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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2026
SIGNIFICANT ACCOUNTING POLICIES |
Summary of notes receivable, net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest rate at | ​ | Balance Outstanding (a)
​ | ​ ​ ​ | March 31, | ​ ​ ​ | March 31, | ​ ​ ​ | December 31,
​ | ​ | 2026 | ​ | 2026 | ​ | 2025
Note due December 2026 (b) | ​ | 11.00 | % | $ | 81,951 | ​ | $ | 79,889
Note due December 2026 (c) | ​ | 11.00 | % | ​ | 32,912 | ​ | ​ | 32,054
Notes due June 2027 (d) | ​ | 18.00 | % | ​ | 5,032 | ​ | ​ | 4,815
Note due September 2027 (e) | ​ | 6.66 | % | ​ | 34,260 | ​ | ​ | 33,812
Notes receivable | ​ | ​ | ​ | ​ | 154,155 | ​ | ​ | 150,570
Allowance for credit losses | ​ | ​ | ​ | ​ | (591) | ​ | ​ | (591)
Total notes receivable, net |  | ​ | ​ | $ | 153,564 | ​ | $ | 149,979
(a) | Outstanding note amounts include any accrued and unpaid interest, as applicable.
(b) | The Company has a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2026, with an aggregate commitment of $59.7 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue and are due at maturity of the loan. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(c) | The Company has a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which was completed in 2025, with an aggregate commitment of $24.4 million (exclusive of accrued and unpaid interest), all of which has been funded. Interest payments accrue and are due at maturity of the loan. The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options.
(d) | The Company and a syndicate of lenders previously entered into a $19.0 million secured credit facility with an unaffiliated third party. The Company’s commitment is $3.0 million (exclusive of accrued interest), all of which has been funded. Interest payments accrue and are due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027.
(e) | In September 2024, the Company entered into a $31.1 million secured mortgage loan with one of its joint ventures that owns a 66 apartment home operating community located in Santa Monica, California, in which the Company also holds a preferred investment. The contractual interest rate on the note receivable is SOFR plus a spread of 300 basis points. Interest payments are due monthly from net cash flow from the operating community. If net cash flow is insufficient to cover the interest payment on the payment date, the unpaid amount is added to the outstanding principal balance. The mortgage loan has a scheduled maturity date in September 2027. (See Note 5, Joint Ventures and Partnerships for further discussion).
Schedule of allowance for credit losses | ​
​ | ​ | ​
Allowance for credit losses as of December 31, 2025 | $ | (591)
(Provision)/recovery for credit losses | ​ | -
Write-offs charged against allowance | ​ | -
Allowance for credit losses as of March 31, 2026 | $ | (591)

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