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Notes Receivable and Current Expected Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of mezzanine loans
The Company had the following loans receivable outstanding as of December 31, 2022 and 2021 ($ in thousands):
    
Outstanding loan amount (a)
Maximum loan commitmentInterest rateInterest compounding
Development ProjectDecember 31, 2022December 31, 2021
City Park 2$19,062 $— $20,594 13.0 %Annually
Solis Gainesville II6,638 — 19,595 14.0 %Annually
Interlock Commercial86,584 95,379 107,000 
(b)
15.0 %None
Nexton Multifamily— 23,567 22,315 11.0 %Annually
Total mezzanine112,284 118,946 $169,504 
Constellation Energy Building note receivable12,834 — 
Other notes receivable11,512 7,234 
Notes receivable guarantee premium701 1,243 
Allowance for credit losses(c)
(1,292)(994)
Total notes receivable$136,039 $126,429 
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(a) Outstanding loan amounts include any accrued and unpaid interest, as applicable.
(b) This amount includes interest reserves.
(c) The amounts as of December 31, 2022 and 2021 exclude $0.3 million and less than $0.1 million, respectively, of CECL allowance that relates to the unfunded commitments, which were recorded as a liability under Other liabilities in the consolidated balance sheets.
Summary of interest income The Company recognized interest income for the years ended December 31, 2022, 2021, and 2020 as follows (in thousands):
Years Ended December 31, 
Development Project202220212020
The Residences at Annapolis Junction$— $— $2,468 
(a)(b)
City Park 21,038 — — 
Delray Beach Plaza— — 489 
(a)
Solis Gainesville II205 — — 
Nexton Square— — 1,177 
Interlock Commercial(c)
9,870 
(c)
12,769 
(c)
12,267 
(c)
Nexton Multifamily5,348 
(e)
1,252 — 
Solis Apartments at Interlock— 4,005 
(d)
3,382 
Total mezzanine16,461 18,026 19,783 
Other interest income517 431 58 
Total interest income$16,978 $18,457 $19,841 
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(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 amount includes $1.5 million of interest income recognition relating to an exit fee that was due upon repayment of the loan.
(c) The amounts of 2022, 2021 and 2020 include $1.1 million, $2.0 million and $2.3 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 received from the early payoff of the loan.
(e) Includes prepayment premium of $2.7 million received from the early payoff of the loan.
Allowance for credit losses on financing receivables
Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2022 and 2021 were as follows (in thousands):
Year ended December 31, 2022Year ended December 31, 2021
FundedUnfundedTotalFundedUnfundedTotal
Beginning balance$994 $10 $1,004 $2,584 $— $2,584 
Unrealized credit loss provision (release)298 328 626 (802)10 (792)
Extinguishment due to acquisition— — — (788)— (788)
Ending balance$1,292 $338 $1,630 $994 $10 $1,004