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Notes and Other Receivables | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Notes and Other Receivables | Notes and Other Receivables Notes and other receivables consisted of the following as of September 30, 2025 and December 31, 2024 ($ in thousands):
| September 30, 2025 |  | December 31, 2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021) | $ | 64,193 |  |  | $ | 60,538 |
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022) | — |  |  | 3,167 |
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022) | 42,692 |  |  | 39,187 |
Related party note receivable, secured, bearing interest at 5.50%, due December 2025 (Originated August 2025) (1) | 81,572 |  |  | — |
Receivable from preferred equity investment sponsor (2) | — |  |  | 72,002 |
Other receivables from affiliates | 6,507 |  |  | 5,646 |
Straight-line rent receivables (3) | 9,044 |  |  | 9,235 |
Other receivables | 18,210 |  |  | 17,460 |
Allowance for credit losses | (590) |  |  | (529) |
Total notes and other receivables | $ | 221,628 |  |  | $ | 206,706 |
(1)See Note 6, Related Party Transactions, for additional details. (2)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. Refer to Note 2, Significant Transactions During the Nine Months ended September 30, 2025, for additional details. (3)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties. The following table presents the activity in the allowance for credit losses for notes receivable, secured, for the periods presented ($ in thousands):
| Three Months Ended September 30,
| 2025 |  | 2024
| Mezzanine Loans |  | Bridge Loans |  | Total |  | Mezzanine Loans |  | Bridge Loans |  | Total
Balance at beginning of period | $ | 540 |  |  | $ | — |  |  | $ | 540 |  |  | $ | 740 |  |  | $ | — |  |  | $ | 740 |
Provision for credit losses | 9 |  |  | 41 |  |  | 50 |  |  | (175) |  |  | 27 |  |  | (148) |
Balance at end of period | $ | 549 |  |  | $ | 41 |  |  | $ | 590 |  |  | $ | 565 |  |  | $ | 27 |  |  | $ | 592 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Mezzanine Loans |  | Bridge Loans |  | Total |  | Mezzanine Loans |  | Bridge Loans |  | Total
Balance at beginning of period | $ | 529 |  |  | $ | — |  |  | $ | 529 |  |  | $ | 687 |  |  | $ | — |  |  | $ | 687 |
Provision for credit losses | 20 |  |  | 41 |  |  | 61 |  |  | (122) |  |  | 27 |  |  | (95) |
Balance at end of period | $ | 549 |  |  | $ | 41 |  |  | $ | 590 |  |  | $ | 565 |  |  | $ | 27 |  |  | $ | 592 |

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- Definition Tabular disclosure of the various notes receivable and other receivables with corresponding amounts as of the balance sheet date. The receivables are presented as unclassified. + References No definition available. + Details
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- References No definition available. + Details
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