NOTES RECEIVABLE

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

NOTES RECEIVABLE

NOTES RECEIVABLEAs of June 30, 2022, the total principal balance of notes receivable amounted to $10.9 million. These notes arose as financing by the Company for the sale of real estate properties or financing the development of the properties prior to purchasing. These notes are secured by the underlying improved real estate properties and accrue interest at annual rates ranging from 5% to 9%. All payments of principal and interest are due in full between March 10, 2023 and December 20, 2024. The outstanding balance of the notes amounted to $10.9 million and $2.0 million at June 30, 2022 and December 31, 2021, respectively. Interest income was $0.2 million and $0 for the three months ended June 30, 2022 and 2021, respectively. Interest income was $0.2 million and $0 for the six months ended June 30, 2022 and 2021, respectively. The Company considers the note receivable plus accrued interest to be fully collectible and, therefore, has determined that an allowance is not necessary. The details of notes receivables are as follows:

	June 30, 2022		December 31, 2021
Broadmoor Commons LLC	$	791,900	$	500,000
Modern Homestead LLC	2,000,000		1,500,000
Rocklin Winding Lane 22, LLC	4,802,500		—
Noffke Horizon View, LLC	3,280,000		—
Total Notes Receivable	$	10,874,400	$	2,000,000