Notes Receivable |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Receivables [Abstract] | |
| Notes Receivable | 3.Notes
Receivable
We have a note receivable issued by Unified Housing Foundation, Inc. (“UHF”) that bears interest at the Secured Overnight Financing Rate (“SOFR”) in effect on the last day of the preceding calendar quarter and matures on December 31, 2032. The interest rate of the new note was 4.41% and 4.96% as of June 30, 2025 and December 31, 2024, respectively.
UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the note receivable. Principal and interest payments on the note are funded from surplus cash flow from operations, sale or refinancing of the underlying property and are cross collateralized to the extent that any surplus cash is available from any other property owned by UHF. |