In connection with the sales of certain real estate properties, the Company provided seller-financing to the acquirers. The loan-to-value (LTV) of the mortgage loans receivables range from 73.1% to 87.1% at the time of origination, and the interest rates and other terms and conditions were consistent with market standards. The Company recognized the full gain on sale of the properties in the amount of $0.4 million during the year ended December 31, 2025. Given the LTV's noted above, and that the mortgage loans receivable are fully collateralized by the underlying properties, no allowance for the mortgage loans receivable was recorded at June 30, 2026. Interest income associated with these mortgage loans receivable is recognized when earned.

The following is a summary of the Company's mortgage loans receivable portfolio as of June 30, 2026 and December 31, 2025:


(in thousands, except number of properties and percentages)
Loan Type	Monthly Payment (1)	Number of Secured Properties	Effective Interest Rate	Stated Interest Rate	Maturity Date	June 30, 2026		December 31, 2025
Mortgage	I/O	1	7.9%	7.9%	11-Jun-2028	$	1,734	$	1,734
Mortgage	I/O	1	7.6%	8.1%	30-Jun-2029		5,400		5,400
Mortgage	I/O	1	8.0%	8.0%	25-Aug-2028		2,240		2,240
Mortgage	P + I	1	6.5%	6.5%	14-Dec-2030		942		950
Total mortgage loans receivables						$	10,316	$	10,324

(1)

I/O: Interest Only; P+I: Principal and Interest