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Investments in Commercial Loans
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Investments in Commercial Loans Investments in Commercial Loans
The following tables summarizes our investments in commercial loans as of September 30, 2024 and December 31, 2023:
Current Principal BalanceFair Value
in thousandsOrigination DateLoan Type
Interest Rate(1)
September 30, 2024December 31, 2023September 30, 2024December 31, 2023Maturity Date
9801 Blue Grass Loan9/1/2022MezzanineN/A$— $21,800 $— $21,689 9/9/2024
5805 N Jackson Gap Loan 1/20/2023Mezzanine13.10%13,007 13,007 12,972 12,937 2/9/2025
Total$13,007 $34,807 $12,972 $34,626 
(1)Represents the interest rate as of September 30, 2024. Loans earn interest at Secured Overnight Financing Rate (“SOFR”) plus a spread.
During the quarter ended September 30, 2024, the commercial loan issued to 9801 Blue Grass, was repaid at par value upon maturity. The loan had an interest rate of 12.57% as of December 31, 2023.
We elected the fair value option for our commercial loans and, accordingly, there are no capitalized origination costs or fees associated with our loans.