Note 12 - Other Assets

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Other Assets Disclosure [Text Block]

12.  Other Assets:

Assets Held-For-Sale

At December 31, 2022, the Company had three properties classified as held-for-sale at a net carrying amount of $56.3 million.

Mortgages and Other Financing Receivables

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2022, see Financial Statement Schedule IV included in this annual report on Form 10-K.

The following table reconciles mortgage loans and other financing receivables from January 1, 2020 to December 31, 2022 (in thousands):

	2022			2021			2020
Balance at January 1,	$	73,102		$	32,246		$	7,829
Additions:
New mortgage and other loans (1)		75,063			55,307			25,500
Deductions:
Loan repayments (2)		(60,211	)		(13,646	)		(25	)
Collections of principal		(95	)		(130	)		(152	)
Allowance for credit losses		(500	)		(370	)		(906	)
Other adjustments		-			(305	)		-
Balance at December 31,	$	87,359		$	73,102		$	32,246

(1) During 2021, the Company acquired $13.4 million of mortgage loan receivables in connection with the Merger.

(2) During 2022, the Company recognized $4.0 million of profit participation related to the repayment of a mortgage loan, which is included in Other income, net on the Company’s Consolidated Statements of Income.

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2022, the Company had a total of 11 loans, all of which are performing.

Software Development Costs

As of December 31, 2022 and 2021, the Company had unamortized software development costs of $18.4 million, respectively.  The Company expensed $3.5 million, $3.1 million and $3.2 million in amortization of software development costs during the years ended December 31, 2022, 2021 and 2020, respectively.