The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of June 30, 2025 and December 31, 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses, of $441.0 million and $445.0 million, respectively. As of June 30, 2025, these mortgage and other receivables have scheduled maturities ranging from less than one month to 9.3 years and accrue interest at rates ranging from 6.35% to 14.00%. During the six months ended June 30, 2025 and 2024, the Company recognized mortgage and other financing income, net of $23.3 million and $7.3 million, respectively, on the Company’s Condensed Consolidated Statements of Income.

During the six months ended June 30, 2025, the Company (i) provided $46.2 million of mortgage and other financing loans, (ii) collected $50.1 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company’s acquisition of the corresponding properties, and (iii) extended two mortgage loans with an aggregate principal balance of $159.7 million, utilizing extension options ranging from six months to one year.

During the six months ended June 30, 2024, the Company (i) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in conjunction with the RPT Merger, (ii) provided $175.2 million of mortgage and other financing loans, (iii) provided $50.2 million of mortgage loan financing related to the Company’s previously held preferred equity investment and (iv) collected $60.1 million of mortgage and other financing receivables.

The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2025 and 2024, respectively (in thousands):


	Six Months Ended June 30,
	2025			2024
Balance at January 1,	$	6,800		$	1,300
Provision for credit losses		693			4,500
Recoveries collected		(693	)		-
Balance at June 30,	$	6,800		$	5,800