Quarterly report pursuant to Section 13 or 15(d)

Mortgages Receivable (Tables)

v3.23.1
Mortgages Receivable (Tables)
3 Months Ended
Mar. 31, 2023
Mortgages Receivable  
Summary of the activity in the CECL Allowance from adoption on January 1, 2023

CECL Allowance

Provision for

CECL

as of December

Adoption of ASU

CECL

Allowance as of

(dollars in thousands)

    

31, 2022(1)

    

2016-13 (2)

    

Charge-offs

    

Allowance

    

March 31, 2023

Geographical Location

New England

$

105

$

1,302

$

$

3

$

1,410

West

 

 

7

 

 

 

7

South

 

 

402

 

 

56

 

458

Mid-Atlantic

 

 

210

 

 

(3)

 

207

Total

$

105

$

1,921

$

$

56

$

2,082

    

March 31, 2023

    

December 31, 2022

 

(dollars in thousands)

    

Carrying Value

    

% of Portfolio

    

Carrying Value

    

% of Portfolio

Geographical Location

New England

$

226,026

 

47.23

%

$

225,603

 

48.97

%

West

 

3,150

 

0.66

%

 

3,150

 

0.68

%

South

 

154,662

 

32.32

%

 

135,857

 

29.49

%

Mid-Atlantic

 

94,713

 

19.79

%

 

96,128

 

20.86

%

Total

478,551

 

100.00

%

460,738

 

100.00

%

Less, CECL Allowance

 

2,082

 

105

Carrying value, net

$

476,469

 

$

460,633

    

March 31, 2023

    

December 31, 2022

 

Outstanding

Outstanding

(dollars in thousands)

    

Principal

    

% of Portfolio

    

Principal

    

% of Portfolio

 

Property Type

 

Residential

$

217,734

 

45.50

%  

$

229,944

 

49.91

%

Commercial

 

167,814

 

35.07

%  

 

154,929

 

33.63

%

Land

 

63,515

 

13.27

%  

 

46,499

 

10.09

%

Mixed use

 

29,488

 

6.16

%  

 

29,366

 

6.37

%

Total

478,551

 

100.00

%  

460,738

 

100.00

%

Less, CECL Allowance

 

2,082

 

 

105

 

  

Carrying value, net

$

476,469

$

460,633

 

  

Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated

March 31, 2023

Year Originated(1)

Carrying

% of

FICO Score (2) (dollars in thousands)

    

Value

    

Portfolio

    

2023

2022

2021

2020

    

Prior

 

Under 500

 

$

443

 

0.09

%

$

 

$

 

$

 

$

 

$

443

501-550

 

4,637

 

0.97

%

 

 

1,779

 

49

 

2,809

551-600

 

10,806

 

2.26

%

 

2,678

 

5,073

 

700

 

2,355

601-650

 

40,514

 

8.47

%

2,693

 

19,205

 

7,238

 

6,333

 

5,045

651-700

 

90,868

 

18.99

%

6,784

 

32,306

 

34,570

 

7,113

 

10,095

701-750

 

177,295

 

37.04

%

15,961

 

54,823

 

91,255

 

8,477

 

6,779

751-800

 

138,329

 

28.91

%

3,231

 

75,055

 

48,163

 

9,997

 

1,883

801-850

 

15,659

 

3.27

%

 

15,035

 

 

359

 

265

Total

 

478,551

 

100.00

%

$

28,669

 

$

199,102

 

$

188.078

 

$

33,028

 

$

29,674

Less, CECL Allowance

 

2,082

Carrying value, net

 

$

476,469

(1)

Represents the year of origination or amendment where the loan was subject to a full re-underwriting.

(2)

The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis.

December 31, 2022

Year Originated(1)

Carrying

% of

FICO Score (2) (dollars in thousands)

    

Value

    

Portfolio

    

2022

    

2021

    

2020

    

2019

    

Prior

 

Under 500

 

$

629

 

0.14

%

$

 

$

 

$

185

 

$

235

 

$

209

501-550

 

4,786

 

1.04

%

 

1,779

 

87

 

803

 

2,117

551-600

 

15,977

 

3.47

%

3,061

 

8,256

 

1,836

 

1,357

 

1,467

601-650

 

40,349

 

8.76

%

21,382

 

7,474

 

6,273

 

1,547

 

3,673

651-700

 

84,085

 

18.25

%

33,832

 

31,342

 

7,398

 

5,269

 

6,244

701-750

 

174,347

 

37.83

%

65,190

 

90,524

 

11,892

 

5,527

 

1,214

751-800

 

125,347

 

27.21

%

68,826

 

45,038

 

9,470

 

1,640

 

373

801-850

 

15,218

 

3.30

%

14,554

 

 

399

 

 

265

Total

 

460,738

 

100.00

%

$

206,845

 

$

184,413

 

$

37,540

 

$

16,378

 

$

16,562

Less, CECL Allowance

 

105

Carrying value, net

 

$

460,633

(1)

Represents the year of origination or amendment where the loan was subject to a full re-underwriting.

(2)

The FICO Scores are calculated at the inception of a loan and are updated if the loan is modified or on an as needed basis.

Schedule of maturities of Mortgages receivable

    

As of March 31, 2023

    

As of December 31, 2022

2023 and prior

$

300,437,227

$

372,964,665

2024

 

163,582,069

 

85,968,294

2025

 

14,428,471

 

1,699,500

2026

 

 

2027

Thereafter

103,356

105,809

Total

478,551,123

460,738,268

Less, CECL Allowance

2,081,659

105,000

Total

$

476,469,464

$

460,633,268