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v3.23.1

COMMERCIAL LOANS AND INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 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 March 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 | ​ | $ | 1,427 | ​ | $ | 1,391 | ​ | 7.25%
Preferred Investment – Watters Creek – Allen, TX | ​ | April 2022 | ​ | April 2025 | ​ | ​ | 30,000 | ​ | ​ | 30,000 | ​ | ​ | 29,899 | ​ | 8.50%
Improvement Loan – Ashford Lane – Atlanta, GA (1) | ​ | May 2022 | ​ | Feb 2038 | ​ | ​ | 1,500 | ​ | ​ | 1,453 | ​ | ​ | 1,453 | ​ | 0.00%
Mortgage Note – Founders Square – Dallas, TX | ​ | March 2023 | ​ | March 2026 | ​ | ​ | 15,000 | ​ | ​ | 15,000 | ​ | ​ | 14,854 | ​ | 8.75%
​ | ​ | ​ | ​ | ​ | ​ | $ | 55,200 | ​ | $ | 47,880 | ​ | $ | 47,597 | ​ | ​
CECL Reserve | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (479) | ​ | ​
Total Commercial Loans and Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 47,118 | ​ | ​
(1) | During the three months ended March 31, 2023, the maturity date of this loan was extended to February 2038, and the coupon rate was reduced to 0.0%.
​ 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 March 31, 2023 and December 31, 2022 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2023 |  | December 31, 2022
Current Face Amount | ​ | $ | 47,880 | ​ | $ | 32,073
Unaccreted Origination Fees | ​ | ​ | (283) | ​ | ​ | (161)
CECL Reserve | ​ | ​ | (479) | ​ | ​ | (4)
Total Commercial Loans and Investments | ​ | $ | 47,118 | ​ | $ | 31,908

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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