Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2024

Schedule IV – Mortgage Loans on Real Estate

As of December 31, 2024


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 / FL	S+3.05%	2027	I/O	$	—	$	51,375,000	$	51,279,457
Borrower B	Multifamily / SC	S+3.35%	2027	I/O	—		31,876,244		31,378,461
Borrower C	Multifamily / TX	S+3.90%	2027	I/O	—		31,602,807		31,244,690
Senior Loans less than 3% of the carrying amount of total loans
Senior Loan	Multifamily / Diversified	S+3.25% - 4.15%	2025 - 2030	I/O	—		868,542,095		854,121,493
Senior Loan	Healthcare/ Diversified	S+4.00%	2025 - 2026	I/O	—		76,100,000		74,738,419
Borrower B	Self-Storage / NY	S+3.60%	2027	I/O	—		6,067,500		6,040,558
Total senior loans					$	—	$	1,065,563,646	$	1,048,803,078

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

(2)S = 30-day term SOFR 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:


	2024		2023
Balance at January 1,	$	1,383,881,197	$	1,071,889,518
Additions during period:
Mortgage loans purchased	58,423,744		594,201,680
Deductions during period
Mortgage loan repayments	(391,025,468)		(277,481,511)
Origination and other loan fees	(1,487,623)		—
Accretion of purchase discount	3,534,649		1,070,701
Amortization of purchase premium	—		(19,253)
Accretion of deferred loan fees	737,793		292,073
Cumulative-effect adjustment upon adoption of ASU 2016-13	—		(3,549,501)
Provision for credit losses	(5,261,214)		(2,522,510)
Balance at December 31,	$	1,048,803,078	$	1,383,881,197