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Notes Receivable and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Summary of Mezzanine Loans
The Company had the following loans receivable outstanding as of December 31, 2021 and December 31, 2020 ($ in thousands):
    
Outstanding loan amount (a)
Maximum loan commitmentInterest rateInterest compounding
Development ProjectDecember 31, 2021December 31, 2020
Delray Beach Plaza$— $14,289 $17,000 15.0 %
(b)
Annually
Interlock Commercial95,379 85,318 107,000 15.0 %
(c)
None
Nexton Multifamily23,567 — 22,315 11.0 %Annually
Solis Apartments at Interlock— 28,969 41,100 13.0 %Annually
Total mezzanine118,946 128,576 $187,415 
Other notes receivable7,234 6,809 
Notes receivable guarantee premium1,243 2,631 
Allowance for credit losses(994)(2,584)
Total notes receivable$126,429 $135,432 
_______________________________________
(a) Outstanding loan amounts include any accrued and unpaid interest, as applicable.
(b) Loan was placed on nonaccrual status effective April 1, 2020.
(c) $3.0 million of this loan is subject to an interest rate of 18%.
Summary of Interest Income The Company recognized interest income for the years ended December 31, 2021, 2020, and 2019 as follows (in thousands):
Years Ended December 31, 
Development Project202120202019
1405 Point$— $— $783 
The Residences at Annapolis Junction— 2,468 
(a)(b)
8,776 
(b)
North Decatur Square— — 1,509 
Delray Beach Plaza— 489 
(a)
1,622 
Nexton Square— 1,177 1,962 
Interlock Commercial12,769 
(c)
12,267 
(c)
6,142 
(c)
Nexton Multifamily1,252 — — 
Solis Apartments at Interlock4,005 
(d)
3,382 2,333 
Total mezzanine18,026 19,783 23,127 
Other interest income431 58 88 
Total interest income$18,457 $19,841 $23,215 
________________________________________
(a) Loan was placed on nonaccrual status effective April 1, 2020.
(b) Includes amortization of the $5.0 million loan modification fee paid by the borrower in November 2018. Additionally, the 2020 and 2019 amounts include $1.5 million and $0.5 million, respectively, of interest income recognition relating to an exit fee that was due upon repayment of the loan.
(c) The amounts of 2021, 2020 and 2019 include $2.0 million, $2.3 million and $0.6 million, respectively, of interest income recognition relating to an exit fee that is due upon repayment of the loan.
(d) Includes prepayment premium of $2.4 million from early payoff of the loan.
Financing Receivable, Allowance for Credit Loss Changes in the allowance for the year ended December 31, 2021 and 2020 were as follows (in thousands):
Years Ended December 31, 
20212020
Beginning balance$2,584 $— 
Cumulative effect of accounting change— 2,825 
Unrealized credit loss provision (release)(802)256 
Extinguishment due to acquisition(788)(497)
Ending balance (a)
$994 $2,584 
_______________________________________
(a) The amount excludes immaterial amount of the provision (release) related to the unfunded commitments, which were recorded in Other liabilities on the consolidated balance sheet