LTC PROPERTIES INC
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
LTC$44.47-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule IV—Mortgage Loans on Real Estate
SCHEDULE IV
MORTGAGE LOANS RECEIVABLE ON REAL ESTATE
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · · · · · · · · · · · · Principal | ||||||||||||||||||||||||
| · · · · · · · · · · · · · · · · · · · · · · Amount of | ||||||||||||||||||||||||
| · · · · · · · · · · · · · · · · · · · Carrying · · Loans | ||||||||||||||||||||||||
| · · · · · · · · · · · · · Current · · · · · Amount of · · Subject to | ||||||||||||||||||||||||
| · · (Unaudited) · · · · · · · · · Monthly · · Face · · Mortgages · · Delinquent | ||||||||||||||||||||||||
| · · Number of · · · · Final · · Balloon · · Debt · · Amount of · · December 31, · · Principal or | ||||||||||||||||||||||||
| State · · Properties · · Units/Beds (1) · · Interest Rate (2) · · Maturity Date · · Amount (3) · · Service · · Mortgages · · 2024 · · Interest | ||||||||||||||||||||||||
| FL | | 1 | | 112 | | 7.80% | | 2025 | | $16,706 | | $109 | | $16,706 | | $16,539 | | $— | | |||||
| FL | | 2 | | 92 | | 8.80% | | 2025 | | | 4,000 | | | 30 | | | 4,000 | | | 3,960 | | | — | |
| IL | | 1 | | 150 | | 8.80% | | 2028 | | | 16,500 | | | 122 | | | 16,500 | | | 16,335 | | | — | |
| MI | | 1 | | 85 | | 8.80% | | 2026 | | | 12,753 | | | 118 | | | 12,753 | | | 12,625 | | | — | |
| MI | | 14 | | 1,749 | | 11.10% | | 2043 | | | 170,733 | | | 1,664 | | | 190,214 | | | 178,899 | | | — | |
| MI | 4 | 480 | | 10.00% | | 2045 | | 36,650 | | 332 | | 40,480 | | 39,402 | | — | | |||||||
| MI | | 2 | | 201 | | 10.30% | | 2045 | | | 19,700 | | | 169 | | | 19,750 | | | 19,503 | | | — | |
| MI | 1 | 146 | | 10.50% | | 2045 | | 14,325 | | 130 | | 15,000 | | 14,677 | | — | | |||||||
| NC | | 1 | | 45 | | 7.30% | | 2025 | | | 10,750 | | | 66 | | | 10,750 | | | 10,643 | | | — | |
| | 27 | (4) | 3,060 | | | | | | $302,117 | | $2,740 | | $326,153 | | $312,583 | | $— | | ||||||
| (1) | This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. |
| (2) | Represents current stated interest rate. Generally, the loans have principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. |
| (3) | Balloon payment is due upon maturity. |
| (4) | Includes 9 first-lien mortgage loans presented on the table below and excludes a commitment to fund a $26,120 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%. |
| | | | | |
|---|---|---|---|---|
| Number of Loans · Original loan amounts | ||||
| 0 | | | $ 500 - $2,000 | |
| 0 | | | $2,001 - $3,000 | |
| 1 | | | $3,001 - $4,000 | |
| 0 | | | $4,001 - $5,000 | |
| 0 | | | $5,001 - $6,000 | |
| 0 | | | $6,001 - $7,000 | |
| 8 | | | $7,001 + | |
Mortgage loans receivable activity for the years ended December 31, 2024, 2023 and 2022 is as follows:
| | | | |
|---|---|---|---|
| | | | |
| Balance— December 31, 2021 | $344,442 | ||
| New mortgage loans | | 31,965 | |
| Other additions | | 8,767 | |
| Application of interest reserve | | | 6,192 |
| Amortization of mortgage premium | | (6) | |
| Collections of principal | | (1,175) | |
| Foreclosures | | — | |
| Loan loss reserve | | (457) | |
| Other deductions | | — | |
| Balance— December 31, 2022 | | 389,728 | |
| New mortgage loans | | 92,111 | |
| Other additions | | 4,947 | |
| Application of interest reserve | | | 1,722 |
| Amortization of mortgage premium | | (7) | |
| Collections of principal | | (10,351) | |
| Foreclosures | | — | |
| Loan loss reserve | | (884) | |
| Other deductions | | — | |
| Balance— December 31, 2023 | | 477,266 | |
| New mortgage loans | | 12,753 | |
| Other additions | | 9,080 | |
| Application of interest reserve | | | 169 |
| Amortization of mortgage premium | | (8) | |
| Collections of principal | | (188,340) | |
| Foreclosures | | — | |
| Loan loss reserve | | 1,663 | |
| Other deductions | | — | |
| Balance— December 31, 2024 | | $312,583 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.