| 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(1)
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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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8.50% |
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11/30/2024 |
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$ |
10,833 |
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None |
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$ |
1,300,000 |
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$ |
1,209,736 |
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$ |
— |
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| Total |
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$ |
1,300,000 |
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$ |
1,209,736 |
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$ |
— |
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(1) The interest rate is 8.50% through May 31, 2021 and increases to 12.00% on June 1, 2021 through maturity. |
(2) During 2020, the monthly principal payment was $10,833 through April 30, 2020 and interest only through the remainder of the year. The monthly principal payment is $10,833 from January 31, 2021 through May 31, 2021, $16,250 from June 30, 2021 through May 31, 2022, $24,375 from June 30, 2022 through May 31, 2023, $35,509 from June 30, 2023 through October 30, 2024 and $46,347 upon maturity on November 30, 2024. |
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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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2020 |
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2019 |
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2018 |
| Beginning balance |
$ |
1,235,000 |
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$ |
1,300,000 |
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$ |
1,500,000 |
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| Additions: |
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| New loans |
— |
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— |
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— |
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| Interest receivable |
18,069 |
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— |
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— |
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| Total Additions |
$ |
18,069 |
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$ |
— |
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$ |
— |
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| Deductions: |
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Principal repayments(1)
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$ |
43,333 |
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$ |
65,000 |
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$ |
236,867 |
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| Foreclosures |
— |
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— |
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— |
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| Amortization of deferred costs |
— |
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— |
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— |
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Principal, Interest and Deferred Costs Write Up(1)
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— |
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— |
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(36,867) |
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| Total deductions |
$ |
43,333 |
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$ |
65,000 |
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$ |
200,000 |
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| Ending balance |
$ |
1,209,736 |
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$ |
1,235,000 |
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$ |
1,300,000 |
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(1) 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 Operations. Refer to Note 5 ("Financing Notes Receivable") for further details. |
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