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Notes Receivable and Current Expected Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Summary of Mezzanine Loans
The Company had the following notes receivable outstanding as of June 30, 2021 and December 31, 2020 ($ in thousands):
Outstanding loan amountInterest compounding
Development ProjectJune 30,
2021		December 31,
2020		Maximum loan commitmentInterest rate
Delray Beach Plaza$— $14,289 $17,000 15.0 %
(a)
Annually
Interlock Commercial93,991 85,318 103,000 15.0 %
(b)
None
Nexton Multifamily11,716 — 22,315 11.0 %Annually
Solis Apartments at Interlock— 28,969 41,100 13.0 %Annually
Total mezzanine105,707 128,576 $183,415 
Other notes receivable7,018 6,809 
Notes receivable guarantee premium1,850 2,631 
Allowance for credit losses(2,129)(2,584)
Total notes receivable$112,446 $135,432 
________________________________________
(a) Loan was placed on nonaccrual status effective April 1, 2020.
(b) $3.0 million of this loan is subject to an interest rate of 18%.
Summary of Interest Income The Company recognized interest income for the three and six months ended June 30, 2021 and 2020 as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Development Project2021202020212020
The Residences at Annapolis Junction$— $— 
(a)
$— $2,468 
(a)(b)
Delray Beach Plaza— — 
(a)
— 
(a)
489 
(a)
Nexton Multifamily261 — 261 — 
Nexton Square— 405 — 797 
Interlock Commercial3,310 
(b)
3,157 
(b)
6,384 
(b)
6,175 
(b)
Solis Apartments at Interlock3,068 
(c)
838 4,005 
(c)
1,675 
Total mezzanine6,639 4,400 10,650 11,604 
Other interest income107 12 212 34 
Total interest income$6,746 $4,412 $10,862 $11,638 
________________________________________
(a) Loan was placed on nonaccrual status effective April 1, 2020.
(b) Includes recognition of interest income related to an exit fee that is due upon repayment of the loan.
(c) Includes prepayment premium of $2.4 million from early payoff of the loan.
Allowance for Credit Losses on Financing Receivables Changes in the allowance for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Beginning balance $1,741 $3,202 $2,584 $— 
Cumulative effect of accounting change— — — 2,825 
Unrealized credit loss provision (release)388 (117)333 260
Extinguishment due to acquisition— — (788)— 
Ending balance$2,129 $3,085 $2,129 $3,085