Notes and Interest Receivable

6 Months Ended

Jun. 30, 2026

Note 6 – Notes and Interest Receivable

At June 30, 2026 and December 31, 2025, the Company held no loan investments and there were no outstanding interest receivable amounts due to the Company.

Allowance for Credit Losses

The allowance for credit losses of the Company’s loan investments at December 31, 2025 is summarized in the table below (amounts in thousands). The Company had no allowance for credit loss activity on loan investments during the period ended June 30, 2026.


		December 31,
		2025
Beginning balance, net as of January 1, 2025		$	103
Recovery of credit losses on pool of assets, net⁽¹⁾			(103)
Allowance for credit losses, net, end of period		$	—

⁽¹⁾

Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the year ended December 31, 2025 was attributable to the removal of the two remaining investments from the pool of assets.

Following is a summary of the interest income from loan investments for the three and six months ended June 30, 2025 (amounts in thousands). The Company did not record any interest income from loan investments during the corresponding periods ended June 30, 2026 as it held no loan investments in 2026.


		Three Months Ended		Six Months Ended
		June 30,		June 30,
Investment Name		2025		2025
Wayford at Pringle ⁽¹⁾		$	—	$	327
Willow Park ⁽¹⁾			95		271
Total		$	95	$	598

(1)	In February and May 2025, the Company’s loan investments in Wayford at Pringle and Willow Park were paid off in full, respectively, including any accrued but unpaid interest amounts.