| Schedule of Accounts, Notes, Loans and Financing Receivable |
The following is a summary of the balances of the Company's real estate loans, net.
| | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (in thousands) | Real estate loans (1) | $ | 325,226 | | | $ | 250,515 | | | Less: Allowance for credit losses | (9,592) | | | (2,516) | | | Real estate loans, net | $ | 315,634 | | | $ | 247,999 | |
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| Financing Receivable, Allowance for Credit Loss |
The change in the allowance for credit losses for the Company's real estate loans is shown below (in thousands):
| | | | | | | | | | | | | | | | | | | Rockford Loan | Ione Loan | Dry Creek Loan | Cordish Virginia | Total | | December 31, 2025 | $ | (1,279) | | $ | (399) | | $ | (838) | | $ | — | | $ | (2,516) | | | Change in allowance | (1,616) | | (246) | | (294) | | (248) | | (2,404) | | | Ending balance at March 31, 2026 | $ | (2,895) | | $ | (645) | | $ | (1,132) | | $ | (248) | | $ | (4,920) | | | Change in allowance | (3,186) | | 289 | | 182 | | 93 | | (2,622) | | | Ending Balance June 30, 2026 | $ | (6,081) | | $ | (356) | | $ | (950) | | $ | (155) | | $ | (7,542) | | | Change in allowance | (1,011) | | (161) | | (276) | | (602) | | (2,050) | | Ending balance at September 30, 2026 | $ | (7,092) | | $ | (517) | | $ | (1,226) | | $ | (757) | | $ | (9,592) | |
| | | | | | | | | | | | | Rockford Loan | Ione Loan | Total | | Balance at December 31, 2024 | $ | (4,487) | | $ | (83) | | $ | (4,570) | | | Change in allowance | (2,939) | | (67) | | (3,006) | | | Ending balance at March 31, 2025 | $ | (7,426) | | $ | (150) | | $ | (7,576) | | | Change in allowance | (6,877) | | (208) | | (7,085) | | | Ending balance at June 30, 2025 | $ | (14,303) | | $ | (358) | | $ | (14,661) | | | Change in allowance | 2,126 | | 71 | | 2,197 | | | Ending balance at September 30, 2025 | $ | (12,177) | | $ | (287) | | $ | (12,464) | |
The amortized cost basis of the Company's real estate loans by year of origination is shown below as of September 30, 2026 (in thousands):
| | | | | | | | | | | | | | | | | | | | Origination year | | Real estate loans | Allowance for credit losses | Amortized cost basis at September 30, 2026 | | Allowance as a percentage of outstanding real estate loans | | 2026 | | $ | 48,704 | | $ | (757) | | $ | 47,947 | | | (1.55) | % | | 2025 | | 44,081 | | (1,226) | | 42,855 | | | (2.78) | % | | 2024 | | 98,441 | | (517) | | 97,924 | | | (0.53) | % | | 2023 | | 134,000 | | (7,092) | | 126,908 | | | (5.29) | % | | | | | | | | | | | | | | | | Total | | $ | 325,226 | | $ | (9,592) | | $ | 315,634 | | | (2.95) | % |
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