SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2013

(Dollars in thousands, except footnotes)

Conventional Loans - States 2% or greater (1):


													Principal amount
Geographic	Number								Final	Carrying			of loan subject to
Dispersion of	of		Size of Loans				Interest Rate		Maturity	Amount of			delinquent principal
Collateral	Loans		From		To		Variable *(2)*	Fixed	Date	Mortgages *(3)*			or “interest”

Texas (4)		17		$0		$3,000	3.00% to 7.25%	-	1/21/15--8/16/31	$	19,587		$	1,667
Texas		10		$0		$2,000	-	7.00% to 10.78%	4/23/18--11/18/30		6,080			-
Arizona		6		$0		$5,000	3.25% to 7.50%	-	2/10/23--9/14/31		10,718			-
Arizona		7		$0		$3,000	-	7.50% to 10.00%	1/1/14--5/2/33		6,741			-
North Carolina		6		$0		$2,000	3.75% to 6.25%	-	6/11/21--12/27/33		6,185			-
North Carolina		4		$0		$3,000	-	7.50% to 9.85%	12/20/16--5/22/32		4,447			-
Virginia		7		$0		$6,000	3.25% to 7.00%	-	1/30/23--7/22/33		17,452			-
Virginia		2		$0		$1,000	-	7.50% to 8.50%	6/1/17--8/21/27		1,189			-
Ohio		6		$0		$3,000	3.25% to 4.25%	-	10/27/25--4/21/28		10,663			-
Michigan		6		$0		$4,000	3.12% to 7.25%	-	2/10/26--5/10/33		9,031			-
Missouri		4		$0		$2,000	4.25% to 7.00%	-	6/27/16--10/31/33		5,728			-
Missouri		2		$0		$1,000	-	8.25%	8/31/18		721			-
Georgia		3		$0		$2,000	3.75% to 4.5%	-	12/26/17 --12/14/27		2,060			-
Georgia		3		$0		$2,000	-	8.75% to 10.25%	3/24/19--12/1/29		2,338			-
Florida		4		$0		$3,000	3.37% to 5.74%	-	11/1/25--10/31/33		6,544			-
Florida		1		$0		$2,000	-	7.50%	2/5/33		1,339			-
Oregon		2		$0		$4,000	4.50% to 7.25%	-	9/8/25--5/13/30		4,991			-
Oregon		3		$0		$1,000	-	9.00% to 9.90%	2/2/18-6/13/21		1,668			-
Tennessee		5		$0		$3,000	3.91% to 6.75%	-	8/1/22--10/31/33		6,410			-
Alabama		3		$0		$3,000	3.75% to 4.25%	-	11/21/20--10/1/26		5,006			-
Alabama		2		$0		$1,000	-	9.50%	6/15/18--10/27/18		902			-
Indiana		5		$0		$2,000	3.75% to 8.25%	-	12/4/22--2/26/32		5,645			-
California		3		$0		$2,000	4.00% to 4.5%	-	3/22/22--12/13/26		3,399			-
California		1		$0		$1,000	-	9.00%	12/28/24		734			-
Pennsylvania		2		$0		$4,000	4.25% to 7.00%	-	9/29/25--8/1/32		4,251			-
Pennsylvania		1		$0		$3,000	-	10.25%	6/22/20		2,090			-
Mississippi		1		$0		$4,000	7.25%	-	12/1/32		3,085			-
Mississippi		2		$0		$1,000	-	8.00% to 9.50%	6/12/18--12/26/22		1,099			-
Iowa		3		$0		$2,000	4.25% to 6.95%	-	9/30/19--5/30/26		3,721			-
Other		10		$0		$3,000	2.75% to 6.75%	-	3/19/17--3/21/33		11,342			-
Other (5)		7		$0		$2,000	-	6.75% to 9.78%	8/20/14--12/16/30		4,770			-


		138								$	169,936	(6)	$	1,667

Footnotes:

(1)

There is one loan which is secured by a second lien on the propery which is subordinated to our first lien on the property.

(2)

Certain loans at variable interest rates have interest rate floors which may be in effect.

(3)

Excludes general reserves of $1,245,000.

(4)

Includes two loans with a face value of $3,116,000 and valuation reserves of $812,000.

(5)

Insludes one loan with a face value of $1,032,000 and a valuation reserve of $573,000.

(6)

For Federal income tax purposes, the cost basis of our mortgage loans on real estate was approximately $172,183,000 (unaudited).

