v3.26.1
Notes Receivable (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Notes Receivable
The following table summarizes our notes receivable as of June 30, 2026 and December 31, 2025:
Carrying value
Property/BorrowerJune 30, 2026December 31, 2025Interest RateMaturity Date
ABC Land and Development, Inc.$4,408 $4,408 7.00 %6/30/31
ABC Paradise, LLC1,210 1,210 7.00 %6/30/31
Autumn Breeze(1)950 1,043 5.00 %7/1/28
Bellwether Ridge(1)3,798 3,798 5.00 %11/1/26
Dominion at Mercer Crossing(2)6,167 6,167 7.75 %6/7/28
Echo Station(3)9,803 9,881 3.68 %12/31/32
Forest Pines(1)6,472 6,472 5.00 %5/1/27
Gruppa Florentina(5)9,292 8,880 4.50 %12/31/37
Inwood on the Park(3)19,913 19,985 3.68 %6/30/28
Kensington Park(3)4,545 5,196 3.68 %3/31/27
Lake Shore Villas(3)4,398 4,852 3.68 %12/31/32
Prospectus Endeavors496 496 6.00 %10/23/29
McKinney Ranch3,926 3,926 6.00 %9/15/29
Ocean Estates II(3)2,640 3,591 3.68 %5/31/28
One Realco Land Holding, Inc.1,728 1,728 7.00 %6/30/31
Parc at Ingleside(1)3,759 3,759 5.00 %11/1/26
Parc at Opelika Phase II(1)(4)3,190 3,190 10.00 %1/13/23
Parc at Windmill Farms(1)(4)7,886 7,886 5.00 %11/1/22
Plaza at Chase Oaks(3)11,276 11,303 3.68 %3/31/28
Plum Tree(1)1,240 1,240 5.00 %8/17/28
Polk County Land3,000 3,000 7.00 %6/30/31
Riverview on the Park Land, LLC1,045 1,045 7.00 %6/30/31
Spartan Land5,907 5,907 6.00 %1/16/27
Spyglass of Ennis(1)4,705 4,705 5.00 %11/1/28
Steeple Crest(1)5,960 6,230 5.00 %8/1/26
Timbers at The Park(3)10,960 11,072 3.68 %12/31/32
Tuscany Villas(3)1,300 1,469 3.68 %4/30/27
$139,974 $142,439 
(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 note bears interest at prime plus 1%.
(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. The notes bear interest at the Secured Overnight Financing Rate ("SOFR") in effect on the last day of the preceding calendar quarter. UHF is determined to be a related party (See Note 12 - Related Party Transactions).
(4)    We are working with the borrower to extend the maturity and/or exercise our conversion option.
(5)    The note bears interest at 4.50% until December 31, 2026, then 6.00% until December 31, 2029, and then 7.00% until maturity. The note is collateralized by the equity interest in Gruppa that we sold in 2025 (See Note 9 – Investment in Unconsolidated Joint Ventures).