NETSTREIT Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Schedule IV - Mortgage Loans on Real Estate
| NETSTREIT Corp. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Schedule IV - Mortgage Loans on Real Estate | ||||||||||
| As of December 31, 2024 | ||||||||||
| (Dollars in thousands) | ||||||||||
| Description and Industry | Number of Secured Properties | State | Interest Rate | Final Maturity Date | Periodic Payment Terms (1) | Final Payment Terms | Prior Liens | Outstanding Face Amount of Mortgages | Carrying Amount of Mortgages | Principal amount of loans subject to delinquent principal or interest |
| Fully collateralized mortgage loans: · None | ||||||||||
| Home Improvement | 1 | Oregon | 7.50% | 1/8/2025 | I/O | Balloon of $43.6 million | None | $43,612 | $43,606 | None |
| Convenience Stores | 46 | North Carolina | 9.55% | 3/10/2026 | I/O | Balloon of $41.9 million | None | 41,940 | 41,940 | None |
| Convenience Stores | 3 | North Carolina | 6.89% | 4/10/2026 | I/O | Balloon of $4.1 million | None | 4,132 | 4,067 | None |
| Dollar Stores | 6 | Mississippi and Ohio | 7.98% | 6/10/2025 | I/O | Balloon of $8.4 million | None | 8,408 | 8,408 | None |
| Discount Retail | 1 | Wisconsin | 7.00% | 1/31/2026 | None (2) | Interest + Balloon of $0.8 million | None | 825 | 825 | None |
| Dollar Stores | 7 | Florida | 10.25% | 6/18/2025 | I/O | Balloon of $11.7 million | None | 11,658 | 11,657 | None |
| Quick-Service Restaurant | 1 | Kentucky | 10.25% | 6/22/2025 | I/O | Balloon of $1.3 million | None | 1,296 | 1,296 | None |
| Quick-Service Restaurant | 1 | Florida | 10.25% | 4/26/2025 | I/O | Balloon of $2.1 million | None | 2,095 | 2,095 | None |
| Automotive Service | 1 | Florida | 10.25% | 5/15/2025 | I/O | Balloon of $1.9 million | None | 1,894 | 1,894 | None |
| Quick-Service Restaurant | 1 | Alabama | 10.25% | 7/26/2025 | I/O | Balloon of $2.0 million | None | 2,029 | 2,029 | None |
| Automotive Service | 1 | Tennessee | 10.25% | 8/27/2025 | I/O | Balloon of $1.5 million | None | 1,539 | 1,539 | None |
| Drug Stores & Pharmacies | 1 | Alabama | 7.25% | 7/17/2027 | P+I | Balloon of $4.1 million | None | 4,076 | 4,076 | None |
| Drug Stores & Pharmacies | 1 | New Mexico | 7.25% | 7/17/2027 | P+I | Balloon of $5.2 million | None | 5,221 | 5,221 | None |
| Dollar Stores | 1 | Rhode Island | 13.09% | 1/17/2025 | I/O | Balloon of $1.3 million | None | 1,299 | 1,297 | None |
| Dollar Stores | 1 | Pennsylvania | 7.25% | 9/19/2027 | P+I | Balloon of $1.4 million | None | 1,434 | 1,434 | None |
| Drug Stores & Pharmacies | 1 | Texas | 7.00% | 9/30/2029 | I/O | Balloon of $0.6 million | None | 636 | 636 | None |
| Convenience Stores | 1 | California | 6.50% | 12/23/2029 | I/O | Balloon of $3.3 million | None | 3,284 | 3,284 | None |
| Convenience Stores | 1 | California | 6.50% | 12/23/2029 | I/O | Balloon of $4.1 million | None | 4,105 | 4,105 | None |
| $139,483 | $139,409 | |||||||||
(1) I/O: Interest Only; P+I: Principal and Interest.
(2) Payments of both interest and principal are due at maturity.
The following shows changes in carrying amounts of mortgage loans receivable, net during the years ended December 31, 2024, 2023, and 2022 (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Balance, beginning of year | $114,472 | $46,378 | $— |
| Additions: | |||
| New mortgage loans receivable | 29,722 | 72,399 | 46,316 |
| Other: Increase in mortgage loans receivable in exchange for disposition of real estate | 20,101 | 1,970 | — |
| Other: Increase in existing mortgage loans receivable in exchange for settlement of existing mortgage loan | — | 1,327 | — |
| Capitalized loan origination costs and fees | (45) | 145 | 150 |
| Discount on new mortgage loan receivable | (334) | (155) | — |
| Amortization of discount | 302 | 39 | — |
| Deductions: | |||
| Collections of principal | (24,870) | (1,482) | — |
| Other: Mortgage loans receivable settled in exchange for acquisition of real estate | — | (4,673) | — |
| Other: Mortgage loans receivable settled in refinancing of existing mortgage loans receivable | — | (1,327) | — |
| Amortization of loan origination costs and fees | 61 | (149) | (88) |
| Balance, end of year | $139,409 | $114,472 | $46,378 |
See report of independent registered public accounting firm.
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