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Loans Receivable and Other Lending Investments, net | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Loans Receivable and Other Lending Investments, net | ​ ​ Note 7—Loans Receivable and Other Lending Investments, net The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of | ​
​ |  | September 30, 2021 |  | December 31, 2020 | ​
Construction loans | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior mortgages | ​ | $ | 191,697 | ​ | $ | 449,733 | ​
Corporate/Partnership loans | ​ |  | 3,516 | ​ |  | 65,100 | ​
Subtotal - gross carrying value of construction loans(1) | ​ |  | 195,213 | ​ |  | 514,833 | ​
Loans | ​ |  |  | ​ |  |  | ​
Senior mortgages | ​ |  | 15,181 | ​ |  | 35,922 | ​
Corporate/Partnership loans | ​ |  | 17,941 | ​ |  | 20,567 | ​
Subordinate mortgages | ​ |  | 12,248 | ​ |  | 11,640 | ​
Subtotal - gross carrying value of loans | ​ |  | 45,370 | ​ |  | 68,129 | ​
Other lending investments | ​ |  |  | ​ |  |  | ​
Financing receivables (refer to Note 5) | ​ |  | 48,503 | ​ |  | 46,549 | ​
Held-to-maturity debt securities | ​ |  | 95,258 | ​ |  | 90,715 | ​
Available-for-sale debt securities | ​ |  | 27,535 | ​ |  | 25,274 | ​
Subtotal - other lending investments | ​ |  | 171,296 | ​ |  | 162,538 | ​
Total gross carrying value of loans receivable and other lending investments | ​ |  | 411,879 | ​ |  | 745,500 | ​
Allowance for loan losses | ​ |  | (6,370) | ​ |  | (13,170) | ​
Total loans receivable and other lending investments, net | ​ | $ | 405,509 | ​ | $ | 732,330 | ​
(1) | As of September 30, 2021, 98% of gross carrying value of construction loans had completed construction.
​ Allowance for Loan Losses—Changes in the Company’s allowance for loan losses were as follows for the three months ended September 30, 2021 and 2020 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | General Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Held to |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Construction | ​ | ​ | ​ | ​ | Maturity Debt | ​ | Financing | ​ | Specific | ​ | ​ | ​
Three Months Ended September 30, 2021 | ​ | Loans | ​ | Loans | ​ | Securities | ​ | Receivables | ​ | Allowance | ​ | Total
Allowance for loan losses at beginning of period | ​ | $ | 1,640 | ​ | $ | 1,619 | ​ | $ | 2,393 | ​ | $ | 893 | ​ | $ | 590 | ​ | $ | 7,135
(Recovery of) provision for loan losses(1) | ​ |  | (149) | ​ |  | (865) | ​ |  | 145 | ​ |  | 54 | ​ |  | 50 | ​ |  | (765)
Allowance for loan losses at end of period | ​ | $ | 1,491 | ​ | $ | 754 | ​ | $ | 2,538 | ​ | $ | 947 | ​ | $ | 640 | ​ | $ | 6,370
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses at beginning of period | ​ | $ | 11,736 | ​ | $ | 905 | ​ | $ | 111 | ​ | $ | 1,159 | ​ | $ | 21,701 | ​ | $ | 35,612
(Recovery of) provision for loan losses(1) | ​ |  | (2,598) | ​ |  | (427) | ​ |  | (56) | ​ |  | 17 | ​ |  | 899 | ​ |  | (2,165)
Allowance for loan losses at end of period | ​ | $ | 9,138 | ​ | $ | 478 | ​ | $ | 55 | ​ | $ | 1,176 | ​ | $ | 22,600 | ​ | $ | 33,447
(1) | During the three months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($1.6) million and ($2.0) million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the three months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since June 30, 2021. Of this amount, $0.9 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities." The recovery in 2020 resulted from the reversal of CECL allowances on loans that repaid in full in the third quarter 2020 and a more favorable economic outlook on commercial real estate markets in the third quarter 2020 as compared to the second quarter 2020. Of this amount, $0.7 million related to a recovery of loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net."
