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

December 31, 2024

(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, 2024 (a)	Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan	6.00%	4/1/2020	Interest only	—	$17,810	$17,810	$17,810
Mezzanine Loan (b)	9.75%	1/9/2025	Interest only	—	54,000	54,000	—
First Mortgage Loan	6.74%	9/17/2025	Interest only	—	43,000	42,000	—
Other	6.50%	7/31/2025	Interest only	—	2,147	2,147	—
Mezzanine Loan	10.00%	12/11/2027	Interest only	—	5,000	5,000	—
Mezzanine Loan	12.00%	12/31/2025	Interest only	—	7,631	7,631	—
Total					$129,588	128,588	$17,810
Allowance for credit loss						(2,004)
Net carrying amount of notes receivable						$126,584

(a)The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2024.

(b)In January 2025, the maturity date on the mezzanine loan was extended to February 25, 2025.

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, 2022 to December 31, 2024 (in thousands):

	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	126,228		$	124,801		$	159,638
Additions		8,360			1,427			-
Repayments		(6,000	)		—			(29,531	)
Conversion of OP Units		—			—			—
Conversion to real estate through receipt of deed or through foreclosure		—			—			(5,306	)
Total	$	128,588		$	126,228		$	124,801
Allowance for credit loss		(2,004	)		(1,279	)		(898	)
Balance at end of year	$	126,584		$	124,949		$	123,903