Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2022

The following table summarizes our notes receivable as of September 30, 2022 and December 31, 2021:


	Carrying value
Property/Borrower	September 30, 2022		December 31, 2021		Interest Rate		Maturity Date
ABC Land and Development, Inc.	$	4,408	$	4,408	9.50	%	6/30/26
ABC Paradise, LLC	1,210		1,210		9.50	%	6/30/26
Autumn Breeze(1)	2,326		2,486		5.00	%	7/1/25
Bellwether Ridge(1)	3,973		3,967		5.00	%	11/1/26
Forest Pines(1)	6,472		6,472		5.00	%	11/1/22
Lake Wales	3,000		3,000		9.50	%	6/30/26
Legacy Pleasant Grove	496		496		12.00	%	10/23/22
McKinney Ranch	3,926		4,554		6.00	%	9/15/24
One Realco Land Holding, Inc.	1,728		1,728		9.50	%	6/30/26
Parc at Ingleside(1)	3,663		3,700		5.00	%	11/1/26
Parc at Opelika Phase II(1)	2,914		2,305		10.00	%	1/13/23
Parc at Windmill Farms(1)	7,836		7,830		5.00	%	11/1/22
Phillips Foundation for Better Living, Inc.(2)	182		813		12.00	%	3/31/24
Plum Tree(1)	1,767		1,537		5.00	%	4/26/26
Riverview on the Park Land, LLC	1,045		1,045		9.50	%	6/30/26
Spartan Land	5,907		5,907		12.00	%	1/16/23
Spyglass of Ennis(1)	5,319		5,319		5.00	%	11/1/22
Steeple Crest(1)	6,498		6,498		5.00	%	8/1/26
Unified Housing Foundation(2)(3)	2,881		2,881		12.00	%	6/30/23
Unified Housing Foundation(2)(3)	212		212		12.00	%	6/30/23
Unified Housing Foundation(2)(3)	6,831		6,831		12.00	%	6/30/23
Unified Housing Foundation(2)(3)	10,401		10,401		12.00	%	6/30/23
Unified Housing Foundation(2)(3)	10,096		10,096		12.00	%	3/31/24
Unified Housing Foundation(2)(3)	6,990		6,990		12.00	%	3/31/23
Unified Housing Foundation(2)(3)	3,615		3,615		12.00	%	5/31/23
Unified Housing Foundation(2)(3)	17,172		17,172		12.00	%	12/31/32
Unified Housing Foundation(2)(3)	6,521		6,521		12.00	%	3/31/24
Unified Housing Foundation(2)(3)	1,549		1,549		12.00	%	4/30/24
Unified Housing Foundation(2)(3)	180		183		12.00	%	6/30/24
	$	129,118	$	129,726

(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.