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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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) | September 30, 2024
Assets: |
Total real estate properties, net | $ | 99,946 |
Cash and cash equivalents | 162 |
Other assets, net | 806 |
Assets held for sale, net | 32,264 |
Total assets | $ | 133,178 |
Liabilities: |
Accrued expenses and other liabilities | $ | 9,217 |
Liabilities held for sale, net | 509 |
Total liabilities | $ | 9,726 |
Schedule of Variable Interest Entities | As a result, the Company accounts for the two notes receivable 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 | Notes receivable | $ | 20,500 |  | $ | 20,500 |
2021 | Charlotte, NC 1 | Notes receivable | 7,285 |  | 7,332 |
2022 | Texas 2 | Joint venture | 57,955 |  | 57,955 |
1 Assumed mortgage notes 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 SEPTEMBER 30, 2024
May 2021 | Poway, CA | 5.71% | $ | 115,683 |
November 2021 | Columbus, OH | 6.48% | 7,362 |
|  |  | $ | 123,045 |
(dollars in thousands) | ORIGINATION | MATURITY | STATED INTEREST RATE | MAXIMUM LOAN COMMITMENT | OUTSTANDING as of SEPTEMBER 30, 2024 | INTEREST RECEIVABLE (OTHER ASSETS) | ALLOWANCE FOR CREDIT LOSSES | FAIR VALUE DISCOUNT AND FEES | CARRYING VALUE as of SEPTEMBER 30, 2024
Mezzanine loans |  |  |  |  |  |  |  |
Texas | 6/24/2021 | 6/24/2024 | 8.00 | % | $ | 54,119 |  | $ | 54,119 |  | $ | 906 |  | $ | (51,958) |  | $ | (3,067) |  | $ | — |
Arizona | 12/21/2023 | 12/20/2026 | 9.00 | % | 6,000 |  | 6,000 |  | 36 |  | — |  | — |  | 6,036 |
|  |  |  | 60,119 |  | 60,119 |  | 942 |  | (51,958) |  | (3,067) |  | 6,036 |
Mortgage loans |  |  |  |  |  |  |  |
Texas 1 | 6/30/2021 | 12/02/2024 | 7.00 | % | 31,150 |  | 31,150 |  | 551 |  | (11,201) |  | — |  | 20,500 |
North Carolina 2 | 12/22/2021 | 12/22/2024 | 8.00 | % | 6,000 |  | 6,000 |  | 1,332 |  | — |  | (47) |  | 7,285 |
Florida | 5/17/2022 | 2/27/2026 | 6.00 | % | 65,000 |  | 35,721 |  | 179 |  | — |  | (29) |  | 35,871 |
California | 3/30/2023 | 3/29/2026 | 6.00 | % | 45,000 |  | 45,000 |  | 177 |  | — |  | — |  | 45,177 |
Florida | 12/28/2023 | 12/28/2026 | 9.00 | % | 7,700 |  | 6,839 |  | — |  | — |  | — |  | 6,839 |
|  |  |  | 154,850 |  | 124,710 |  | 2,239 |  | (11,201) |  | (76) |  | 115,672 |
|  |  |  | $ | 214,969 |  | $ | 184,829 |  | $ | 3,181 |  | $ | (63,159) |  | $ | (3,143) |  | $ | 121,708 |
1 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. 2 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 | NINE MONTHS ENDED SEPTEMBER 30, 2024 | TWELVE MONTHS ENDED DECEMBER 31, 2023 |  |  |
Allowance for credit losses, beginning of period | $ | 5,196 |  | $ | — |  |  |  |
Credit loss reserves | 57,963 |  | 5,196 |  |  |  |
Allowance for credit losses, end of period | $ | 63,159 |  | $ | 5,196 |  |  |  |
Schedule of Disaggregation of revenue | Below is a detail of the amounts by category:
| THREE MONTHS ENDED September 30, | NINE MONTHS ENDED September 30,
in thousands | 2024 | 2023 | 2024 | 2023
Type of Revenue |  |  |  |
Parking income | $ | 2,363 |  | $ | 2,751 |  | $ | 7,372 |  | $ | 7,511 |
Management fee income/other 1 | 2,657 |  | 1,910 |  | 6,161 |  | 5,997 |
| $ | 5,020 |  | $ | 4,661 |  | $ | 13,533 |  | $ | 13,508 |
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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