Notes Receivables from Affiliates
|6 Months Ended|
Jun. 30, 2022
|Related Party Transactions [Abstract]|
|Notes Receivables from Affiliates||NOTES RECEIVABLES FROM AFFILIATES
As of June 30, 2022 and December 31, 2021, the Company had the following notes receivable from affiliates outstanding (in thousands):
(1) Morrocroft Neighborhood Fund III, LP is a third-party single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company.
Interest on the short-term notes receivables from affiliates accrues at a fixed rate of 4.025% per annum. As of June 30, 2022 and December 31, 2021, the Company had approximately $0.4 million and $0.3 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 2021, the Company executed multiple notes with employees, none of whom are officers or immediate family members of officers, to invest in the Company or the Operating Company. As of June 30, 2022, the aggregate outstanding principal amount outstanding was $4.3 million. These notes mature in 2027 and are interest-only for the first two years after origination at a rate of 4.025% per annum.