Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of 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.

Schedule of Allowance For Credit Losses

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