Changes in the Company’s allowance for loan losses were as follows for the nine months ended September 30, 2021 and 2020 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | General Allowance | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Held to |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Construction | ​ | ​ | ​ | ​ | Maturity Debt | ​ | Financing | ​ | Specific | ​ | ​ | ​
Nine Months Ended September 30, 2021 | ​ | Loans | ​ | Loans | ​ | Securities | ​ | Receivables | ​ | Allowance | ​ | Total
Allowance for loan losses at beginning of period | ​ | $ | 6,541 | ​ | $ | 1,643 | ​ | $ | 3,093 | ​ | $ | 1,150 | ​ | $ | 743 | ​ | $ | 13,170
Recovery of loan losses(1) | ​ |  | (5,050) | ​ |  | (889) | ​ |  | (555) | ​ |  | (203) | ​ |  | (103) | ​ |  | (6,800)
Allowance for loan losses at end of period | ​ | $ | 1,491 | ​ | $ | 754 | ​ | $ | 2,538 | ​ | $ | 947 | ​ | $ | 640 | ​ | $ | 6,370
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses at beginning of period | ​ | $ | 6,668 | ​ | $ | 265 | ​ | $ | — | ​ | $ | — | ​ | $ | 21,701 | ​ | $ | 28,634
Adoption of new accounting standard(2) | ​ |  | (353) | ​ |  | 98 | ​ |  | 20 | ​ |  | 964 | ​ |  | — | ​ |  | 729
Provision for loan losses(1) | ​ |  | 2,823 | ​ |  | 115 | ​ |  | 35 | ​ |  | 212 | ​ |  | 899 | ​ |  | 4,084
Allowance for loan losses at end of period | ​ | $ | 9,138 | ​ | $ | 478 | ​ | $ | 55 | ​ | $ | 1,176 | ​ | $ | 22,600 | ​ | $ | 33,447
(1) | During the nine months ended September 30, 2021 and 2020, the Company recorded a provision for (recovery of) loan losses of ($7.6) million and $4.1 million, respectively, in its consolidated statements of operations. The recovery in 2021 was due primarily to the repayment of loans during the nine months ended September 30, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. Of this amount, $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities.” The provision for loan losses in 2020 resulted from the macroeconomic impact of COVID-19 on commercial real estate markets, of which $0.9 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net."
(2) | 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, of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in “Accounts payable, accrued expenses and other liabilities.”
​ The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of September 30, 2021 and December 31, 2020 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Individually |  | Collectively |  | ​ | ​
​ | ​ | Evaluated for | ​ | Evaluated for | ​ | ​ | ​
​ | ​ | Impairment(1) | ​ | Impairment | ​ | Total
As of September 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |
Construction loans(2) | ​ | $ | 58,819 | ​ | $ | 136,394 | ​ | $ | 195,213
Loans(2) | ​ |  | — | ​ |  | 45,370 | ​ |  | 45,370
Financing receivables | ​ |  | — | ​ |  | 48,503 | ​ |  | 48,503
Held-to-maturity debt securities | ​ |  | — | ​ |  | 95,258 | ​ |  | 95,258
Available-for-sale debt securities(3) | ​ |  | — | ​ |  | 27,535 | ​ |  | 27,535
Less: Allowance for loan losses | ​ |  | (640) | ​ |  | (5,730) | ​ |  | (6,370)
Total | ​ | $ | 58,179 | ​ | $ | 347,330 | ​ | $ | 405,509
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |
Construction loans(2) | ​ | $ | 53,305 | ​ | $ | 461,528 | ​ | $ | 514,833
Loans(2) | ​ |  | — | ​ |  | 68,129 | ​ |  | 68,129
Financing receivables | ​ |  | — | ​ |  | 46,549 | ​ |  | 46,549
Held-to-maturity debt securities | ​ |  | — | ​ |  | 90,715 | ​ |  | 90,715
Available-for-sale debt securities(3) | ​ |  | — | ​ |  | 25,274 | ​ |  | 25,274
Less: Allowance for loan losses | ​ |  | (743) | ​ |  | (12,427) | ​ |  | (13,170)
Total | ​ | $ | 52,562 | ​ | $ | 679,768 | ​ | $ | 732,330
(1) | The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of September 30, 2021 and December 31, 2020, respectively. The Company’s loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are 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 $0.2 million and $2.3 million as of September 30, 2021 and December 31, 2020, respectively.
