XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Mortgages and Other Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Mortgages and Other Notes Payable | Mortgages and Other Notes 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. As of December 31, 2024, we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters. On November 6, 2023, we entered into a $25,407 construction loan to finance the development of Merano (See Note 7 - Real Estate Activity) that bears interest at prime plus 0.25% and matures on November 6, 2028. As of December 31, 2024, no advances have been drawn on the loan. On December 15, 2023, we entered into a $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on December 15, 2028. As of December 31, 2024, no advances have been drawn on the loan. On October 21, 2024, we entered into a $27,500 construction loan to finance the development Mountain Creek (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3.45% and matures on March 15, 2029. As of December 31, 2024, no advances have been drawn on the loan. All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Alera, Bandera Ridge, Merano, Mountain Creek, Villas at Bon Secour and Windmill Farms. 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 |

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

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration