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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 | December 31, 2024 (in thousands)
Description |  | Effective Interest Rate |  | Final Maturity Date |  | Periodic Payment Terms |  | Prior Liens |  | Face Amount of Notes Receivable |  | Net Carrying Amount of Notes Receivable as of December 31, 2024 (a) |  | Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan |  | 6.00% |  | 4/1/2020 |  | Interest only |  | — |  | $17,810 |  | $17,810 |  | $17,810
Mezzanine Loan (b) |  | 9.75% |  | 1/9/2025 |  | Interest only |  | — |  | 54,000 |  | 54,000 |  | —
First Mortgage Loan |  | 6.74% |  | 9/17/2025 |  | Interest only |  | — |  | 43,000 |  | 42,000 |  | —
Other |  | 6.50% |  | 7/31/2025 |  | Interest only |  | — |  | 2,147 |  | 2,147 |  | —
Mezzanine Loan |  | 10.00% |  | 12/11/2027 |  | Interest only |  | — |  | 5,000 |  | 5,000 |  | —
Mezzanine Loan |  | 12.00% |  | 12/31/2025 |  | Interest only |  | — |  | 7,631 |  | 7,631 |  | —
Total |  |  |  |  |  |  |  |  |  | $129,588 |  | 128,588 |  | $17,810
Allowance for credit loss |  |  |  |  |  |  |  |  |  |  |  | (2,004) |  |
Net carrying amount of notes receivable |  |  |  |  |  |  |  |  |  |  |  | $126,584 |  |
(a) The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2024. (b) In January 2025, the maturity date on the mezzanine loan was extended to February 25, 2025. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2022 to December 31, 2024 (in thousands):
|  | Reconciliation of Loans on Real Estate |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 126,228 |  |  | $ | 124,801 |  |  | $ | 159,638 |
Additions |  |  | 8,360 |  |  |  | 1,427 |  |  |  | - |
Repayments |  |  | (6,000 | ) |  |  | — |  |  |  | (29,531 | )
Conversion of OP Units |  |  | — |  |  |  | — |  |  |  | — |
Conversion to real estate through receipt of deed or through foreclosure |  |  | — |  |  |  | — |  |  |  | (5,306 | )
Total |  | $ | 128,588 |  |  | $ | 126,228 |  |  | $ | 124,801 |
Allowance for credit loss |  |  | (2,004 | ) |  |  | (1,279 | ) |  |  | (898 | )
Balance at end of year |  | $ | 126,584 |  |  | $ | 124,949 |  |  | $ | 123,903 |

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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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