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Notes Receivable, Net | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Notes Receivable, net | Note 4 – Notes Receivable, net The Company’s notes receivable, net consists of investments in loans to buyers of charged-off and nonperforming receivable portfolios through HGC and financing of laboratory equipment sales through ALT. As of September 30, 2024 and December 31, 2023, the Company’s outstanding notes receivables related to loans to buyers of charged-off and nonperforming receivable portfolios, net of unamortized deferred fees and costs on originated loans, and adjusted for the reserve for credit losses was $10.9 million and $17.5 million, respectively. The activity during the nine months ended September 30, 2024 includes the additional investment in notes receivable of approximately $4.5 million, which was offset by principal payments made by borrowers of approximately $8.8 million and noncash transfer of notes receivable to equity method investments of approximately $2.5 million. As of September 30, 2024, the Company’s outstanding notes receivables related to financing of laboratory equipment sales, net of unamortized deferred fees and costs on originated loans and adjusted for the reserve for credit losses was $0.4 million. There was no notes receivable balance related to financing of laboratory equipment sales as of December 31, 2023. The activity during the nine months ended September 30, 2024 includes the investment in notes receivable of approximately $0.6 million, which was offset by principal payments made by purchasers of $0.2 million and immaterial deferred financing fees, and allowance for credit losses. The table below shows the Company’s lending activity as of September 30, 2024 (in thousands):
|  | September 30, 2024 |
Notes receivable as of December 31, 2023 |  | $ | 18,262 |
Investment in notes receivable |  |  | 5,047 |
Noncash transfer of notes receivable to equity method investments |  |  | (2,487 | )
Principal repayments |  |  | (9,039 | )
Notes receivable, as of September 30, 2024 |  |  | 11,783 |
Deferred financing fees and costs, net |  |  | (65 | )
Allowance for credit losses |  |  | (422 | )
Notes receivable, net, September 30, 2024 |  | $ | 11,296 |
In accordance with ASC 326, the Company performs a review of notes receivable on a quarterly basis. During the nine months ended September 30, 2024, the Company recorded a credit of $0.3 million to the provision for credit losses in selling, general and administrative expense on the consolidated statement of income, which was primarily due to the decrease in balance of notes receivables. As of September 30, 2024 and December 31, 2023, the allowance for credit losses was approximately $0.4 million and $0.7 million, respectively. As of September 30, 2024, the amortized cost basis of notes receivable in nonaccrual status was $5.4 million.

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