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Investments in Commercial Loans
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Investments in Commercial Loans Investments in Commercial Loans
As of December 31, 2023 and 2022, we have the following investments in commercial loans:
Current Principal BalanceFair Value
$ in thousandsOrigination DateLoan Type
Interest Rate(1)
December 31, 2023December 31, 2022December 31, 2023December 31, 2022Maturity Date
9801 Blue Grass Loan9/1/2022Mezzanine
12.57%
$21,800 $21,800 $21,689 $21,800 9/9/2024
5805 N Jackson Gap Loan1/20/2023Mezzanine
13.36%
13,007 — 12,937 — 2/9/2025
Total$34,807 $21,800 $34,626 $21,800 
(1)Represents the interest rate as of period end. Loans earn interest at Secured Overnight Financing Rate (“SOFR”) plus a spread.
We began investing in commercial loans in 2022. We elected the fair value option and, accordingly, there are no capitalized origination costs or fees associated with the loans.
For the years ended December 31, 2023 and 2022, we recognized interest income and loan origination fee income from our investments in commercial loans of $4.4 million and $1.4 million, respectively, in our consolidated statements of operations. For the year ended December 31, 2023, we recorded an unrealized loss on commercial loans of $0.2 million. For the year ended December 31, 2022, we did not record an unrealized gain or loss on the commercial loans as the outstanding par value approximated fair value as of December 31, 2022.