| Schedule of components of commercial loan investment portfolio |
The Company’s commercial loans and investments were comprised of the following at September 30, 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 | | $ | 29,974 | | 9.00% | Mortgage Note – Founders Square – Dallas, TX | | March 2023 | | March 2026 | | | 15,000 | | | 15,000 | | | 14,930 | | 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 | | | 5,575 | | 11.00% | Series A Preferred Investment | | July 2024 | | July 2029 | | | 10,000 | | | 10,000 | | | 9,904 | | 14.00% | Mortgage Note - Rivana - Herndon, VA | | September 2024 | | September 2026 | | | 43,818 | | | 43,818 | | | 43,280 | | 11.00% | | | | | | | $ | 104,856 | | $ | 104,856 | | $ | 104,063 | | | CECL Reserve | | | | | | | | | | | | | (1,049) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 103,014 | | |
The Company’s commercial loans and investments were comprised of the following at December 31, 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 | | $ | 1,854 | | 7.25% | Preferred Investment – Watters Creek – Allen, TX | | April 2022 | | April 2025 | | | 30,000 | | | 30,000 | | | 29,937 | | 8.75% | Mortgage Note – Founders Square – Dallas, TX | | March 2023 | | March 2026 | | | 15,000 | | | 15,000 | | | 14,892 | | 8.75% | Promissory Note – Main Street – Daytona Beach, FL | | June 2023 | | May 2033 | | | 400 | | | 400 | | | 400 | | 7.00% | Mortgage Note – Sabal Pavilion – Tampa, FL | | December 2023 | | June 2024 | | | 15,400 | | | 15,400 | | | 15,393 | | 7.50% | | | | | | | $ | 69,500 | | $ | 62,657 | | $ | 62,476 | | | CECL Reserve | | | | | | | | | | | | | (627) | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 61,849 | | |
The carrying value of the commercial loans and investments portfolio at September 30, 2024 and December 31, 2023 consisted of the following (in thousands): | | | | | | | | | As of | | | September 30, 2024 | | December 31, 2023 | Current Face Amount | | $ | 104,856 | | $ | 62,657 | Unaccreted Origination Fees | | | (793) | | | (181) | CECL Reserve | | | (1,049) | | | (627) | Total Commercial Loans and Investments | | $ | 103,014 | | $ | 61,849 |
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