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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
December 31, 2024
(dollars in thousands, except footnotes)
Principal
Amount of
Loans Subject
GeographicNumberFinalCarryingto Delinquent
Dispersion ofofSize of LoansMaturityAmount ofPrincipal or
CollateralLoansFromToInterest RateDate Range
Mortgages
“Interest”
SBA 7(a) Loans - States 2% or greater (1) (2):
Ohio 20 $30 $800 9.00%to10.75%07/28/41— 12/12/49$9,294 $— 
Texas20 $20 $840 9.00%to10.75%07/13/34— 03/29/497,406 — 
West Virginia$50 $960 9.00%to10.75%05/07/46— 11/06/493,491 — 
Michigan (3)10 $20 $930 9.00%to10.25%03/27/38— 12/18/483,300 — 
Florida10 $90 $740 9.25%to10.75%06/29/32— 06/27/493,010 — 
Pennsylvania$290 $650 9.50%to10.75%03/05/40— 10/26/492,894 — 
Indiana$100 $920 9.50%to10.50%05/17/41— 08/26/462,052 — 
Louisiana$60 $1,010 9.00%to10.75%11/22/31— 12/07/481,974 — 
Kentucky$60 $430 9.75%to10.75%03/11/33— 05/08/481,600 — 
New York$110 $700 10.00%to10.75%02/11/47— 02/28/501,579 — 
New Mexico$80 $750 9.00%to10.75%11/17/34— 04/19/481,315 — 
California$450 $850 9.25%to9.50%09/27/48— 11/22/491,299 — 
Illinois$10 $280 9.75%to10.75%09/08/39— 10/26/471,246 — 
Mississippi$120 $620 9.75%to10.75%11/04/36— 11/17/491,244 — 
North Carolina$100 $720 9.75%to10.50%11/25/44— 04/25/471,207 — 
Colorado$260 $330 9.00%to10.25%02/17/41— 10/19/491,168 — 
Washington$1,120 $1,120 9.50%to9.50%10/12/48— 10/12/481,125 — 
Other
42 $10 $550 8.75%to10.75%07/27/25— 12/26/4910,183 — 
Government guaranteed portions (4)1,494 — 
SBA 7(a) loans, subject to secured borrowings (5)1,361 — 
Current expected credit losses(2,032)— 
162 $56,210 
(6)
$— 
(1)Includes $1,369,000 of loans with subordinate lien positions.
(2)Interest rates are variable at spreads over the prime rate unless otherwise noted.
(3)Includes a loan with a retained face value of $116,000 and a fixed interest rate of 9.00%.
(4)Represents the government guaranteed portions of the Company’s SBA 7(a) loans detailed above retained by us. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.
(5)Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For Federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable.
(6)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $55.8 million (unaudited).
Schedule IV—Mortgage Loans on Real Estate (Continued)
December 31, 2024
(in thousands)

Year Ended December 31,
20242023
Balance, beginning of period$57,005 $62,547 
Additions during period:
New loans40,255 45,188 
Other - deferral of loan origination costs806 742 
Other - bad debt recovery(352)125 
Other - accretion of loan discounts, net of amortization of deferred origination costs1,397 1,643 
Deductions during period:
Collections of principal(12,484)(16,843)
Cost of mortgages sold, net(30,417)(35,614)
Other - adoption of ASU 2016-13 (1)
— (783)
Other - bad debt expense— — 
Balance, end of period$56,210 $57,005 
(1)Effective January 1, 2023, the Company adopted ASU 2016-13 and recorded a cumulative adjustment of $783,000 representing a non cash transaction.