COMMERCIAL LOANS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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, 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	$	1,833	7.25%
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,912	8.75%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,867	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		350		350		350	8.00%
			$	54,050	$	47,207	$	46,962
CECL Reserve								(479)
Total Commercial Loans and Investments							$	46,483

The Company’s commercial loans and investments were comprised of the following at December 31, 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%
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024		8,700		220		173	7.25%
Preferred Investment - Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,887	8.50%
Improvement Loan - Ashford Lane – Atlanta, GA	May 2022	April 2025		1,500		1,453		1,453	12.00%
			$	40,600	$	32,073	$	31,908

The carrying value of the commercial loans and investments portfolio at June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

	As of
	June 30, 2023		December 31, 2022
Current Face Amount	$	47,207	$	32,073
Unaccreted Origination Fees		(245)		(161)
CECL Reserve		(479)		(4)
Total Commercial Loans and Investments	$	46,483	$	31,908