Notes Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Notes Receivable

Notes Receivable

The following table summarizes our notes receivables at December 31, 2021 and 2020:

	Carrying Value				Interest Rate		Maturity Date
Borrower / Project	2021		2020
ABC Land and Development, Inc.	$	4,408	$	4,408	9.50	%	6/30/2026
ABC Paradise, LLC	1,210		1,210		9.50	%	6/30/2026
Autumn Breeze(1)	2,486		1,867		5.00	%	7/1/2022
Bellwether Ridge(1)	3,967		3,858		5.00	%	11/1/2026
Forest Pines(1)	6,472		2,869		5.00	%	11/1/2022
Lake Wales	3,000		3,000		9.50	%	6/30/2026
Legacy Pleasant Grove	496		496		12.00	%	10/23/2022
McKinney Ranch	4,554		4,554		6.00	%	9/15/2022
One Realco Land Holding, Inc.	1,728		1,728		9.50	%	6/30/2026
Parc at Ingleside(1)	3,700		2,523		5.00	%	11/1/2026
Parc at Opelika(1)	2,305		—		10.00	%	1/13/2023
Parc at Windmill Farms(1)	7,830		7,803		5.00	%	11/1/2022
Phillips Foundation for Better Living, Inc.(2)	—		61		12.00	%	3/31/2023
Phillips Foundation for Better Living, Inc.(2)	813		—		12.00	%	3/31/2024
Plum Tree(1)	1,537		857		5.00	%	4/26/2026
Riverview on the Park Land, LLC	1,045		1,045		9.50	%	6/30/2026
RNC Portfolio, Inc.	—		8,853		5.00	%	9/1/2024
Spartan Land	5,907		5,907		12.00	%	1/16/2023
Spyglass of Ennis(1)	5,319		5,360		5.00	%	11/1/2022
Steeple Crest(1)	6,498		6,498		5.00	%	8/1/2026
Unified Housing Foundation(2)(3)	2,881		2,880		12.00	%	6/30/2023
Unified Housing Foundation(2)(3)	212		212		12.00	%	6/30/2023
Unified Housing Foundation(2)(3)	6,831		6,831		12.00	%	6/30/2023
Unified Housing Foundation(2)(3)	10,401		10,896		12.00	%	6/30/2023
Unified Housing Foundation(2)(3)	10,096		10,096		12.00	%	3/31/2022
Unified Housing Foundation(2)(3)	6,990		6,990		12.00	%	3/31/2023
Unified Housing Foundation(2)(3)	3,615		3,615		12.00	%	5/31/2023
Unified Housing Foundation(2)(3)	17,172		19,139		12.00	%	12/31/2032
Unified Housing Foundation(2)(3)	6,521		—		12.00	%	3/31/2024
Unified Housing Foundation(2)(3)	1,549		—		12.00	%	4/30/2024
Unified Housing Foundation(2)(3)	183		—		12.00	%	6/30/2024
	$	129,726	$	123,556

(1)    The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property.

(2)     The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

(3)    Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes.