Schedule IV: Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2024

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

(in thousands)

Location	Segment	Interest Rate		Fixed / Variable	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages		Principal Amount Subject to Delinquent Principal or Interest
First mortgages relating to 61 properties:
Multiple	Other	6.00	%	Fixed	7/19/2026(1)	Interest only	$	—	$	418,389	$	399,209	$	—
First mortgages relating to 5 properties:
Multiple	Other	Greater of 9.00% or 4.00% + (SOFR + 10 bps)		Variable	8/1/2027	Interest only	—		58,090		57,177		—
First mortgages relating to 10 properties:
Multiple	Other	Greater of 12.00% or 7.00% + (SOFR + 11 bps)		Variable	1/21/2025(2)	Interest only	—		48,000		47,911		—
Construction loan relating to one property:
Arizona	Other	7.47	%	Fixed	2/6/2027(3)	(4)	—		25,654		23,528		—
Other construction loans each individually less than 3% of total carrying amount:
Various(5)	Other	7.57% to 7.84%		Fixed	12/31/2026 to 7/19/2027	(4)	—		21,238		20,135		—
First mortgages relating to one property:
Alabama	Other	10.00	%	Fixed	1/12/2025(6)	(4)	—		35,350		34,592		—
Other first mortgages each individually less than 3% of total carrying amount:
Various(7)	Other	7.00% to 10.00%		Fixed	6/30/2025 to 12/20/2028(8)	(9)	—		31,761		30,232		—
							$	—	$	638,482	$	612,784	$	—

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(1)This loan includes options to extend the maturity date to July 19, 2028.

(2)In January 2025, the Company received full repayment of the outstanding balance of this secured loan (see Note 8 to the Consolidated Financial Statements for additional information).

(3)This loan includes an option to extend the maturity date to May 5, 2028.

(4)A portion of interest is due monthly with remaining interest added to the outstanding principal balance.

(5)Includes various construction loans each related to one property in Arizona and Texas. In January 2025, the Company received full repayment of the $15 million outstanding balance of a construction loan in Texas (see Note 8 to the Consolidated Financial Statements for additional information).

(6)In January 2025, the maturity date of this loan was extended to July 12, 2025.

(7)Includes various first mortgages each related to one property in Arizona, Florida, Georgia, Texas, and Wisconsin.

(8)This loan includes an option to extend the maturity date to December 20, 2029.

(9)Includes both (i) loans that are interest only or (ii) loans in which a portion of interest is due monthly with remaining interest added to the outstanding principal balance.

	Year Ended December 31,
	2024		2023		2022
Reconciliation of mortgage loans
Balance at beginning of year	$	175,717	$	341,749	$	390,291
Additions:
New mortgage loans	486,667		—		—
Draws and additions to existing mortgage loans	30,745		11,602		5,525
Total additions	517,412		11,602		5,525
Deductions:
Principal repayments	(77,643)		(183,084)		(47,591)
Recoveries (reserves) for loan losses(1)	(2,702)		5,450		(6,476)
Total deductions	(80,345)		(177,634)		(54,067)
Balance at end of year	$	612,784	$	175,717	$	341,749

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(1)Excludes reserves and recoveries for expected loan losses associated with unfunded loan commitments which are included in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.