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Notes Receivable and Current Expected Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Notes Receivable Outstanding
The Company had the following notes receivable outstanding as of June 30, 2024 and December 31, 2023 ($ in thousands):
Outstanding loan amountInterest compounding
June 30,
2024		December 31,
2023
Real Estate Financing Project
Principal
Accrued interest and fees
Total loan amount(a)
Total loan amount(a)
Maximum principal commitmentInterest rate
Solis City Park II$20,594 $5,075 $25,669 $24,313 $20,594 13.0 %Annually
Solis Gainesville II19,595 4,247 23,842 22,268 19,595 14.0 %
(b)
Annually
Solis Kennesaw30,050 4,793 34,843 15,922 37,870 14.0 %
(b)
Annually
Solis Peachtree Corners15,546 2,849 18,395 11,092 28,440 15.0 %
(b)
Annually
The Allure at Edinburgh9,228 1,291 10,519 9,830 9,228 15.0 %
(c)
None
Total mezzanine & preferred equity$95,013 $18,255 113,268 83,425 $115,727 
Other notes receivable12,592 12,219 
Allowance for credit losses(d)
(1,682)

(1,472)
Total notes receivable$124,178 $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 June 30, 2024 and December 31, 2023 exclude $0.4 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 and six months ended June 30, 2024 and 2023 as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Real Estate Financing Project
2024202320242023
Solis City Park II$608 
(a)
$732 
(a)
$1,355 
(a)
$1,402 
(a)
Solis Gainesville II786 
(a)(b)
654 
(a)(b)
1,572 
(a)(b)
1,247 
(a)(b)
Solis Kennesaw1,315 
(a)(b)
465 
(a)
2,551 
(a)(b)
465 
(a)
Solis Peachtree Corners913 
(a)(b)
— 1,800 
(a)(b)
— 
The Allure at Edinburgh344 — 688 — 
The Interlock(c)
— 
(a)
1,374 
(a)
— 
(a)
3,647 
(a)
Total mezzanine & preferred equity3,966 3,225 7,966 6,761 
Other interest income666 189 1,292 372 
Total interest income$4,632 $3,414 $9,258 $7,133 
________________________________________
(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 six months ended June 30, 2024 and 2023 were as follows (in thousands):
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
 FundedUnfundedTotalFundedUnfundedTotal
Beginning balance $1,472 $732 $2,204 $1,292 $338 $1,630 
Unrealized credit loss provision (release)210 (355)(145)412 231 643 
Release due to redemption— — — (465)— (465)
Ending balance$1,682 $377 $2,059 $1,239 $569 $1,808