| 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 (2)
|
|
Prior Liens |
|
Face Value |
|
Carrying Amount of Mortgage |
|
Principal Amount of Loans Subject to Delinquent Principal or Interest |
First Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campbell County - Wyoming (Reed, Gillette, Lemay) |
|
12.00% |
(1 |
) |
3/31/2024 |
|
$ |
— |
|
|
None |
|
$ |
12,000,000 |
|
|
$ |
1,857,000 |
|
(3 |
) |
$ |
12,000,000 |
|
Billings, Dunn, and McKenzie Counties, North Dakota (Morlock Well) |
|
12.00% |
|
12/31/2024 |
|
$ |
40,000 |
|
|
None |
|
4,000,000 |
|
|
3,993,376 |
|
|
— |
|
Second Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campbell County - Wyoming (Reed, Gillette, Lemay) |
|
12.00% |
(1 |
) |
3/31/2024 |
|
$ |
— |
|
|
None |
|
3,300,000 |
|
|
— |
|
(3 |
) |
3,300,000 |
|
Billings, Dunn, and McKenzie Counties, North Dakota (Morlock Well) |
|
13.00% |
|
12/31/2024 |
|
$ |
10,833 |
|
|
None |
|
1,000,000 |
|
|
1,026,645 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
$ |
20,300,000 |
|
|
$ |
6,877,021 |
|
|
$ |
15,300,000 |
|
|
(1) Interest rate increases by 2% of the previous year's rate.
(2) Equal monthly installments comprised of interest.
(3) Due to decreased economic activity, a provision for loan loss was recorded for these loans. See Note 6 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, |
|
|
2015 |
|
2014 |
|
2013 |
Beginning balance |
|
$ |
20,435,170 |
|
|
$ |
— |
|
|
$ |
— |
|
Additions: |
|
|
|
|
|
|
New loans |
|
— |
|
|
20,300,000 |
|
|
— |
|
Net deferred costs |
|
(8,211 |
) |
|
(86,508 |
) |
|
— |
|
Interest receivable |
|
302,395 |
|
|
220,349 |
|
|
— |
|
Total Additions |
|
$ |
294,184 |
|
|
$ |
20,433,841 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Deductions: |
|
|
|
|
|
|
Principal repayments |
|
$ |
100,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Amortization of deferred costs |
|
(6,804 |
) |
|
1,329 |
|
|
— |
|
Principal, Interest and Deferred Costs Write Down 1
|
|
$ |
13,759,137 |
|
|
$ |
— |
|
|
$ |
— |
|
Total deductions |
|
$ |
13,852,333 |
|
|
$ |
1,329 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Ending balance |
|
$ |
6,877,021 |
|
|
$ |
20,435,170 |
|
|
$ |
— |
|
|
(1) This amount relates to the amounts written down relating to the Mortgage Loans. The amount of provision for loan loss on the Income Statement has an extra $25,000 that relates to a write down of a prepaid asset relating to Black Bison
|
|