| 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 |
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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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8.52% |
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6/15/2019 |
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$ |
— |
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None |
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$ |
1,300,000 |
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$ |
1,300,000 |
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$ |
— |
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Total |
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$ |
1,300,000 |
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$ |
1,300,000 |
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$ |
— |
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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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2018 |
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2017 |
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2016 |
Beginning balance |
$ |
1,500,000 |
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$ |
1,500,000 |
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$ |
6,877,021 |
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Additions: |
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New loans |
— |
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— |
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100,000 |
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Interest receivable(1)
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— |
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— |
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(95,114 |
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Total Additions |
$ |
— |
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$ |
— |
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$ |
4,886 |
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Deductions: |
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Principal repayments(2)
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$ |
236,867 |
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$ |
— |
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$ |
— |
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Foreclosures |
— |
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— |
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1,857,000 |
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Amortization of deferred costs |
— |
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— |
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(2,025 |
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Principal, Interest and Deferred Costs Write (Up) Down(2)(3)
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(36,867 |
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— |
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3,526,932 |
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Total deductions |
$ |
200,000 |
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$ |
— |
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$ |
5,381,907 |
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Ending balance |
$ |
1,300,000 |
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$ |
1,500,000 |
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$ |
1,500,000 |
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(1) In 2016, $100 thousand of interest receivable on the SWD Enterprises REIT note was converted to principal. |
(2) In 2018, Four Wood Corridor and Compass SWD executed a $1.3 million loan agreement and Compass SWD paid approximately $237 thousand in cash for assets secured by the previous $1.5 million loans. As a result, SWD Enterprises was released from the terms of its loans, and the Company recognized a provision for loan gain of $37 thousand in the Consolidated Statements of Income. Refer to Note 5 ("Financing Notes Receivable") for further details. |
(3) For 2016, the amount of provision for loan loss on the Consolidated Statements of Income 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. |
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