NOTES RECEIVABLES FROM AFFILIATES
|6 Months Ended|
Jun. 30, 2023
|Related Party Transactions [Abstract]|
|NOTES RECEIVABLES FROM AFFILIATES||NOTES RECEIVABLES FROM AFFILIATES
As of June 30, 2023 and December 31, 2022, the Company had the following notes receivable from affiliates outstanding (in thousands):
Interest on the short-term notes receivables from affiliates accrues at a weighted-average fixed rate of 4.94% and 4.82% per annum as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had approximately $1.1 million and $0.4 million, respectively, of interest receivable outstanding, which is included in other assets in the accompanying condensed consolidated balance sheets for the periods then ended.
During 2023 and 2022, the Company executed multiple notes with employees, none of whom are executive officers or immediate family members of executive officers, which were primarily used to invest in the Company or the Operating Company. As of June 30, 2023 and December 31, 2022, the aggregate outstanding principal amount outstanding was $5.9 million and $4.2 million, respectively. These employee notes receivable have staggered maturity dates beginning in 2026. Certain employee loans are interest-only for the first two years after origination, while all other employee loans accrue interest on a monthly basis after origination. The employee notes receivable accrued interest at a weighted-average rate of 5.00% and 4.025% per annum as of June 30, 2023 and December 31, 2022, respectively.