XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments in Loans | 12 Months Ended
--- | ---
Dec. 31, 2023
Receivables [Abstract] |
Investments in Loans | Investments in Loans The following table presents information about our loans as of December 31, 2023 (dollars in thousands):
|  | Amortized Cost |  | Allowance |  | Carrying Amount (1)
Senior Secured Note Receivable |  | $ | 174,337 |  |  | $ | (2,498) |  |  | $ | 171,839 |
Mortgage Loan |  | 33,500 |  |  | — |  |  | 33,500 |
Total |  | $ | 207,837 |  |  | $ | (2,498) |  |  | $ | 205,339 |
(1) The total carrying amount of the investment in loans excludes accrued interest of $3.4 million as of December 31, 2023, which is recorded to 'Other assets, net' on our consolidated balance sheets. A. Senior Secured Note Receivable In November 2023, the Company purchased a Sterling-denominated senior secured note with a principal amount of £142.0 million, equivalent to $180.9 million as of December 31, 2023. The interest only note bears interest at Sterling Overnight Indexed Average (“SONIA”) plus 6.75% and matures in October 2029. The Company paid £136.7 million for the note and accounted for the discount at amortized cost. The discount is being amortized over the term of the note. B. Mortgage Loan In October 2023, the Company issued a $33.5 million mortgage loan which is collateralized by nine automotive service properties located across seven different states. The interest only loan bears interest at 8.25% subject to annual increases and matures in October 2038.

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration