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Credit Losses on Financial Assets and Other Instruments | 9 Months Ended
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Sep. 30, 2023
Credit Loss [Abstract] |
Credit Losses on Financial Assets and Other Instruments | Credit Losses on Financial Assets and Other Instruments The table below sets forth the activity for our allowance for credit losses for the nine months ended September 30, 2023 and 2022 (in thousands):
| Investing Receivables |  | Tenant Notes Receivable (1) |  | Other Assets (2) |  |  |  |  |  | Total
December 31, 2022 | $ | 2,794 |  |  | $ | 778 |  |  | $ | 268 |  |  |  |  |  |  | $ | 3,840 |
Credit loss expense (recoveries) (3) | 829 |  |  | (64) |  |  | (88) |  |  |  |  |  |  | 677 |
Write-offs | — |  |  | (33) |  |  | — |  |  |  |  |  |  | (33) |
September 30, 2023 | $ | 3,623 |  |  | $ | 681 |  |  | $ | 180 |  |  |  |  |  |  | $ | 4,484 |
December 31, 2021 | $ | 1,599 |  |  | $ | 1,057 |  |  | $ | 913 |  |  |  |  |  |  | $ | 3,569 |
Credit loss expense (recoveries) (3) | 2,129 |  |  | (112) |  |  | (415) |  |  |  |  |  |  | 1,602 |
September 30, 2022 | $ | 3,728 |  |  | $ | 945 |  |  | $ | 498 |  |  |  |  |  |  | $ | 5,171 |
(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets. (2)The balance as of September 30, 2023 and December 31, 2022 included $109,000 and $52,000 in the line entitled “accounts receivable, net” and $71,000 and $216,000 in the line entitled “prepaid expenses and other assets, net”, respectively, on our consolidated balance sheets. (3)Included in the line entitled “interest and other income, net” on our consolidated statements of operations. The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of September 30, 2023 (in thousands):
| Origination Year |  |
| 2018 and Earlier |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Total
Investing receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit risk classification: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade | $ | 64,171 |  |  | $ | — |  |  | $ | 2,028 |  |  | $ | 8,141 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 74,347 |
Non-investment grade | — |  |  | — |  |  | — |  |  | — |  |  | 16,811 |  |  | — |  |  | 16,811 |
Total | $ | 64,171 |  |  | $ | — |  |  | $ | 2,028 |  |  | $ | 8,141 |  |  | $ | 16,811 |  |  | $ | 7 |  |  | $ | 91,158 |
Tenant notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit risk classification: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade | $ | 717 |  |  | $ | 21 |  |  | $ | 136 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 874 |
Non-investment grade | 144 |  |  | 57 |  |  | 1,466 |  |  | — |  |  | — |  |  | — |  |  | 1,667 |
Total | $ | 861 |  |  | $ | 78 |  |  | $ | 1,602 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,541 |
Gross write-offs during the nine months ended September 30, 2023 | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |
Sales-type lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Credit risk classification: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade | $ | — |  |  | $ | — |  |  | $ | 5,244 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,244 |
Our investment grade credit risk classification represents entities with investment grade credit ratings from ratings agencies (such as S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc.), meaning that they are considered to have at least an adequate capacity to meet their financial commitments, with credit risk ranging from minimal to moderate. Our non-investment grade credit risk classification represents entities with either no credit agency credit ratings or ratings deemed to be sub-investment grade; we believe that there is significantly more credit risk associated with this classification. The credit risk classifications of our investing receivables and tenant notes receivable were last updated in September 2023. An insignificant portion of the investing and tenant notes receivables set forth above was past due, which we define as being delinquent by more than three months from the due date. Notes receivable on nonaccrual status as of September 30, 2023 and December 31, 2022 were not significant. We did not recognize any interest income on notes receivable on nonaccrual status during the nine months ended September 30, 2023 and 2022.

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