Loan Receivable, net |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Loan Receivable, net | Loan Receivable, net Loan Receivable The Company funded a $5.0 million unsecured loan to C3 Industries on June 10, 2022. The loan initially bore interest at a rate of 10.25% and is structured to increase annually in April by the product of 1.0225 times the interest rate in effect immediately prior to the anniversary date. The loan was interest only for the first four years and may be prepaid at any time without penalty. The outstanding principal and interest will begin amortizing over the next five years, commencing on July 1, 2026, with a final maturity of June 30, 2031. The loan is cross defaulted with C3 Industries' lease agreement with the Company. As of June 30, 2026 and December 31, 2025, the loan earned interest at a rate of 11.20% and 10.96%, respectively, and the aggregate principal amount outstanding on the unsecured loan receivable as of June 30, 2026 and December 31, 2025, was $5.0 million. CECL Reserve The Company recorded a provision for current expected credit loss on the $5.0 million unsecured loan (discussed above). Estimating the CECL allowance for credit loss requires significant judgment. The Company used a discounted cash flow analysis to determine the expected credit loss. The following table presents the change in the CECL reserve for the six months ended June 30, 2026 (in thousands):
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