Investments in Loans

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Investments in Loans

Investments in Loans

The following table presents information about our loans as of September 30, 2024 and December 31, 2023 (dollars in thousands):

		September 30, 2024
	Maturity Date	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Notes Receivable	October 2029 - May 2030	$	586,414	$	(6,476)	$	579,938
Mortgage Loans	September 2038	33,500		—		33,500
Unsecured Loan	December 2026	10,053		(898)		9,155
Total		$	629,967	$	(7,374)	$	622,593
		December 31, 2023
	Maturity Date	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Note Receivable	October 2029	$	174,337	$	(2,498)	$	171,839
Mortgage Loan	September 2038	33,500		—		33,500
Total		$	207,837	$	(2,498)	$	205,339

(1) The total carrying amount of the investment in loans excludes accrued interest of $23.5 million and $3.4 million as of September 30, 2024 and December 31, 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets.

A.    Senior Secured Notes Receivable

In May 2024, we acquired a GBP-denominated senior secured note, maturing in May 2030, with a principal amount of £300.0 million, equivalent to $402.1 million as of September 30, 2024. The interest only note bears interest at a fixed rate of 8.125% and is callable at par beginning in May 2026.

In September 2024, our interest in a loan with a carrying amount of $5.3 million, which was acquired in conjunction with our merger with Spirit, was transferred to a third-party buyer. As a result of this transfer, we recorded a loss of $1.5 million, presented in 'Other income, net' in our consolidated statements of income and comprehensive income.