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COMMERCIAL LOANS AND INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 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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