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OTHER NOTES RECEIVABLE | 12 Months Ended
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Dec. 31, 2023
OTHER NOTES RECEIVABLE |
OTHER NOTES RECEIVABLE | 6. Other Notes Receivable Other notes receivable include loans that we make to community owners for the purpose of acquiring or developing properties and, as part of the arrangement, these community owners contract to buy homes from us. Approximately $55 million of MHP Notes and Other notes receivable is with borrowers either owned or operated by one individual. Approximately $37 million of these notes currently is in default and is the subject of ongoing litigation in which the Company is the plaintiff. These notes are collateralized by mobile homes and land and are personally guaranteed by multiple borrowers. The Company evaluated the recoverability of these notes as of December 31, 2023 and determined a provision for expected loan losses is not deemed necessary based on the analysis of the underlying collateral. Other notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
Outstanding principal balance | ​ | $ | 35,353 | ​ | $ | 23,017
Loan discount and deferred financing fees | ​ | ​ | (527) | ​ | ​ | (295)
Allowance for loan losses | ​ |  | (236) | ​ |  | —
Total | ​ | $ | 34,590 | ​ | $ | 22,722
​ ​ ​ The following table presents a detail of the activity in the allowance for loan losses for the years ended December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
Allowance for loan losses, beginning of year | ​ | $ | — | ​ | $ | —
Provision for loan losses | ​ | ​ | 236 | ​ | ​ | —
Charge offs (recoveries) | ​ |  | — | ​ |  | —
Allowance for loan losses, end of year | ​ | $ | 236 | ​ | $ | —
​ ​ ​ The following table presents impaired and general reserve for allowance for loan losses at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
Total Other notes receivable | ​ | $ | 35,353 | ​ | $ | 23,017
Allowance for loan losses | ​ | ​ | 236 | ​ | ​ | —
Impaired loans individually evaluated for impairment | ​ | ​ | 25,135 | ​ | ​ | —
Specific reserve against impaired loans | ​ | ​ | 84 | ​ | ​ | —
Other notes receivable collectively evaluated for allowance | ​ |  | 10,218 | ​ |  | —
General allowance for loan losses | ​ | ​ | 152 | ​ | ​ | —
​ We evaluate the credit quality of our Other notes receivable portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. The following table disaggregates the outstanding principal balance of Other notes receivable by credit quality indicator based on delinquency status and fiscal year of origination: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | Total | ​ | % of Portfolio
< 30 days past due | ​ | $ | 33,348 | ​ | $ | 461 | ​ | $ | 191 | ​ | $ | 300 | ​ | $ | 105 | ​ | $ | 34,405 | ​ | % | 97.3
30-90 days past due | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
> 90 days past due | ​ | ​ | — | ​ | ​ | 299 | ​ | ​ | 649 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 948 | ​ | ​ | 2.7
Total | ​ | $ | 33,348 | ​ | $ | 760 | ​ | $ | 840 | ​ | $ | 300 | ​ | $ | 105 | ​ | $ | 35,353 | ​ | % | 100.0
​

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