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OTHER NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2025

7. Other Notes Receivable

Other notes receivable relate to notes issued to mobile home park owners and dealers and are not directly tied to the sale of manufactured homes.

Other notes receivable, net of allowance for loan losses and deferred financing fees, consisted of the following:


		As of December 31,		As of December 31,			As of December 31,
		2025		2024			2023
Outstanding principal balance		$	6,380	$	15,412		$	35,353
Loan discount and deferred financing fees			(57)		(132)			(527)
Allowance for loan losses			(229)		(364)			(236)
Total		$	6,094	$	14,916		$	34,590

The following table presents a detail of the activity in the allowance for loan losses for the years:


	Year ended
	December 31,
	2025		2024
Allowance for loan losses, beginning of period	$	364	$	236
Provision for loan losses		141		128
(Charge offs) recoveries		(276)		—
Allowance for loan losses, end of period	$	229	$	364

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 and is presented as of:


	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total		% of Portfolio
< 30 days past due	$	4,633	$	525	$	415	$	—	$	—	$	25	$	5,598	%	87.7
30-90 days past due		—		—		—		—		—		—		—		—
> 90 days past due		—		33		567		—		182		—		782		12.3
Total	$	4,633	$	558	$	982	$	—	$	182	$	25	$	6,380	%	100.0