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Notes Receivable, Net | 9 Months Ended
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Sep. 30, 2019
Accounts And Notes Receivable Net [Abstract] |
Notes Receivable, Net | 3. Notes Receivable, Net The Company’s notes receivable, net were generally collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands):
|  | September 30, |  |  | December 31, |  |  | September 30, 2019 |
Description |  | 2019 |  |  | 2018 |  |  | Number |  |  | Maturity Date |  | Interest Rate |
Core Portfolio |  | $ | 56,475 |  |  | $ | 56,475 |  |  |  | 2 |  |  | Oct 2019 - Apr 2020 |  | 6.0% - 8.1% |
Fund II |  |  | 33,026 |  |  |  | 32,582 |  |  |  | 1 |  |  | Dec 2020 |  | 1.75% |
Fund III |  |  | 5,306 |  |  |  | 5,306 |  |  |  | 1 |  |  | Jul 2020 |  | 18.0% |
Fund IV |  |  | — |  |  |  | 15,250 |  |  |  | — |  |  | Feb 2021 |  | 15.3% |
|  | $ | 94,807 |  |  | $ | 109,613 |  |  |  | 4 |  |  |  |  |  |  |
During the nine months ended September 30, 2019, the Company:
| • | increased the balance of a Fund II note receivable by the interest accrued of $0.4 million;
| • | redeemed its $15.25 million Fund IV investment plus accrued interest of $10.0 million;
| • | stopped accruing interest on one Fund III loan, due to the estimated market value of the collateral. The note had $4.7 million of accrued interest at each of December 31, 2018 and September 30, 2019;
| • | extended the maturity for Brandywine’s note receivable to October 31, 2019; and
| • | modified one Core loan to defer $0.4 million of interest until maturity.
During the year ended December 31, 2018, the Company:
| • | exchanged $22.0 million of a Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in the Town Center property (Note 4);
| • | received full payment on $26.0 million of Core notes receivable plus accrued interest of $0.2 million;
| • | funded an additional $2.8 million to its existing $15.0 million Core note receivable and entered into an agreement to extend the maturity to April 1, 2020;
| • | advanced an additional $0.2 million on a Fund III note receivable; and
| • | increased the balance of a Fund II note receivable by the interest accrued of $0.8 million.
The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment (Note 12).

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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