Quarterly report pursuant to Section 13 or 15(d)

NOTES RECEIVABLES FROM AFFILIATES

v3.23.1
NOTES RECEIVABLES FROM AFFILIATES
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
NOTES RECEIVABLES FROM AFFILIATES NOTES RECEIVABLES FROM AFFILIATES
As of March 31, 2023 and December 31, 2022, the Company had the following notes receivable from affiliates outstanding (in thousands):
March 31, 2023 December 31, 2022
Bridge Single-Family Rental Fund IV $ 22,869  $ 40,566 
Bridge Office Fund II 13,000  11,000 
Bridge Office Fund I 15,000  6,500 
Bridge Debt Strategies Fund II —  5,000 
Bridge Logistics U.S. Venture I 4,150  — 
Total short-term notes receivables from affiliates $ 55,019  $ 63,066 
Notes receivables from employees 4,413  4,178 
Total notes receivable from affiliates $ 59,432  $ 67,244 
Interest on the short-term notes receivables from affiliates accrues at a weighted-average fixed rate of 4.88% per annum as of March 31, 2023. As of March 31, 2023 and December 31, 2022, the Company had approximately $0.4 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 2022, the Company executed multiple notes with employees, none of whom are executive officers or immediate family members of executive officers, to invest in the Company or the Operating Company. As of March 31, 2023 and December 31, 2022, the aggregate outstanding principal amount outstanding was $4.4 million and $4.2 million, respectively. These employee notes receivable have staggered maturity dates beginning in 2027 and are interest-only for the first two years after origination, after which date they accrue interest at a weighted-average rate of 3.10% per annum as of March 31, 2023.