XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

NOTES AND INTEREST RECEIVABLE | 12 Months Ended
--- | ---
Dec. 31, 2019
Receivables [Abstract] |
NOTES AND INTEREST RECEIVABLE | NOTE 5. 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 (dollars in thousands).
|  | Maturity |  |  | Interest |  |  |  |  |  |  |
Borrower |  | Date |  |  | Rate |  |  | Amount |  |  | Security |
Performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prospectus Endeavors 4, LLC |  |  | 01/23 |  |  |  | 12.00 | % |  |  | 5,907 |  |  | Secured |
Prospectus Endeavors 6, LLC |  |  | 10/22 |  |  |  | 12.00 | % |  |  | 496 |  |  | Secured |
Oulan-Chikh Family Trust |  |  | 03/21 |  |  |  | 8.00 | % |  |  | 174 |  |  | Secured |
H198, LLC (McKinney Ranch Land) |  |  | 09/20 |  |  |  | 6.00 | % |  |  | 4,554 |  |  | Secured |
Forest Pines |  |  | 11/20 |  |  |  | 5.00 | % |  |  | 2,868 |  |  | Secured |
Spyglass Apartments of Ennis, LP |  |  | 11/20 |  |  |  | 5.00 | % |  |  | 5,288 |  |  | Secured |
Bellwether Ridge |  |  | 05/20 |  |  |  | 5.00 | % |  |  | 3,765 |  |  | Secured |
Parc at Windmill Farms |  |  | 05/20 |  |  |  | 5.00 | % |  |  | 7,602 |  |  | Secured |
Autumn Breeze |  |  | 10/21 |  |  |  | 5.00 | % |  |  | 1,302 |  |  | Secured |
Plum Tree |  |  | 10/21 |  |  |  | 5.00 | % |  |  | 413 |  |  | Secured |
Ingleside |  |  | 12/21 |  |  |  | 5.00 | % |  |  | 1,531 |  |  | Secured |
RNC |  |  | 09/24 |  |  |  | 5.00 | % |  |  | 8,802 |  |  | Secured |
Revolving Line of Credit Steeple Crest |  |  | 10/20 |  |  |  | 5.00 | % |  |  | 6,665 |  |  | Secured |
RAI PFBL 2018 Purch Fee Note Weatherford |  |  | 12/21 |  |  |  | 12.00 | % |  |  | 525 |  |  | Secured |
Unified Housing Foundation, Inc. (Echo Station) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 1,481 |  |  | Secured |
Unified Housing Foundation, Inc. (Inwood on the Park) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 3,639 |  |  | Secured |
Unified Housing Foundation, Inc. (Kensington Park) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 3,933 |  |  | Secured |
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 2,000 |  |  | Secured |
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 6,369 |  |  | Secured |
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 2,732 |  |  | Secured |
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 1,953 |  |  | Secured |
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 2,000 |  |  | Secured |
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 4,000 |  |  | Secured |
Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | — |  |  | Secured |
Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | — |  |  | Secured |
Unified Housing Foundation, Inc. (Timbers of Terrell) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 1,323 |  |  | Secured |
Unified Housing Foundation, Inc. (Tivoli) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | — |  |  | Secured |
Unified Housing Foundation, Inc. (Trails at White Rock) (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 3,815 |  |  | Secured |
Unified Housing Foundation, Inc. (1) |  |  | 12/21 |  |  |  | 12.00 | % |  |  | 10,401 |  |  | Unsecured |
Unified Housing Foundation, Inc. (1) |  |  | 06/20 |  |  |  | 12.00 | % |  |  | 5,314 |  |  | Unsecured |
Unified Housing Foundation, Inc. (1) |  |  | 03/22 |  |  |  | 12.00 | % |  |  | 4,782 |  |  | Unsecured |
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  |  | 07/21 |  |  |  | 12.00 | % |  |  | 838 |  |  | Secured |
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  |  | 07/21 |  |  |  | 12.00 | % |  |  | 773 |  |  | Secured |
Unified Housing Foundation, Inc. (Marquis at Vista Ridge) (1) |  |  | 07/21 |  |  |  | 12.00 | % |  |  | 839 |  |  | Secured |
Unified Housing Foundation, Inc. (Timbers at the Park) (1) |  |  | 07/21 |  |  |  | 12.00 | % |  |  | 432 |  |  | Secured |
Unified Housing Foundation, Inc. (Trails at White Rock) (1) |  |  | 07/21 |  |  |  | 12.00 | % |  |  | 913 |  |  | Secured |
Unified Housing Foundation, Inc. (Bella Vista) (1) |  |  | 08/21 |  |  |  | 12.00 | % |  |  | 212 |  |  | Secured |
Unified Housing Foundation, Inc. (1) |  |  | 10/21 |  |  |  | 12.00 | % |  |  | 6,831 |  |  | Unsecured |
Unified Housing Foundation, Inc. (1) |  |  | 12/32 |  |  |  | 12.00 | % |  |  | 497 |  |  | Unsecured |
Realty Advisors Management, Inc. (1) |  |  | 12/22 |  |  |  | 2.28 | % |  |  | 20,387 |  |  | Unsecured |
One Realco Corporation |  |  | 01/20 |  |  |  | 3.00 | % |  |  | 7,000 |  |  | Unsecured |
Other related party notes (1) (2) |  |  | Various |  |  |  | Various |  |  |  | 3,553 |  |  | Various secured interests |
Other non-related party notes |  |  | Various |  |  |  | Various |  |  |  | 10,276 |  |  | Various secured interests |
Accrued interest |  |  |  |  |  |  |  |  |  |  | 13,114 |  |  |  |
Total Performing |  |  |  |  |  |  |  |  |  | $ | 169,299 |  |  |  |
Allowance for estimated losses |  |  |  |  |  |  |  |  |  |  | (13,099 | ) |  |  |
Total |  |  |  |  |  |  |  |  |  | $ | 156,200 |  |  |  |
(1) | Related party notes.
(2) | An allowance was taken for estimated losses at full value of note.
As of December 31, 2019, the obligors on approximately $103.5 million of the mortgage notes receivable portfolio were due from related parties. The Company recognized $11.0 million of interest income from these related party notes receivables. In addition, during the quarter ended June 30, 2019, our subsidiary TCI purchased notes receivables with a face value of $29.0 million (out of which $1.0 million represented accrued interest receivables) from related parties. As of December 31, 2019 none of the mortgage notes receivable portfolio were non-performing. The Company has various notes receivable from Unified Housing Foundation, Inc. “UHF”. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired..

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration