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Mortgage and Other Financing Receivables | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Mortgage and Other Financing Receivables | 7. 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 March 31, 2025 and December 31, 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses, of $421.8 million and $445.0 million, respectively. During the three months ended March 31, 2025 and 2024, the Company recognized mortgage and other financing income, net of $11.3 million and $2.5 million, respectively, on the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2025, the Company collected $23.1 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. During the three months ended March 31, 2024, the Company (i) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in conjunction with the RPT Merger, (ii) provided $9.0 million of mortgage and other financing loans, and (iii) collected $38.2 million of mortgage and other financing receivables. The following table presents the change in the allowance for credit losses for the three months ended March 31, 2025 and 2024, respectively (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Balance at January 1, |  | $ | 6,800 |  |  | $ | 1,300 |
Provision for credit losses |  |  | - |  |  |  | 2,000 |
Balance at March 31, |  | $ | 6,800 |  |  | $ | 3,300 |

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