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Investments in Loans | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Investments in Loans | Investments in Loans The following table presents information about our loans as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|  |  |  | September 30, 2024
|  | Maturity Date |  | Amortized Cost |  | Allowance |  | Carrying Amount (1)
Senior Secured Notes Receivable |  | October 2029 - May 2030 |  | $ | 586,414 |  |  | $ | (6,476) |  |  | $ | 579,938 |
Mortgage Loans |  | September 2038 |  | 33,500 |  |  | — |  |  | 33,500 |
Unsecured Loan |  | December 2026 |  | 10,053 |  |  | (898) |  |  | 9,155 |
Total |  |  |  | $ | 629,967 |  |  | $ | (7,374) |  |  | $ | 622,593 |
|  |  |  | December 31, 2023
|  | Maturity Date |  | Amortized Cost |  | Allowance |  | Carrying Amount (1)
Senior Secured Note Receivable |  | October 2029 |  | $ | 174,337 |  |  | $ | (2,498) |  |  | $ | 171,839 |
Mortgage Loan |  | September 2038 |  | 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 $23.5 million and $3.4 million as of September 30, 2024 and December 31, 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets. 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 $402.1 million as of September 30, 2024. The interest only note bears interest at a fixed rate of 8.125% and is callable at par beginning in May 2026. In September 2024, our interest in a loan with a carrying amount of $5.3 million, which was acquired in conjunction with our merger with Spirit, was transferred to a third-party buyer. As a result of this transfer, we recorded a loss of $1.5 million, presented in 'Other income, net' in our consolidated statements of income and comprehensive income.

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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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