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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of Condensed Balance Sheet | 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) | JUNE 30, 2024
Assets: |
Total real estate properties, net | $ | 112,694 |
Cash and cash equivalents | 3,205 |
Other assets, net | 2,556 |
Total assets | $ | 118,455 |
Liabilities: |
Accrued expenses and other liabilities | 7,848 |
Total liabilities | 7,848 |
Redeemable non-controlling interests | 3,194 |
Partners' equity | 108,612 |
Cumulative net loss | (1,199) |
Total partners' equity | 107,413 |
Total liabilities and equity | $ | 118,455 |
Schedule of Variable Interest Entities | As a result, 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 | $ | 20,500 |  | $ | 20,500 |
2021 | Charlotte, NC 1 | Note receivable | 7,111 |  | 7,211 |
2022 | Texas 2 | Joint venture | 59,239 |  | 59,239 |
1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties.
Schedule of Accounts, Notes, Loans and Financing Receivable | See below for additional information regarding the Company's financing receivables.
(dollars in thousands) ORIGINATION DATE | LOCATION | INTEREST RATE | CARRYING VALUE as of JUNE 30, 2024
May 2021 | Poway, CA | 5.72% | $ | 115,056 |
November 2021 | Columbus, OH | 6.48% | 7,357 |
|  |  | $ | 122,413 |
(dollars in thousands) | ORIGINATION | MATURITY | STATED INTEREST RATE | MAXIMUM LOAN COMMITMENT | OUTSTANDING as of JUN 30, 2024 | INTEREST RECEIVABLE (OTHER ASSETS) | ALLOWANCE FOR CREDIT LOSSES | FAIR VALUE DISCOUNT AND FEES | CARRYING VALUE as of JUNE 30, 2024
Mezzanine loans |  |  |  |  |  |  |  |
Texas 1 | 6/24/2021 | 6/24/2024 | 8.00 | % | $ | 54,119 |  | $ | 54,119 |  | $ | 906 |  | $ | (5,196) |  | $ | (3,067) |  | $ | 46,762 |
Arizona | 12/21/2023 | 12/20/2026 | 9.00 | % | 6,000 |  | 6,000 |  | 36 |  | — |  | — |  | 6,036 |
|  |  |  | 60,119 |  | 60,119 |  | 942 |  | (5,196) |  | (3,067) |  | 52,798 |
Mortgage loans |  |  |  |  |  |  |  |
Texas 2 | 6/30/2021 | 12/02/2024 | 7.00 | % | 31,150 |  | 31,150 |  | 551 |  | (11,201) |  | — |  | 20,500 |
North Carolina 3 | 12/22/2021 | 12/22/2024 | 8.00 | % | 6,000 |  | 6,000 |  | 1,211 |  | — |  | (100) |  | 7,111 |
Florida | 5/17/2022 | 2/27/2026 | 6.00 | % | 65,000 |  | 35,623 |  | 532 |  | — |  | (34) |  | 36,121 |
California | 3/30/2023 | 3/29/2026 | 6.00 | % | 45,000 |  | 45,000 |  | 178 |  | — |  | — |  | 45,178 |
Florida | 12/28/2023 | 12/28/2026 | 9.00 | % | 7,700 |  | 7,133 |  | — |  | — |  | — |  | 7,133 |
|  |  |  | 154,850 |  | 124,906 |  | 2,472 |  | (11,201) |  | (134) |  | 116,043 |
|  |  |  | $ | 214,969 |  | $ | 185,025 |  | $ | 3,414 |  | $ | (16,397) |  | $ | (3,201) |  | $ | 168,841 |
1 As of the date of these financial statements, the outstanding principal and interest on these loans had not been repaid, and on July 15, 2024, the senior lender on the construction loans associated with the underlying projects provided notice of foreclosure proceedings to the borrower. The borrower is in negotiations with a third party to provide financing that will repay the senior lender. 2 During the second quarter of 2024, the Company determined that an allowance for credit loss of $11.2 million was needed on this mortgage loan. The reserve amount consists of approximately $10.7 million of principal and approximately $0.5 million of interest. Additionally, the maturity date on this mortgage loan was extended to December 2, 2024. 3 Outstanding principal and interest due upon maturity.
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 | SIX MONTHS ENDED JUNE 30, 2024 | TWELVE MONTHS ENDED DECEMBER 31, 2023 |  |  |
Allowance for credit losses, beginning of period | $ | 5,196 |  | $ | — |  |  |  |
Credit loss reserves | 11,201 |  | 5,196 |  |  |  |
Allowance for credit losses, end of period | $ | 16,397 |  | $ | 5,196 |  |  |  |
Schedule of Disaggregation of revenue | Below is a detail of the amounts by category:
| THREE MONTHS ENDED June 30, | SIX MONTHS ENDED June 30,
in thousands | 2024 | 2023 | 2024 | 2023
Type of Revenue |  |  |  |
Parking income | $ | 2,463 |  | $ | 2,370 |  | $ | 5,009 |  | $ | 4,761 |
Management fee income/other 1 | 1,859 |  | 1,860 |  | 3,504 |  | 4,086 |
| $ | 4,322 |  | $ | 4,230 |  | $ | 8,513 |  | $ | 8,847 |
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

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