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Real Estate Loans, Notes Receivable, and Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
December 31, 2021December 31, 2020
Number of loans11 20 
Number of underlying properties in development10 14 
(In thousands)
Drawn amount$206,270 $290,156 
Deferred loan origination fees(1,755)(1,194)
Allowances for expected credit losses(8,095)(9,067)
Carrying value$196,420 $279,895 
Unfunded loan commitments$61,952 $44,403 
Weighted average current interest, per annum (paid monthly)8.58 %8.50 %
Weighted average accrued interest, per annum3.53 %3.91 %

(In thousands)Principal balanceDeferred loan origination feesAllowances and CECL ReservesCarrying value
Balances as of December 31, 2020$290,156 $(1,194)$(9,067)$279,895 
Loan fundings68,943 — — 68,943 
Loan repayments(140,094)— — (140,094)
Loans and accrued interest settled through sale(12,735)— 202 (12,533)
Loan origination fees collected— (2,381)— (2,381)
Amortization of loan origination fees— 1,820 — 1,820 
Reserve increases due to loan originations— — (1,471)(1,471)
Net changes in reserves on existing loans or loans repaid— — 2,241 2,241 
Balances as of December 31, 2021$206,270 $(1,755)$(8,095)$196,420 
Financing Receivable Credit Quality Indicators [Table Text Block] The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of December 31, 2021:
Final reserve ratioNumber of loans
Total receivables by project, net of reserves (in thousands)
< 1.00%1 $10,951 
1.00% - 1.99%9 60,209 
2.00% - 2.99%— — 
3.00% - 3.99%1 144,248 
4.00% - 4.99%— — 
5.00% +— — 
11 $215,408 
Notes receivable [Table Text Block]
At December 31, 2021, the Company's portfolio of notes and lines of credit receivable consisted of:
BorrowerDate of loanMaturity dateTotal loan commitmentsOutstanding balance as of:Interest rate
December 31, 2021December 31, 2020
(in thousands)
Haven Campus Communities, LLC (1,2)
6/11/201412/31/2018$11,660 $9,011 $9,011 8 %
Oxford Capital Partners, LLC (3,4)
10/5/20153/15/20221,250 — 1,256 10 %
Oxford Capital Partners II, LLC (3,4)
3/30/20213/15/20225,300 — — 10 %
Mulberry Development Group, LLC (5)
3/31/20166/30/2022500 — 607 12 %
Unamortized loan fees— — 
$18,710 $9,011 $10,874 
(1) See related party disclosure in Note 6.
(2) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower.
(3) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower.
(4) The overall decrease in the Oxford line of credit balance is a function of an approximate $5.0 million paydown on July 31, 2020, that was required as part of the line of credit agreement whenever there is a defined Capital Transaction, generally triggered by the sale of a development property.
(5) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower.
interest income [Table Text Block]
The Company recorded interest income and other revenue from these instruments as follows:
Interest income (in thousands)
Years ended December 31,
202120202019
Real estate loans:
Current interest$23,248 $29,557 $34,906 
Additional accrued interest9,769 12,372 13,829 
Loan origination fee amortization1,819 1,214 1,545 
Purchase option termination fee amortization9,712 6,536 9,111 
Default interest913 1,126 1,315 
Total real estate loan revenue45,461 50,805 60,706 
Bank and money market accounts2 40 687 
Agency mortgage-backed securities— — 95 
Interest income on loans and notes receivable$45,463 $50,845 $61,488