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Notes Receivable, net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of accounts receivable, net

The following presents the adjustment to notes receivable, net as a result of the implementation of ASC 326 on January 1, 2023 (in thousands):


Notes receivable, net as of December 31, 2022		$	8,750

Reserve for credit losses of December 31, 2022			—
Cumulative effect of the implementation of ASC 326			(119	)
Beginning balance of reserve for credit losses as of January 1, 2023			(119	)
Notes receivable, net of reserve for credit losses as of January 1, 2023		$	8,631

In accordance with ASC 326, the Company performs a review of notes receivable on a quarterly basis. During the nine months ended September 30, 2023, the Company recorded a provision for credit losses in selling, general and administrative expense on the condensed consolidated statement of income of approximately $0.6 million. As of September 30, 2023, the reserve for credit losses was approximately $0.7 million. The provision for credit losses was primarily driven by weakening economic conditions for the underlying charged-off and nonperforming portfolio collections and increases in loan balances.