SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2020

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, 2020

(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 (1)			“Interest”
SBA 7(a) Loans - States 2% or greater (2) (3):
Indiana	16	$	100	$	990	4.75%	to	6.00%	05/14/36	—	12/22/45	$	8,368		$	—
Texas	23	$	10	$	1,000	4.13%	to	6.00%	06/19/21	—	10/24/44	7,885			—
Ohio	20	$	90	$	740	4.75%	to	6.00%	03/26/37	—	09/25/45	6,941			—
Michigan	17	$	10	$	990	4.75%	to	6.00%	10/10/33	—	12/22/45	5,308			—
Florida	9	$	60	$	1,090	5.00%	to	6.00%	06/29/32	—	01/26/44	3,758			—
Pennsylvania	4	$	310	$	740	5.00%	to	6.00%	03/05/40	—	11/29/43	2,174			—
Illinois	8	$	50	$	540	5.00%	to	6.00%	09/17/35	—	09/21/45	1,959			—
North Carolina	5	$	70	$	620	5.25%	to	6.00%	09/08/32	—	08/28/45	1,651			—
Colorado	5	$	60	$	540	4.75%	to	6.00%	01/21/36	—	09/15/45	1,629			—
Louisiana	4	$	110	$	600	5.00%	to	6.00%	11/17/41	—	05/21/44	1,525			—
Kentucky	6	$	90	$	420	5.00%	to	6.00%	04/09/35	—	09/22/45	1,487			—
Alabama	6	$	30	$	490	5.00%	to	5.75%	07/27/25	—	12/16/45	1,467			—
South Carolina	4	$	280	$	400	5.00%	to	6.00%	11/06/40	—	07/30/44	1,337			—
Georgia	5	$	120	$	360	5.25%	to	6.00%	12/28/34	—	09/22/45	1,226			—
Virginia	4	$	200	$	470	5.25%	to	6.00%	07/20/37	—	12/27/44	1,202			—
Mississippi	4	$	140	$	510	5.25%	to	6.00%	08/31/29	—	08/31/43	1,175			—
Other (4)	34	$	10	$	890	4.75%	to	6.00%	03/29/22	—	09/25/45	8,315			152
Government guaranteed portions (5)												4,009			—
SBA 7(a) loans, subject to secured borrowings (6)												8,458			—
Paycheck Protection Program loans, net (7)												14,089			—
General reserves												(828)			—
	174											$	83,135	(8)	$	152

(1)Excludes general reserves of $828,000 since not specifically identified.

(2)Includes $1.1 million of loans with subordinate lien positions.

(3)Interest rates are variable at spreads over the prime rate unless otherwise noted.

(4)Includes a loan with a retained face value of $152,000, a valuation reserve of $57,000 and a fixed interest rate of 6.00%.

(5)Represents the government guaranteed portions of our 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.

(6)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.

(7)PPP loans are 100% guaranteed. As there is no risk of loss to us related to these loans, the geographic information is not presented as it is not meaningful. Face value of these loans is $14.5 million.

(8)For Federal income tax purposes, the aggregate cost basis of our loans was approximately $74.4 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2020

(in thousands)

	Year Ended December 31,
	2020		2019		2018
Balance, beginning of period	$	68,079	$	83,248	$	81,056
Additions during period:
New loans	53,524		39,592		74,234
Other - deferral for collection of commitment fees, net of costs	382		802		1,587
Other - accretion of loan fees and discounts	933		1,303		1,026
Deductions during period:
Collections of principal	(11,580)		(13,886)		(16,468)
Foreclosures	(174)		(241)		—
Cost of mortgages sold, net	(27,609)		(42,663)		(57,947)
Other - reclassification from secured borrowings	—		—		—
Other - bad debt expense	(420)		(76)		(240)
Balance, end of period	$	83,135	$	68,079	$	83,248