| SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - CorEnergy Infrastructure Trust, Inc.
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Description |
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Interest Rate |
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Final Maturity |
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Monthly Payment Amount (2)
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Prior Liens |
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Face Value |
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Carrying Amount of Mortgage |
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Principal Amount of Loans Subject to Delinquent Principal or Interest |
First Mortgages |
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Billings, Dunn and McKenzie Counties, North Dakota (Morlock Well) |
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10.00% |
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6/30/2026 |
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$ |
33,333 |
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None |
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$ |
4,000,000 |
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$ |
1,500,000 |
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(1) |
$ |
4,000,000 |
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Second Mortgages |
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Billings, Dunn and McKenzie Counties, North Dakota (Morlock Well) |
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13.00% |
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12/31/2024 |
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$ |
10,833 |
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None |
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1,000,000 |
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— |
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(1) |
1,000,000 |
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$ |
5,000,000 |
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$ |
1,500,000 |
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$ |
5,000,000 |
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(1) Due to decreased economic activity, a provision for loan loss was recorded for these loans. See Note 4 ("Financing Notes Receivable") for further information. |
(2) Loans currently in forbearance period and on non-accrual status. |
NOTES TO SCHEDULE IV - CONSOLIDATED MORTGAGE LOANS ON REAL ESTATE
Reconciliation of Mortgage Loans on Real Estate
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For the Years Ended December 31, |
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2017 |
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2016 |
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2015 |
Beginning balance |
$ |
1,500,000 |
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$ |
6,877,021 |
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$ |
20,435,170 |
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Additions: |
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New loans |
— |
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100,000 |
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— |
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Net deferred costs |
— |
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— |
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(8,211 |
) |
Interest receivable (1)
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— |
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(95,114 |
) |
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302,395 |
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Total Additions |
$ |
— |
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$ |
4,886 |
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$ |
294,184 |
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Deductions: |
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Principal repayments |
$ |
— |
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$ |
— |
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$ |
100,000 |
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Foreclosures |
— |
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1,857,000 |
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— |
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Amortization of deferred costs |
— |
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(2,025 |
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(6,804 |
) |
Principal, Interest and Deferred Costs Write Down (2)
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— |
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3,526,932 |
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13,759,137 |
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Total deductions |
$ |
— |
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$ |
5,381,907 |
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$ |
13,852,333 |
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Ending balance |
$ |
1,500,000 |
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$ |
1,500,000 |
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$ |
6,877,021 |
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(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. |
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