COMMERCIAL LOANS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at June 30, 2026 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2027		15,000		15,000		14,957	9.50%
Series A Preferred Investment	July 2024	July 2029		10,000		10,000		9,939	14.00%
Construction Loan - Rivana - Herndon, VA (1)	September 2024	September 2028		59,450		44,130		42,780	11.62%
Construction Loan - Whole Foods - Forsyth, GA	November 2024	May 2027		40,200		21,268		21,132	12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL	August 2025	August 2030		5,000		5,000		4,979	6.50%
Class A Premier Retail Preferred Investment – Southwest	April 2026	April 2028		75,750		75,750		74,235	12.00 %
Grocery-Anchored Retail Development Preferred Investment – Northeast (2)	May 2026	October 2027		21,363		21,460		21,269	12.00 %
			$	226,763	$	192,608	$	189,291
CECL Reserve								(1,903)
Total Commercial Loans and Investments							$	187,388

(1) Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.62% represents the weighted average coupon rate as of June 30, 2026.

(2) The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2026	$	30,000	$	30,000	$	29,980	9.50%
Mortgage Note – Founders Square – Dallas, TX (1)	March 2023	March 2027		15,000		15,000		14,992	8.75%
Series A Preferred Investment	July 2024	July 2029		10,000		10,000		9,929	14.00%
Construction Loan - Rivana - Herndon, VA (2)	September 2024	September 2028		59,450		34,246		32,478	11.50%
Construction Loan - Whole Foods - Forsyth, GA	November 2024	May 2027		40,200		13,804		13,588	12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL	August 2025	August 2030		5,000		5,000		4,977	6.50%
			$	159,650	$	108,050	$	105,944
CECL Reserve								(1,140)
Total Commercial Loans and Investments							$	104,804

(1) Coupon rate increased to 9.5% effective January 1, 2026.

(2) Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest.

The carrying value of the commercial loans and investments portfolio at June 30, 2026 and December 31, 2025 consisted of the following (in thousands):

	As of
	June 30, 2026		December 31, 2025
Current Face Amount	$	192,608	$	108,050
Unaccreted Origination Fees		(1,760)		(778)
Unaccreted Exit Fees		(1,557)		(1,328)
CECL Reserve		(1,903)		(1,140)
Total Commercial Loans and Investments	$	187,388	$	104,804