| Schedule of Accounts, Notes, Loans and Financing Receivable |
The following is a summary of the balances of the Company's real estate loans, net.
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in thousands) | Real estate loans (1) | $ | 303,801 | | | $ | 250,515 | | | Less: Allowance for credit losses | (7,542) | | | (2,516) | | | Real estate loans, net | $ | 296,259 | | | $ | 247,999 | |
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| Financing Receivable, Allowance for Credit Loss |
The change in the allowance for credit losses for the Company's real estate loans is shown below (in thousands):
| | | | | | | | | | | | | | | | | | | Rockford Loan | Ione Loan | Dry Creek Loan | Cordish Virginia | Total | | December 31, 2025 | $ | (1,279) | | $ | (399) | | $ | (838) | | $ | — | | $ | (2,516) | | | Change in allowance | (1,616) | | (246) | | (294) | | (248) | | (2,404) | | | Ending balance at March 31, 2026 | $ | (2,895) | | $ | (645) | | $ | (1,132) | | $ | (248) | | $ | (4,920) | | | Change in allowance | (3,186) | | 289 | | 182 | | 93 | | (2,622) | | Ending balance at June 30, 2026 | $ | (6,081) | | $ | (356) | | $ | (950) | | $ | (155) | | $ | (7,542) | |
| | | | | | | | | | | | | Rockford Loan | Ione Loan | Total | | Balance at December 31, 2024 | $ | (4,487) | | $ | (83) | | $ | (4,570) | | | Change in allowance | (2,939) | | (67) | | (3,006) | | | Ending balance at March 31, 2025 | $ | (7,426) | | $ | (150) | | $ | (7,576) | | | Change in allowance | (6,877) | | (208) | | (7,085) | | | Ending balance at June 30, 2025 | $ | (14,303) | | $ | (358) | | $ | (14,661) | |
The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of June 30, 2026 (in thousands):
| | | | | | | | | | | | | | | | | | | | Origination year | | Real estate loans | Allowance for credit losses | Amortized cost basis at June 30, 2026 | | Allowance as a percentage of outstanding real estate loans | | 2026 | | $ | 27,108 | | $ | (155) | | $ | 26,953 | | | (0.57) | % | | 2025 | | 44,024 | | (950) | | 43,074 | | | (2.16) | % | | 2024 | | 98,669 | | (356) | | 98,313 | | | (0.36) | % | | 2023 | | 134,000 | | (6,081) | | 127,919 | | | (4.54) | % | | | | | | | | | | | | | | | | Total | | $ | 303,801 | | $ | (7,542) | | $ | 296,259 | | | (2.48) | % |
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