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COMMERCIAL LOANS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at September 30, 2025 (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 2026		$	30,000		$	30,000		$	29,961		9.50%
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2026			15,000			15,000			14,979		8.75%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,925		14.00%
Mortgage Note - Rivana - Herndon, VA		September 2024		September 2026			42,000			42,000			41,732		11.50%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			12,011			11,754		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,976		6.50%
						$	142,200		$	114,011		$	113,327
CECL Reserve													(1,140)
Total Commercial Loans and Investments												$	112,187

During the nine months ended September 30, 2025, the Company's $5.6 million Construction Loan secured by the Hypoluxo property in Lake Worth, Florida and the $0.4 million Promissory Note secured by the Main Street property in Daytona Beach, Florida were both repaid in full.

The Company’s commercial loans and investments were comprised of the following at December 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		$	29,987		9.00%
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2026			15,000			15,000			14,942		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			5,598		11.00%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,910		14.00%
Mortgage Note - Rivana - Herndon, VA		September 2024		September 2026			42,000			42,000			41,530		11.00%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			4,125			3,748		12.15%
						$	143,238		$	107,163		$	106,115
CECL Reserve													(1,072)
Total Commercial Loans and Investments												$	105,043

The carrying value of the commercial loans and investments portfolio at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


		As of
		September 30, 2025			December 31, 2024
Current Face Amount		$	114,011		$	107,163
Unaccreted Origination Fees			(684)			(1,048)
CECL Reserve			(1,140)			(1,072)
Total Commercial Loans and Investments		$	112,187		$	105,043