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Schedule IV: Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2024
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 61 properties:
Multiple |  | Other |  | 6.00 | % |  | Fixed |  | 7/19/2026(1) |  | Interest only |  | $ | — |  |  |  |  | $ | 418,389 |  |  | $ | 399,209 |  |  | $ | — |
First mortgages relating to 5 properties:
Multiple |  | Other |  | Greater of 9.00% or 4.00% + (SOFR + 10 bps) |  | Variable |  | 8/1/2027 |  | Interest only |  | — |  |  |  |  | 58,090 |  |  | 57,177 |  |  | — |
First mortgages relating to 10 properties:
Multiple |  | Other |  | Greater of 12.00% or 7.00% + (SOFR + 11 bps) |  | Variable |  | 1/21/2025(2) |  | Interest only |  | — |  |  |  |  | 48,000 |  |  | 47,911 |  |  | — |
Construction loan relating to one property:
Arizona |  | Other |  | 7.47 | % |  | Fixed |  | 2/6/2027(3) |  | (4) |  | — |  |  |  |  | 25,654 |  |  | 23,528 |  |  | — |
Other construction loans each individually less than 3% of total carrying amount:
Various(5) |  | Other |  | 7.57% to 7.84% |  | Fixed |  | 12/31/2026 to 7/19/2027 |  | (4) |  | — |  |  |  |  | 21,238 |  |  | 20,135 |  |  | — |
First mortgages relating to one property:
Alabama |  | Other |  | 10.00 | % |  | Fixed |  | 1/12/2025(6) |  | (4) |  | — |  |  |  |  | 35,350 |  |  | 34,592 |  |  | — |
Other first mortgages each individually less than 3% of total carrying amount:
Various(7) |  | Other |  | 7.00% to 10.00% |  | Fixed |  | 6/30/2025 to 12/20/2028(8) |  | (9) |  | — |  |  |  |  | 31,761 |  |  | 30,232 |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  |  |  | $ | 638,482 |  |  | $ | 612,784 |  |  | $ | — |
_______________________________________ (1)This loan includes options to extend the maturity date to July 19, 2028. (2)In January 2025, the Company received full repayment of the outstanding balance of this secured loan (see Note 8 to the Consolidated Financial Statements for additional information). (3)This loan includes an option to extend the maturity date to May 5, 2028. (4)A portion of interest is due monthly with remaining interest added to the outstanding principal balance. (5)Includes various construction loans each related to one property in Arizona and Texas. In January 2025, the Company received full repayment of the $15 million outstanding balance of a construction loan in Texas (see Note 8 to the Consolidated Financial Statements for additional information). (6)In January 2025, the maturity date of this loan was extended to July 12, 2025. (7)Includes various first mortgages each related to one property in Arizona, Florida, Georgia, Texas, and Wisconsin. (8)This loan includes an option to extend the maturity date to December 20, 2029. (9)Includes both (i) loans that are interest only or (ii) loans in which a portion of interest is due monthly with remaining interest added to the outstanding principal balance.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Reconciliation of mortgage loans |  |  |  |  |
Balance at beginning of year | $ | 175,717 |  |  | $ | 341,749 |  |  | $ | 390,291 |
Additions: |  |  |  |  |
New mortgage loans | 486,667 |  |  | — |  |  | — |
Draws and additions to existing mortgage loans | 30,745 |  |  | 11,602 |  |  | 5,525 |
Total additions | 517,412 |  |  | 11,602 |  |  | 5,525 |
Deductions: |  |  |  |  |
Principal repayments | (77,643) |  |  | (183,084) |  |  | (47,591) |
Recoveries (reserves) for loan losses(1) | (2,702) |  |  | 5,450 |  |  | (6,476) |
Total deductions | (80,345) |  |  | (177,634) |  |  | (54,067) |
Balance at end of year | $ | 612,784 |  |  | $ | 175,717 |  |  | $ | 341,749 |
_______________________________________ (1)Excludes reserves and recoveries for expected loan losses associated with unfunded loan commitments which are included in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.

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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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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