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Notes Receivable and Current Expected Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Notes Receivable Outstanding
The Company had the following notes receivable outstanding as of June 30, 2025 and December 31, 2024 ($ in thousands):
Outstanding loan amount
June 30,
2025		December 31,
2024
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 $6,480 $26,075 $25,291 $19,595 6.0 %
(d)
Annually
Solis Kennesaw5/25/202737,870 10,414 48,284 45,562 37,870 9.0 %
(d)
Annually
Solis Peachtree Corners10/31/202728,440 7,562 36,002 33,549 28,440 15.0 %
(d)
Annually
The Allure at Edinburgh1/16/20289,228 2,486 11,714 11,215 9,228 10.0 %
(e)
None
Solis North Creek
8/8/203018,045 1,633 19,678 5,816 26,767 12.0 %
(d)
Annually
Total mezzanine & preferred equity$113,178 $28,575 $141,753 $121,433 $121,900 
Other notes receivable— 12,984 
Allowance for credit losses(f)
(1,980)

(1,852)
Total notes receivable$139,773 $132,565 
________________________________________
(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) The amounts as of June 30, 2025 and December 31, 2024 exclude $0.2 million and $0.5 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, 2025 and 2024 as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Real Estate Financing Project
2025202420252024
Solis Gainesville II$394 
(a)(b)
$786 
(a)(b)
$784 
(a)(b)
$1,572 
(a)(b)
Solis Kennesaw1,291 
(a)(b)
1,315 
(a)(b)
2,721 
(a)(b)
2,551 
(a)(b)
Solis Peachtree Corners1,233 
(a)(b)
913 
(a)(b)
2,453 
(a)(b)
1,800 
(a)(b)
The Allure at Edinburgh230 344 499 688 
Solis City Park II(c)
— 
(c)
608 
(a)
— 
(c)
1,355 
(a)
Solis North Creek524 
(b)
— 951 
(b)
— 
Total mezzanine & preferred equity3,672 3,966 7,408 7,966 
Other interest income468 666 960 1,292 
Total interest income$4,140 $4,632 $8,368 $9,258 
________________________________________
(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.
Schedule Allowance for Credit Losses on Financing Receivables Changes in the allowance for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
 FundedUnfundedTotalFundedUnfundedTotal
Beginning balance $1,852 $509 $2,361 $1,472 $732 $2,204 
Unrealized credit loss provision (release)338 (284)54 210 (355)(145)
Release due to redemption(210)(32)(242)— — — 
Ending balance$1,980 $193 $2,173 $1,682 $377 $2,059