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Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

4. Related Party Transactions

 

We engage in certain business transactions with related parties, including investment in notes receivables. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in our best interest.

 

Pillar is a wholly owned by an affiliate of the MRHI, which owns approximately 90.8% of ARL, which owes approximately 78.4% of TCI, which owns 81.1% of the Company.

 

Advisory fees paid to Pillar were $1,175, $1,108 and $1,139 for the years ended December 31, 2022, 2021 and 2020, respectively.

 

Notes receivable are amounts held by UHF (See Note 3 – Notes Receivable). UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. Interest income on these notes was $1,341, $1,371 and $1,790 for the years ended December 31, 2022, 2021 and 2020, respectively.

 

Related party receivables were $100,134 and $96,300 at December 31, 2022 and 2021, respectively; which represents amounts outstanding from TCI for loans and advances, net of unreimbursed fees and bear interest at prime plus one percent. Interest income on these receivables were $5,261, $3,582 and $3,583 for the years ended December 31, 2022, 2021 and 2020, respectively.