Annual report [Section 13 and 15(d), not S-K Item 405]

Credit Losses on Financial Assets and Other Instruments (Tables)

v3.25.4
Credit Losses on Financial Assets and Other Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
Schedule of Credit Losses, Financial Assets and Other Instruments, Allowance for Credit Loss
The table below sets forth the activity for our allowance for credit losses in 2023, 2024 and 2025 (in thousands):
For the Years Ended December 31, 2024 and 2025
Investing Receivables Tenant Notes
Receivable (1)		 Other Assets (2) Total
December 31, 2022 $ 2,794  $ 778  $ 268  $ 3,840 
Credit loss recoveries (3) (417) (79) (115) (611)
Write-offs —  (33) —  (33)
December 31, 2023 2,377  666  153  3,196 
Net credit loss expense (recoveries) (3) 415  46  (78) 383 
Write-offs —  (97) —  (97)
December 31, 2024 2,792  615  75  3,482 
Net credit loss expense (recoveries) (3) 783  (83) 34  734 
December 31, 2025 $ 3,575  $ 532  $ 109  $ 4,216 
(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.
(2)The balances as of December 31, 2025 and 2024 included insignificant amounts in the lines entitled “accounts receivable, net” and “prepaid expenses and other assets, net” on our consolidated balance sheets.
(3)Included in the line entitled “interest and other income, net” on our consolidated statements of operations.
Schedule of Credit Risk Classification
The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of December 31, 2025 (in thousands):
Origination Year
2020 and Earlier
 2021 2022 2023 2024 2025 Total
Investing receivables
Credit risk classification
Investment grade $ 50,659  $ 11,976  $ —  $ 1,826  $ —  $ —  $ 64,461 
Non-investment grade —  —  210  —  —  8,760  8,970 
Total $ 50,659  $ 11,976  $ 210  $ 1,826  $ —  $ 8,760  $ 73,431 
Tenant notes receivable
Credit risk classification
Investment grade $ 421  $ —  $ —  $ —  $ —  $ —  $ 421 
Non-investment grade 1,168  —  —  —  334  21  1,523 
Total $ 1,589  $ —  $ —  $ —  $ 334  $ 21  $ 1,944 
Sales-type lease receivable
Credit risk classification
Investment grade $ 3,830  $ —  $ —  $ —  $ —  $ —  $ 3,830