Note 4 - Loan to Affiliate

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

4.

      

Loan to Affiliate

On

March 19, 2019,

the Company, together with certain other Lenders, entered into a loan agreement (the “Loan Agreement”) with HC Realty's operating partnership, and HCM Agency, LLC, as collateral agent (the “Agent”), pursuant to which the Lenders provided HC Realty's operating partnership with a

$10,500,000

senior secured term loan (the “Initial Term Loan”), of which

$2,000,000

was provided by the Company.

The Loan Agreement was to mature on

March 19, 2022. 

Interest on the Loan Agreement accrued at a rate of

14%

per annum. 

On

August 14, 2020,

pursuant to the terms of the Loan Agreement, HC Realty's operating partnership repaid the loan in full, including all accrued interest and make whole interest. Interest earned for the years ended

December 31, 2020

and

2019

was

$204,000

and

$223,000,

respectively.