| Summary of Real Estate Loans Receivable |
The following is a summary of our loans receivable as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Mortgage loans | | $ | 2,043,538 | | | $ | 1,021,355 | | | Other real estate loans | | 931,104 | | | 827,742 | | | Allowance for credit losses on real estate loans receivable | | (21,933) | | | (17,887) | | | Real estate loans receivable, net of credit allowance | | 2,952,709 | | | 1,831,210 | | | Non-real estate loans | | 290,724 | | | 258,205 | | | Allowance for credit losses on non-real estate loans receivable | | (6,896) | | | (7,150) | | | Non-real estate loans receivable, net of credit allowance | | 283,828 | | | 251,055 | | | Total loans receivable, net of credit allowance | | $ | 3,236,537 | | | $ | 2,082,265 | |
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| Summary of Real Estate Loan Activity |
The following is a summary of our loan activity for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | Six Months Ended | | | | June 30, 2026 | | June 30, 2025 | | Advances on loans receivable | | $ | 1,876,185 | | | $ | 40,244 | | | Less: Receipts on loans receivable | | 827,881 | | | 162,039 | | | Net cash advances (receipts) on loans receivable | | $ | 1,048,304 | | | $ | (121,795) | |
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| Summary of Financing Receivable, Allowance for Credit Loss |
The following is a summary of our loans by credit loss category (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Loan category | | Years of Origination | | Loan Carrying Value | | Allowance for Credit Loss | | Net Loan Balance | | No. of Loans | Deteriorated loans(1) | | 2007 - 2019 | | $ | 134,059 | | | $ | (8,049) | | | $ | 126,010 | | | 5 | | | Collective loan pool | | 2010 - 2021 | | 80,590 | | | (535) | | | 80,055 | | | 15 | | | Collective loan pool | | 2022 | | 62,104 | | | (412) | | | 61,692 | | | 11 | | | Collective loan pool | | 2023 | | 45,167 | | | (300) | | | 44,867 | | | 5 | | | Collective loan pool | | 2024 | | 59,348 | | | (394) | | | 58,954 | | | 7 | | | Collective loan pool | | 2025 | | 1,100,320 | | | (7,302) | | | 1,093,018 | | | 13 | | | Collective loan pool | | 2026 | | 1,783,778 | | | (11,837) | | | 1,771,941 | | | 18 | | | Total loans | | | | $ | 3,265,366 | | | $ | (28,829) | | | $ | 3,236,537 | | | 74 | | |
(1) Interest recognized on loans classified as deteriorated loans as of the end of the respective reporting period was $3,874,000 and $7,607,000 for the three and six months ended June 30, 2026, respectively. The following is a summary of the activity within the allowance for credit losses on loans receivable for the periods presented (in thousands): | | | | | | | | | | | | | Six Months Ended | | June 30, 2026 | | June 30, 2025 | | Balance at beginning of period | $ | 25,037 | | | $ | 33,797 | | | Provision for loan losses, net | 3,815 | | | (3,120) | | | | | | | | | | | | | | | Effect of foreign currency | (23) | | | 1,009 | | | Balance at end of period | $ | 28,829 | | | $ | 31,686 | |
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