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Mortgage and Other Financing Receivables | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses, of $623.2 million and $445.0 million, respectively. As of September 30, 2025, these mortgage and other receivables have scheduled maturities ranging fr om less than one year to 9.1 yea rs and accrue interest at rates ranging fr om 6.35% to 12.50%. During the nine months ended September 30, 2025 and 2024, the Company recognized mortgage and other financing income, net of $35.7 million and $19.2 million, respectively. During the nine months ended September 30, 2025, the Company (i) provided $252.0 m illion of mortgage and other financing loans, (ii) collected $71.8 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, and (iii) extended three mortgage loans with an aggregate principal balance of $176.1 milli on, utilizing extension options ranging from six months to one year. During the nine months ended September 30, 2024, the Company (i) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in c onjunction with the RPT Merger, (ii) provided $187.3 m illion of mortgage and other financing loans, (iii) provided $50.2 million of mortgage loan financing related to the Company’s previously held preferred equity investment and (iv) collected $85.1 million of mortgage and other financing receivables. Subsequently, the Company collecte d $241.7 million related the repayment of four mortgage and other financing receivables in October 2025. These mortgage and other receivables had scheduled maturities ranging fr om less than one year to 8.7 yea rs and accrued interest at rates ranging fr om 9.00% to 12.00%. The following table presents the changes in the allowance for credit losses for the nine months ended September 30, 2025 and 2024, respectively (in thousands):
| Nine Months Ended September 30, |
| 2025 |  |  | 2024 |
Balance at January 1, | $ | 6,800 |  |  | $ | 1,300 |
Provision for credit losses |  | 2,990 |  |  |  | 4,500 |
Recoveries collected |  | (1,090 | ) |  |  | - |
Balance at September 30, | $ | 8,700 |  |  | $ | 5,800 |

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