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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

Notes Payable						March 31, 2024						December 31, 2023						Weighted Average Interest Rate (1)						Maturity Date (1)
Corporate notes						$	35,392					$	36,442					11.40		%				January 2024 - March 2025
Convertible corporate notes						1,324						1,324						8.25		%				April 2024
Real estate and other loans						16,454						16,252						5.61		%				August 2024 - November 2029
Total notes payable						53,170						54,018
Deferred financing costs, net						(218)						(219)
Total notes payable, net						$	52,952					$	53,799

__________________________________

(1) As of March 31, 2024.

Notes payable of the consolidated funds consisted of the following as of March 31, 2024 and December 31, 2023, respectively (in thousands):

Notes Payable						March 31, 2024						December 31, 2023						Interest Rate (1)						Maturity date (1)
Real Estate Loans
Hampton Inn & Suites Hotel						$	—		(3)			$	5,939					N/A						N/A
Four Points by Sheraton Hotel (2)						10,700						11,000						18.00%						September 2023
Holiday Inn Ocotillo Hotel						—			(3)			9,250						N/A						N/A
Airport Hotel Portfolio						—			(3)			55,631						N/A						N/A
DoubleTree by Hilton Tucson Convention Center						18,306						18,418						4.22%						August 2027
Hilton Tucson East						—			(3)			11,901						N/A						N/A
DT Mesa Holdco II, LLC						3,000						3,000						7.28%						May 2024
Southpointe Fundco, LLC						1,050						1,050						11.99%						September 2024
West Frontier Holdco, LLC						4,636						4,636						6.35%						February 2038
Total Real Estate Loans						37,692						120,825
Revolving line of credit						4,500						4,500						8.75%						October 2024
Member notes						5,600						5,600						10.00%						June 2025
Economic injury disaster and other loans						150						475						3.75%						June 2050
Total notes payable						47,942						131,400
Deferred financing costs, net						(288)						(1,716)
Total notes payable, net						$	47,654					$	129,684

__________________________________

(1) As of March 31, 2024.

(2) During the year ended December 31, 2023, the hotel ceased operations as the consolidated fund is converting the property into a multi-family residential asset.

(3) During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which included activity from six hospitality funds.

Schedule of Maturities of Long-Term Debt

The following table summarizes the scheduled principal repayments of our indebtedness as of March 31, 2024 (in thousands):

Year						Amount
April 1, 2024 - December 31, 2024						$	23,106
2025						14,421
2026						304
2027						317
2028						330
Thereafter						14,692
Total						$	53,170

As of March 31, 2024, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):

Year						Amount
April 1, 2024 - December 31, 2024						$	19,594
2025						6,119
2026						555
2027						17,046
2028						66
Thereafter						4,562
Total						$	47,942

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