| Summary of Real Estate Loans Receivable |
The following is a summary of our loans receivable as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Mortgage loans | | $ | 2,076,797 | | | $ | 1,021,355 | | | Other real estate loans | | 992,737 | | | 827,742 | | | Allowance for credit losses on real estate loans receivable | | (22,265) | | | (17,887) | | | Real estate loans receivable, net of credit allowance | | 3,047,269 | | | 1,831,210 | | | Non-real estate loans | | 288,229 | | | 258,205 | | | Allowance for credit losses on non-real estate loans receivable | | (6,864) | | | (7,150) | | | Non-real estate loans receivable, net of credit allowance | | 281,365 | | | 251,055 | | | Total loans receivable, net of credit allowance | | $ | 3,328,634 | | | $ | 2,082,265 | |
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| Summary of Real Estate Loan Activity |
The following is a summary of our loan activity for the periods presented (in thousands): | | | | | | | | | | | | | | | | | Nine Months Ended | | | September 30, 2026 | | September 30, 2025 | | Advances on loans receivable | | $ | 2,142,743 | | | $ | 436,629 | | | Less: Receipts on loans receivable | | 1,028,036 | | | 208,136 | | | Net cash advances (receipts) on loans receivable | | $ | 1,114,707 | | | $ | 228,493 | |
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| Summary of Financing Receivable, Allowance for Credit Loss |
The following is a summary of our loans by credit loss category (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Loan category | | Years of Origination | | Loan Carrying Value | | Allowance for Credit Loss | | Net Loan Balance | | No. of Loans | Deteriorated loans(1) | | 2007 - 2019 | | $ | 138,061 | | | $ | (8,074) | | | $ | 129,987 | | | 5 | | | Collective loan pool | | 2010 - 2021 | | 69,845 | | | (463) | | | 69,382 | | | 13 | | | Collective loan pool | | 2022 | | 62,522 | | | (414) | | | 62,108 | | | 11 | | | Collective loan pool | | 2023 | | 43,189 | | | (286) | | | 42,903 | | | 4 | | | Collective loan pool | | 2024 | | 60,119 | | | (399) | | | 59,720 | | | 7 | | | Collective loan pool | | 2025 | | 1,122,429 | | | (7,437) | | | 1,114,992 | | | 13 | | | Collective loan pool | | 2026 | | 1,861,598 | | | (12,056) | | | 1,849,542 | | | 22 | | | Total loans | | | | $ | 3,357,763 | | | $ | (29,129) | | | $ | 3,328,634 | | | 75 | | |
(1) Interest recognized on loans classified as deteriorated loans as of the end of the respective reporting period was $4,045,000 and $11,652,000 for the three and nine months ended September 30, 2026, respectively. The following is a summary of the activity within the allowance for credit losses on loans receivable for the periods presented (in thousands): | | | | | | | | | | | | | Nine Months Ended | | September 30, 2026 | | September 30, 2025 | | Balance at beginning of period | $ | 25,037 | | | $ | 33,797 | | | Provision for loan losses, net | 4,045 | | | (2,032) | | | | | | | | | | | Loan write-offs, net of recoveries | 70 | | | (71) | | | Effect of foreign currency | (23) | | | 776 | | | Balance at end of period | $ | 29,129 | | | $ | 32,470 | |
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