Notes Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2025

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Notes Receivable

The Company’s notes receivable, net, are generally collateralized by either the underlying real estate or the borrowers’ equity interests in the entities that own the properties. The balances were as follows (dollars in thousands):

	June 30,			December 31,			June 30, 2025
Description	2025			2024			Number		Maturity Date	Interest Rate
Notes receivable	$	156,386		$	128,588			7	Apr 2020 - Dec 2027	4.65% - 13.75%
Allowance for credit losses		(1,704	)		(2,004	)
Notes receivable, net	$	154,682		$	126,584			7

Schedule of activity in allowance for credit losses

The following table presents the activity in the allowance for credit losses for the six months ended June 30, 2025 and year ended December 31, 2024 (in thousands):

	June 30,			December 31,
	2025			2024
Allowance for credit losses as of beginning of periods	$	2,004		$	1,279
Provision of loan losses		(300	)		725
Total credit allowance	$	1,704		$	2,004