| Schedule of components of commercial loan investment portfolio |
The Company’s commercial loans and investments were comprised of the following at June 30, 2025 (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 2026 | | $ | 30,000 | | $ | 30,000 | | $ | 29,942 | | 9.50% | Mortgage Note – Founders Square – Dallas, TX | | March 2023 | | March 2026 | | | 15,000 | | | 15,000 | | | 14,967 | | 8.75% | Promissory Note – Main Street – Daytona Beach, FL | | June 2023 | | May 2033 | | | 400 | | | 400 | | | 400 | | 7.00% | Series A Preferred Investment | | July 2024 | | July 2029 | | | 10,000 | | | 10,000 | | | 9,920 | | 14.00% | Mortgage Note - Rivana - Herndon, VA | | September 2024 | | September 2026 | | | 42,000 | | | 42,000 | | | 41,664 | | 11.00% | Construction Loan - Whole Foods - Forsyth, GA | | November 2024 | | May 2027 | | | 40,200 | | | 10,605 | | | 10,307 | | 12.15% | | | | | | | $ | 137,600 | | $ | 108,005 | | $ | 107,200 | | | CECL Reserve | | | | | | | | | | | | | (1,072) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 106,128 | | |
The Company’s commercial loans and investments were comprised of the following at December 31, 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 | | $ | 29,987 | | 9.00% | Mortgage Note – Founders Square – Dallas, TX | | March 2023 | | March 2026 | | | 15,000 | | | 15,000 | | | 14,942 | | 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 | | June 2025 | | | 5,638 | | | 5,638 | | | 5,598 | | 11.00% | Series A Preferred Investment | | July 2024 | | July 2029 | | | 10,000 | | | 10,000 | | | 9,910 | | 14.00% | Mortgage Note - Rivana - Herndon, VA | | September 2024 | | September 2026 | | | 42,000 | | | 42,000 | | | 41,530 | | 11.00% | Construction Loan - Whole Foods - Forsyth, GA | | November 2024 | | May 2027 | | | 40,200 | | | 4,125 | | | 3,748 | | 12.15% | | | | | | | $ | 143,238 | | $ | 107,163 | | $ | 106,115 | | | CECL Reserve | | | | | | | | | | | | | (1,072) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 105,043 | | |
The carrying value of the commercial loans and investments portfolio at June 30, 2025 and December 31, 2024 consisted of the following (in thousands): | | | | | | | | | As of | | | June 30, 2025 | | December 31, 2024 | Current Face Amount | | $ | 108,005 | | $ | 107,163 | Unaccreted Origination Fees | | | (805) | | | (1,048) | CECL Reserve | | | (1,072) | | | (1,072) | Total Commercial Loans and Investments | | $ | 106,128 | | $ | 105,043 |
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