Notes and Other Receivables

3 Months Ended

Mar. 31, 2026

Notes and other receivables consisted of the following as of March 31, 2026 and December 31, 2025 ($ in thousands):


	March 31, 2026		December 31, 2025
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	64,193	$	64,193
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	45,198		43,941
Related party note receivable, secured, bearing interest at 5.00%, due September 2026 (Originated February 2026) (1)	59,747		—
Other receivables from affiliates (1) (2)	5,223		5,215
Straight-line rent receivables (3)	10,084		10,259
Other receivables	18,126		18,538
Allowance for credit losses	(589)		(555)
Total notes and other receivables	$	201,982	$	141,591

(1)See Note 6, Related Party Transactions, for additional details.

(2)These amounts consist of short-term loans outstanding and due from various joint ventures as of March 31, 2026 and December 31, 2025, respectively.

(3)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

The following table presents the activity in the allowance for credit losses for notes receivable, secured, for the periods presented ($ in thousands):


	Three Months Ended March 31,
	2026						2025
	Mezzanine Loans		Bridge Loans		Total		Mezzanine Loans		Bridge Loans		Total
Balance at beginning of period	$	555	$	—	$	555	$	529	$	—	$	529
Provision for credit losses	4		30		34		(3)		—		(3)
Balance at end of period	$	559	$	30	$	589	$	526	$	—	$	526