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Notes Receivable and Current Expected Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loans Receivable Outstanding
The Company had the following loans receivable outstanding as of December 31, 2024 and 2023 ($ in thousands):
    
Outstanding loan amount
December 31, 2024December 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 II10/3/2026$19,595 $5,696 $25,291 $22,268 $19,595 10.0 %
(d)
Annually
Solis Kennesaw5/25/202737,870 7,692 45,562 15,922 37,870 14.0 %
(d)
Annually
Solis Peachtree Corners10/31/202728,440 5,108 33,549 11,092 28,440 15.0 %
(d)
Annually
The Allure at Edinburgh1/16/20289,228 1,987 11,215 9,830 9,228 15.0 %
(e)
None
Solis City Park II(f)
4/23/2028— — — 24,313 — 13.0 %Annually
Solis North Creek8/8/20305,134 682 5,816 — 26,767 12.0 %
(d)
Annually
Total mezzanine & preferred equity$100,267 $21,165 121,433 83,425 $121,900 
Other notes receivable12,984 12,219 
Allowance for credit losses(g)
(1,852)(1,472)
Total notes receivable$132,565 $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 basis.
(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 December 31, 2024 and December 31, 2023 exclude $0.5 million and $0.7 million, respectively, of Current Expected Credit Losses (“CECL”) allowance that relates to the unfunded commitments, which were recorded as a liability under other liabilities in the consolidated balance sheets.
Schedule of Interest Income The Company recognized interest income for the years ended December 31, 2024, 2023, and 2022 as follows (in thousands):
Years Ended December 31, 
Real Estate Financing Project202420232022
Nexton Multifamily$— $— $5,348 
(a)
Solis City Park II(b)
1,482 
(c)
2,887 
(c)
1,038 
Solis Gainesville II3,021 
(c)(d)
2,757 
(c)(d)
205 
Solis Kennesaw5,449 
(c)(d)
2,810 
(c)(d)
— 
Solis North Creek682 
(d)
— — 
Solis Peachtree Corners4,059 
(c)(d)
1,472 
(c)(d)
— 
The Allure at Edinburgh1,384 603 — 
The Interlock(e)
— 3,647 
(c)
9,870 
(c)
Total mezzanine & preferred equity16,077 14,176 16,461 
Other interest income2,519 927 517 
Total interest income$18,596 $15,103 $16,978 
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(a) Includes prepayment premium of $2.7 million received from the early payoff of the loan.
(b) This note receivable was redeemed on July 10, 2024. Refer below under “Solis City Park II” for further details.
(c) Includes recognition of interest income related to fee amortization.
(d) Includes recognition of unused commitment fees.
(e) This note receivable was redeemed on May 19, 2023 in connection with the Company’s acquisition of The Interlock.
Schedule of Allowance for Funded and Unfunded Commitments
Changes in the allowance for funded and unfunded commitments for the years ended December 31, 2024 and 2023 were as follows (in thousands):
Year ended December 31, 2024Year ended December 31, 2023
FundedUnfundedTotalFundedUnfundedTotal
Beginning balance $1,472 $732 $2,204 $1,292 $338 $1,630 
Unrealized credit loss provision (release)440 (223)217 645 394 1,039 
Release due to redemption(60)— (60)(465)— (465)
Ending balance$1,852 $509 $2,361 $1,472 $732 $2,204