
	Year of Origination	Interest Rate		Maturity Date	Periodic Payment Terms	Outstanding principal amount of mortgage		Carrying amount as of December 31,				Unfunded commitments
Description								2021		2020		December 31, 2021
Private school property Mableton, Georgia (1)	2017	9.02	%	Prepaid in full	Interest only	$	—	$	—	$	5,278	$	—
Attraction property Powells Point, North Carolina	2019	7.75	%	6/30/2025	Interest only	28,692		28,243		27,045		—
Fitness & wellness property Omaha, Nebraska	2017	7.85	%	1/3/2027	Interest only	10,905		10,940		11,225		—
Fitness & wellness property Merriam, Kansas	2019	7.55	%	7/31/2029	Interest only	9,090		9,159		9,355		—
Ski property Girdwood, Alaska	2019	8.20	%	12/31/2029	Interest only	45,599		45,877		40,680		11,401
Fitness & wellness property Omaha, Nebraska	2016	7.85	%	6/30/2030	Interest only	10,539		10,615		8,630		379
Experiential lodging property Nashville, Tennessee	2019	7.01	%	9/30/2031	Interest only	71,223		70,896		67,235		—
Eat & play property Austin, Texas	2012	11.31	%	6/1/2033	Principal & Interest-fully amortizing	10,779		10,874		11,929		—
Ski property West Dover and Wilmington, Vermont	2007	11.96	%	12/1/2034	Interest only	51,050		51,047		51,031		—
Four ski properties Ohio and Pennsylvania	2007	11.07	%	12/1/2034	Interest only	37,562		37,519		37,413		—
Ski property Chesterland, Ohio	2012	11.55	%	12/1/2034	Interest only	4,550		4,516		4,396		—
Ski property Hunter, New York	2016	8.72	%	1/5/2036	Interest only	21,000		21,000		21,000		—
Eat & play property Midvale, Utah	2015	10.25	%	5/31/2036	Interest only	17,505		17,639		18,289		—
Eat & play property West Chester, Ohio	2015	9.75	%	8/1/2036	Interest only	18,068		18,198		18,830		—
Fitness & wellness property Fort Collins, Colorado	2018	7.85	%	1/31/2038	Interest only	10,292		10,277		10,408		—
Early childhood education center Lake Mary, Florida	2019	7.98	%	5/9/2039	Interest only	4,200		4,329		4,348		—
Eat & play property Eugene, Oregon	2019	8.13	%	6/17/2039	Interest only	14,700		14,996		14,799		—
Early childhood education center Lithia, Florida	2017	8.58	%	10/31/2039	Interest only	3,959		4,034		3,737		—
						$	369,713	$	370,159	$	365,628	$	11,780

(1) On March 22, 2021, the Company received $5.1 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by a private school property in Mableton, Georgia. No prepayment fee was received in connection with this note payoff.

Investment in notes receivable, including related accrued interest receivable, was $7.3 million at both December 31, 2021 and 2020, and is included in "Other assets" in the accompanying consolidated balance sheets.

During the year ended December 31, 2020, the Company entered into an amended and restated loan and security agreement with one of its notes receivable borrowers in response to the impacts of the COVID-19 pandemic. The restated note receivable consisted of the previous note balance of $6.5 million and provided the borrower with a term loan for up to $13.0 million and a $6.0 million revolving line of credit. The restated note receivable has a maturity date of June 30, 2032 and the line of credit matures on December 31, 2022. Interest is deferred through June 30, 2022, at which time monthly principal and interest payments will be due over 10 years. Although the

borrower is not in default, nor has the borrower declared bankruptcy, the Company determined these modifications resulted in a troubled debt restructuring (TDR) at December 31, 2020 due to the impacts of the COVID-19 pandemic on the borrower's financial condition. This note receivable is considered collateral dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The note is secured by the working capital and non-real estate assets of the borrower. The Company assessed the fair value of the collateral as of December 31, 2020 and recognized credit loss expense for the year ended December 31, 2020 consisting of the outstanding principal balance of $12.6 million and the $12.9 million unfunded commitment on the term loan and line of credit as of December 31, 2020. Income from this borrower is being recognized on a cash basis.

During the year ended December 31, 2021, the borrower repaid $8.4 million on amounts due under the note and the Company was released from an additional $8.5 million in funding commitments. As a result, the Company recognized a credit loss benefit totaling $16.9 million, related to this borrower during the year ended December 31, 2021. The note remains fully reserved with an allowance for credit loss totaling $8.6 million, which represents the outstanding principal balance of the notes as of December 31, 2021.

At December 31, 2021, the Company's investment in this note receivable was a variable interest and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE, as the Company does not individually have the power to direct the activities that are most significant to the entity and accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable of $8.6 million, which was fully reserved in the allowance for credit losses at December 31, 2021.

The remaining credit loss (benefit) expense for the years ended December 31, 2021 and 2020 of ($5.1) million and $5.2 million, respectively, was due to a change in the expectation in the credit loss model primarily due to impacts of, and the expected recovery from, the COVID-19 pandemic.

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the years ended December 31, 2021 and 2020 (in thousands):


	Mortgage notes receivable		Unfunded commitments - mortgage notes receivable		Notes receivable		Unfunded commitments - notes receivable		Total
January 1, 2020 (adoption date)	$	2,000	$	114	$	49	$	—	$	2,163
Credit loss expense	5,000		24		12,805		12,866		30,695
Charge-offs	—		—		—		—		—
Recoveries	—		—		—		—		—
Allowance for credit losses at December 31, 2020	$	7,000	$	138	$	12,854	$	12,866	$	32,858
Credit loss benefit	(4,876)		(62)		(4,168)		(12,866)		(21,972)
Charge-offs	—		—		—		—		—
Recoveries	—		—		—		—		—
Allowance for credit losses at December 31, 2021	$	2,124	$	76	$	8,686	$	—	$	10,886