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Notes Receivable | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Notes Receivable | Notes Receivable The following table summarizes our notes receivables at December 31, 2024 and 2023:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Borrower / Project |  | 2024 |  | 2023 |  |
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) |  | 1,451 |  |  | 2,157 |  |  | 5.00 | % |  | 7/1/2025
Bellwether Ridge(1) |  | 3,798 |  |  | 3,798 |  |  | 5.00 | % |  | 11/1/2026
Cascades at Spring Street(2)(3) |  | — |  |  | 180 |  |  | 4.96 | % |  | 6/30/2027
Dominion at Mercer Crossing(4) |  | 6,167 |  |  | 6,354 |  |  | 8.50 | % |  | 6/7/2028
Echo Station(2)(3) |  | 10,120 |  |  | 10,305 |  |  | 4.96 | % |  | 12/31/2032
Forest Pines(1) |  | 6,472 |  |  | 6,472 |  |  | 5.00 | % |  | 5/1/2027
Inwood on the Park(2)(3) |  | 20,208 |  |  | 20,325 |  |  | 4.96 | % |  | 6/30/2028
Kensington Park(2)(3) |  | 6,994 |  |  | 10,262 |  |  | 4.96 | % |  | 3/31/2027
Lake Shore Villas(2)(3) |  | 5,855 |  |  | 6,000 |  |  | 4.96 | % |  | 12/31/2032
Prospectus Endeavors |  | 496 |  |  | 496 |  |  | 6.00 | % |  | 10/23/2029
McKinney Ranch |  | 3,926 |  |  | 3,926 |  |  | 6.00 | % |  | 9/15/2029
Ocean Estates II(2)(3) |  | 3,615 |  |  | 3,615 |  |  | 4.96 | % |  | 5/31/2028
One Realco Land Holding, Inc. |  | 1,728 |  |  | 1,728 |  |  | 9.50 | % |  | 6/30/2026
Parc at Ingleside(1) |  | 3,759 |  |  | 3,759 |  |  | 5.00 | % |  | 11/1/2026
Parc at Opelika Phase II(1)(5) |  | 3,190 |  |  | 3,190 |  |  | 10.00 | % |  | 1/13/2023
Parc at Windmill Farms(1)(5) |  | 7,886 |  |  | 7,886 |  |  | 5.00 | % |  | 11/1/2022
Phillips Foundation for Better Living, Inc.(2) |  | 107 |  |  | 182 |  |  | 4.96 | % |  | 3/31/2028
Plaza at Chase Oaks(2)(3) |  | 11,772 |  |  | 11,772 |  |  | 4.96 | % |  | 3/31/2028
Plum Tree(1) |  | 1,478 |  |  | 1,767 |  |  | 5.00 | % |  | 4/26/2026
Polk County Land |  | 3,000 |  |  | 3,000 |  |  | 9.50 | % |  | 6/30/2026
Riverview on the Park Land, LLC |  | 1,045 |  |  | 1,045 |  |  | 9.50 | % |  | 6/30/2026
Spartan Land |  | 5,907 |  |  | 5,907 |  |  | 6.00 | % |  | 1/16/2027
Spyglass of Ennis(1) |  | 4,705 |  |  | 5,179 |  |  | 5.00 | % |  | 11/1/2024
Steeple Crest(1) |  | 6,358 |  |  | 6,498 |  |  | 5.00 | % |  | 8/1/2026
Timbers at The Park(2)(3) |  | 11,146 |  |  | 11,173 |  |  | 4.96 | % |  | 12/31/2032
Tuscany Villas(2)(3) |  | 1,548 |  |  | 1,548 |  |  | 4.96 | % |  | 4/30/2027
|  | $ | 138,349 |  |  | $ | 144,142 |  |  |  |  |
(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) The note bears interest at prime plus 1.0%. (5) We are working with the borrower to extend the maturity and/or exercise our conversion option.

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