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Credit Losses on Financial Assets and Other Instruments
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (in thousands):
Investing ReceivablesTenant Notes
Receivable (1)		Other Assets (2)Total
December 31, 2024$2,792 $615 $75 $3,482 
Net credit loss expense (recoveries) (3)1,412 (67)33 1,378 
September 30, 2025$4,204 $548 $108 $4,860 
December 31, 2023$2,377 $666 $153 $3,196 
Net credit loss expense (recoveries) (3)490 57 (51)496 
September 30, 2024$2,867 $723 $102 $3,692 
(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.
(2)The balance as of September 30, 2025 and December 31, 2024 included $13,000 and $60,000, respectively, in the line entitled “accounts receivable, net” and $95,000 and $15,000, respectively, in the line entitled “prepaid expenses and other assets, net” 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, 2025 (in thousands):
Origination Year
2020 and Earlier
20212022202320242025Total
Investing receivables
Credit risk classification
Investment grade$60,295 $11,696 $— $1,783 $— $— $73,774 
Non-investment grade— — 1,356 — — 8,846 10,202 
Total $60,295 $11,696 $1,356 $1,783 $— $8,846 $83,976 
Tenant notes receivable
Credit risk classification
Investment grade$456 $— $— $— $— $— $456 
Non-investment grade1,197 — — — 358 23 1,578 
Total$1,653 $— $— $— $358 $23 $2,034 
Sales-type lease receivables
Credit risk classification
Investment grade$3,999 $— $— $— $— $— $3,999 
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 2025.

An insignificant portion of the investing and tenant notes receivables set forth above were past due, which we define as being delinquent by more than three months from the due date, as of September 30, 2025.
We did not have any tenant notes receivable on nonaccrual status as of September 30, 2025 and December 31, 2024. We did not recognize any interest income on tenant notes receivable on nonaccrual status during the three and nine months ended September 30, 2025 and 2024.