COMMERCIAL LOANS AND INVESTMENTS

9 Months Ended

Sep. 30, 2023

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

2023 Activity. On July 25, 2023, the Company originated a construction loan secured by the property and improvements to be constructed thereon for a 33-acre Wawa-anchored land development project in Greenwood, Indiana for $7.8 million. The construction loan matures on July 25, 2025, bears a fixed interest rate of 8.50% that increases to 9.25% on July 25, 2024, and requires payments of interest only prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2023, the Company has disbursed $6.9 million to the borrower.

The Company’s commercial loans and investments were comprised of the following at September 30, 2023 (in thousands):

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN	July 2023	July 2025	$	7,800	$	6,909	$	6,874	8.50%

The carrying value of the commercial loans and investments at September 30, 2023 consisted of the following (in thousands). There were no commercial loans and investments as of December 31, 2022:

	As of
	September 30, 2023		December 31, 2022
Current Face Amount	$	6,909	$	—
Unaccreted Origination Fees		(35)		—
Total Commercial Loans and Investments	$	6,874	$	—