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Investments in Loans | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Investments in Loans | Investments in Loans The following table presents information about our loans as of June 30, 2024 and December 31, 2023 (dollars in thousands):
|  | June 30, 2024
|  | Amortized Cost |  | Allowance (1) |  | Carrying Amount (2)
Senior Secured Notes Receivable (3) |  | $ | 559,580 |  |  | $ | (7,945) |  |  | $ | 551,635 |
Mortgage Loans |  | 33,500 |  |  | — |  |  | 33,500 |
Unsecured Loan |  | 9,948 |  |  | (1,035) |  |  | 8,913 |
Total |  | $ | 603,028 |  |  | $ | (8,980) |  |  | $ | 594,048 |
|  | December 31, 2023
|  | Amortized Cost |  | Allowance (1) |  | Carrying Amount (2)
Senior Secured Note Receivable |  | $ | 174,337 |  |  | $ | (2,498) |  |  | $ | 171,839 |
Mortgage Loan |  | 33,500 |  |  | — |  |  | 33,500 |
Total |  | $ | 207,837 |  |  | $ | (2,498) |  |  | $ | 205,339 |
(1) During the six months ended June 30, 2024, our allowance for credit losses increased by $6.5 million, attributable to the loans we acquired in conjunction with our merger with Spirit and another senior secured note we acquired in May 2024. (2) The total carrying amount of the investment in loans excludes accrued interest of $9.4 million and $3.4 million as of June 30, 2024 and December 31, 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets. (3) Includes a loan acquired in conjunction with our merger with Spirit with an estimated acquisition date fair value of $4.6 million. Since it was a purchased credit deteriorated loan, we recorded the initial expected credit loss of $1.8 million by adjusting the amortized cost basis. A. Senior Secured Notes Receivable In May 2024, we acquired a GBP-denominated senior secured note, maturing in May 2030, with a principal amount of £300.0 million, equivalent to $379.1 million as of June 30, 2024. The interest only note bears interest at a fixed rate of 8.125% and is callable at par beginning in May 2026.

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- Definition The entire disclosure for claims held for amounts due to 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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