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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate:


(dollars in thousands)	MARCH 31, 2023
Assets:
Net real estate investments	$	48,079
Cash and cash equivalents	1,517
Receivables and other assets	2,339
Total assets	$	51,935
Liabilities:
Accrued expenses and other liabilities	$	12,010
Total equity	39,925
Total liabilities and equity	$	51,935

Schedule of Variable Interest Entities

, the Company accounts for the two notes receivables as amortized cost and a joint venture arrangement under the equity method. See below for additional information regarding the Company's unconsolidated VIEs.


(dollars in thousands) ORIGINATION DATE	LOCATION	SOURCE	CARRYING AMOUNT		MAXIMUM EXPOSURE TO LOSS
2021	Houston, TX 1	Note receivable	$	30,839	$	31,150
2021	Charlotte, NC 1	Note receivable	5,639		6,000
2022	Texas 2	Joint venture	66,038		66,038

1Assumed mortgage note receivable in connection with the Merger.

2Includes investments in seven properties.

Schedule of Accounts, Notes, Loans and Financing Receivable


(dollars in thousands)	ORIGINATION	MATURITY	STATED INTEREST RATE		MAXIMUM LOAN COMMITMENT		OUTSTANDING as of MARCH 31, 2023
Mezzanine loan
Texas	6/24/2021	6/24/2024	8.00	%	54,119		54,119

Mortgage loans
Texas	6/30/2021	12/31/2023	7.00	%	31,150		31,150
North Carolina	12/22/2021	12/22/2024	8.00	%	6,000		6,000
Florida	5/17/2022	2/27/2026	6.00	%	65,000		19,367
California	3/30/2023	3/29/2026	6.00	%	45,000		45,000
					$	147,150	$	101,517
Accrued interest							1,428
Allowance for credit losses							(5,196)
Fair-value discount and fees							(4,542)
							$	147,326

Schedule of Company's Allowance For Credit Losses

The following table summarizes the Company's allowance for credit losses on real estate notes receivable:


Dollars in thousands	March 31, 2023		December 31, 2022

Allowance for credit losses, beginning of period	$	—	$	—
Credit loss reserves	$	5,196	—
Allowance for credit losses, end of period	$	5,196	$	—

Schedule of Disaggregation of revenue

Below is a detail of the amounts by category:


	THREE MONTHS ENDED March 31,
in thousands	2023		2022
Type of Revenue
Parking income	$	2,391	$	1,753

Management fee income 1	1,973		655
Miscellaneous	254		67
	$	4,618	$	2,475

1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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