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Notes Receivable and Current Expected Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Summary of Mezzanine Loans | The Company had the following notes receivable outstanding as of March 31, 2021 and December 31, 2020 ($ in thousands):
|  | Outstanding loan amount |  |  |  |  |  | Interest compounding
Development Project |  | March 31, 2021 |  | December 31, 2020 |  | Maximum loan commitment |  | Interest rate
Delray Beach Plaza |  | $ | — |  |  | $ | 14,289 |  |  | $ | 17,000 |  |  | 15.0 | % | (a) | Annually
Interlock Commercial |  | 95,922 |  |  | 85,318 |  |  | 103,000 |  |  | 15.0 | % | (b) | None
Solis Apartments at Interlock |  | 29,907 |  |  | 28,969 |  |  | 41,100 |  |  | 13.0 | % |  | Annually
Total mezzanine |  | 125,829 |  |  | 128,576 |  |  | $ | 161,100 |  |  |  |  |
Other notes receivable |  | 6,912 |  |  | 6,809 |  |  |  |  |  |  |
Notes receivable guarantee premium |  | 2,206 |  |  | 2,631 |  |  |  |  |  |  |
Allowance for credit losses |  | (1,741) |  |  | (2,584) |  |  |  |  |  |  |
Total notes receivable |  | $ | 133,206 |  |  | $ | 135,432 |  |  |  |  |  |  |
________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) $3.0 million of this loan is subject to an interest rate of 18%.
Summary of Interest Income | The Company recognized interest income for the three months ended March 31, 2021 and 2020 as follows (in thousands):
|  | Three Months Ended March 31, |  |  |
Development Project |  | 2021 |  | 2020 |  |  |  |  |
The Residences at Annapolis Junction |  | $ | — |  |  | $ | 2,468 |  | (a)(b) |  |  |  |
Delray Beach Plaza |  | — |  | (a) | 489 |  | (a) |  |  |  |
Nexton Square |  | — |  |  | 391 |  |  |  |  |  |
Interlock Commercial |  | 3,075 |  | (b) | 3,017 |  | (b) |  |  |  |
Solis Apartments at Interlock |  | 938 |  |  | 838 |  |  |  |  |  |
Total mezzanine |  | 4,013 |  |  | 7,203 |  |  |  |  |  |
Other interest income |  | 103 |  |  | 23 |  |  |  |  |  |
Total interest income |  | $ | 4,116 |  |  | $ | 7,226 |  |  |  |  |  |
________________________________________ (a) Loan was placed on nonaccrual status effective April 1, 2020. (b) Includes recognition of interest income related to an exit fee that is due upon repayment of the loan.
Allowance for Credit Losses on Financing Receivables | Changes in the allowance for the three months ended March 31, 2021 and 2020 were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2020 |  |
Beginning balance (December 31, 2020 and 2019, respectively) |  | $ | 2,584 |  |  | $ | — |  |  |
Cumulative effect of accounting change |  | — |  |  | 2,825 |  |  |
Unrealized credit loss provision (release) |  | (55) |  |  | 377 |  |  |
Extinguishment due to acquisition |  | (788) |  |  | — |  |  |
Ending balance |  | $ | 1,741 |  |  | $ | 3,202 |  |  |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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