XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

COMMERCIAL LOANS AND INVESTMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 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 | ​ | $ | 29,949 | ​ | 8.75%
Mortgage Note – Founders Square – Dallas, TX | ​ | March 2023 | ​ | March 2026 | ​ | ​ | 15,000 | ​ | ​ | 15,000 | ​ | ​ | 14,904 | ​ | 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 | ​ | ​ | 15,397 | ​ | 7.50%
Construction Loan - Hypoluxo - Lake Worth, FL | ​ | March 2024 | ​ | September 2025 | ​ | ​ | 10,000 | ​ | ​ | 6,675 | ​ | ​ | 6,577 | ​ | 11.00%
​ | ​ | ​ | ​ | ​ | ​ | $ | 70,800 | ​ | $ | 67,475 | ​ | $ | 67,227 | ​ | ​
CECL Reserve | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (675) | ​ | ​
Total Commercial Loans and Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 66,552 | ​ | ​
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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2024 |  | December 31, 2023
Current Face Amount | ​ | $ | 67,475 | ​ | $ | 62,657
Unaccreted Origination Fees | ​ | ​ | (248) | ​ | ​ | (181)
CECL Reserve | ​ | ​ | (675) | ​ | ​ | (627)
Total Commercial Loans and Investments | ​ | $ | 66,552 | ​ | $ | 61,849
​

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration