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Notes Receivable
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Notes Receivable

3. Notes Receivable

 

At December 31, 2022, we had four notes receivable issued by Unified Housing Foundation, Inc. (“UHF”) with an aggregate balance of $11,173. Each of the notes bore interest at 12.0% and was to mature on December 31, 2032. Principal and interest payments on the notes from 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.

 

On October 1, 2023, we agreed to an amendments of the four UHF notes. Under the provisions of the amendment, the fours notes were consolidated into a single note and the 12.0% fixed interest rate was replaced with a floating rate indexed to the Secured Overnight Financing Rate (“SOFR”) in effect on the last day of the preceding calendar quarter. In connection with the amendment, $605 of accrued interest was forgiven in exchange for an increased participation in the proceeds from any future refinancing of the property by UHF.

 

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.