| Notes Receivable |
Notes Receivable The following table summarizes our notes receivables at December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Interest
Rate | | Maturity
Date | | Borrower / Project | | 2025 | | 2024 | | | | 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) | | 1,043 | | | 1,451 | | | 5.00 | % | | 7/1/2028 | | Bellwether Ridge(1) | | 3,798 | | | 3,798 | | | 5.00 | % | | 11/1/2026 | | Dominion at Mercer Crossing(2) | | 6,167 | | | 6,167 | | | 7.75 | % | | 6/7/2028 | | Echo Station(3)(4) | | 9,881 | | | 10,120 | | | 4.24 | % | | 12/31/2032 | | Forest Pines(1) | | 6,472 | | | 6,472 | | | 5.00 | % | | 5/1/2027 | | Gruppa Florentina(6) | | 8,880 | | | — | | | 4.50 | % | | 12/31/2037 | | Inwood on the Park(3)(4) | | 19,985 | | | 20,208 | | | 4.24 | % | | 6/30/2028 | | Kensington Park(3)(4) | | 5,196 | | | 6,994 | | | 4.24 | % | | 3/31/2027 | | Lake Shore Villas(3)(4) | | 4,852 | | | 5,855 | | | 4.24 | % | | 12/31/2032 | | Prospectus Endeavors | | 496 | | | 496 | | | 6.00 | % | | 10/23/2029 | | McKinney Ranch | | 3,926 | | | 3,926 | | | 6.00 | % | | 9/15/2029 | | Ocean Estates II(3)(4) | | 3,591 | | | 3,615 | | | 4.24 | % | | 5/31/2028 | | One Realco Land Holding, Inc. | | 1,728 | | | 1,728 | | | 9.50 | % | | 6/30/2026 | | Parc at Ingleside(1) | | 3,759 | | | 3,759 | | | 5.00 | % | | 11/1/2026 | | Parc at Opelika Phase II(1)(5) | | 3,190 | | | 3,190 | | | 10.00 | % | | 1/13/2023 | | Parc at Windmill Farms(1)(5) | | 7,886 | | | 7,886 | | | 5.00 | % | | 11/1/2022 | | Phillips Foundation for Better Living, Inc.(3) | | — | | | 107 | | | 4.24 | % | | 3/31/2028 | | Plaza at Chase Oaks(3)(4) | | 11,303 | | | 11,772 | | | 4.24 | % | | 3/31/2028 | | Plum Tree(1) | | 1,240 | | | 1,478 | | | 5.00 | % | | 8/17/2028 | | Polk County Land | | 3,000 | | | 3,000 | | | 9.50 | % | | 6/30/2026 | | Riverview on the Park Land, LLC | | 1,045 | | | 1,045 | | | 9.50 | % | | 6/30/2026 | | Spartan Land | | 5,907 | | | 5,907 | | | 6.00 | % | | 1/16/2027 | | Spyglass of Ennis(1) | | 4,705 | | | 4,705 | | | 5.00 | % | | 11/1/2028 | | Steeple Crest(1) | | 6,230 | | | 6,358 | | | 5.00 | % | | 8/1/2026 | | Timbers at The Park(3)(4) | | 11,072 | | | 11,146 | | | 4.24 | % | | 12/31/2032 | | Tuscany Villas(3)(4) | | 1,469 | | | 1,548 | | | 4.24 | % | | 4/30/2027 | | | $ | 142,439 | | | $ | 138,349 | | | | | |
(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) 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. (4) 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. (5) We are working with the borrower to extend the maturity and/or exercise our conversion option. (6) On December 5, 2025, we received the note as payment for our interest in Milano (See Note 10 - Investment in Unconsolidated Joint Ventures). 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 Milano.
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