Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2022


($ in thousands)		Principal Outstanding as of				Maturity
Loan	Payment Terms	September 30, 2022		December 31, 2021		Date
Mortgage Note ⁽¹⁾	Principal & interest due at maturity	$	217	$	223	12/7/2028
Mortgage Note ⁽¹⁾	Principal due at maturity & interest due monthly		—		2,135	3/16/2022
Mortgage Note ⁽²⁾	Principal due at maturity & interest due quarterly		—		1,571	6/23/2023
Mortgage Note ⁽³⁾	Principal due at maturity & interest due semi-annually		2,100		2,100	8/18/2023
Mortgage Note ⁽⁴⁾	Principal due at maturity & interest due quarterly		1,000		—	11/28/2022
Mortgage Note ⁽⁴⁾	Principal due at maturity & interest due quarterly		2,500		—	3/3/2025
Total outstanding principal			5,817		6,029
Interest receivable (net prepaid interest and points)			93		83
Provision for interest receivable			—		—
Total notes and interest receivable		$	5,910	$	6,112

(1)

The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes included mortgages on two additional properties in Colorado that included repurchase options for the properties at a fixed price that were exercisable by the buyer between the third and fifth anniversary of the issuance of the notes and expired on March 16, 2022 unexercised. Upon expiration of the repurchase options, the properties are no longer accounted for as financing transactions and became owned by the Company. They are included in real estate on the accompanying consolidated balance sheets based on the net unpaid note balances.

(2)

On July 27, 2021, the Company entered into a loan secured against farmland, which was repaid in full on April 13, 2022.

(3)

On August 18, 2021, the Company entered into a loan secured against farmland.

(4)

On March 3, 2022, the Company entered into two loans with the same party secured against farmland.