Notes and Other Receivables

6 Months Ended

Jun. 30, 2025

Notes and other receivables consisted of the following as of June 30, 2025 and December 31, 2024 ($ in thousands):


	June 30, 2025		December 31, 2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	63,685	$	60,538
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	—		3,167
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	41,478		39,187
Receivable from preferred equity investment sponsor (1)	—		72,002
Other receivables from affiliates	5,882		5,646
Straight-line rent receivables (2)	8,886		9,235
Other receivables	18,705		17,460
Allowance for credit losses	(540)		(529)
Total notes and other receivables	$	138,096	$	206,706

(1)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. Refer to Note 2, Significant Transactions During the six months ended June 30, 2025, for additional details.

(2)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):


	Three Months Ended June 30,
	2025		2024

Balance at beginning of period	$	526	$	712
Provision for credit losses	14		28
Balance at end of period	$	540	$	740

	Six Months Ended June 30,
	2025		2024

Balance at beginning of period	$	529	$	687
Provision for credit losses	11		53
Balance at end of period	$	540	$	740