(3) | Available-for-sale debt securities are evaluated for impairment under ASC 326-30.
Credit Characteristics—As part of the Company’s process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, as of September 30, 2021 were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year of Origination |  |  | ​
​ |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior to 2017 |  | Total
Senior mortgages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk rating | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11,900 | ​ |  | — | ​ |  | — | ​ |  | 11,900
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 109,137 | ​ |  | — | ​ |  | 3,281 | ​ |  | 112,418
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 23,741 | ​ |  | — | ​ |  | — | ​ |  | 23,741
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal(1) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 144,778 | ​ | $ | — | ​ | $ | 3,281 | ​ | $ | 148,059
Corporate/partnership loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 3,516 | ​ |  | — | ​ |  | — | ​ |  | 3,516
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 17,941 | ​ |  | — | ​ |  | — | ​ |  | 17,941
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 21,457 | ​ | $ | — | ​ | $ | — | ​ | $ | 21,457
Subordinate mortgages | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 12,248 | ​ |  | 12,248
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 12,248 | ​ | $ | 12,248
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Risk rating | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
1.0 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
1.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
2.0 | ​ |  | — | ​ |  | — | ​ |  | 48,503 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 48,503
2.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
3.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
4.5 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
5.0 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Subtotal | ​ | $ | — | ​ | $ | — | ​ | $ | 48,503 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 48,503
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 48,503 | ​ | $ | 166,235 | ​ | $ | — | ​ | $ | 15,529 | ​ | $ | 230,267
(1) | As of September 30, 2021, excludes $58.8 million for one loan on non-accrual status.
The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Less Than |  | Greater |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | or Equal | ​ | Than | ​ | Total | ​ | ​ | ​
​ | ​ | Current | ​ | to 90 Days | ​ | 90 Days | ​ | Past Due | ​ | Total
As of September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior mortgages | ​ | $ | 148,059 | ​ | $ | — | ​ | $ | 58,819 | ​ | ​ | 58,819 | ​ | $ | 206,878
Corporate/Partnership loans | ​ |  | 21,457 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 21,457
Subordinate mortgages | ​ |  | 12,248 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 12,248
Total | ​ | $ | 181,764 | ​ | $ | — | ​ | $ | 58,819 | ​ | $ | 58,819 | ​ | $ | 240,583
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Senior mortgages | ​ | $ | 443,154 | ​ | $ | 42,501 | ​ | $ | — | ​ | $ | 42,501 | ​ | $ | 485,655
Corporate/Partnership loans | ​ |  | 42,721 | ​ |  | 42,946 | ​ |  | — | ​ |  | 42,946 | ​ |  | 85,667
Subordinate mortgages | ​ |  | 11,640 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 11,640
Total | ​ | $ | 497,515 | ​ | $ | 85,447 | ​ | $ | — | ​ | $ | 85,447 | ​ | $ | 582,962
​ Impaired Loans—The Company’s impaired loan was as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of September 30, 2021 |  | As of December 31, 2020
​ |  | ​ | ​ |  | Unpaid |  | ​ | ​ |  | ​ | ​ |  | Unpaid |  | ​ | ​
​ | ​ | Amortized | ​ | Principal | ​ | Related | ​ | Amortized | ​ | Principal | ​ | Related
​ | ​ | Cost | ​ | Balance | ​ | Allowance | ​ | Cost | ​ | Balance | ​ | Allowance
With an allowance recorded: | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
Senior mortgages(1) | ​ | $ | 58,819 | ​ | $ | 58,069 | ​ | $ | (640) | ​ | $ | 53,305 | ​ | $ | 52,552 | ​ | $ | (743)
Total | ​ | $ | 58,819 | ​ | $ | 58,069 | ​ | $ | (640) | ​ | $ | 53,305 | ​ | $ | 52,552 | ​ | $ | (743)
(1) | The Company has one non-accrual loan as of September 30, 2021 and December 31, 2020 that is considered impaired and included in the table above. The Company did no t record any interest income on impaired loans for the nine months ended September 30, 2021 and 2020.
