Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Related Party Transactions | |
| Related Party Transactions | 13. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of June 30, 2024, and December 31, 2023, loans to known shareholders totaled $23.9 million and $25.6 million, respectively, which is included in mortgages receivables, net in the Company’s accompanying consolidated balance sheets. Interest income earned on these loans for the three months ended June 30, 2024 and 2023 totaled $0.5 million for both periods, and for the six months ended June 30, 2024 and 2023 totaled $1.1 million for both periods, which is included in interest income in the Company’s accompanying consolidated statements of operations. In December 2021, the Company hired the daughter of the Company’s chief executive officer to perform certain credit and compliance services. For the three-month periods ended June 30, 2024 and 2023, she received compensation of $.04 million and $.03 million respectively. For the six-month periods ended June 30, 2024 and 2023, she received compensation of $.08 million and $.08 million, respectively. |