v3.25.4
Schedule IV — Mortgage Loans on Real Estate
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV — Mortgage Loans on Real Estate
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE
December 31, 2025
(dollars in thousands)
Interest RateFinal Maturity DateCarrying Amount
Description
Financing agreement — Las Vegas retail8.0 %Dec. 2026$18,367 
Financing agreement — Las Vegas mixed use7.0 %Nov. 202617,416 
$35,783 

Reconciliation of Mortgage Loans on Real Estate
 Years Ended December 31,
202520242023
Beginning balance$31,856 $11,250 $39,250 
Funding of secured loans receivable (Note 6)
3,927 31,856 — 
Repayments— (24,000)(28,000)
Gain on repayment of secured loan receivable— 10,650 — 
Change in allowance for credit losses (Note 6)
— 2,100 — 
Ending balance$35,783 $31,856 $11,250