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SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2024

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

LTC PROPERTIES, INC.

SCHEDULE IV

MORTGAGE LOANS RECEIVABLE ON REAL ESTATE

(in thousands)


																						Principal
																						Amount of
																			Carrying			Loans
													Current						Amount of			Subject to
		(Unaudited)											Monthly			Face			Mortgages			Delinquent
		Number of						Final		Balloon			Debt			Amount of			December 31,			Principal or
State		Properties		Units/Beds ⁽¹⁾		Interest Rate ⁽²⁾		Maturity Date		Amount ⁽³⁾			Service			Mortgages			2024			Interest
FL		1		112		7.80%		2025		$	16,706		$	109		$	16,706		$	16,539		$	—
FL		2		92		8.80%		2025			4,000			30			4,000			3,960			—
IL		1		150		8.80%		2028			16,500			122			16,500			16,335			—
MI		1		85		8.80%		2026			12,753			118			12,753			12,625			—
MI		14		1,749		11.10%		2043			170,733			1,664			190,214			178,899			—
MI		4		480		10.00%		2045			36,650			332			40,480			39,402			—
MI		2		201		10.30%		2045			19,700			169			19,750			19,503			—
MI		1		146		10.50%		2045			14,325			130			15,000			14,677			—
NC		1		45		7.30%		2025			10,750			66			10,750			10,643			—
		27	⁽⁴⁾	3,060						$	302,117		$	2,740		$	326,153		$	312,583		$	—

(1)

This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral.

(2)	Represents current stated interest rate. Generally, the loans have principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan.

(3)	Balloon payment is due upon maturity.

(4)

Includes 9 first-lien mortgage loans presented on the table below and excludes a commitment to fund a $26,120 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%.


Number of Loans		Original loan amounts
0			$ 500 - $2,000
0			$2,001 - $3,000
1			$3,001 - $4,000
0			$4,001 - $5,000
0			$5,001 - $6,000
0			$6,001 - $7,000
8			$7,001 +

Mortgage loans receivable activity for the years ended December 31, 2024, 2023 and 2022 is as follows:



Balance— December 31, 2021		$	344,442
New mortgage loans			31,965
Other additions			8,767
Application of interest reserve			6,192
Amortization of mortgage premium			(6)
Collections of principal			(1,175)
Foreclosures			—
Loan loss reserve			(457)
Other deductions			—
Balance— December 31, 2022			389,728
New mortgage loans			92,111
Other additions			4,947
Application of interest reserve			1,722
Amortization of mortgage premium			(7)
Collections of principal			(10,351)
Foreclosures			—
Loan loss reserve			(884)
Other deductions			—
Balance— December 31, 2023			477,266
New mortgage loans			12,753
Other additions			9,080
Application of interest reserve			169
Amortization of mortgage premium			(8)
Collections of principal			(188,340)
Foreclosures			—
Loan loss reserve			1,663
Other deductions			—
Balance— December 31, 2024		$	312,583