| Schedule of components of commercial loan investment portfolio |
The Company’s commercial loans and investments were comprised of the following at September 30, 2026 (in thousands): | | | | | | | | | | | | | | | | Description | | Date of Investment | | Maturity Date | | Original Face Amount | | Current Face Amount | | Carrying Value | | Coupon Rate | Mortgage Note – Founders Square – Dallas, TX | | March 2023 | | March 2027 | | $ | 15,000 | | $ | 15,000 | | $ | 14,973 | | 9.50% | Series A Preferred Investment | | July 2024 | | July 2029 | | | 10,000 | | | 10,000 | | | 9,945 | | 14.00% | Construction Loan - Rivana - Herndon, VA (1) | | September 2024 | | September 2028 | | | 59,450 | | | 48,937 | | | 47,798 | | 11.65% | Construction Loan - Whole Foods - Forsyth, GA | | November 2024 | | May 2027 | | | 40,200 | | | 21,844 | | | 21,748 | | 12.15% | Mortgage Note - Mainstreet - Daytona Beach, FL | | August 2025 | | August 2030 | | | 5,000 | | | 5,000 | | | 4,981 | | 6.50% | Class A Premier Retail Preferred Investment – Southwest | | April 2026 | | April 2028 | | | 75,750 | | | 75,750 | | | 74,448 | | 12.00 % | Grocery-Anchored Retail Development Preferred Investment – Northeast (2) | | May 2026 | | October 2027 | | | 21,363 | | | 21,621 | | | 21,465 | | 12.00 % | Construction Loan - Mixed-Use Property - Austin, TX | | July 2026 | | July 2028 | | | 37,000 | | | 29,793 | | | 29,379 | | 9.75% | | | | | | | $ | 263,763 | | $ | 227,945 | | $ | 224,737 | | | CECL Reserve | | | | | | | | | | | | | (2,257) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 222,480 | | |
| (1) | Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.65% represents the weighted average coupon rate as of September 30, 2026. |
| (2) | The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind. |
The Company’s commercial loans and investments were comprised of the following at December 31, 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 | | $ | 29,980 | | 9.50% | Mortgage Note – Founders Square – Dallas, TX (1) | | March 2023 | | March 2027 | | | 15,000 | | | 15,000 | | | 14,992 | | 8.75% | Series A Preferred Investment | | July 2024 | | July 2029 | | | 10,000 | | | 10,000 | | | 9,929 | | 14.00% | Construction Loan - Rivana - Herndon, VA (2) | | September 2024 | | September 2028 | | | 59,450 | | | 34,246 | | | 32,478 | | 11.50% | Construction Loan - Whole Foods - Forsyth, GA | | November 2024 | | May 2027 | | | 40,200 | | | 13,804 | | | 13,588 | | 12.15% | Mortgage Note - Mainstreet - Daytona Beach, FL | | August 2025 | | August 2030 | | | 5,000 | | | 5,000 | | | 4,977 | | 6.50% | | | | | | | $ | 159,650 | | $ | 108,050 | | $ | 105,944 | | | CECL Reserve | | | | | | | | | | | | | (1,140) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 104,804 | | | | | | | | | | | | | | | | | | |
| (1) | Coupon rate increased to 9.5% effective January 1, 2026. |
| (2) | Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest. |
The carrying value of the commercial loans and investments portfolio at September 30, 2026 and December 31, 2025 consisted of the following (in thousands): | | | | | | | | | As of | | | September 30, 2026 | | December 31, 2025 | Current Face Amount | | $ | 227,945 | | $ | 108,050 | Unaccreted Origination Fees | | | (1,544) | | | (778) | Unaccreted Exit Fees | | | (1,664) | | | (1,328) | CECL Reserve | | | (2,257) | | | (1,140) | Total Commercial Loans and Investments | | $ | 222,480 | | $ | 104,804 |
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