COMMERCIAL LOANS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

COMMERCIAL LOANS AND INVESTMENTS

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at September 30, 2022 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		395	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		324		266	7.25%
Preferred Investment - Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,874	8.50%
Construction Loan - WaterStar – Kissimmee, FL	April 2022	November 2022		19,000		14,249		14,249	12.00%
Improvement Loan - Ashford Lane – Atlanta, GA	May 2022	April 2025		1,500		1,053		1,053	12.00%
			$	59,964	$	46,390	$	46,201

The Company’s commercial loans and investments were comprised of the following at December 31, 2021 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Carpenter Hotel – 400 Josephine Street, Austin, TX	July 2019	N/A	$	16,250	$	16,250	$	17,189	N/A
Westland Gateway Plaza – Hialeah, FL	September 2020	N/A		21,085		21,085		21,148	N/A
Mortgage Note – 4311 Maple Avenue – Dallas, TX	October 2020	April 2023		400		400		394	7.50%
Mortgage Note – 110 N Beach Street – Daytona Beach, FL	June 2021	December 2022		364		364		364	10.00%
			$	38,099	$	38,099	$	39,095

The carrying value of the commercial loans and investments portfolio at September 30, 2022 and December 31, 2021 consisted of the following (in thousands):

	As of
	September 30, 2022		December 31, 2021
Current Face Amount	$	46,390	$	38,099
Imputed Interest over Rent Payments Received		—		1,002
Unaccreted Origination Fees		(185)		(2)
CECL Reserve		(4)		(4)
Total Commercial Loans and Investments	$	46,201	$	39,095