Notes Receivable

6 Months Ended

Jun. 30, 2024

The following table summarizes our notes receivable as of June 30, 2024 and December 31, 2023:


	Carrying value
Property/Borrower	June 30, 2024		December 31, 2023		Interest Rate		Maturity Date
ABC Land and Development, Inc.	$	4,408	$	4,408	9.50	%	6/30/26
ABC Paradise, LLC	1,210		1,210		9.50	%	6/30/26
Autumn Breeze(1)	1,847		2,157		5.00	%	7/1/25
Bellwether Ridge(1)	3,798		3,798		5.00	%	11/1/26
Cascades at Spring Street(2)(3)	180		180		5.34	%	6/30/27
Dominion at Mercer Crossing(4)	6,167		6,354		9.50	%	6/7/28
Echo Station(2)(3)	10,305		10,305		5.34	%	12/31/32
Forest Pines(1)	6,472		6,472		5.00	%	5/1/27
Inwood on the Park(2)(3)	20,325		20,325		5.34	%	6/30/28
Kensington Park(2)(3)	8,217		10,262		5.34	%	3/31/27
Lake Shore Villas(2)(3)	6,000		6,000		5.34	%	12/31/32
Legacy Pleasant Grove	496		496		6.00	%	10/23/24
McKinney Ranch	3,926		3,926		6.00	%	9/15/24
Ocean Estates II(2)(3)	3,615		3,615		5.34	%	5/31/28
One Realco Land Holding, Inc.	1,728		1,728		9.50	%	6/30/26
Parc at Ingleside(1)	3,759		3,759		5.00	%	11/1/26
Parc at Opelika Phase II(1)(5)	3,190		3,190		10.00	%	1/13/23
Parc at Windmill Farms(1)(5)	7,886		7,886		5.00	%	11/1/22
Phillips Foundation for Better Living, Inc.(2)	182		182		5.34	%	3/31/28
Plaza at Chase Oaks(2)(3)	11,772		11,772		5.34	%	3/31/28
Plum Tree(1)	1,600		1,767		5.00	%	4/26/26
Polk County Land	3,000		3,000		9.50	%	6/30/26
Riverview on the Park Land, LLC	1,045		1,045		9.50	%	6/30/26
Spartan Land	5,907		5,907		6.00	%	1/16/25
Spyglass of Ennis(1)	4,882		5,179		5.00	%	11/1/24
Steeple Crest(1)	6,498		6,498		5.00	%	8/1/26
Timbers at The Park(2)(3)	11,173		11,173		5.34	%	12/31/32
Tuscany Villas(2)(3)	1,548		1,548		5.34	%	4/30/27
	$	141,136	$	144,142

(1)The note is convertible, at our option, into a 100% ownership interest in the underlying property, and is collateralized by the underlying property.

(2) 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.

(3) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“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, the interest rate on the notes was amended from a fixed rate of 12.0% to 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, accrued interest of $4,159 was forgiven in exchange for participation in the proceeds from any future sale or refinancing of the underlying property.

(4) The note bears interest at prime plus 1.0%.

(5) We are working with the borrower to extend the maturity and/or exercise our conversion option.