v3.26.3
Mortgage and Other Financing Receivables
9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Mortgage and Other Financing Receivables

6. Mortgage and Other Financing Receivables

The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of September 30, 2026 and December 31, 2025, the Company had mortgage and other financing receivables, net of allowance for credit losses of $339.4 million and $383.9 million, respectively. As of September 30, 2026, these mortgage and other financing receivables have scheduled maturities ranging from less than one year to 7.4 years and accrue interest at rates ranging from 6.35% to 12.50%. During the nine months ended September 30, 2026 and 2025, the Company recognized mortgage and other financing income, net of $36.5 million and $35.7 million, respectively.

During the nine months ended September 30, 2026, the Company (i) provided $122.1 million of mortgage and other financing loans and (ii) collected $166.6 million of mortgage and other financing receivables, of which $35.0 million was repaid at closing upon the Company’s acquisition of the corresponding property.

During the nine months ended September 30, 2025, the Company (i) provided $252.0 million of mortgage and other financing loans, (ii) collected $71.8 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company’s acquisition of the corresponding properties, and (iii) extended three mortgage loans with an aggregate principal balance of $176.1 million, utilizing extension options ranging from six months to one year.

The following table presents the changes in the allowance for loan losses for the nine months ended September 30, 2026 and 2025, respectively (in thousands):

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

Balance at January 1,

$

5,352

 

 

$

6,800

 

Provision for loan losses

 

1,520

 

 

 

2,990

 

Recoveries collected

 

(1,520

)

 

 

(1,090

)

Balance at September 30,

$

5,352

 

 

$

8,700