Mortgage and Other Financing Receivables

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Mortgage and Other Financing Receivables

6. Mortgage and Other Financing Receivables

The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of June 30, 2026 and December 31, 2025, the Company had mortgage and other financing receivables, net of allowance for credit losses of $412.7 million and $383.9 million, respectively. As of June 30, 2026, these mortgage and other receivables have scheduled maturities ranging from less than one year to 7.7 years and accrue interest at rates ranging from 6.35% to 12.50%. During the six months ended June 30, 2026 and 2025, the Company recognized mortgage and other financing income, net of $23.9 million and $23.3 million, respectively.

During the six months ended June 30, 2026, the Company (i) provided $80.7 million of mortgage and other financing loans and (ii) collected $52.0 million of mortgage and other financing receivables.

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.

The following table presents the changes in the allowance for loan losses for the six months ended June 30, 2026 and 2025, respectively (in thousands):

	Six Months Ended June 30,
	2026			2025
Balance at January 1,	$	5,352		$	6,800
Provision for loan losses		573			693
Recoveries collected		(573	)		(693	)
Balance at June 30,	$	5,352		$	6,800