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Mortgage Loans
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Mortgage Loans Mortgage Loans
The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of September 30, 2024 and December 31, 2023, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.
The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate, mature in approximately 2 to 3 years from loan origination and the principal amounts of the loans range between 64% to 80% of the property’s appraised value at the time the loans were made.
The carrying value of the Company’s mortgage loans as of September 30, 2024 and December 31, 2023 were as follows:
($ in thousands)September 30, 2024December 31, 2023
Commercial$14,697 $14,469 
Retail13,638 16,072 
Hospitality7,932 12,744 
Industrial— 6,785 
$36,267 $50,070 
The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2024 and 2023:
Three months ended September 30,Nine months ended September 30,
($ in thousands)2024202320242023
Commercial$376 $588 $1,685 $1,637 
Retail513 364 1,473 1,375 
Hospitality269 204 1,007 497 
Office— — — 203 
Multi-family— 93 — 285 
$1,158 $1,249 $4,165 $3,997 
The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and nine months ended September 30, 2024 and 2023, respectively.
As of September 30, 2024 no mortgage loans were in the process of foreclosure and there were no mortgage loans that were not producing income for the previous 12 months. As of December 31, 2023, approximately $7.1 million of mortgage loans were in the process of foreclosure.