COMMERCIAL LOANS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 (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 2025	$	30,000	$	30,000	$	29,961	9.00%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,917	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Construction Loan - Hypoluxo - Lake Worth, FL	March 2024	September 2025		10,000		5,638		5,555	11.00%
			$	55,400	$	51,038	$	50,833
CECL Reserve								(510)
Total Commercial Loans and Investments							$	50,323

The Company’s commercial loans and investments were comprised of the following at December 31, 2023 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024	$	8,700	$	1,857	$	1,854	7.25%
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,937	8.75%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,892	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Mortgage Note – Sabal Pavilion – Tampa, FL	December 2023	June 2024		15,400		15,400		15,393	7.50%
			$	69,500	$	62,657	$	62,476
CECL Reserve								(627)
Total Commercial Loans and Investments							$	61,849

The carrying value of the commercial loans and investments portfolio at June 30, 2024 and December 31, 2023 consisted of the following (in thousands):

	As of
	June 30, 2024		December 31, 2023
Current Face Amount	$	51,038	$	62,657
Unaccreted Origination Fees		(205)		(181)
CECL Reserve		(510)		(627)
Total Commercial Loans and Investments	$	50,323	$	61,849