Notes and Other Receivables

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Notes and Other Receivables

Notes and Other Receivables

Notes and other receivables consist of the following as of September 30, 2022 and December 31, 2021 ($ in thousands):

	September 30, 2022		December 31, 2021
Notes receivable, secured, weighted average interest rate of 10.10% as of September 30, 2022 and 10.50% as of December 31, 2021, due February 2023 (Originated March 2020)	$	18,465	$	17,051
Note receivable, secured, bearing interest at 9.00%, due December 2023 (Originated November 2020)	89,629		87,365
Note receivable, secured, bearing interest at 11.50%, due November 2024 (Originated November 2020)	32,492		29,729
Related party note receivable, secured, bearing interest at 2.15%, due March 2022 (Originated September 2021) (1)	—		29,314
Related party note receivable, secured, bearing interest at 2.30%, due April 2022 (Originated October 2021) (2)	—		30,399
Note receivable, secured, bearing interest at 11.00%, due October 2025 (Originated October 2021)	12,877		—
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (3)	—		62,058
Related party note receivable, secured, bearing interest at 2.36%, due February 2022 (Originated November 2021) (4)	—		48,562
Note receivable, secured, bearing interest at 12.00%, due August 2024 (Originated August 2022)	10,024		—
Notes and other receivables from affiliates (5)	6,729		6,556
Straight line rent receivables (6)	9,971		15,523
Other receivables	18,116		15,232
Allowance for credit losses	(760)		(756)
Total notes and other receivables	$	197,543	$	341,033

(1) In January 2022, the Company received cash of $29.2 million to payoff the principal of this note receivable.

(2) In January 2022, the Company received cash of $30.3 million to payoff the principal of this note receivable.

(3) In January 2022, the Company received cash of $61.9 million to payoff the principal of this note receivable.

(4) In January 2022, the Company received cash of $48.4 million to payoff the principal of this note receivable.

(5) These amounts consist of short-term loans outstanding and due from various joint ventures as of September 30, 2022 and December 31, 2021, respectively. See Note 6, Related Party Transactions, for additional details.

(6) 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 and other receivables by loan type ($ in thousands):

	Mezzanine Loans		Bridge Loans		Total
Balance at December 31, 2021	$	671	$	85	$	756
Provision for credit losses	89		(85)		4
Balance at September 30, 2022	$	760	$	—	$	760

No loans were placed on nonaccrual status or charged off during the nine months ended September 30, 2022 or 2021.