v3.26.1
Mortgages and Other Notes Payable (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Notes and Interest Payable
Below is a summary of our notes and interest payable as of December 31, 2025 and 2024:
Carrying ValueInterest
Rate
Maturity
Date
Property/ Entity20252024
770 South Post Oak(1)$— $10,939 — %6/1/2025
Alera(2)29,243 8,554 6.87 %3/15/2026
Bandera Ridge(3)18,808 — 6.66 %12/15/2028
Blue Lake Villas9,146 9,327 3.15 %11/1/2055
Blue Lake Villas Phase II3,192 3,271 2.85 %6/1/2052
Chelsea7,686 7,878 3.36 %12/1/2050
EQK Portage3,350 3,350 5.00 %11/13/2029
Forest Grove(4)6,442 6,421 6.02 %8/1/2031
Landing on Bayou Cane13,872 14,162 3.52 %9/1/2053
Legacy at Pleasant Grove12,034 12,381 3.55 %4/1/2048
Merano(5)24,284 — 7.00 %11/6/2028
New Concept Energy(7)3,542 3,542 4.24 %9/30/2027
Northside on Travis10,849 11,125 2.50 %2/1/2053
Parc at Denham Springs15,683 16,048 3.75 %4/1/2051
Parc at Denham Springs Phase II15,223 15,419 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2029
Residences at Holland Lake10,006 10,219 3.60 %3/1/2053
Villas at Bon Secour(6)— 18,798 — %9/1/2031
Villas of Park West Phase I8,779 8,983 3.04 %3/1/2053
Villas of Park West Phase II7,977 8,158 3.18 %3/1/2053
Vista Ridge9,165 9,342 4.00 %8/1/2053
Windmill Farms— 2,395 — %2/28/2026
$214,367 $185,398 
(1)    On May 30, 2025, we paid off the loan with cash on hand.
(2)    The construction loan allows borrowings up to $33,000 to finance the development of Alera (See Note 7 - Real Estate Activity), bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026, with two one-year extension options.
(3)    The construction loan allows borrowings up to $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity), bears interest at SOFR plus 3% and matures on December 15, 2028.
(4)    The loan that bears interest at SOFR plus 2.15% and matures on August 1, 2031.
(5)    The construction loan allows borrowings up to $25,407 to finance the development of Merano (See Note 7 - Real Estate Activity), bears interest at prime plus 0.25% and matures on November 6, 2028.
(6)    On October 10, 2025, the loan was paid off in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).
(7)    The loan bears interest at SOFR.
Schedule of Future Principal Payments Due on Notes Payable
Future principal payments due on our notes payable at December 31, 2025 are as follows:
YearAmount
2026$2,809 
202732,150 
20283,008 
20293,112 
20303,220 
Thereafter170,639 
214,938 
Deferred finance cost(571)
$214,367