December 31, 2021

December 31, 2020

Unamortized

Discount and

Debt Issuance

Principal

Costs

Net

Principal

Costs

Net

PPN JV Loan, due November 2025, bearing interest at 4.1%

$

43,582

$

248

$

43,334

$

44,568

$

314

$

44,254

Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%

37,897

248

37,649

27,179

351

26,828

PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021

35,670

1,056

34,614

36,084

1,079

35,005

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%

20,053

327

19,726

18,066

284

17,782

PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at December 31, 2021)

17,374

147

17,227

15,921

198

15,723

Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2021)

14,642

128

14,514

3,548

168

3,380

Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2021)

14,650

964

13,686

—

Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at December 31, 2021)

11,843

191

11,652

—

The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%

7,474

179

7,295

—

Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)

5,188

52

5,136

5,421

59

5,362

Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0%

4,909

—

4,909

6,294

—

6,294

Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% (effective rate of 2.9% at December 31, 2021)

4,666

70

4,596

—

Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021)

3,437

382

3,055

—

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)

1,492

15

1,477

1,545

17

1,528

Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)

1,370

10

1,360

1,458

12

1,446

North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% (effective rate of 3.2% at December 31, 2021)

1,342

254

1,088

—