| SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - CorEnergy Infrastructure Trust, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Interest Rate |
|
Final Maturity |
|
Monthly Payment Amount |
|
Prior Liens |
|
Face Value |
|
Carrying Amount of Mortgage |
|
Principal Amount of Loans Subject to Delinquent Principal or Interest |
First Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billings, Dunn, and McKenzie Counties, North Dakota (Morlock Well) |
|
10.00% |
|
6/30/2026 |
|
$ |
33,333 |
|
|
None |
|
4,000,000 |
|
|
1,500,000 |
|
(1) |
4,000,000 |
|
Second Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billings, Dunn, and McKenzie Counties, North Dakota (Morlock Well) |
|
13.00% |
|
12/31/2024 |
|
$ |
10,833 |
|
|
None |
|
1,000,000 |
|
|
— |
|
(1) |
1,000,000 |
|
|
|
|
|
|
|
|
|
|
|
$ |
5,000,000 |
|
|
$ |
1,500,000 |
|
|
$ |
5,000,000 |
|
(1) Due to decreased economic activity, a provision for loan loss was recorded for these loans. See Note 4 for further information. |
NOTES TO SCHEDULE IV - CONSOLIDATED MORTGAGE LOANS ON REAL ESTATE
Reconciliation of Mortgage Loans on Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Beginning balance |
|
$ |
6,877,021 |
|
|
$ |
20,435,170 |
|
|
$ |
— |
|
Additions: |
|
|
|
|
|
|
New loans |
|
100,000 |
|
|
— |
|
|
20,300,000 |
|
Net deferred costs |
|
— |
|
|
(8,211 |
) |
|
(86,508 |
) |
Interest receivable (1)
|
|
(95,114 |
) |
|
302,395 |
|
|
220,349 |
|
Total Additions |
|
$ |
4,886 |
|
|
$ |
294,184 |
|
|
$ |
20,433,841 |
|
|
|
|
|
|
|
|
Deductions: |
|
|
|
|
|
|
Principal repayments |
|
$ |
— |
|
|
$ |
100,000 |
|
|
$ |
— |
|
Foreclosures |
|
1,857,000 |
|
|
|
|
|
Amortization of deferred costs |
|
(2,025 |
) |
|
(6,804 |
) |
|
(1,329 |
) |
Principal, Interest and Deferred Costs Write Down (2)
|
|
3,526,932 |
|
|
13,759,137 |
|
|
$ |
— |
|
Total deductions |
|
$ |
5,381,907 |
|
|
$ |
13,852,333 |
|
|
$ |
(1,329 |
) |
|
|
|
|
|
|
|
Ending balance |
|
$ |
1,500,000 |
|
|
$ |
6,877,021 |
|
|
$ |
20,435,170 |
|
(1) In 2016, $100 thousand of interest receivable on the SWD Enterprises REIT note was converted to principal. |
(2) For 2016, the amount of provision for loan loss on the income statement also includes (a) $656 thousand of loan losses not related to mortgage loans and (b) $832 thousand of losses associated with the foreclosure and sale of Black Bison. For 2015, the amount of provision for loan loss on the Income Statement includes $25 thousand that relates to a write down of a prepaid asset relating to the Black Bison loans. |
|