Loans in nonaccrual status

  
thereafter.During the second quarter of 2021, the Company sold two office buildings in Palm Beach and West Palm Beach, Florida. One of these sales also resulted in a $102 million reduction of the Company's non-recourse debt that was supporting the property.A mixed-use project in Washington, D.C. has been under development in 2021 and 2020, with the completed portion as noted above reported in properties in operation as of December 31, 2021.  
(9)    Loans ReceivableAt December 31, 2021 and 2020, loans receivable were as follows:

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|  | As of December 31, |
| (In thousands) | 2021 |  | 2020 |
| Amortized cost (net of allowance for expected credit losses): |  |  |  |
| Real estate loans | $ | 89,431  |  |  | $ | 51,910  |  |
| Commercial loans | 25,741  |  |  | 33,003  |  |
| Total | $ | 115,172  |  |  | $ | 84,913  |  |
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| Fair value: |  |  |  |
| Real estate loans | $ | 90,793  |  |  | $ | 53,593  |  |
| Commercial loans | 25,741  |  |  | 33,003  |  |
| Total | $ | 116,534  |  |  | $ | 86,596  |  |
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The real estate loans are secured by commercial and residential real estate primarily located in New York. These loans generally earn interest at fixed or stepped interest rates and have maturities through 2026. 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 10 years.Loans receivable in non-accrual status was $0.2 million as of December 31, 2021 and 2020.The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the year ended December 31, 2021 and 2020:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  | 2021 |  | 2020 |
| (In thousands) | Real Estate Loans |  | Commercial Loans |  | Total |  | Real Estate Loans |  | Commercial Loans |  | Total |
| Allowance for expected credit losses, beginning of period | $ | 1,683  |  |  | $ | 3,754  |  |  | $ | 5,437  |  |  | $ | 1,502  |  |  | $ | 644  |  |  | $ | 2,146  |  |
| Cumulative effect adjustment resulting from changes in accounting principles | —  |  |  | —  |  |  | —  |  |  | (905) |  |  | 548  |  |  | (357) |  |
| Provision for expected credit losses | (321) |  |  | (3,398) |  |  | (3,719) |  |  | 1,086  |  |  | 2,562  |  |  | 3,648  |  |
| Allowance for expected credit losses, end of period | $ | 1,362  |  |  | $ | 356  |  |  | $ | 1,718  |  |  | $ | 1,683  |  |  | $ | 3,754  |  |  | $ | 5,437  |  |

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.   
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