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Loans Receivable and Other Lending Investments, net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of the company's loans receivable and other lending investments by class

The following is a summary of the Company’s loans receivable and other lending investments by class ($ in thousands): ⁽¹⁾

​	​	​	​	​	​	​	​
​		As of					​
​		June 30, 2024			December 31, 2023		​
Loans	​			​			​
Senior mortgages	​	$	3,050	​	$	2,550	​
Subordinate mortgages	​		14,757	​		14,266	​
Subtotal - gross carrying value of loans	​		17,807	​		16,816	​
Other lending investments	​			​			​
Available-for-sale debt securities	​		13,386	​		4,579	​
Subtotal - other lending investments	​		13,386	​		4,579	​
Total gross carrying value of loans receivable and other lending investments	​		31,193	​		21,395	​
Allowance for loan losses	​		(512)	​		(497)	​
Total loans receivable and other lending investments, net	​	$	30,681	​	$	20,898	​

(1) As of June 30, 2024 and December 31, 2023, accrued interest was $0.4 million and $0.2 million, respectively, and is recorded in “Accrued interest and operating lease income receivable, net” on the Company’s combined and consolidated balance sheets. During the three and six months ended June 30, 2024 and 2023, the Company did not reverse any accrued interest on its loan portfolio.

Schedule of changes in the company's allowance for loan losses

Allowance for Loan Losses—Changes in the Company’s allowance for loan losses were as follows for the three months ended June 30, 2024 and 2023 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

General Allowance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction

​

​

​

​

Specific

​

​

​

Three Months Ended June 30, 2024

​

Loans

​

Loans

​

Allowance

​

Total

Allowance for loan losses at beginning of period

​

$

—

​

$

514

​

$

—

​

$

514

Provision for (recovery of) loan losses(1)

​

—

​

(2)

​

—

​

(2)

Allowance for loan losses at end of period

​

$

—

​

$

512

​

$

—

​

$

512

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for loan losses at beginning of period

​

$

78

​

$

380

​

$

—

​

$

458

Provision for (recovery of) loan losses(1)

​

(78)

​

9

​

—

​

(69)

Allowance for loan losses at end of period

​

$

—

​

$

389

​

$

—

​

$

389

(1) During the three months ended June 30, 2024 and 2023, the Company recorded a recovery of loan losses of $2 thousand and $0.1 million, respectively, in its combined and consolidated statements of operations. The recovery in 2024 was due primarily to an improving macroeconomic forecast since March 31, 2024. The recovery in 2023 was due primarily to the repayment of loans during the three months ended June 30, 2023.

Changes in the Company’s allowance for loan losses were as follows for the six months ended June 30, 2024 and 2023 ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

General Allowance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction

​

​

​

​

Specific

​

​

​

Six Months Ended June 30, 2024

​

Loans

​

Loans

​

Allowance

​

Total

Allowance for loan losses at beginning of period

​

$

—

​

$

497

​

$

—

​

$

497

Provision for (recovery of) loan losses(1)

​

—

​

15

​

—

​

15

Allowance for loan losses at end of period

​

$

—

​

$

512

​

$

—

​

$

512

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for loan losses at beginning of period

​

$

92

​

$

437

​

$

396

​

$

925

Provision for (recovery of) loan losses(1)

​

(92)

​

(48)

​

(396)

​

(536)

Allowance for loan losses at end of period

​

$

—

​

$

389

​

$

—

​

$

389

(1) During the six months ended June 30, 2024 and 2023, the Company recorded a provision for loan losses of $15 thousand and $1.6 million, respectively, in its combined and consolidated statements of operations. The provision in 2024 was due primarily to a principal addition to a loan originated in September 2023 (refer to Note 5). The provision in 2023 was due primarily to a $2.2 million provision on the sale of a loan held for sale, which was partially offset by a recovery due to the repayment of loans during the six months ended June 30, 2023.

Schedule of recorded investment in loans and associated allowance for loan losses

The Company’s investment in loans, all of which were collectively evaluated for impairment, and the associated allowance for loan losses were as follows as of June 30, 2024 and December 31, 2023 ($ in thousands):

​	​	​	​
As of June 30, 2024		​
Loans	​	$	17,807
Less: Allowance for loan losses	​		(512)
Total	​	$	17,295
As of December 31, 2023	​
Loans	​	$	16,816
Less: Allowance for loan losses	​		(497)
Total	​	$	16,319

Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating

The Company’s amortized cost basis in performing senior mortgage and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, as of June 30, 2024 were as follows ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Year of Origination																			​
​		2024			2023			2022			2021			2020			Prior to 2020			Total
Senior mortgages	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Risk rating	​	​			​			​			​			​			​		​	​
1.0	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—
1.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
3.0	​		—	​		3,050	​		—	​		—	​		—	​		—	​		3,050
3.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
5.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
Subtotal	​	$	—	​	$	3,050	​	$	—	​	$	—	​	$	—	​	$	—	​	$	3,050
Subordinate mortgages	​			​			​			​			​			​			​
Risk rating	​			​			​			​			​			​			​
1.0	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—
1.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
3.0	​		—	​		—	​		—	​		—	​		—	​		14,757	​		14,757
3.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
5.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
Subtotal	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	14,757	​	$	14,757
Total	​	$	—	​	$	3,050	​	$	—	​	$	—	​	$	—	​	$	14,757	​	$	17,807

​

The Company’s amortized cost basis in performing senior mortgages and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, as of December 31, 2023 were as follows ($ in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Year of Origination																			​
​		2023			2022			2021			2020			2019			Prior to 2019			Total
Senior mortgages	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Risk rating	​	​			​			​			​			​			​		​	​
1.0	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—
1.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
3.0	​		2,550	​		—	​		—	​		—	​		—	​		—	​		2,550
3.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
5.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
Subtotal(1)	​	$	2,550	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	2,550
Subordinate mortgages	​			​			​			​			​			​			​
Risk rating	​			​			​			​			​			​			​
1.0	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—
1.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
2.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
3.0	​		—	​		—	​		—	​		—	​		—	​		14,266	​		14,266
3.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
4.5	​		—	​		—	​		—	​		—	​		—	​		—	​		—
5.0	​		—	​		—	​		—	​		—	​		—	​		—	​		—
Subtotal	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​	$	14,266	​	$	14,266
Total	​	$	2,550	​	$	—	​	$	—	​	$	—	​	$	—	​	$	14,266	​	$	16,816

Schedule of recorded investment in loans, aged by payment status and presented by class

​

The Company’s amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than

Greater

​

​

​

​

​

​

​

​

​

or Equal

​

Than

​

Total

​

​

​

​

​

Current

​

to 90 Days

​

90 Days

​

Past Due

​

Total

As of June 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior mortgages

​

$

3,050

​

$

—

​

$

—

​

$

—

​

$

3,050

Subordinate mortgages

​

​

14,757

​

​

—

​

​

—

​

​

—

​

​

14,757

Total

​

$

17,807

​

$

—

​

$

—

​

$

—

​

$

17,807

As of December 31, 2023

​

​

​

​

​

Senior mortgages

​

$

2,550

​

$

—

​

$

—

​

$

—

​

$

2,550

Subordinate mortgages

​

14,266

​

—

​

—

​

—

​

14,266

Total

​

$

16,816

​

$

—

​

$

—

​

$

—

​

$

16,816

Schedule of other lending investments - securities

Other lending investments—Other lending investments includes the following securities ($ in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net

​

​

Net

​

​

​

​

​

Amortized

​

Unrealized

​

Estimated

​

Carrying

​

​

Face Value

​

Cost Basis

​

Gain (Loss)

​

Fair Value

​

Value

As of June 30, 2024

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal debt securities(1)

​

$

13,170

​

$

13,170

​

$

216

​

$

13,386

​

$

13,386

Total

​

$

13,170

​

$

13,170

​

$

216

​

$

13,386

​

$

13,386

As of December 31, 2023

​

​

​

​

​

Available-for-Sale Securities

​

​

​

​

​

Municipal debt securities(1)

​

$

4,220

​

$

4,220

​

$

359

​

$

4,579

​

$

4,579

Total

​

$

4,220

​

$

4,220

​

$

359

​

$

4,579

​

$

4,579

​

​

​

(1) In September 2023, the Company acquired two securities for $4.2 million. In February 2024, the Company acquired one security for $0.8 million. In May 2024, the Company acquired three securities for $8.2 million.

Schedule of contractual maturities of securities

As of June 30, 2024, the contractual maturities of the Company’s securities were as follows ($ in thousands):

​	​	​	​	​	​	​
​	​	Amortized		​	Estimated
​	​	Cost Basis			Fair Value
Maturities		​			​
Within one year	​	$	—	​	$	—
After one year through 5 years	​		—	​		—
After 5 years through 10 years	​		—	​		—
After 10 years	​		13,170	​		13,386
Total	​	$	13,170	​	$	13,386

​

X

- Definition

Tabular disclosure of the Company's recorded investment in loans and the associated reserve for loan losses.

+ References

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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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B

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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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-Publisher FASB
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

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