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COMMERCIAL LOANS AND INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 | ​ | $ | 1,848 | ​ | 7.25%
Preferred Investment – Watters Creek – Allen, TX | ​ | April 2022 | ​ | April 2025 | ​ | ​ | 30,000 | ​ | ​ | 30,000 | ​ | ​ | 29,924 | ​ | 8.75%
Mortgage Note – Founders Square – Dallas, TX | ​ | March 2023 | ​ | March 2026 | ​ | ​ | 15,000 | ​ | ​ | 15,000 | ​ | ​ | 14,879 | ​ | 8.75%
Promissory Note – Main Street – Daytona Beach, FL | ​ | June 2023 | ​ | May 2033 | ​ | ​ | 400 | ​ | ​ | 400 | ​ | ​ | 400 | ​ | 7.00%
​ | ​ | ​ | ​ | ​ | ​ | $ | 54,100 | ​ | $ | 47,257 | ​ | $ | 47,051 | ​ | ​
CECL Reserve | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (479) | ​ | ​
Total Commercial Loans and Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 46,572 | ​ | ​
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 September 30, 2023 and December 31, 2022 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2023 |  | December 31, 2022
Current Face Amount | ​ | $ | 47,257 | ​ | $ | 32,073
Unaccreted Origination Fees | ​ | ​ | (206) | ​ | ​ | (161)
CECL Reserve | ​ | ​ | (479) | ​ | ​ | (4)
Total Commercial Loans and Investments | ​ | $ | 46,572 | ​ | $ | 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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