Loans (Tables)

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Schedule of Preferred Loan Investments

Information as to these investments at June 30, 2025 is summarized below (dollars and thousands):

Note 6 – Loans (continued)

Location	Investment Date	Annual Return		Current Return		Hurdle Return		Invested Amount		Redemption Date	Deferred fees
Wilmington, NC	October 2024	13	%	6.00	%	7.00	%	$	7,000	November 2031	$	125
Kennesaw, GA	November 2024	13	%	6.50	%	6.50	%	11,250		June 2029	157
								$	18,250		$	282

The following table provides the net carrying value of the loans made by the Company (i.e., the Preferred Equity Investments) that are outstanding (dollars in thousands):

	June 30, 2025		December 31, 2024
Unpaid principal balance	$	18,250	$	18,250
less: allowance for credit loss	(270)		(270)
less: deferred loan fees	(282)		(313)
Net carrying value	$	17,698	$	17,667