SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

December 31, 2023

(in thousands)

Description	Effective Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2023 (1)			Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan	6.00%	4/1/2020	Interest only		—	$	17,810	$	17,801		$	17,801
Mezzanine Loan	9.25%	1/9/2024	Interest only		—		54,000		54,000			—
First Mortgage Loan	6.56%	9/17/2024	Interest only		—		43,000		42,000			—
Other	6.50%	9/27/2024	Interest only		—		1,427		1,427			—
Other	4.65%	4/12/2026	Interest only		—		6,000		6,000			—
Mezzanine Loan	8.00%	12/11/2027	Interest only		—		5,000		5,000			—
Total						$	127,237		126,228		$	17,801
Allowance for credit loss									(1,279	)
Net carrying amount of notes receivable								$	124,949

Notes:

(1)The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower.

The following table reconciles the activity for loans on real estate from January 1, 2021 to December 31, 2023 (in thousands):

	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2023			2022			2021
Balance at beginning of year	$	124,801		$	159,638		$	102,100
Additions		1,427			—			58,000
Repayments		—			(29,531	)		—
Conversion of OP Units		—			—			(462	)
Conversion to real estate through receipt of deed or through foreclosure		—			(5,306	)		—
Total	$	126,228		$	124,801		$	159,638
Allowance for credit loss		(1,279	)		(898	)		(5,752	)
Balance at end of year	$	124,949		$	123,903		$	153,886