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NOTES AND INTEREST RECEIVABLE | 9 Months Ended
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Sep. 30, 2012
NOTES AND INTEREST RECEIVABLE |
NOTES AND INTEREST RECEIVABLE | NOTE 3. NOTES AND INTEREST RECEIVABLE A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. The company has various notes receivable from Unified Housing Foundation, Inc. (“UHF”). UHF is determined to be a related party to the company due to our significant investment in the performance of the collateral secured under the notes receivable and its consulting agreement with TCI. Our mortgage notes receivable consist of first, wraparound and junior mortgage loans (dollars in thousands):
|  |  |  |  |  |  |  | Maturity |  | Interest |  |  |  |
Borrower |  |  |  |  |  |  | Date |  | Rate |  | Amount |  | Security
Performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| Miscellaneous non-related party notes |  |  | Various |  | Various |  | $ 4,097 |  | Various security interests
| Miscellaneous related party notes (1) |  |  | Various |  | Various |  | 2,320 |  | Various security interests
| One Realco Corporation (2) |  |  |  | 01/17 |  | 3.00% |  | 10,000 |  | Unsecured
| Realty Advisors Management, Inc. (1) |  |  | 12/16 |  | 4.00% |  | 20,387 |  | Unsecured
| S Breeze I-V, LLC |  |  |  |  | 09/13 |  | 5.00% |  | 2,667 |  | 6% Class A and 25% Class B Limited Partner Interests
| Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1) |  | 12/27 |  | 5.25% |  | 2,097 |  | 100% Interest in Unified Housing of McKinney, LLC
| Unified Housing Foundation, Inc. (Echo Station) (1) |  | 12/27 |  | 5.25% |  | 1,481 |  | 100% Interest in Unified Housing of Temple, LLC
| Unified Housing Foundation, Inc. (Inwood on the Park) (1) |  | 12/27 |  | 5.25% |  | 5,059 |  | 100% Interest in Unified Housing Inwood, LLC
| Unified Housing Foundation, Inc. (Kensington Park) (1) |  | 12/27 |  | 5.25% |  | 3,936 |  | 100% Interest in Unified Housing Kensington, LLC
| Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 12/27 |  | 5.25% |  | 2,000 |  | Unsecured
| Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 12/27 |  | 5.25% |  | 9,096 |  | Membership interest in Housing for Seniors of Humble, LLC
| Unified Housing Foundation, Inc. (Limestone Canyon) (1) |  | 12/27 |  | 5.25% |  | 3,057 |  | 100% Interest in Unified Housing of Austin, LLC
| Unified Housing Foundation, Inc. (Limestone Canyon) (1) |  | 12/27 |  | 5.25% |  | 4,663 |  | 100% Interest in Unified Housing of Austin, LLC
| Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 12/27 |  | 5.25% |  | 2,250 |  | 100% Interest in Unified Housing of Vista Ridge, LLC
| Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 12/27 |  | 5.25% |  | 6,000 |  | 100% Interest in Unified Housing of Vista Ridge, LLC
| Unified Housing Foundation, Inc. (Parkside Crossing) (1) |  | 12/27 |  | 5.25% |  | 2,272 |  | 100% Interest in Unified Housing of Parkside Crossing, LLC
| Unified Housing Foundation, Inc. (Sendero Ridge) (1) |  | 12/27 |  | 5.25% |  | 5,174 |  | 100% Interest in Unified Housing of Sendero Ridge, LLC
| Unified Housing Foundation, Inc. (Sendero Ridge) (1) |  | 12/27 |  | 5.25% |  | 4,812 |  | 100% Interest in Unified Housing of Sendero Ridge, LLC
| Unified Housing Foundation, Inc. (Timbers of Terrell) (1) |  | 12/27 |  | 5.25% |  | 1,323 |  | 100% Interest in Unified Housing of Terrell, LLC
| Unified Housing Foundation, Inc. (Tivoli) (1) |  | 12/27 |  | 5.25% |  | 7,966 |  | 100% Interest in Unified Housing of Tivoli, LLC
| Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) | 12/27 |  | 5.25% |  | 2,485 |  | 100% Interest in Unified Housing of Harvest Hill I, LLC
| Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) | 12/27 |  | 5.25% |  | 2,555 |  | 100% Interest in Unified Housing of Harvest Hill, LLC
| Unified Housing Foundation, Inc. (Trails at White Rock) (1) |  | 12/27 |  | 5.25% |  | 3,815 |  | 100% Interest in Unified Housing of Harvest Hill III, LLC
| Unified Housing Foundation, Inc.(1) |  |  | 12/12 |  | 5.00% |  | 6,000 |  | Unsecured
| Accrued interest |  |  |  |  |  |  |  |  | 2,255 |  |
Total Performing |  |  |  |  |  |  |  |  |  |  | $ 117,767 |  |
Non-Performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |
| 130 Windmill Farms, L.P. |  |  |  | 10/11 |  | 7.00% |  | $ 507 |  | Unsecured
| Leman Development, Ltd. |  |  |  | 07/11 |  | 7.00% |  | 1,500 |  | Unsecured
| Miscellaneous non-related party notes |  |  | Various |  | Various |  | 772 |  | Various secured interest
| Tracy Suttles (2) |  |  |  |  | 12/11 |  | 0.00% |  | 1,077 |  | Unsecured
| Accrued interest |  |  |  |  |  |  |  |  | 400 |  |
Total Non-Performing |  |  |  |  |  |  |  |  |  |  | $ 4,256 |  |
| Allowance for estimated losses |  |  |  |  |  |  | (21,704) |  |
Total |  |  |  |  |  |  |  |  |  |  |  | $ 100,319 |  |
(1) Related party notes |  |  |  |  |  |  |  |  |  |  |  |  |
(2) An allowance was taken for estimated losses at full value of note |  |  |  |  |  |  |  |

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