Credit Losses on Financial Assets and Other Instruments (Tables)

3 Months Ended

Mar. 31, 2024

The table below sets forth the activity for our allowance for credit losses for the three months ended March 31, 2024 and 2023 (in thousands):


	Investing Receivables		Tenant Notes Receivable (1)		Other Assets (2)		Total
December 31, 2023	$	2,377	$	666	$	153	$	3,196

Credit loss expense (recoveries) (3)	(16)		116		(78)		22



March 31, 2024	$	2,361	$	782	$	75	$	3,218

December 31, 2022	$	2,794	$	778	$	268	$	3,840
Credit loss expense (recoveries) (3)	143		(19)		(57)		67
Write-offs	—		(33)		—		(33)
March 31, 2023	$	2,937	$	726	$	211	$	3,874

(1)Included in the line entitled “accounts receivable, net” on our consolidated balance sheets.

(2)The balance as of March 31, 2024 and December 31, 2023 included $16,000 and $87,000, respectively, in the line entitled “accounts receivable, net” and $59,000 and $66,000, respectively, in the line entitled “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 March 31, 2024 (in thousands):


	Origination Year
	2019 and Earlier		2020		2021		2022		2023		2024		Total
Investing receivables:
Credit risk classification:
Investment grade	$	65,932	$	2,529	$	9,291	$	—	$	265	$	—	$	78,017
Non-investment grade	—		—		—		6,867		—		—		6,867
Total	$	65,932	$	2,529	$	9,291	$	6,867	$	265	$	—	$	84,884


Tenant notes receivable:
Credit risk classification:
Investment grade	$	658	$	94	$	—	$	—	$	—	$	—	$	752
Non-investment grade	151		1,400		—		—		—		487		2,038
Total	$	809	$	1,494	$	—	$	—	$	—	$	487	$	2,790


Sales-type lease receivables:
Credit risk classification:
Investment grade	$	—	$	4,949	$	—	$	—	$	—	$	1,160	$	6,109