XML 26 R12.htm IDEA: XBRL DOCUMENT

Investments in Commercial Loans

6 Months Ended

Jun. 30, 2024

As of June 30, 2024, we have the following investments in commercial loans:


				Current Principal Balance				Fair Value
in thousands	Origination Date	Loan Type	Interest Rate(1)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		Maturity Date
9801 Blue Grass Loan	9/1/2022	Mezzanine	12.54%	$	21,800	$	21,800	$	21,769	$	21,689	9/9/2024
5805 N Jackson Gap Loan	1/20/2023	Mezzanine	13.33%	13,007		13,007		12,967		12,937		2/9/2025
Total				$	34,807	$	34,807	$	34,736	$	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 and six months ended June 30, 2024, we recognized interest income from our investments in commercial loans of $1.1 million and $2.3 million, respectively, in our condensed consolidated statements of operations. For the three and six months ended June 30, 2023, we recognized interest income from our investments in commercial loans of $0.9 million and $2.2 million, respectively, in our condensed consolidated statements of operations. For the three and six months ended June 30, 2024, we recorded an unrealized gain on commercial loans of $0.1 million, respectively. For the three and six months ended June 30, 2023, we did not record an unrealized gain or loss on the commercial loans because the outstanding par value approximated fair value