Notes and Other Receivables

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Notes and Other Receivables

Notes and Other Receivables

Notes and other receivables consist of the following as of March 31, 2025 and December 31, 2024 ($ in thousands):

	March 31, 2025		December 31, 2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	61,944	$	60,538
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	—		3,167
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	40,310		39,187
Receivable from preferred equity investment sponsor (1)	—		72,002
Other receivables from affiliates	5,344		5,646
Straight line rent receivables (2)	8,689		9,235
Other receivables	17,963		17,460
Allowance for credit losses	(526)		(529)
Total notes and other receivables	$	133,724	$	206,706

(1)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. Refer to Note 2, Significant Transactions During the three months ended March 31, 2025, 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):

	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	529	$	687
Provision for credit losses	(3)		25
Balance at end of period	$	526	$	712