Note 4—Loans HFI and Loans HFS

The following table provides information about the carrying value of the Company’s loans:


	At		At
	December 31,		December 31,
(in thousands)	2019		2018
Loans HFI	$	54,100	$	67,299
Loans HFS		─		─
Total loans	$	54,100	$	67,299

Loans HFI

We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowances for loan losses, except in instances where we have elected the fair value option as further discussed below.

The following table provides information about the UPB and cost basis adjustments that were recognized in the Company’s Consolidated Balance Sheets related to loans that it classified as HFI:


	At		At
	December 31,		December 31,
(in thousands)	2019		2018
UPB	$	54,100	$	68,050
Cost basis adjustments, net		─		(751)
Loans HFI, net	$	54,100	$	67,299

The following table provides information about the UPB and amortized cost of loans that are current with respect to principal and interest payments, as well as information about the UPB of loans that are past due with respect to principal or interest payments:


	At				At
	December 31,				December 31,
(in thousands)	2019				2018
	UPB		Carrying value		UPB		Carrying value
Total current	$	54,100	$	54,100	$	67,000	$	67,000
30-59 days past due		─		─		─		─
60-89 days past due		─		─		─		─
90 days or greater		─		─		1,050		299
Total	$	54,100	$	54,100	$	68,050	$	67,299

At December 31, 2019, the Company had two HFI loans that had a combined UPB and fair value of $54.1 million. For one of the loans, the fair value option was elected upon its recognition so as to minimize certain operational challenges associated with accounting for this loan. The UPB and fair value of this loan was $0.5 million at December 31, 2019. The Company did not have any loans for which it elected the FVO at December 31, 2018.

At December 31, 2019, the Company had no HFI loans that were on nonaccrual status. At December 31, 2018, the Company had one HFI loan that was on nonaccrual status, which had a UPB of $1.1 million and a carrying value of $0.3 million.

At December 31, 2019 and December 31, 2018, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest.

On January 3, 2020, the UPB of $53.6 million of the Hunt note was fully repaid.

Loans HFS

At December 31, 2019 and December 31, 2018, the cost basis of the Company’s HFS loans was $5.0 million and $6.0 million, respectively, with a carrying value of zero.

During the years ended December 31, 2019 and December 31, 2018, the Company did not recognize any lower of cost or fair value adjustments associated with any HFS loans that were recognized in the Consolidated Balance Sheets.

Unfunded Loan Commitments

At December 31, 2019, the Company, through its wholly owned subsidiary of REL, had $1.6 million of unfunded loan commitments. The Company had no unfunded loan commitments at December 31, 2018.