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v3.23.1

Notes Receivable | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Notes Receivable | Notes Receivable The following table summarizes our notes receivables at December 31, 2022 and 2021:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Borrower / Project |  | 2022 |  | 2021 |  |
ABC Land and Development, Inc. |  | $ | 4,408 |  |  | $ | 4,408 |  |  | 9.50 | % |  | 6/30/2026
ABC Paradise, LLC |  | 1,210 |  |  | 1,210 |  |  | 9.50 | % |  | 6/30/2026
Autumn Breeze(1) |  | 2,326 |  |  | 2,486 |  |  | 5.00 | % |  | 7/1/2025
Bellwether Ridge(1) |  | 3,798 |  |  | 3,967 |  |  | 5.00 | % |  | 11/1/2026
Forest Pines(1)(4) |  | 6,472 |  |  | 6,472 |  |  | 5.00 | % |  | 11/1/2022
Lake Wales |  | 3,000 |  |  | 3,000 |  |  | 9.50 | % |  | 6/30/2026
Legacy Pleasant Grove |  | 496 |  |  | 496 |  |  | 12.00 | % |  | 10/23/2024
McKinney Ranch |  | 3,926 |  |  | 4,554 |  |  | 6.00 | % |  | 9/15/2024
One Realco Land Holding, Inc. |  | 1,728 |  |  | 1,728 |  |  | 9.50 | % |  | 6/30/2026
Parc at Ingleside(1) |  | 3,759 |  |  | 3,700 |  |  | 5.00 | % |  | 11/1/2026
Parc at Opelika Phase II(1)(4) |  | 3,190 |  |  | 2,305 |  |  | 10.00 | % |  | 1/13/2023
Parc at Windmill Farms(1)(4) |  | 7,886 |  |  | 7,830 |  |  | 5.00 | % |  | 11/1/2022
Phillips Foundation for Better Living, Inc.(2) |  | 182 |  |  | 813 |  |  | 12.00 | % |  | 3/31/2024
Plum Tree(1) |  | 1,767 |  |  | 1,537 |  |  | 5.00 | % |  | 4/26/2026
Riverview on the Park Land, LLC |  | 1,045 |  |  | 1,045 |  |  | 9.50 | % |  | 6/30/2026
Spartan Land |  | 5,907 |  |  | 5,907 |  |  | 12.00 | % |  | 1/16/2025
Spyglass of Ennis(1)(4) |  | 5,258 |  |  | 5,319 |  |  | 5.00 | % |  | 11/1/2022
Steeple Crest(1) |  | 6,498 |  |  | 6,498 |  |  | 5.00 | % |  | 8/1/2026
Unified Housing Foundation(2)(3) |  | 2,881 |  |  | 2,881 |  |  | 12.00 | % |  | 6/30/2023
Unified Housing Foundation(2)(3) |  | 212 |  |  | 212 |  |  | 12.00 | % |  | 6/30/2023
Unified Housing Foundation(2)(3) |  | 6,831 |  |  | 6,831 |  |  | 12.00 | % |  | 6/30/2023
Unified Housing Foundation(2)(3) |  | 10,401 |  |  | 10,401 |  |  | 12.00 | % |  | 6/30/2023
Unified Housing Foundation(2)(3) |  | 10,096 |  |  | 10,096 |  |  | 12.00 | % |  | 3/31/2024
Unified Housing Foundation(2)(3) |  | 6,990 |  |  | 6,990 |  |  | 12.00 | % |  | 3/31/2025
Unified Housing Foundation(2)(3) |  | 3,615 |  |  | 3,615 |  |  | 12.00 | % |  | 5/31/2023
Unified Housing Foundation(2)(3) |  | 27,477 |  |  | 24,053 |  |  | 12.00 | % |  | 12/31/2032
Unified Housing Foundation(2)(3) |  | 6,521 |  |  | 6,521 |  |  | 12.00 | % |  | 3/31/2024
Unified Housing Foundation(2)(3) |  | 1,549 |  |  | 1,549 |  |  | 12.00 | % |  | 4/30/2024
Unified Housing Foundation(2)(3) |  | 180 |  |  | 183 |  |  | 12.00 | % |  | 6/30/2024
|  | $ | 139,609 |  |  | $ | 136,607 |  |  |  |  |
(1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property. (2) The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. (3) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. (4) We are working with the borrower to extend the maturity and/or exercise or conversion option.

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