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Schedule IV - Mortgage Loans on Real Estate
12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
 
Asset Type:
Location / Description
 
Count
 
Fixed Rate
 
Maturity Date(1)
 
Periodic Payment Terms(2)
 
Prior Liens(3)
 
Principal Amount
 
Carrying Value(4)
 
Principal Amount of Loans Subject to Delinquent Principal or Interest
 
 
Espresso Mezzanine Loan
Various / SNF / ALF
 
1
 
10.0
%
 
Jan-21
 
I/O
 
$
560,632

 
$
74,182

 
$
55,468

 
$

_______________________________________
(1)
Reflects the initial maturity date of the investment and does not consider any options to extend beyond such date.
(2)
Interest Only, or I/O; principal amount due in full at maturity.
(3)
Represents only third-party liens.
(4)
The federal income tax basis is approximately $74.2 million.

Reconciliation of Carrying Value of Real Estate Debt (dollars in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Balance at beginning of year
 
$
58,600

 
$
74,650

 
$
74,558

Additions:
 
 
 
 
 
 
Principal amount of new loans and additional funding on existing loans
 

 

 

Acquisition cost (fees) on new loans
 

 

 

Origination fees received on new loans
 

 

 

Deductions:
 
 
 
 
 
 
   Reclassification (1)
 
(2,427
)
 
(16,151
)
 

Repayment of principal
 
(818
)
 

 

Amortization of acquisition costs, fees, premiums and discounts
 
113

 
101

 
92

Balance at end of year
 
$
55,468

 
$
58,600

 
$
74,650

_______________________________________
(1)
As a result of impairments and other non-cash reserves recorded by the joint venture, the Company’s carrying value of its Espresso unconsolidated investment was reduced to zero as of December 31, 2018. The Company has recorded the excess equity in losses related to its unconsolidated venture as a reduction to the carrying value of its mezzanine loan, which was originated to a subsidiary of the Espresso joint venture.