| Summary of the activity in the Mortgages receivable allowance for credit losses |
| | | | | | | | | | | | | | | | Allowance for credit losses | | | Allowance for credit losses as of | | Provision for credit losses | | as of June 30, | | | December 31, 2023 | | related to loans | | 2024 | | | | (in thousands) | Geographical Location | | | | | | | | | | New England | | $ | 5,764 | | $ | 1,604 | | $ | 7,368 | Mid-Atlantic | | | 1,324 | | | 3,305 | | | 4,629 | South | | | 435 | | | 1,973 | | | 2,408 | West | | | — | | | — | | | — | Total | | $ | 7,523 | | $ | 6,882 | | $ | 14,405 |
| | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Carrying Value | | % of Portfolio | | Carrying Value | | % of Portfolio | | | | | (in thousands) | | Geographical Location | | | | | | | | | | | | New England | | $ | 220,549 | | 44.1 | % | $ | 232,437 | | 46.6 | % | Mid-Atlantic | | | 89,125 | | 17.8 | % | | 99,288 | | 19.9 | % | South | | | 186,358 | | 37.3 | % | | 163,409 | | 32.7 | % | West | | | 4,101 | | 0.8 | % | | 4,101 | | 0.8 | % | Total | | | 500,133 | | 100.0 | % | | 499,235 | | 100.0 | % | Less: Allowance for credit losses | | | (14,405) | | | | | (7,523) | | | | Carrying value, net | | $ | 485,728 | | | | $ | 491,712 | | | |
| | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Outstanding | | | | Outstanding | | | | | | Principal | | % of Portfolio | | Principal | | % of Portfolio | | | | | (in thousands) | | Property Type | | | | | | | | | | | | Residential | | $ | 289,887 | | 58.0 | % | $ | 246,520 | | 49.4 | % | Commercial | | | 146,550 | | 29.3 | % | | 186,524 | | 37.4 | % | Pre-Development Land | | | 33,866 | | 6.8 | % | | 35,920 | | 7.2 | % | Mixed use | | | 29,830 | | 5.9 | % | | 30,271 | | 6.0 | % | Total | | | 500,133 | | 100.0 | % | | 499,235 | | 100.0 | % | Less: Allowance for credit losses | | | (14,405) | | | | | (7,523) | | | | Carrying value, net | | $ | 485,728 | | | | $ | 491,712 | | | |
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| Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Year Originated(1) | | | Carrying | | % of | | | | | | | | | | | | FICO Score (2) | | Value | | Portfolio | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | | | (in thousands) | Under 500 | | $ | 545 | | 0.1 | % | $ | 142 | | $ | — | | $ | — | | $ | — | | $ | 403 | 501-550 | | | 3,356 | | 0.7 | % | | — | | | — | | | — | | | 1,436 | | | 1,920 | 551-600 | | | 7,888 | | 1.6 | % | | 110 | | | 290 | | | 2,170 | | | 3,569 | | | 1,749 | 601-650 | | | 35,733 | | 7.1 | % | | 7,417 | | | 4,635 | | | 3,227 | | | 9,636 | | | 10,818 | 651-700 | | | 69,270 | | 13.9 | % | | 655 | | | 10,753 | | | 16,089 | | | 32,838 | | | 8,935 | 701-750 | | | 203,670 | | 40.7 | % | | 4,403 | | | 34,992 | | | 52,188 | | | 108,128 | | | 3,959 | 751-800 | | | 159,775 | | 31.9 | % | | 25,512 | | | 38,636 | | | 54,804 | | | 39,311 | | | 1,512 | 801-850 | | | 19,896 | | 4.0 | % | | — | | | 77 | | | 19,795 | | | — | | | 24 | Total | | | 500,133 | | 100.0 | % | $ | 38,239 | | $ | 89,383 | | $ | 148,273 | | $ | 194,918 | | $ | 29,320 | Less: Allowance for credit losses | | | (14,405) | | | | | | | | | | | | | | | | | | Carrying value, net | | $ | 485,728 | | | | | | | | | | | | | | | | | |
(1) | Represents the year of origination or amendment where the loan was subject to a full re-underwriting. |
(2) | The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Year Originated(1) | | | Carrying | | % of | | | | | | | | | | | | | | | | FICO Score (2) | | Value | | Portfolio | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | | | (in thousands) | Under 500 | | $ | 1,764 | | 0.4 | % | $ | 216 | | $ | — | | $ | — | | $ | — | | $ | 1,548 | 501-550 | | | 6,555 | | 1.3 | % | | 2,331 | | | 1,440 | | | 1,864 | | | — | | | 920 | 551-600 | | | 33,723 | | 6.8 | % | | 15,019 | | | 9,839 | | | 6,854 | | | 1,127 | | | 884 | 601-650 | | | 103,601 | | 20.8 | % | | 16,053 | | | 26,981 | | | 52,073 | | | 3,988 | | | 4,506 | 651-700 | | | 97,284 | | 19.5 | % | | 17,862 | | | 40,318 | | | 30,203 | | | 3,662 | | | 5,239 | 701-750 | | | 167,977 | | 33.6 | % | | 19,935 | | | 51,276 | | | 83,946 | | | 7,411 | | | 5,409 | 751-800 | | | 64,313 | | 12.9 | % | | 14,461 | | | 20,806 | | | 27,027 | | | 592 | | | 1,427 | 801-850 | | | 24,018 | | 4.8 | % | | 865 | | | 23,096 | | | — | | | — | | | 57 | Total | | | 499,235 | | 100.0 | % | $ | 86,742 | | $ | 173,756 | | $ | 201,967 | | $ | 16,780 | | $ | 19,990 | Less: Allowance for credit losses | | | (7,523) | | | | | | | | | | | | | | | | | | Carrying value, net | | $ | 491,712 | | | | | | | | | | | | | | | | | |
(1) | Represents the year of origination or amendment where the loan was subject to a full re-underwriting. |
(2) | The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. |
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