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Notes Receivable, net | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Notes Receivable, net | Note 3 – 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 December 31, 2024 and 2023, the Company’s outstanding notes receivable balance 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 allowance for credit losses, was $9.6 million and $17.5 million, respectively. The activity during 2024 includes the additional investment in notes receivable of approximately $5.0 million, which was offset by principal payments made by borrowers of approximately $10.8 million and noncash transfer of notes receivable to equity method investments of approximately $2.5 million. As of December 31, 2024, the Company’s outstanding notes receivable balance related to financing of laboratory equipment sales, net of unamortized deferred fees and costs on originated loans and adjusted for the allowance 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 2024 includes investment in notes receivable of approximately $0.6 million, which was offset by principal payments made by purchasers of $0.3 million and an immaterial amount of deferred financing fees, and allowance for credit losses. The table below shows the Company’s lending activity:
|  | 2024 |  |  | 2023 |
Notes receivable, beginning of year |  | $ | 18,262 |  |  | $ | 9,163 |
Investment in notes receivable |  |  | 5,675 |  |  |  | 29,826 |
Noncash transfer of notes receivable to equity method investments |  |  | (2,487 | ) |  |  | (8,851 | )
Principal repayments |  |  | (11,041 | ) |  |  | (11,876 | )
Notes receivable, end of year |  |  | 10,409 |  |  |  | 18,262 |
Deferred financing fees and costs, net |  |  | (52 | ) |  |  | (141 | )
Allowance for credit losses |  |  | (383 | ) |  |  | (650 | )
Notes receivable, net, end of year |  | $ | 9,974 |  |  | $ | 17,471 |
In accordance with ASC 326, the Company performs a review of notes receivable on a quarterly basis. During 2023, the Company recorded a provision for credit losses in selling, general and administrative expense on the consolidated statement of income of approximately $0.5 million. As of December 31, 2024 and 2023, the allowance for credit losses was approximately $0.4 million and $0.7 million, respectively. The change in allowance for credit losses in 2024 was primarily driven by decreases in loan balances. The Company's credit loss reserve rate specific to its notes receivable balance as of December 31, 2024 was 3.7%. As of December 31, 2024, the Company has recorded no actual credit losses on notes receivable. As of December 31, 2024, the amortized cost basis of notes receivable in nonaccrual status was approximately $5.3 million. There were no notes receivable in nonaccrual status as of December 31, 2023.

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