amount associated with this loan is not currently being amortized into income.
(2)The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.1 million and $0.7 million as of June 30, 2020 and December 31, 2019, respectively.
(3)Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating
The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of June 30, 2020 were as follows ($ in thousands):
Year of Origination
20202019201820172016Prior to 2016Total
Senior mortgages
Risk rating
1.0$—  $—  $—  $—  $—  $—  $—  
1.5—  —  34,219  —  —  —  34,219  
2.0—  —  51,128  —  —  —  51,128  
2.5—  —  —  —  —  —  —  
3.0—  13,070  182,915  137,881  40,097  4,329  378,292  
3.5—  —  —  —  —  —  —  
4.0—  —  —  48,661  —  —  48,661  
4.5—  —  —  —  —  —  —  
5.0—  —  —  —  —  —  —  
Subtotal(1)
$—  $13,070  $268,262  $186,542  $40,097  $4,329  $512,300  
Corporate/partnership loans
Risk rating
1.0$—  $—  $—  $—  $—  $—  $—  
1.5—  —  18,012  —  —  —  18,012  
2.0—  —  15,890  —  —  —  15,890  
2.5—  —  —  —  —  —  —  
3.0—  22,464  —  —  —  22,464  
3.5—  —  22,597  —  40,098  —  62,695  
4.0—  —  —  —  —  —  —  
4.5—  —  —  —  —  —  —  
5.0—  —  —  —  —  —  —  
Subtotal$—  $—  $78,963  $—  $40,098  $—  $119,061  
Subordinate mortgages
Risk rating
1.0$—  $—  $—  $—  $—  $—  $—  
1.5—  —  —  —  —  —  —  
2.0—  —  —  —  —  —  —  
2.5—  —  —  —  —  —  —  
3.0—  —  —  —  —  11,252  11,252  
3.5—  —  —  —  —  —  —  
4.0—  —  —  —  —  —  —  
4.5—  —  —  —  —  —  —  
5.0—  —  —  —  —  —  —  
Subtotal$—  $—  $—  $—  $—  $11,252  $11,252  
Financing receivables
Risk rating
1.0$—  $—  $—  $—  $—  $—  $—  
1.5—  —  —  —  —  —  —  
2.0—  45,033  —  —  —  —  45,033  
2.5—  —  —  —  —  —  —  
3.0—  —  —  —  —  —  —  
3.5—  —  —  —  —  —  —  
4.0—  —  —  —  —  —  —  
4.5—  —  —  —  —  —  —  
5.0—  —  —  —  —  —  —  
Subtotal$—  $45,033  $—  $—  $—  $—  $45,033  
Total$—  $58,103  $347,225  $186,542  $80,195  $15,581  $687,646  
____________________________________________________________
(1)As of June 30, 2020, excludes $37.3 million for one loan on non-accrual status.
Schedule of recorded investment in loans, aged by payment status and presented by class
The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):
CurrentLess Than
and Equal
to 90 Days
Greater
Than
90 Days(1)
Total
Past Due		Total
As of June 30, 2020
Senior mortgages$512,300  $—  $37,307  $37,307  $549,607  
Corporate/Partnership loans119,061  —  —  —  119,061  
Subordinate mortgages11,252  —  —  —  11,252  
Total$642,613  $—  $37,307  $37,307  $679,920  
As of December 31, 2019
Senior mortgages$534,765  $—  $37,820  $37,820  $572,585  
Corporate/Partnership loans119,818  —  —  —  119,818  
Subordinate mortgages10,877  —  —  —  10,877  
Total$665,460  $—  $37,820  $37,820  $703,280  
_______________________________________________________________________________
(1)As of June 30, 2020 and December 31, 2019, the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 11.0 years and 10.5 years outstanding, respectively.
Schedule of recorded investment in impaired loans The Company's impaired loan was as follows ($ in thousands):
 As of June 30, 2020As of December 31, 2019
 Amortized
Cost		Unpaid
Principal
Balance		Related
Allowance		Amortized
Cost		Unpaid
Principal
Balance		Related
Allowance
With an allowance recorded:      
Senior mortgages(1)
$37,307  $37,407  $(21,701) $37,820  $37,923  $(21,701) 
Total$37,307  $37,407  $(21,701) $37,820  $37,923  $(21,701) 
____________________________________________________________
(1)The Company's non-accrual loan is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the six months ended June 30, 2020 and 2019.
Schedule of available-for-sale securities Other lending investments includes the following securities ($ in thousands):
Face ValueAmortized Cost BasisNet Unrealized GainEstimated Fair ValueNet Carrying Value
As of June 30, 2020
Available-for-Sale Securities
Municipal debt securities$20,680  $20,680  $3,931  $24,611  $24,611  
Held-to-Maturity Securities
Debt securities100,000  87,755  —  87,755  87,755  
Total$120,680  $108,435  $3,931  $112,366  $112,366  
As of December 31, 2019
Available-for-Sale Securities
Municipal debt securities$21,140  $21,140  $2,756  $23,896  $23,896  
Held-to-Maturity Securities
Debt securities100,000  84,981  —  84,981  84,981  
Total$121,140  $106,121  $2,756  $108,877  $108,877  
Schedule of held-to-maturity securities Other lending investments includes the following securities ($ in thousands):
Face ValueAmortized Cost BasisNet Unrealized GainEstimated Fair ValueNet Carrying Value
As of June 30, 2020
Available-for-Sale Securities
Municipal debt securities$20,680  $20,680  $3,931  $24,611  $24,611  
Held-to-Maturity Securities
Debt securities100,000  87,755  —  87,755  87,755  
Total$120,680  $108,435  $3,931  $112,366  $112,366  
As of December 31, 2019
Available-for-Sale Securities
Municipal debt securities$21,140  $21,140  $2,756  $23,896  $23,896  
Held-to-Maturity Securities
Debt securities100,000  84,981  —  84,981  84,981  
Total$121,140  $106,121  $2,756  $108,877  $108,877  
Schedule of contractual maturities of securities
As of June 30, 2020, the contractual maturities of the Company's securities were as follows ($ in thousands):
Held-to-Maturity Debt SecuritiesAvailable-for-Sale Debt Securities
Amortized Cost BasisEstimated Fair ValueAmortized Cost BasisEstimated Fair Value
Maturities
Within one year$—  $—  $—  $—  
After one year through 5 years87,755  87,755  —  —  
After 5 years through 10 years—  —  —  —  
After 10 years—  —  20,680  24,611  
Total$87,755  $87,755  $20,680  $24,611