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Schedule IV: Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV: Mortgage Loans on Real Estate | Schedule IV: Mortgage Loans on Real Estate
(in thousands)
Location |  | Segment |  | Interest Rate |  | Fixed / Variable |  | Maturity Date |  | Periodic Payment Terms |  | Prior Liens |  |  |  | Face Amount of Mortgages |  | Carrying Amount of Mortgages |  | Principal Amount Subject to Delinquent Principal or Interest
First mortgages relating to 1 property located in:
California |  | Other |  | 4.25% + greater of 2% or LIBOR |  | Variable |  | 05/07/2026 |  | Interest only |  | $ | — |  |  |  |  | $ | 20,566 |  |  | $ | 17,652 |  |  | $ | — |
Florida |  | Other |  | greater of 8.5% or SOFR + 5.5% |  | Variable |  | 12/17/2023 |  | Interest only |  | — |  |  |  |  | 7,798 |  |  | 6,882 |  |  | — |
Florida |  | Other |  | greater of 8.5% or SOFR + 5.5% |  | Variable |  | 12/17/2023 |  | Interest only |  | — |  |  |  |  | 3,912 |  |  | 3,769 |  |  | — |
Florida |  | Other |  | greater of 8.5% or SOFR + 5.5% |  | Variable |  | 12/17/2023 |  | Interest only |  | — |  |  |  |  | 14,207 |  |  | 14,106 |  |  | — |
California |  | Other |  | greater of 8.5% or SOFR + 5.5% |  | Variable |  | 12/16/2023 |  | Interest only |  | — |  |  |  |  | 35,100 |  |  | 33,143 |  |  | — |
First mortgages relating to 10 properties located in:
Multiple |  | Other |  | 3.75% + greater of 0.5% or LIBOR |  | Variable |  | 02/01/2024 |  | Interest only |  | — |  |  |  |  | 119,754 |  |  | 116,920 |  |  | — |
First mortgages relating to 16 properties located in:
Multiple |  | Other |  | 4.25% |  | Fixed |  | 01/21/2023(1) |  | Interest only |  | — |  |  |  |  | 149,500 |  |  | 149,277 |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  |  |  | $ | 350,837 |  |  | $ | 341,749 |  |  | $ | — |
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Reconciliation of mortgage loans |  |  |  |  |
Balance at beginning of year | $ | 390,291 |  |  | $ | 157,572 |  |  | $ | 161,964 |
Additions: |  |  |  |  |
New mortgage loans | — |  |  | 310,338 |  |  | 98,469 |
Draws and additions to existing mortgage loans | 5,525 |  |  | 9,370 |  |  | 19,182 |
Total additions | 5,525 |  |  | 319,708 |  |  | 117,651 |
Deductions: |  |  |  |  |
Principal repayments | (47,591) |  |  | (84,486) |  |  | (113,200) |
Reserve for loan losses(2) | (6,476) |  |  | (2,503) |  |  | (8,843) |
Total deductions | (54,067) |  |  | (86,989) |  |  | (122,043) |
Balance at end of year | $ | 341,749 |  |  | $ | 390,291 |  |  | $ | 157,572 |
_______________________________________ (1)In January 2023, this secured loan reached maturity and the borrower did not make the required principal repayment. Accordingly, the loan is in default. The borrower is in discussions with the Company regarding repayment options and extension of the maturity date. (2)The years ended December 31, 2022, 2021, and 2020 include current expected credit loss reserves recognized under ASU 2016-13, which was adopted on January 1, 2020 (see Note 2 to the Consolidated Financial Statements). The year ended December 31, 2020 also includes an immaterial amount related to the cumulative-effect of adoption of ASU 2016-13. Refer to Note 8 for additional information on the Company’s reserve for loan losses.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI https://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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