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2013

(Dollars in thousands, except footnotes)

SBA 7(a) Loans - States 2% or greater (1):


												Principal amount
Geographic	Number							Final	Carrying			of loans subject to
Dispersion of	of		Size of Loans					Maturity	Amount of			delinquent principal
Collateral	Loans		From		To		Interest Rate *(2)*	Date	Mortgages *(3)*			or “interest”

Michigan		23		$0		$1,000	5.25% to 6.00%	12/28/17--11/27/38		5,256			-
Texas (4)		32		$0		$1,000	4.13% to 6.00%	4/26/14--10/31/38	$	3,660		$	-
Ohio		17		$0		$1,000	5.25% to 6.00%	10/16/20--8/12/38		3,957			-
North Carolina		6		$0		$500	5.75% to 6.00%	9/8/32--5/6/38		1,767			-
Virginia		7		$0		$500	6.00%	9/6/36--11/21/38		1,605			-
Florida		8		$0		$500	5.75% to 6.00%	6/19/19--11/7/38		1,434			-
Indiana		9		$0		$500	4.75% to 6.00%	11/19/19--8/30/37		1,430			-
Wisconsin		7		$0		$500	5.00% to 6.00%	4/23/20--7/17/38		1,377			-
Illinois		5		$0		$500	5.75% to 6.00%	3/26/19--9/18/37		1,175			-
Kentucky		5		$0		$500	6.00%	4/9/35--12/27/37		1,043			-
Mississippi		3		$0		$500	5.75% to 6.00%	5/18/35--11/4/36		999			-
Alabama		4		$0		$500	5.00% to 6.00%	7/27/25--8/25/36		916			-
Iowa		4		$0		$500	5.75% to 6.00%	12/22/35--5/21/38		896			-
Conneticut		2		$0		$500	5.13% to 5.63%	12/5/14--11/30/36		620
Arizona		4		$0		$500	5.75% to 6.00%	1/12/33--4/28/36		618
Other (5)		47		$0		$500	4.75% to 6.00%	1/31/15--9/13/37		4,185			-
Government guaranteed portions (6)										190			-
SBA 7(a) loans, subject to secured borrowings (7)										37,403			-


		183							$	68,531	(8)	$	-

Footnotes:

(1)

Includes approximately $419,000 of loans not secured by real estate. Also includes $306,000 of loans with subordinate lien positions.

(2)

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

(3)

Excludes general reserves of $633,000.

(4)

Includes a loan with a face value of $85,000, a valuation reserve of $19,000 and a fixed interest rate of 6.00%.

(5)

Includes a loan with a face value of $25,000, a valuation reserve of $2,000 and a fixed interest rate of 5.25%.

(6)

Represents the government guaranteed portions of our SBA 7(a) loans detailed above. 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.

(7)

Represents the guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings.

(8)

For Federal income tax purposes, the cost basis of our loans was approximately $29,573,000 (unaudited).

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2013

(In thousands, except footnotes)


Balance at December 31, 2010		$	233,218

Additions during period:
New mortgage loans (1)	39,524

Other - deferral for collection of commitment fees, net of costs	410

Other - accretion of loan fees and discounts	17		39,951


Deductions during period:
Collections of principal	(21,473)

Foreclosures	(409)

Cost of mortgages sold, net	(16,400)

Other - bad debt expense, net of recoveries	(460)		(38,742)


Balance at December 31, 2011		$	234,427

Additions during period:
New mortgage loans (2)	55,387

Other - deferral for collection of commitment fees, net of costs	421

Other - accretion of loan fees and discounts	204		56,012


Deductions during period:
Collections of principal	(28,562)

Foreclosures	(1,481)

Cost of mortgages sold, net	(19,471)

Other - bad debt expense, net of recoveries	(1,934)		(51,448)


Balance at December 31, 2012		$	238,991

Additions during period:
New mortgage loans (3)	57,106

Other - deferral for collection of commitment fees, net of costs	326

Other - accretion of loan fees and discounts	317		57,749


Deductions during period:
Collections of principal	(28,561)

Foreclosures	(3,641)

Cost of mortgages sold, net	(24,963)

Reclassification from secured borrowing to loans receivable	(1,749)

Other - bad debt expense, net of recoveries	(1,237)		(60,151)


Balance at December 31, 2013		$	236,589

Footnotes:

(1) Includes a loan of $1,172,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.

(2) Includes a loan of $1,225,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.

(3) Includes a loan of $975,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.