v3.26.1
Mortgages and Other Notes Payable
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Mortgages and Other Notes Payable Mortgages and Other Notes Payable
The following table summarizes our mortgages and other notes payable as of March 31, 2026 and December 31, 2025:
Carrying ValueInterest
Rate		Maturity
Date
Property/ EntityMarch 31, 2026December 31, 2025
Alera(1)29,393 29,243 6.68 %9/15/2026
Bandera Ridge(2)19,827 18,808 6.68 %12/15/2028
Blue Lake Villas(3)9,100 9,146 3.15 %11/1/2055
Blue Lake Villas Phase II(3)3,171 3,192 2.85 %6/1/2052
Chelsea(3)7,637 7,686 3.36 %12/1/2050
EQK Portage3,350 3,350 5.00 %11/13/2029
Forest Grove(4)6,447 6,442 5.83 %8/1/2031
Landing on Bayou Cane(3)13,798 13,872 3.52 %9/1/2053
Legacy at Pleasant Grove(3)11,945 12,034 3.55 %4/1/2048
Merano(5)24,867 24,284 7.00 %11/6/2028
New Concept Energy(6)3,542 3,542 3.87 %9/30/2027
Northside on Travis(3)10,779 10,849 2.50 %2/1/2053
Parc at Denham Springs(3)15,590 15,683 3.75 %4/1/2051
Parc at Denham Springs Phase II(3)15,172 15,223 4.05 %2/1/2060
RCM HC Enterprises5,086 5,086 5.00 %12/31/2029
Residences at Holland Lake(3)9,952 10,006 3.60 %3/1/2053
Villas of Park West Phase I(3)8,727 8,779 3.04 %3/1/2053
Villas of Park West Phase II(3)7,931 7,977 3.18 %3/1/2053
Vista Ridge(3)9,122 9,165 4.00 %8/1/2053
$215,436 $214,367 

(1)    The construction loan allows borrowings up to $33,000 to finance the development of Alera, bears interest at SOFR plus 3% and was to mature on March 15, 2026. The loan has been extended to September 15, 2026, with two one-year extension options.
(2)    The construction loan allows borrowings up to $23,500 construction loan to finance the development of Bandera Ridge, bears interest at SOFR plus 3% and matures on December 15, 2028.
(3)    The loan is insured by the U.S. Department of Housing and Urban Development under the Federal Housing Administration program.
(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, bears interest at prime plus 0.25% and matures on November 6, 2028.
(6)    The loan bears interest at SOFR.     

We have a construction loan to build Mountain Creek (See Note 6 - Real Estate Activity) that allows for borrowings of up to $27,500, bears interest at SOFR plus 3.45% and matures on March 15, 2029. As of March 31, 2026, we have not borrowed on the loan.
As of March 31, 2026, we were in compliance with all of our loans covenants.
All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Alera, Bandera Ridge, Merano, and Mountain Creek.