SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2021

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, 2021

(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):
Texas	21	$	10	$	980	4.75%	to	6.00%	05/22/23	—	08/20/46	$	7,861		$	—
Ohio	23	$	70	$	890	4.75%	to	6.00%	03/26/37	—	12/07/46	7,672			—
Indiana	16	$	100	$	970	4.75%	to	6.00%	05/14/36	—	08/26/46	6,873			—
Michigan	20	$	10	$	970	4.75%	to	6.00%	10/10/33	—	10/27/46	5,859			—
Florida	12	$	90	$	1,070	5.00%	to	6.00%	06/29/32	—	08/19/46	5,173			—
Illinois	11	$	50	$	530	5.00%	to	6.00%	09/08/39	—	10/15/46	2,278			—
West Virginia	6	$	20	$	870	4.75%	to	6.00%	09/25/31	—	09/20/46	2,107			—
Pennsylvania	4	$	310	$	690	5.00%	to	6.00%	03/05/40	—	11/29/43	2,077			—
Louisiana	6	$	90	$	590	5.00%	to	6.00%	11/22/31	—	02/22/46	1,801			—
New Mexico	5	$	100	$	770	4.75%	to	6.00%	11/17/34	—	08/09/46	1,720			—
Virginia	5	$	110	$	650	5.00%	to	5.75%	02/27/43	—	09/08/46	1,640			—
Colorado	4	$	320	$	520	4.75%	to	5.50%	11/16/39	—	09/15/45	1,515			—
Kentucky	6	$	130	$	420	5.00%	to	6.00%	01/04/41	—	10/29/46	1,498			—
Alabama	7	$	30	$	480	5.00%	to	5.75%	07/27/25	—	09/10/46	1,473			—
North Carolina	7	$	60	$	350	5.25%	to	6.00%	09/08/32	—	09/30/46	1,358			—
South Carolina	4	$	270	$	390	5.00%	to	6.00%	11/06/40	—	07/30/44	1,308			—
Other (4)	42	$	1	$	510	4.75%	to	6.00%	03/29/22	—	12/14/46	9,415			85
Government guaranteed portions (5)												1,199			—
SBA 7(a) loans, subject to secured borrowings (6)												6,671			—
Paycheck Protection Program loans, net (7)												4,903			—
General reserves												(858)			—
	199											$	73,543	(8)	$	85

(1)Excludes general reserves of $858,000 since not specifically identified.

(2)Includes $359,000 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 $85,000, a valuation reserve of $85,000 and a fixed interest rate of 6.00%.

(5)Represents the government guaranteed portions of the Company’s 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 $5.1 million.

(8)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $66.4 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2021

(in thousands)

	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	83,135	$	68,079
Additions during period:
New loans	133,290		53,524
Other - deferral of loan origination costs	2,559		382
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,424		933
Deductions during period:
Collections of principal	(32,370)		(11,580)
Foreclosures	—		(174)
Cost of mortgages sold, net	(114,437)		(27,609)
Other - bad debt expense	(58)		(420)
Balance, end of period	$	73,543	$	83,135