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Notes Receivable and Current Expected Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Notes Receivable Outstanding
The Company had the following notes receivable outstanding as of September 30, 2024 and December 31, 2023 ($ in thousands):
Outstanding loan amount
September 30,
2024		December 31,
2023
Real Estate Financing Project(a)
Maturity DatePrincipal
Accrued interest and fees(b)
Total loan amount(c)
Total loan amount(c)
Maximum principal commitmentInterest rateInterest compounding
Solis Gainesville II10/3/202619,595 5,041 24,636 22,268 19,595 14.0 %
(d)
Annually
Solis Kennesaw5/25/202737,870 6,230 44,100 15,922 37,870 14.0 %
(d)
Annually
Solis Peachtree Corners10/31/202720,533 3,917 24,450 11,092 28,440 15.0 %
(d)
Annually
The Allure at Edinburgh1/16/20289,228 1,639 10,867 9,830 9,228 15.0 %
(e)
None
Solis City Park II(f)
4/23/2028— — — 24,313 — 13.0 %Annually
Solis North Creek8/8/20302,364 299 2,663 — 26,767 12.0 %
(d)
Annually
Total mezzanine & preferred equity$89,590 $17,126 106,716 83,425 $121,900 
Other notes receivable12,787 12,219 
Allowance for credit losses(g)
(1,706)

(1,472)
Total notes receivable$117,797 $94,172 
________________________________________
(a) The Company does not intend to sell the real estate financing investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
(b) Reflects accrued interest and unused commitment fees, net of discounts due to unamortized equity fees.
(c) Outstanding loan amounts include any accrued and unpaid interest, and accrued fees, as applicable.
(d) 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.
(e) The interest rate varies over the life of the loan.
(f) This note receivable was redeemed on July 10, 2024. Refer below under “Solis City Park II” for further details.
(g) The amounts as of September 30, 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 and nine months ended September 30, 2024 and 2023 as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Real Estate Financing Project
2024202320242023
Solis Gainesville II$794 
(a)(b)
$717 
(a)(b)
$2,366 
(a)(b)
$1,964 
(a)(b)
Solis Kennesaw1,437 
(a)(b)
1,164 
(a)
3,988 
(a)(b)
1,629 
(a)
Solis Peachtree Corners1,067 
(a)(b)
617 
(a)(b)
2,867 
(a)(b)
617 
(a)(b)
The Allure at Edinburgh348 258 1,036 258 
Solis City Park II(c)
127 
(a)
740 
(a)
1,482 
(a)
2,142 
(a)
Solis North Creek299 
(b)
— 299 
(b)
— 
The Interlock(d)
— — — 3,647 
(a)
Total mezzanine & preferred equity4,072 3,496 12,038 10,257 
Other interest income629 194 1,921 566 
Total interest income$4,701 $3,690 $13,959 $10,823 
________________________________________
(a) Includes recognition of interest income related to fee amortization.
(b) Includes recognition of unused commitment fees.
(c) This note receivable was redeemed on July 10, 2024. Refer below under “Solis City Park II” for further details.
(d) 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 nine months ended September 30, 2024 and 2023 were as follows (in thousands):
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
 FundedUnfundedTotalFundedUnfundedTotal
Beginning balance $1,472 $732 $2,204 $1,292 $338 $1,630 
Unrealized credit loss provision (release)294 (181)113 817 519 1,336 
Release due to redemption(60)— (60)(465)— (465)
Ending balance$1,706 $551 $2,257 $1,644 $857 $2,501