Notes And Other Receivables |
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| Notes And Other Receivables | 4. Notes and Other Receivables The following table sets forth certain information regarding notes and other receivables (in millions):
(1)Primarily consists of receivables from insurance providers related to Hurricanes Helene and Milton. Refer to Note 14, "Commitments and Contingencies," for additional details. (2)Net of allowance for credit losses of $4.4 million and $5.0 million as of June 30, 2026 and December 31, 2025, respectively. Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC 820, "Fair Value Measurements." The balances of installment notes receivable of $150.5 million (principal of installment notes receivable of $156.2 million less fair value adjustment of $5.7 million) and $139.2 million (principal of installment notes receivable of $142.1 million less fair value adjustment of $2.9 million) as of June 30, 2026 and December 31, 2025, respectively, are secured by manufactured homes. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.5% and 17.3 years as of June 30, 2026 and December 31, 2025. Refer to Note 13, "Fair Value Measurements," for additional details. Notes Receivable from Real Estate Operators The notes receivable from real estate operators are measured at fair value and consist of loans provided to real estate operators in conjunction with prior property dispositions. The balance on these notes was $50.9 million with a net weighted average interest rate and maturity of 5.2% and 0.7 years as of June 30, 2026, and was $44.5 million with a net weighted average interest rate and maturity of 5.0% and one year as of December 31, 2025. Refer to Note 13, "Fair Value Measurements," for additional information. |
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