COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 22.       COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment under operating leases. Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2024, are summarized as follows (in thousands):

Year Ending December 31,	Amounts
2025	$	119
2026		112
2027		114
2028		1
2029		—
2030 and Thereafter (Cumulative)		—
Total Lease Payments	$	346
Imputed Interest		(53)
Operating Leases - Liability	$	293

Rental expense under all operating leases amounted to $0.1 million for each of the years ended December 31, 2024, 2023, and 2022.

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

CONTRACTUAL COMMITMENTS – EXPENDITURES

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of December 31, 2024, are as follows (in thousands):

	As of December 31, 2024
Total Commitment (1)	$	17,608
Less Amount Funded		(2,681)
Remaining Commitment	$	14,927

(1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

As of December 31, 2024, we have no other contractual requirements to make capital expenditures.

The Company is committed to fund one construction loan, for the Whole Foods Market anchored development in Forsyth County, Georgia, as described in Note 4, “Commercial Loans and Investments” in the Notes to the Financial Statements. The unfunded portion of the construction loan totaled $36.1 million as of December 31, 2024.