Loans receivable held for sale—In March 2021, the Company acquired land and simultaneously structured and entered into with the seller a Ground Lease on which a multi-family project will be constructed. The Company funded $16.1 million at closing and the Ground Lease documents provided for future funding obligations to the Ground Lease tenant of approximately $11.9 million of deferred purchase price and $52.0 million of leasehold improvement allowance upon achievement of certain milestones. At closing, the Company entered into an agreement with SAFE pursuant to which, subject to certain conditions being met, SAFE would acquire the ground lessor entity from the Company. The Company determined that the transaction did not qualify as a sale leaseback transaction and recorded the Ground Lease in “Loans receivable held for sale” on the Company’s consolidated balance sheet. Subsequent to closing, the Company funded approximately $6.0 million of the deferred purchase price to the Ground Lease tenant. The Company sold the ground lessor entity (and SAFE assumed all future funding obligations to the Ground Lease tenant) to SAFE in September 2021 for $22.1 million and recorded no gain or loss on the sale. In June 2021, the Company acquired a parcel of land for $42.0 million and simultaneously entered into a Ground Lease (refer to Note 5). The Company also concurrently entered into an agreement pursuant to which SAFE would acquire the Ground Lease from the Company. The Ground Lease was entered into with the seller of the land and did not qualify for sale leaseback accounting, and as such, was accounted for as a financing transaction and $42.0 million was recorded in “Loans receivable held for sale” on the Company’s consolidated balance sheets. Other lending investments—Other lending investments includes the following securities ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Net |  | ​ | ​ |  | Net
​ | ​ | ​ | ​ | ​ | Amortized | ​ | Unrealized | ​ | Estimated | ​ | Carrying
​ | ​ | Face Value | ​ | Cost Basis | ​ | Gain | ​ | Fair Value | ​ | Value
As of September 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available-for-Sale Securities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal debt securities | ​ | $ | 23,855 | ​ | $ | 23,855 | ​ | $ | 3,680 | ​ | $ | 27,535 | ​ | $ | 27,535
Held-to-Maturity Securities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  | ​
Debt securities | ​ |  | 100,000 | ​ |  | 95,258 | ​ |  | — | ​ |  | 95,258 | ​ |  | 95,258
Total | ​ | $ | 123,855 | ​ | $ | 119,113 | ​ | $ | 3,680 | ​ | $ | 122,793 | ​ | $ | 122,793
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Available-for-Sale Securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal debt securities | ​ | $ | 20,680 | ​ | $ | 20,680 | ​ | $ | 4,594 | ​ | $ | 25,274 | ​ | $ | 25,274
Held-to-Maturity Securities | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​
Debt securities | ​ |  | 100,000 | ​ |  | 90,715 | ​ |  | — | ​ |  | 90,715 | ​ |  | 90,715
Total | ​ | $ | 120,680 | ​ | $ | 111,395 | ​ | $ | 4,594 | ​ | $ | 115,989 | ​ | $ | 115,989
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of September 30, 2021, the contractual maturities of the Company’s securities were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Held-to-Maturity Debt Securities |  | Available-for-Sale Debt Securities
​ | ​ | Amortized | ​ | Estimated | ​ | Amortized | ​ | Estimated
​ | ​ | Cost Basis |  | Fair Value |  | Cost Basis |  | Fair Value
Maturities |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Within one year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After one year through 5 years | ​ |  | 95,258 | ​ |  | 95,258 | ​ |  | — | ​ |  | —
After 5 years through 10 years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
After 10 years | ​ |  | — | ​ |  | — | ​ |  | 23,855 | ​ |  | 27,535
Total | ​ | $ | 95,258 | ​ | $ | 95,258 | ​ | $ | 23,855 | ​ | $ | 27,535
​

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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