XML 51 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2023

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

Schedule IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

FOR THE YEAR ENDED DECEMBER 31, 2023

​

There was a portfolio of four commercial loan investments and one preferred equity investment which is classified as a commercial loan investment as of December 31, 2023 (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Description

​

Interest Rate

​

Final Maturity Date

​

Periodic Payment Terms

​

Prior Liens

​

Face Amount of Mortgages

​

Carrying Amounts of Mortgages (2)

​

Principal Amount of Loans Subject to Delinquent Principal or Interest

Construction Loan – The Exchange At Gwinnett – Buford, GA

​

​

7.25%

​

​

January 2024

​

​

Monthly Interest Payments

​

​

—

​

​

1,857

​

​

1,854

​

​

—

Preferred Investment – Watters Creek – Allen, TX

​

​

8.75%

​

​

April 2025

​

​

Monthly Interest Payments

​

​

—

​

​

30,000

​

​

29,937

​

​

—

Mortgage Note – Founders Square – Dallas, TX

​

​

8.75%

​

​

March 2026

​

​

Monthly Interest Payments

​

​

​

​

​

15,000

​

​

14,892

​

​

—

Promissory Note – Main Street – Daytona Beach, FL

​

​

7.00%

​

​

May 2033

​

​

Monthly Interest Payments

​

​

​

​

​

400

​

​

400

​

​

—

Mortgage Note – Sabal Pavilion – Tampa, FL

​

​

7.50%

​

​

June 2024

​

​

Monthly Interest Payments

​

​

—

​

​

15,400

​

​

15,393

​

​

—

Totals

​

​

​

​

​

​

​

​

​

​

$

—

​

$

62,657

​

$

62,476

​

$

—

CECL Reserve

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(627)

​

​

​

Total Commercial Loans and Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

61,849

​

​

​

​

The following represents the activity within the Company’s commercial loans and investments segment for the years ended December 31, 2023, 2022, and 2021 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	2023		​	2022		​	2021
Balance at Beginning of Year	​	$	31,908	​	$	39,095	​	$	38,320
Additions During the Year:	​	​	​	​	​	​	​	​	​
New Mortgage Loans	​	​	32,711	​	​	53,282	​	​	364
Collection of Origination Fees	​	​	158	​	​	87	​	​	—
Accretion of Origination Fees (1)	​	​	137	​	​	174	​	​	2
Gain on Sale of Loans	​	​	—	​	​	807	​	​	—
Imputed Interest Over Rent Payments on Ground Lease Loan	​	​	—	​	​	97	​	​	409
Deductions During the Year:	​	​	​	​	​	​	​	​	​
Collection of Principal	​	​	(986)	​	​	(61,634)	​	​	—
Foreclosure	​	​	(1,452)	​	​	—	​	​	—
Impairment / CECL Reserve	​	​	(627)	​	​	—	​	​	—
Balance at End of Year	​	$	61,849	​	$	31,908	​	$	39,095

(1) Non-cash accretion of loan origination fees.

(2) The aggregate carrying amount of mortgages for Federal income tax purposes at December 31, 2023 totaled $61.8 million.

X

- References

No definition available.

+ Details

Name:	srt_MortgageLoansOnRealEstateAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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//1943274/2147479851/948-310-S99-1

+ Details

Name:	srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock
Namespace Prefix:	srt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration