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Notes Receivable and Current Expected Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans Receivable Outstanding
The Company had the following loans receivable outstanding as of December 31, 2023 and 2022 ($ in thousands):
    
Outstanding loan amount (a)
Maximum loan commitmentInterest rateInterest compounding
Development ProjectDecember 31, 2023December 31, 2022
Solis City Park II$24,313 
(a)
$19,062 
(a)
$20,594 13.0 %Annually
Solis Gainesville II22,268 
(a)
6,638 
(a)
19,595 14.0 %
(b)
Annually
Solis Kennesaw15,922 
(a)
— 37,870 14.0 %
(b)
Annually
Solis Peachtree Corners11,092 
(a)
— 28,440 15.0 %
(b)
Annually
The Allure at Edinburgh9,830 
(a)
— 9,228 15.0 %
(c)
None
The Interlock(d)
— 86,584 
(a)
107,000 
(e)
15.0 %None
Total mezzanine & preferred equity83,425 112,284 $222,727 
Constellation Energy Building note receivable— 12,834 
Other notes receivable12,219 
(a)
11,512 
(a)
Notes receivable guarantee premium— 701 
Allowance for credit losses(f)
(1,472)(1,292)
Total notes receivable$94,172 $136,039 
_______________________________________
(a) Outstanding loan amounts include any accrued and unpaid interest, and accrued exit fees, as applicable.
(b) The interest rate varies over the life of the loans, and the Company also earns an unused commitment fee. Refer below under “Solis Gainesville II,” “Solis Kennesaw,” and “Solis Peachtree Corners” for further details.
(c) The interest rate varies over the life of the loan. Refer below under “The Allure at Edinburgh” for further details.
(d) This note receivable was repaid on May 19, 2023 in connection with the Company’s acquisition of The Interlock. Refer below under “The Interlock” for further details.
(e) This amount includes interest reserves.
(f) The amounts as of December 31, 2023 and 2022 exclude $0.7 million and $0.3 million, respectively, of CECL allowance that relates to the unfunded commitments, which were recorded as a liability under other liabilities in the consolidated balance sheets.
Schedule of Interest Income The Company recognized interest income for the years ended December 31, 2023, 2022, and 2021 as follows (in thousands):
Years Ended December 31, 
Development Project202320222021
Nexton Multifamily$— $5,348 
(a)
$1,252 
Solis Apartments at Interlock— — 4,005 
(b)(c)
Solis City Park II2,887 
(c)
1,038 
(c)
— 
Solis Gainesville II2,757 
(c)(d)
205 — 
Solis Kennesaw2,810 
(c)(d)
— — 
Solis Peachtree Corners1,472 
(c)(d)
— — 
The Allure at Edinburgh603 — — 
The Interlock3,647 
(c)
9,870 
(c)
12,769 
(c)
Total mezzanine & preferred equity interest income14,176 16,461 18,026 
Other interest income927 517 431 
Total interest income$15,103 $16,978 $18,457 
________________________________________
(a) Includes prepayment premium of $2.7 million received from the early payoff of the loan.
(b) Includes prepayment premium of $2.4 million received from the early payoff of the loan.
(c) Includes recognition of interest income related to fee amortization.
(d) Includes recognition of unused commitment fees.
Schedule of Allowance for Funded and Unfunded Commitments
Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year ended December 31, 2023Year ended December 31, 2022
FundedUnfundedTotalFundedUnfundedTotal
Beginning balance$1,292 $338 $1,630 $994 $10 $1,004 
Unrealized credit loss provision (release)645 394 1,039 298 328 626 
Extinguishment due to acquisition(465)— (465)— — — 
Ending balance$1,472 $732 $2,204 $1,292 $338 $1,630