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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
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 wholly owned by an affiliate of the MRHI, which owns approximately 90.8% of ARL, which owns approximately 78.4% of TCI, which owns 83.2% of the Company.

 

Advisory fees paid to Pillar were $108, $970 and $1,175 for the years ended December 31, 2024, 2023 and 2022, respectively.

 

Note receivable is an amount held by UHF (See Note 3 – Notes Receivable). UHF is determined to be a related party due to TCI’s significant investment in the performance of the collateral secured by their notes receivable. Interest income on our note with UHF was $588, $547 and $1,003 for the years ended December 31, 2024, 2023 and 2022, respectively.

 

Receivable from related party was $110,481 and $106,541 at December 31, 2024 and 2023, respectively; which represents amounts outstanding advanced to Pillar net of unreimbursed fees (“Pillar Receivable”), which bears interest at SOFR. Interest income on Pillar Receivable was $5,711, $9,523 and $5,599 for the years ended December 31, 2024, 2023 and 2022, respectively.