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


		December 31, 2024
	Maturity	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Notes Receivable	October 2029 - November 2030	$	797.2	$	(11.4)	$	785.8
Mortgage Loan	September 2038	33.5		—		33.5
Unsecured Loan	December 2026	10.2		(0.9)		9.3
Total		$	840.9	$	(12.3)	$	828.6

		December 31, 2023
	Maturity	Amortized Cost		Allowance		Carrying Amount (1)
Senior Secured Note Receivable	October 2029	$	174.3	$	(2.5)	$	171.8
Mortgage Loan	September 2038	33.5		—		33.5
Total		$	207.8	$	(2.5)	$	205.3

(1) The total carrying amount of the investment in loans excludes accrued interest of $13.8 million and $3.4 million as of December 31, 2024 and 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets.

In December 2024, we acquired a senior secured note with a principal amount of £200.0 million, equivalent to $250.4 million as of December 31, 2024. The interest-only note matures in November 2030 and bears interest at Sterling Overnight Indexed Average (“SONIA”) plus a margin ranging from 4.50% to 5.25%, based on the borrower's leverage ratio. As of December 31, 2024, the margin is determined to be 5.25%. The Company paid £199.0 million for the note and accounted for the discount at amortized cost. The discount will be amortized over the term of the note.

In September 2024, our interest in a loan with a carrying amount of $5.3 million, which was acquired in conjunction with the Merger, 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.

In May 2024, we acquired a senior secured note, maturing in May 2030, with a principal amount of £300.0 million, equivalent to $375.6 million as of December 31, 2024. The interest-only note bears interest at a fixed rate of 8.125% and is callable at par beginning in May 2026.

In November 2023, we acquired a senior secured note with a principal amount of £142.0 million, equivalent to $177.8 million as of December 31, 2024. The interest-only note bears interest that has been adjusted to SONIA plus 5.75% during the year ended December 31, 2024 and matures in October 2029. The Company paid £136.7 million for the note and accounted for the discount at amortized cost. The discount will be amortized over the term of the note.

In October 2023, we issued a $33.5 million mortgage loan which is collateralized by nine automotive service properties located across seven different states. The interest-only loan bears interest at 8.37% subject to annual increases and matures in October 2038.

In conjunction with the Merger, we acquired an 11.0% fixed-rate, unsecured loan with a principal amount of $11.0 million. This interest-only loan was recorded at its acquisition-date fair value of $9.8 million and matures in December 2026.

The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases as of December 31, 2024 and December 31, 2023 (dollars in millions):


		Carrying Value as of
	Maturity	December 31, 2024		December 31, 2023
Financing receivables, net	2028 - 2048	$	1,609.0	$	1,570.9
Total		$	1,609.0	$	1,570.9

The following table summarizes the activity within the allowance for credit losses related to loans and financing receivable for the year ended December 31, 2024 (in millions):


	Loans Receivable		Financing Receivable		Total
Allowance for credit losses at December 31, 2023	$	2.5	$	2.4	$	4.9
Provision for credit losses (1)	10.0		96.8		106.8
Initial allowance for PCD assets (2)	1.8		—		1.8
Write-offs (3)	(1.8)		—		(1.8)
Foreign currency remeasurement	(0.2)		—		(0.2)
Allowance for credit losses at December 31, 2024	$	12.3	$	99.2	$	111.5

(1) During the year ended December 31, 2024, provisions for credit losses on loans receivable were primarily attributable to loans acquired during 2024. The increase for credit losses on financing receivables is primarily due to a client in the convenience store industry that defaulted on its lease payments and was fully reserved for, in addition to a partial reserve for a significant decline in the credit worthiness of a client in the automotive services industry.

(2) Includes the recognition of an initial expected credit loss of $1.8 million for a purchased credit deteriorated ("PCD") loan we acquired in conjunction with the Merger.