Annual report pursuant to Section 13 and 15(d)

Investing Receivables

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Investing Receivables
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Investing Receivables Investing Receivables
 
Investing receivables consisted of the following (in thousands):
 
December 31,
2023 2022
Notes receivable from the City of Huntsville $ 77,022  $ 69,703 
Other investing loans receivable 6,867  17,712 
Amortized cost basis 83,889  87,415 
Allowance for credit losses (2,377) (2,794)
Investing receivables, net $ 81,512  $ 84,621 
 
The balances above include accrued interest receivable, net of allowance for credit losses, of $6.0 million as of December 31, 2023 and $2.9 million as of December 31, 2022.

Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. These notes and the accrued and unpaid interest thereon, which compounds annually on March 1, will be repaid using the real estate taxes generated by the properties developed by the joint venture. When these tax revenues are sufficient to cover the debt service on a certain increment of municipal bonds, the City of Huntsville is required to issue bonds to repay the notes and the accrued and unpaid interest thereon. Each note has a maturity date of the earlier of 30 years from the date issued or the expiration of the tax increment district comprising the developed properties in 2045.

Our other investing loan receivable as of December 31, 2023 carries a stated interest rate of 12.0% and matures in 2024.

The fair value of these receivables was approximately $84 million as of December 31, 2023 and $87 million as of December 31, 2022.