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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023 (dollars in thousands, except footnotes)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Principal |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amount of |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans Subject |  |  |  |  |  |
Geographic |  | Number |  |  |  |  |  |  |  |  |  |  |  | Final |  | Carrying |  | to Delinquent |  |  |  |  |  |
Dispersion of |  | of |  | Size of Loans |  |  |  |  |  |  |  | Maturity |  | Amount of |  | Principal or |  |  |  |  |  |
Collateral |  | Loans |  | From |  | To |  | Interest Rate |  | Date Range |  | Mortgages |  | “Interest” |  |  |  |  |  |
SBA 7(a) Loans - States 2% or greater (1) (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ohio |  | 16 |  |  | $ | 100 |  |  | $ | 800 |  |  | 9.75% |  | to |  | 11.25% |  | 07/28/41 |  | — |  |  | 11/06/48 |  | $ | 7,876 |  |  | $ | — |  |  |  |  |  |  |
Texas |  | 19 |  |  | $ | 20 |  |  | $ | 850 |  |  | 9.50% |  | to |  | 11.25% |  | 07/13/34 |  | — |  |  | 06/13/48 |  | 7,140 |  |  | — |  |  |  |  |  |  |
Michigan (3) |  | 14 |  |  | $ | 20 |  |  | $ | 940 |  |  | 9.00% |  | to |  | 11.25% |  | 12/10/34 |  | — |  |  | 12/18/48 |  | 4,044 |  |  | 198 |  |  |  |  |  |  |
Florida |  | 11 |  |  | $ | 30 |  |  | $ | 1,030 |  |  | 10.50% |  | to |  | 11.25% |  | 06/29/32 |  | — |  |  | 02/07/48 |  | 3,957 |  |  | — |  |  |  |  |  |  |
Indiana |  | 7 |  |  | $ | 80 |  |  | $ | 930 |  |  | 10.00% |  | to |  | 11.25% |  | 05/14/36 |  | — |  |  | 08/26/46 |  | 2,770 |  |  | — |  |  |  |  |  |  |
Louisiana |  | 6 |  |  | $ | 60 |  |  | $ | 960 |  |  | 9.50% |  | to |  | 11.25% |  | 11/22/31 |  | — |  |  | 12/07/48 |  | 2,408 |  |  | — |  |  |  |  |  |  |
West Virginia |  | 7 |  |  | $ | 50 |  |  | $ | 850 |  |  | 10.00% |  | to |  | 11.25% |  | 09/25/31 |  | — |  |  | 09/07/47 |  | 2,400 |  |  | — |  |  |  |  |  |  |
Kentucky |  | 7 |  |  | $ | 60 |  |  | $ | 430 |  |  | 10.25% |  | to |  | 11.25% |  | 03/11/33 |  | — |  |  | 05/08/48 |  | 1,893 |  |  | — |  |  |  |  |  |  |
Pennsylvania |  | 4 |  |  | $ | 290 |  |  | $ | 660 |  |  | 10.25% |  | to |  | 11.25% |  | 03/05/40 |  | — |  |  | 11/29/43 |  | 1,810 |  |  | — |  |  |  |  |  |  |
North Carolina |  | 7 |  |  | $ | 50 |  |  | $ | 760 |  |  | 10.25% |  | to |  | 11.25% |  | 09/08/32 |  | — |  |  | 04/25/47 |  | 1,771 |  |  | — |  |  |  |  |  |  |
Illinois |  | 9 |  |  | $ | 50 |  |  | $ | 280 |  |  | 10.25% |  | to |  | 11.25% |  | 09/08/39 |  | — |  |  | 10/26/47 |  | 1,564 |  |  | — |  |  |  |  |  |  |
New York |  | 4 |  |  | $ | 190 |  |  | $ | 700 |  |  | 10.50% |  | to |  | 11.25% |  | 02/11/47 |  | — |  |  | 09/26/48 |  | 1,472 |  |  | — |  |  |  |  |  |  |
Washington |  | 2 |  |  | $ | 300 |  |  | $ | 1,140 |  |  | 10.00% |  | to |  | 10.75% |  | 03/09/46 |  | — |  |  | 10/12/48 |  | 1,435 |  |  | — |  |  |  |  |  |  |
Colorado |  | 4 |  |  | $ | 260 |  |  | $ | 500 |  |  | 10.00% |  | to |  | 10.75% |  | 02/17/41 |  | — |  |  | 05/22/48 |  | 1,406 |  |  | — |  |  |  |  |  |  |
Montana |  | 4 |  |  | $ | 150 |  |  | $ | 470 |  |  | 9.50% |  | to |  | 11.00% |  | 07/14/45 |  | — |  |  | 10/10/48 |  | 1,365 |  |  | — |  |  |  |  |  |  |
New Mexico |  | 4 |  |  | $ | 90 |  |  | $ | 750 |  |  | 9.50% |  | to |  | 11.25% |  | 11/17/34 |  | — |  |  | 04/19/48 |  | 1,329 |  |  | — |  |  |  |  |  |  |
Georgia |  | 5 |  |  | $ | 100 |  |  | $ | 320 |  |  | 10.50% |  | to |  | 11.25% |  | 12/28/34 |  | — |  |  | 08/11/47 |  | 1,133 |  |  | — |  |  |  |  |  |  |
Other |  | 39 |  |  | $ | 20 |  |  | $ | 850 |  |  | 9.50% |  | to |  | 11.25% |  | 07/27/25 |  | — |  |  | 11/17/49 |  | 9,831 |  |  | — |  |  |  |  |  |  |
Government guaranteed portions (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74 |  |  | — |  |  |  |  |  |  |
SBA 7(a) loans, subject to secured borrowings (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,007 |  |  | — |  |  |  |  |  |  |
Current expected credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,680) |  |  | — |  |  |  |  |  |  |
|  | 169 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 57,005 |  | (6) | $ | 198 |  |  |  |  |  |  |
(1)Includes $724,000 of loans with subordinate lien positions. (2)Interest rates are variable at spreads over the prime rate unless otherwise noted. (3)Includes a loan with a retained face value of $172,000 and a fixed interest rate of 9.00%. (4)Represents the government guaranteed portions of the Company’s SBA 7(a) loans detailed above retained by us. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful. (5)Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For Federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable. (6)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $54.5 million (unaudited). Schedule IV—Mortgage Loans on Real Estate (Continued) December 31, 2023 (in thousands)
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
Balance, beginning of period |  | $ | 62,547 |  |  | $ | 73,543 |  |  |
Additions during period: |  |  |  |  |  |
New loans |  | 45,188 |  |  | 40,619 |  |  |
Other - deferral of loan origination costs |  | 742 |  |  | 1,086 |  |  |
Other - bad debt recovery |  | 125 |  |  | — |  |  |
Other - accretion of loan discounts, net of amortization of deferred origination costs |  | 1,643 |  |  | 1,836 |  |  |
Deductions during period: |  |  |  |  |  |
Collections of principal |  | (16,843) |  |  | (20,250) |  |  |
Cost of mortgages sold, net |  | (35,614) |  |  | (34,124) |  |  |
Other - adoption of ASU 2016-13 (1) |  | (783) |  |  | — |  |  |
Other - bad debt expense |  | — |  |  | (163) |  |  |
Balance, end of period |  | $ | 57,005 |  |  | $ | 62,547 |  |  |
(1)Effective January 1, 2023, the Company adopted ASU 2016-13 and recorded a cumulative adjustment of $783,000 representing a non cash transaction.

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- References No definition available. + Details
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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//1943274/2147479851/948-310-S99-1 + Details
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