Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2023


Type of Loan/Borrower Senior Mortgage Loans(1)	Description/Location	Interest(2) Payment Rates	Extended Maturity Date(3)	Periodic Payment Terms(4)	Prior Liens(5)		Unpaid Principal Balance		Carrying Amount of Loans
Senior Loans in excess of 3% of the carrying amount of total loans
Borrower A	Multifamily /FL	S+3.05%	2027	I/O	$	—	$	51,375,000	$	51,347,584
Senior Loans less than 3% of the carrying amount of total loans
Senior Loan	Multifamily / Diversified	S+3.25% - 4.15%	2023 - 2027	I/O	—		1,262,542,660		1,250,030,392
Senior Loan	Healthcare/ Diversified	S+4.00%	2025 - 2026	I/O	—		76,100,000		75,209,274
Borrower B	Self-Storage / NY	S+3.60%	2027	I/O	—		7,367,500		7,293,947
Total senior loans					$	—	$	1,397,385,160	$	1,383,881,197

(1)Includes senior mortgage loans and pari passu participations in senior mortgage loans.

(2)S = 30-day term SOFR rate

(3)Extended maturity date assumes all extension options are exercised

(4)I/O = interest only

(5)Represents only third party liens

1.Reconciliation of Mortgage Loans on Real Estate

The following table reconciles activity regarding mortgage loans on real estate for the years ended:


	2023		2022
Balance at January 1,	$	1,071,889,518	$	1,001,825,294
Additions during period:
Mortgage loans purchased	594,201,680		345,158,577
Deductions during period
Mortgage loan repayments	(277,481,511)		(270,926,723)
Accretion of purchase discount	1,070,701		125,098
Amortization of purchase premium	(19,253)		(61,144)
Accretion of deferred loan fees	292,073		27,084
Cumulative-effect adjustment upon adoption of ASU 2016-13	(3,549,501)		—
Provision for credit losses	(2,522,510)		(4,258,668)
Balance at December 31,	$	1,383,881,197	$	1,071,889,518