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Investments in Commercial Loans
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
Investments in Commercial Loans Investments in Commercial Loans
As of March 31, 2024, we have the following investments in commercial loans:
Current Principal BalanceFair Value
$ in thousandsOrigination DateLoan Type
Interest Rate(1)
March 31, 2024December 31, 2023March 31, 2024December 31, 2023Maturity Date
9801 Blue Grass Loan 9/1/2022Mezzanine12.54%$21,800 $21,800 $21,728 $21,689 9/9/2024
5805 N Jackson Gap Loan 1/20/2023Mezzanine13.33%13,007 13,007 12,952 12,937 2/9/2025
Total$34,807 $34,807 $34,680 $34,626 
(1)Represents the interest rate as of period end. Loans earn interest at Secured Overnight Financing Rate (“SOFR”) plus a spread.
We elected the fair value option and, accordingly, there are no capitalized origination costs or fees associated with the loans.
For the three months ended March 31, 2024 and 2023, we recognized interest income from our investments in commercial loans of $1.1 million and $1.3 million, respectively, in our condensed consolidated statements of operations. For the three months ended March 31, 2024, we recorded an unrealized gain on commercial loans of $0.1 million. For the three months ended March 31, 2023, we did not record an unrealized gain or loss on the commercial loans because the outstanding par value approximated fair value