Annual report pursuant to Section 13 and 15(d)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Notes)

v3.3.1.900
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Notes)
12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
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