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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 As of December 31, 2024
Description (1) |  | Property Type/Location |  | Contractual Interest Rate (2) |  | Final Maturity Date (3) |  | Periodic Payment Terms |  | Prior Liens |  | Face Amount |  | Carrying Amount (4) |  | Principal Amount of Mortgages Subject to Delinquent Principal or Interest
Preferred equity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan A (5)(6) |  | Multifamily/New York |  | 12.25 | % |  | 7/1/2021 |  | Interest Only |  | — |  |  | $ | 2,843,280 |  |  | $ | 2,573,280 |  |  | $ | 2,843,280 |
Loan B (5)(7) |  | Office/New York |  | 12.70 | % |  | 7/9/2022 |  | Interest Only |  | — |  |  | 24,491,877 |  |  | 9,238,721 |  |  | 24,491,877 |
Loan C (8)(9) |  | Mixed-use/California |  | 19.53 | % |  | 8/5/2025 |  | Interest Only |  | — |  |  | 18,567,296 |  |  | 18,575,895 |  |  | — |
Total loans |  |  |  |  |  |  |  |  |  |  | $ | 45,902,453 |  |  | $ | 30,387,896 |  |  | $ | 27,335,157 |
___________________________ (1)All of the Company’s loans have a prepayment provision. (2)For all floating rate loans, contractual interest rate was determined using the applicable benchmark rate as of December 31, 2024. (3)Maximum maturity date assumes all extension options are exercised. (4)Carrying value represents the amortized cost of loan, net of applicable allowance for credit losses, and excludes $6,599 of allowance for credit losses related to unfunded commitments. (5)These investments were acquired by the Company through participation agreements with Terra REIT, the Company’s parent, managed by the REIT Manager. See “Participation Agreements” in Note 6 in the accompanying notes to the consolidated financial statements. (6)This loan is currently in maturity default. The Company is in ongoing litigation to seek full repayment of the loan from the sponsor. (7)This loan is currently in maturity default. The Company recorded an allowance of credit losses of $15.5 million on this loan as a result of a decline in our estimated recoverable amount on a non-performing subordinated loan due to an increase in funding on the senior loan. (8)The Company sold a portion of its interest in this loan through a participation agreement to an affiliate managed by the REIT Manager (Note 6). (9)The loan participation from the Company does not qualify for sale accounting under ASC 860 and therefore, the gross amount of this loan remains in the Company's consolidated balance sheets. See “Obligations under Participation Agreement in Note 7 and “Transfers of Participation Interest by the Company” in Note 6 in the accompanying notes to the consolidated financial statements. Notes to Schedule IV - Mortgage Loans on Real Estate December 31, 2024
|  | Reconciliation of Mortgage Loans on Real Estate |  |
|  | For the Year Ended December 31, 2024
Balance, beginning of period |  | $ | 78,343,464 |  |  |
Additions during the period: |  |  |  |
New mortgage loans |  | 1,059,903 |  |  |
Accrual, payment and accretion of investment-related fees and other, net |  | 51,579 |  |  |
Deductions during the period: |  |  |  |
Collections of principal |  | (42,941,496) |  |  |
Provision for credit losses |  | (5,999,276) |  |  |
Net amortization of discount on investments |  | (126,278) |  |  |
Balance, end of period |  | $ | 30,387,896 |  |  |

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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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