Our non-real estate loans consist of fixed and variable rate loans to operators or principals. These loans may be either unsecured or secured by the collateral of the borrower, which may include the working capital of the borrower and/or personal guarantees. As of December 31, 2025, we had 40 loans with 27 different borrowers. A summary of our non-real estate loans by borrower and/or guarantor is as follows: | | | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | Weighted | | Weighted | | | | | | | Average | | Average Years | | | December 31, | | December 31, | | Interest Rate | | to Maturity | | | 2025 | | 2024 | | | | | | | | | (in thousands) | Working capital loans receivable | 9.6 | % | | 0.8 | (1) | | $ | 55,010 | | $ | 57,071 | Other loans receivable | 10.3 | % | | 3.3 | (2) | | | 375,574 | | | 397,998 | Non-real estate loans receivable – gross | | | | | | | | 430,584 | | | 455,069 | Allowance for credit losses on non-real estate loans receivable | | | | | | | | (100,262) | | | (122,795) | Total non-real estate loans receivable – net | | | | | | | $ | 330,322 | | $ | 332,274 |
| (1) | Consists of revolving working capital loans receivable collateralized by the accounts receivable of the applicable borrower with maturity dates ranging from 2026 to 2029 (with $47.1 million maturing in 2026). |
| (2) | Consists of other loans receivable with maturity dates ranging from 2026 to 2037 (with $219.6 million maturing in 2026). One of the other notes outstanding with an aggregate principal balance of $6.4 million is past due and has been reserved down to the estimated fair value of the underlying collateral of zero through our allowance for credit losses. |
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