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Mortgages and Other Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Notes and Interest Payable | Below is a summary of our notes and interest payable as of December 31, 2024 and 2023:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Property/ Entity |  | 2024 |  | 2023 |  |
770 South Post Oak |  | $ | 10,939 |  |  | $ | 11,187 |  |  | 4.36 | % |  | 6/1/2025
Alera(1) |  | 8,554 |  |  | — |  |  | 7.55 | % |  | 3/15/2026
Blue Lake Villas |  | 9,327 |  |  | 9,503 |  |  | 3.15 | % |  | 11/1/2055
Blue Lake Villas Phase II |  | 3,271 |  |  | 3,349 |  |  | 2.85 | % |  | 6/1/2052
Chelsea |  | 7,878 |  |  | 8,064 |  |  | 3.36 | % |  | 12/1/2050
EQK Portage |  | 3,350 |  |  | 3,350 |  |  | 5.00 | % |  | 11/13/2029
Forest Grove(2) |  | 6,421 |  |  | 6,988 |  |  | 7.50 | % |  | 8/1/2031
Landing on Bayou Cane |  | 14,162 |  |  | 14,442 |  |  | 3.52 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 12,381 |  |  | 12,716 |  |  | 3.55 | % |  | 4/1/2048
New Concept Energy(5) |  | 3,542 |  |  | 3,542 |  |  | 4.96 | % |  | 9/30/2027
Northside on Travis |  | 11,125 |  |  | 11,394 |  |  | 2.50 | % |  | 2/1/2053
Parc at Denham Springs |  | 16,048 |  |  | 16,399 |  |  | 3.75 | % |  | 4/1/2051
Parc at Denham Springs Phase II |  | 15,419 |  |  | 15,608 |  |  | 4.05 | % |  | 2/1/2060
RCM HC Enterprises |  | 5,086 |  |  | 5,086 |  |  | 5.00 | % |  | 12/31/2029
Residences at Holland Lake |  | 10,219 |  |  | 10,424 |  |  | 3.60 | % |  | 3/1/2053
Villas at Bon Secour |  | 18,798 |  |  | 19,205 |  |  | 3.08 | % |  | 9/1/2031
Villas of Park West I(3) |  | 8,983 |  |  | 9,181 |  |  | 3.04 | % |  | 3/1/2053
Villas of Park West II(3) |  | 8,158 |  |  | 8,334 |  |  | 3.18 | % |  | 3/1/2053
Vista Ridge |  | 9,342 |  |  | 9,512 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(4) |  | 2,395 |  |  | 4,399 |  |  | 7.50 | % |  | 2/28/2026
|  | $ | 185,398 |  |  | $ | 182,683 |  |  |  |  |
(1) On March 15, 2023, we entered into a $33,000 construction loan to finance the development of Alera (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on March 15, 2026, with two one-year extension options. (2) On July 10, 2024, we replaced the existing loan on the property with a $6,558 loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031. (3) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 10 - Investment in Unconsolidated Joint Ventures) and obtained final lender approval of the assumption in 2024. (4) On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%. (5) On June 6, 2024, we extended the maturity of the loan to September 30, 2027 with an interest rate at SOFR.
Schedule of Future Principal Payments Due on Notes Payable | Future principal payments due on our notes payable at December 31, 2024 are as follows:
Year |  | Amount
2025 |  | $ | 14,338 |
2026 |  | 12,124 |
2027 |  | 3,422 |
2028 |  | 3,488 |
2029 |  | 3,611 |
Thereafter |  | 149,327 |
|  | 186,310 |
Deferred finance cost |  | (912) |
|  | $ | 185,398 |

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