Schedule IV – Mortgage Loans on Real Estate

12 Months Ended

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

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

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(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