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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV
MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2017
(dollars in thousands)

Description
 
Contractual Interest Rate
 
Maturity Date
 
Periodic Payment Terms
 
Prior Liens
 
Principal Balance
 
Book Value (1)
 
Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South Tampa
 
9.8
%
 
2018
 
(2) 
 
$
—

 
$
5,358

 
$
4,342

 
N/A
River Vista
 
10.0

 
2027
 
(3) 
 
—

 
8,008

 
8,008

 
N/A
Construction Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
McKinney
 
8.0

 
2021
 
(4) 
 
—

 
2,453

 
2,499

 
N/A
Arlington
 
8.0

 
2022
 
(4) 
 
—

 
214

 
234

 
N/A
 
 
 
 
 
 
 
 
$
—

 
$
16,033

 
$
15,083

 
 
(1) 
The aggregate cost for federal income tax purposes was $16.2 million as of December 31, 2017.
(2) 
Interest and principal is due monthly with a balloon payment at the maturity date.
(3) 
Interest is due monthly, and principal is due at the maturity date.
(4) 
Interest and principal for the first 36 months is deferred and due at the maturity date. Interest after the first 36 months is due monthly.



Changes in mortgage loans are summarized as follows:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Balance at the beginning of the year
 
$
39,026

 
$
241,038

 
$
209,275

Additions during period:
 
 
 
 
 
 
Draws
 
1,738

 
—

 
8,713

New mortgage loans
 
12,987

 
3,767

 
20,411

Interest income added to principal
 
539

 
690

 
2,639

Deductions during period:
 
 
 
 
 
 
Paydowns/repayments
 
(14,570
)
 
(193,075
)
 
—

Conversion to real property
 
(19,085
)
 
(10,100
)
 
—

Write-offs (1)
 
(4,602
)
 
(3,294
)
 
—

Balance at the end of the year
 
$
16,033

 
$
39,026

 
$
241,038

(1) 
During the year ended December 31, 2017, the Company wrote off uncollectible amounts related to one mortgage loan that was repaid. During the year ended December 31, 2016, the Company wrote off amounts in excess of the fair value upon conversion of one mortgage loan to real property.