v3.26.1
Loans Receivable
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Loans Receivable Loans Receivable
At June 30, 2026 and December 31, 2025, loans receivable were as follows:
(In thousands)June 30,
2026		December 31,
2025
Amortized cost (net of allowance for expected credit losses):
Real estate loans$265,644 $418,913 
Fair value:
Real estate loans$265,644 $419,074 
The real estate loans are secured by commercial real estate located in the U.K. These loans generally earn interest at variable interest rates and have maturities through 2030.
The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the six months ended June 30, 2026 and 2025:
20262025
(In thousands)Real Estate LoansCommercial LoansTotalReal Estate LoansCommercial LoansTotal
Balance, beginning of period$161 $— $161 $1,088 $26 $1,114 
Change in expected credit losses(161)— (161)(754)9 (745)
Balance, end of period$— $— $— $334 $35 $369 
The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended June 30, 2026 and 2025:
20262025
(In thousands)Real Estate LoansCommercial LoansTotalReal Estate LoansCommercial LoansTotal
Balance, beginning of period$76 $— $76 $776 $12 $788 
Change in expected credit losses(76)— (76)(442)23 (419)
Balance, end of period$— $— $— $334 $35 $369 

During the three and six months ended June 30, 2026, the Company reduced the allowance for expected credit losses due to the redemption of a loan. During the three and six months ended June 30, 2025, the Company reduced the allowance for expected credit losses due to the decrease in the weighted average life of the loan portfolio.
The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions.
    In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions.