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Credit Loss Reserve (Tables) | 9 Months Ended
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Sep. 30, 2025
Credit Loss Reserve |
Summary of financial instruments within the scope of ASC 326 | The following table summarizes our financial instruments within the scope of ASC 326 by year of origination (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year of origination (1) | ​ | At September 30, 2025
Investment Type: | ​ | 2025 | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | Prior | ​ | Total | ​ | Credit loss reserve
Financing receivables | ​ | $ | — | ​ | $ | 163,460 | ​ | $ | 122,196 | ​ | $ | 76,545 | ​ | $ | — | ​ | $ | — | ​ | $ | 362,201 | ​ | $ | 3,622
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans receivable | ​ | $ | 94,680 | ​ | $ | 1,177 | ​ | $ | 27,237 | ​ | $ | — | ​ | $ | 15,956 | ​ | $ | 254,537 | ​ | $ | 393,587 | ​ | $ | 3,930
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mezzanine loans | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 25,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 25,000 | ​ | $ | 250
Working Capital loans | ​ | ​ | — | ​ | ​ | 25 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,028 | ​ | ​ | 957 | ​ | ​ | 2,010 | ​ | ​ | 20
Total Notes Receivable | ​ | $ | — | ​ | $ | 25 | ​ | $ | — | ​ | $ | 25,000 | ​ | $ | 1,028 | ​ | $ | 957 | ​ | $ | 27,010 | ​ | $ | 270
(1) | Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan.
Summary of expected credit losses | The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Recovery | ​ | Provision | ​ | ​ | ​
​ | ​ | Balance | ​ | ​ | due to | ​ | due to | ​ | Balance | ​
​ | ​ | at | ​ | ​ | Payoffs/ | ​ | Originations/ | ​ | at | ​
Description | ​ | 12/31/2024 | ​ | ​ | Write-offs | ​ | additional funding | ​ | 9/30/2025 | ​
Credit Loss Reserve- Financing Receivables | ​ | $ | 3,615 | ​ | $ | — | ​ | $ | 7 | ​ | $ | 3,622 | ​
Credit Loss Reserve- Mortgage Loans Receivable | ​ | ​ | 3,151 | ​ | ​ | (217) | ​ | ​ | 996 | ​ | ​ | 3,930 | ​
Credit Loss Reserve-Notes Receivable | ​ | ​ | 477 | ​ | ​ | (207) | ​ | ​ | — | ​ | ​ | 270 | ​

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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