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Notes Receivable and Current Expected Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Notes Receivable Outstanding
The Company had the following notes receivable outstanding as of March 31, 2024 and December 31, 2023 ($ in thousands):
Outstanding loan amountInterest compounding
March 31,
2024		December 31,
2023
Real Estate Financing Project
Principal
Accrued interest and fees
Total loan amount
Total loan amount
Maximum principal commitmentInterest rate
Solis City Park II$20,594 $4,466 $25,060 
(a)
$24,313 
(a)
$20,594 13.0 %Annually
Solis Gainesville II19,595 3,460 23,055 
(a)
22,268 
(a)
19,595 14.0 %
(b)
Annually
Solis Kennesaw23,067 3,478 26,545 
(a)
15,922 
(a)
37,870 14.0 %
(b)
Annually
Solis Peachtree Corners11,832 1,936 13,768 
(a)
11,092 
(a)
28,440 15.0 %
(b)
Annually
The Allure at Edinburgh9,228 947 10,175 
(a)
9,830 
(a)
9,228 15.0 %
(c)
None
Total mezzanine & preferred equity$84,316 $14,287 98,603 83,425 $115,727 
Other notes receivable12,404 
(a)
12,219 
(a)
Allowance for credit losses(d)
(1,725)

(1,472)
Total notes receivable$109,282 $94,172 
________________________________________
(a) Outstanding loan amounts include any accrued and unpaid interest, and accrued fees, as applicable.
(b) The interest rate varies over the life of the loans and the Company also earns an unused commitment fee on amounts not drawn on the loans.
(c) The interest rate varies over the life of the loan.
(d) The amounts as of March 31, 2024 and December 31, 2023 exclude $0.6 million and $0.7 million, respectively, of Current Expected Credit Losses (“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 three months ended March 31, 2024 and 2023 as follows (in thousands):
Three Months Ended March 31,
Real Estate Financing Project
20242023
Solis City Park II747 
(a)
670 
(a)
Solis Gainesville II786 
(a)(b)
593 
(a)(b)
Solis Kennesaw1,236 
(a)(b)
— 
Solis Peachtree Corners887 
(a)(b)
— 
The Allure at Edinburgh344 — 
The Interlock(c)
— 2,273 
(a)
Total mezzanine & preferred equity4,000 3,536 
Other interest income626 183 
Total interest income$4,626 $3,719 
________________________________________
(a) Includes recognition of interest income related to fee amortization.
(b) Includes recognition of unused commitment fees.
(c) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock.
Schedule Allowance for Credit Losses on Financing Receivables Changes in the allowance for the three months ended March 31, 2024 and 2023 were as follows (in thousands):
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
 FundedUnfundedTotalFundedUnfundedTotal
Beginning balance $1,472 $732 $2,204 $1,292 $338 $1,630 
Unrealized credit loss provision (release)253 (170)83 203 (140)63 
Ending balance$1,725 $562 $2,287 $1,495 $198 $1,693