Loans Receivable and Other Lending Investments, net (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Loans Receivable and Other Lending Investments, net |
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| Schedule of the company's loans receivable and other lending investments by class |
The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): (1) | | | | | | | | | As of | | | June 30, 2026 | | December 31, 2025 | Loans | | | | | | | Senior mortgages | | $ | — | | $ | 3,050 | Subordinate mortgages | | | 16,901 | | | 16,337 | Subtotal - gross carrying value of loans | | | 16,901 | | | 19,387 | Other lending investments | | | | | | | Available-for-sale debt securities | | | 46,080 | | | 25,286 | Subtotal - other lending investments | | | 46,080 | | | 25,286 | Total gross carrying value of loans receivable and other lending investments | | | 62,981 | | | 44,673 | Allowance for loan losses | | | (503) | | | (578) | Total loans receivable and other lending investments, net | | $ | 62,478 | | $ | 44,095 |
| (1) | As of June 30, 2026 and December 31, 2025, accrued interest was $1.3 million and $1.1 million, respectively, and is recorded in “Accrued interest and operating lease income receivable, net” on the Company’s consolidated balance sheets. During the three and six months ended June 30, 2026 and 2025, the Company did not reverse any accrued interest on its loan portfolio. |
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| Schedule of changes in the company's allowance for loan losses |
Allowance for Loan Losses—Changes in the Company’s general allowance for loan losses were as follows for the three and six months ended June 30, 2026 and 2025 ($ in thousands): | | | | Three Months Ended June 30, 2026 | | | Allowance for loan losses at beginning of period | | $ | 497 | Provision for (recovery of) loan losses(1) | | | 6 | Allowance for loan losses at end of period | | $ | 503 | | | | | Three Months Ended June 30, 2025 | | | | Allowance for loan losses at beginning of period | | $ | 981 | Provision for (recovery of) loan losses(1) | | | 25 | Allowance for loan losses at end of period | | $ | 1,006 |
| (1) | During the three months ended June 30, 2026 and 2025, the Company recorded a provision for (recovery of) loan losses of $6 thousand and $25 thousand, respectively, in its consolidated statements of operations. The provision in 2026 was primarily the result of a non-cash funding on one of the Company’s loans. The provision for loan losses in 2025 was primarily the result of an additional funding on one of the Company’s loans. |
| | | | Six Months Ended June 30, 2026 | | | Allowance for loan losses at beginning of period | | $ | 578 | Provision for (recovery of) loan losses(1) | | | 425 | Charge-offs | | | (500) | Allowance for loan losses at end of period | | $ | 503 | | | | | Six Months Ended June 30, 2025 | | | | Allowance for loan losses at beginning of period | | $ | 1,118 | Provision for (recovery of) loan losses(1) | | | (112) | Allowance for loan losses at end of period | | $ | 1,006 |
| (1) | During the six months ended June 30, 2026 and 2025, the Company recorded a provision for (recovery of) loan losses of $0.4 million and ($0.1) million, respectively, in its consolidated statements of operations. The provision in 2026 was primarily the result of a charge-off on one of the Company’s loans that was repaid in the first quarter of 2026. The recovery of loan losses in 2025 was primarily the result of a $3.0 million repayment on one of the Company’s loans. |
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| Schedule of other lending investments - securities |
Other lending investments—Other lending investments includes the following securities ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Net | | | | | Net | | | | | | Amortized | | Unrealized | | Estimated | | Carrying | | | Face Value | | Cost Basis | | Gain (Loss) | | Fair Value | | Value | As of June 30, 2026 | | | | | | | | | | | | | | | | Available-for-sale securities | | | | | | | | | | | | | | | | Municipal debt securities(1) | | $ | 45,745 | | $ | 45,745 | | $ | 335 | | $ | 46,080 | | $ | 46,080 | Total | | $ | 45,745 | | $ | 45,745 | | $ | 335 | | $ | 46,080 | | $ | 46,080 | As of December 31, 2025 | | | | | | | | | | | | | | | | Available-for-Sale Securities | | | | | | | | | | | | | | | | Municipal debt securities(1) | | $ | 25,710 | | $ | 25,710 | | $ | (424) | | $ | 25,286 | | $ | 25,286 | Total | | $ | 25,710 | | $ | 25,710 | | $ | (424) | | $ | 25,286 | | $ | 25,286 |
| (1) | As of June 30, 2026, the Company had four available-for-sale securities with an aggregate $0.9 million unrealized gain and seven available-for-sale securities with an aggregate fair value of $14.9 million and an aggregate unrealized loss of $0.5 million, all of which were in an unrealized loss position for more than 12 months. As of December 31, 2025, the Company had one available-for-sale security with an unrealized gain of $0.3 million and nine available-for-sale securities with an aggregate fair value of $18.9 million and an aggregate unrealized loss of $0.7 million, of which five of these securities with an aggregate fair value of $10.6 million and an aggregate unrealized loss of $0.6 million were in an unrealized loss position for more than 12 months. The Company has determined that the unrealized losses were not the result of a credit impairment and expects to collect all amounts due from estimated future cash flows. |
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| Schedule of contractual maturities of securities |
As of June 30, 2026, the contractual maturities of the Company’s securities were as follows ($ in thousands): | | | | | | | | | Amortized | | Estimated | | | Cost Basis | | Fair Value | Maturities | | | | | | | Within one year | | $ | — | | $ | — | After one year through 5 years | | | — | | | — | After 5 years through 10 years | | | — | | | — | After 10 years | | | 45,745 | | | 46,080 | Total | | $ | 45,745 | | $ | 46,080 |
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