Notes and Other Receivables

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Notes and Other Receivables

Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2024 and 2023 ($ in thousands):

	December 31,
	2024		2023
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)	$	—	$	37,582
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	60,538		50,146
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	3,167		11,743
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	39,187		34,929
Receivable from preferred equity investment sponsor (1)	72,002		—
Other receivables from affiliates	5,646		6,111
Straight line rent receivables (2)	9,235		9,353
Other receivables	17,460		25,444
Allowance for credit losses	(529)		(687)
Total notes and other receivables	$	206,706	$	174,621

(1)     In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in a stabilized apartment home community located in Oakland, CA and concurrently recorded a receivable from the sponsor of the investment, for which the Company did not accrue interest on. The Company subsequently issued a default notice and assumed full managerial control in January 2025. See Note 18, Subsequent Events, for additional details.

(2)     These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):

	Mezzanine Loans		Bridge Loans		Total
Balance as of December 31, 2021	$	671	$	85	$	756
Provision for credit losses	(337)		(85)		(422)
Balance as of December 31, 2022	$	334	$	—	$	334
Provision for credit losses	353		—		353
Balance as of December 31, 2023	$	687	$	—	$	687
Provision for credit losses	(158)		—		(158)
Balance as of December 31, 2024	$	529	$	—	$	529