Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2021


Type of Loan/Borrower Senior Mortgage Loans(1)	Description/Location	Interest(2) Payment Rates	Extended Maturity Date(3)	Periodic Payment Terms(4)	Prior Liens(5)		Unpaid Principal Balance		Carrying Amount of Loans
Senior Loans in excess of 3% of the carrying amount of total loans
Borrower A	Multifamily /VA	L+4.30%	2024	I/O	$	—	$	36,781,588	$	36,781,588
Borrower B	Multifamily / NJ	L+4.05%	2026	I/O	—		34,690,000		34,690,000
Borrower C	Multifamily / GA	L+3.25%	2024	I/O	—		33,500,000		33,500,000
Borrower D	Multifamily / TN	L+3.65%	2026	I/O	—		33,360,000		33,360,000
Borrower E	Multifamily /FL	L+2.75%	2026	I/O	—		30,576,666		30,576,666
Senior Loans less than 3% of the carrying amount of total loans
Senior Loan	Multifamily / Diversified	L+2.90% - 7.50%	2022 - 2027	I/O	$	—	$	752,255,325	$	752,272,465
Senior Loan	Office / IL	L+3.75%	2023	I/O	—		11,748,199		11,748,199
Senior Loan	Retail / TX	L+4.10%	2023	I/O	—		17,172,623		17,172,623
Senior Loan	Self-Storage / Diversified	L+3.60% - 4.75%	2024 - 2025	I/O	—		51,785,593		51,723,753
Total senior loans					$	—	$	1,001,869,994	$	1,001,825,294

(1)Includes senior mortgage loans and pari passu participations in senior mortgage loans.

(2)L = one-month LIBOR rate

(3)Extended maturity date assumes all extension options are exercised

(4)I/O = interest only

(5)Represents only third party liens

1.Reconciliation of Mortgage Loans on Real Estate

The following table reconciles activity regarding mortgage loans on real estate for the years ended:


	2021		2020
Balance at January 1,	$	547,345,334	$	635,260,420
Additions during period:
Mortgage loans purchased	983,694,326		57,601,572
Deductions during period
Mortgage loan repayments	(528,802,705)		(145,516,658)
Accretion of purchase discount	$	46,088	$	—
Amortization of purchase premium	$	(457,749)	$	—
Balance at December 31,	$	1,001,825,294	$	547,345,334