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v3.25.1

Mortgages and Other Notes Payable | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable The following table summarizes our mortgages and other notes payable as of March 31, 2025 and December 31, 2024:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Property/ Entity |  | March 31, 2025 |  | December 31, 2024 |  |
770 South Post Oak(1) |  | $ | 10,872 |  |  | $ | 10,939 |  |  | 4.36 | % |  | 6/1/2025
Alera(2) |  | 12,020 |  |  | 8,554 |  |  | 7.41 | % |  | 3/15/2026
Bandera Ridge(3) |  | 5,348 |  |  | — |  |  | 7.41 | % |  | 12/15/2028
Blue Lake Villas |  | 9,282 |  |  | 9,327 |  |  | 3.15 | % |  | 11/1/2055
Blue Lake Villas Phase II |  | 3,252 |  |  | 3,271 |  |  | 2.85 | % |  | 6/1/2052
Chelsea |  | 7,831 |  |  | 7,878 |  |  | 3.36 | % |  | 12/1/2050
EQK Portage |  | 3,350 |  |  | 3,350 |  |  | 5.00 | % |  | 11/13/2029
Forest Grove(4) |  | 6,426 |  |  | 6,421 |  |  | 6.56 | % |  | 8/1/2031
Landing on Bayou Cane |  | 14,090 |  |  | 14,162 |  |  | 3.52 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 12,295 |  |  | 12,381 |  |  | 3.55 | % |  | 4/1/2048
Merano(5) |  | 8,317 |  |  | — |  |  | 7.75 | % |  | 11/6/2028
New Concept Energy(7) |  | 3,542 |  |  | 3,542 |  |  | 4.49 | % |  | 9/30/2027
Northside on Travis |  | 11,056 |  |  | 11,125 |  |  | 2.50 | % |  | 2/1/2053
Parc at Denham Springs |  | 15,958 |  |  | 16,048 |  |  | 3.75 | % |  | 4/1/2051
Parc at Denham Springs Phase II |  | 15,371 |  |  | 15,419 |  |  | 4.05 | % |  | 2/1/2060
RCM HC Enterprises |  | 5,086 |  |  | 5,086 |  |  | 5.00 | % |  | 12/31/2029
Residences at Holland Lake |  | 10,167 |  |  | 10,219 |  |  | 3.60 | % |  | 3/1/2053
Villas at Bon Secour |  | 18,692 |  |  | 18,798 |  |  | 3.08 | % |  | 9/1/2031
Villas of Park West I |  | 8,933 |  |  | 8,983 |  |  | 3.04 | % |  | 3/1/2053
Villas of Park West II |  | 8,113 |  |  | 8,158 |  |  | 3.18 | % |  | 3/1/2053
Vista Ridge |  | 9,299 |  |  | 9,342 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(6) |  | 2,395 |  |  | 2,395 |  |  | 7.50 | % |  | 2/28/2026
|  | $ | 201,695 |  |  | $ | 185,398 |  |  |  |  |
(1) We expect to repay the loan at maturity with cash on hand. (2) The construction loan allow s borrowings up to $33,000 to finance the development of Alera (See Note 7 - Real Estate Activity), bears interest at SOFR plus 3% and matures on March 15, 2026, with two one-year extension options. (3) The construction loan allows borrowings up to $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity), bears interest at SOFR plus 3% and matures on December 15, 2028. (4) The loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031. (5) The construction loan allows borrowings up to $25,407 to finance the development of Merano (See Note 7 - Real Estate Activity), bears interest at prime plus 0.25% and matures on November 6, 2028. (6) On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%. (7) The loan bears interest at SOFR. We have a construction loan to build Mountain Creek (See Note 7 - Real Estate Activity) that allows for borrowings of up to $27,500, bears interest at SOFR plus 3.45% and matures on March 15, 2029. As of March 31, 2025, we have not borrowed on the loan. As of March 31, 2025, 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. 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.

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- 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: 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