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SPECIALTY TRUST, INC. AND SUBSIDIARIES
EXHIBIT 11.1
Schedule IV MORTGAGE LOANS ON REAL ESTATE
MORTGAGE LOAN ROLLFORWARD Balance at January 1, 2002
    
    $
    73,331,659Additions during the periodNew mortgage loans
    
    
    70,661,266Refinanced Loans from REO
    
    
    1,035,900Deductions during the periodForeclosures
    
    
    (1,883,000
    )Collections of principal
    
    
    (46,900,431
    )Balance at December 31, 2002
    
    $
    96,245,394Additions during the periodNew mortgage loans
    
    
    86,070,061Deductions during the periodForeclosures
    
    
    (10,224,992
    )Collections of principal
    
    
    (76,480,299
    )Balance at December 31, 2003
    
    $
    95,610,164Additions during the periodNew mortgage loans
    
    
    113,365,118Deductions during the periodForeclosures
    
    
    (2,378,989
    )Collections of principal
    
    
    (112,002,597
    )Balance at December 31, 2004
    
    $
    94,593,696
 See
accompanying report of independent registered public accounting firm. 93




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SPECIALTY TRUST, INC. AND SUBSIDIARIES
EXHIBIT 11.1
Schedule IV MORTGAGE LOANS ON REAL ESTATE
December 31, 2004 Mortgage Loans by Type of Property Original
    
    
    Carrying
    
    
    
    
    
    
    Principal Amount
    
    
    AccruedType of
    
    Interest
    
    
    Loan
    
    
    Amount of
    
    
    Maturity
    
    
    Subject to
    
    
    Interest
    
    
    InterestLoan
    
    Rate
    
    
    Amount*
    
    
    Mortgages
    
    
    Dates
    
    
    Delinquency
    
    
    Receivable
    
    
    IncomeResidential Land
    
    
    12.50-13.00
    %
    
    $
    62,475,176
    
    
    $
    27,130,822
    
    
    
    4/05-12/06
    
    
    $
    
    
    
    $
    293,478
    
    
    $
    890,907Construction
    
    
    12.50-13.00
    %
    
    
    29,965,000
    
    
    
    24,455,450
    
    
    
    11/04-1/07
    
    
    
    5,335,000
    
    
    
    210,312
    
    
    
    1,783,075Commercial Land
    
    
    12.25-13.00
    %
    
    
    14,209,500
    
    
    
    14,209,500
    
    
    
    1/05 -2/06
    
    
    
    
    
    
    
    151,557
    
    
    
    1,826,188Other
    
    
    12.25% - 17.50
    %
    
    
    28,797,924
    
    
    
    28,797,924
    
    
    
    8/05-01/07
    
    
    
    
    
    
    
    519,702
    
    
    
    922,334$
    135,447,600
    
    
    $
    94,593,696
    
    
    
    
    
    
    $
    5,335,000
    
    
    $
    1,175,049
    
    
    
    5,422,504Loans paid off during 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,363,697Loan point amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    90,091$
    11,876,292
 Mortgage Loans by Lien Position PrincipalOriginal
    
    
    Carrying
    
    
    
    
    
    
    AmountLien
    
    Interest
    
    
    Loan
    
    
    Amount of
    
    
    Maturity
    
    
    Subject toPosition
    
    Rate
    
    
    Amount*
    
    
    Mortgages
    
    
    Dates
    
    
    Delinquency1st ^
    
    
    12.25-17.50
    %
    
    $
    108,362,600
    
    
    $
    85,334,696
    
    
    
    11/04-1/07
    
    
    $
    5,100,0002nd
    
    
    12.50-13.00
    %
    
    
    27,085,000
    
    
    
    9,259,000
    
    
    
    4/05-11/06
    
    
    
    235,000$
    135,447,600
    
    
    $
    94,593,696
    
    
    
    
    
    
    $
    5,335,000
   *
    
    Original loan amount includes future commitments on behalf of all investors of $3,647,385 at
December 31, 2004^
    
    Includes loans totaling $13,050,000 that are secured by the first priority in a pledged
partnership interest. See
accompanying report of independent registered public accounting firm. 94




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##### 



SPECIALTY TRUST, INC. AND SUBSIDIARIES
EXHIBIT 11.1
Schedule IV Amount of Loan PrincipalFinal
    
    
    Original
    
    
    Carrying
    
    
    AmountAmount of
    
    Interest
    
    
    Maturity
    
    
    Loan
    
    
    Amount of
    
    
    Subject toLoan
    
    Rate
    
    
    Date
    
    
    Amount*
    
    
    Mortgages
    
    
    Delinquency$0 - 250,000
    
    
    12.50
    %
    
    
    4/05-12/06
    
    
    $
    2,495,176
    
    
    $
    782,452
    
    
    $
    235,000$250,001 -500,000
    
    
    12.50% - 13.00
    %
    
    
    2/06
    
    
    
    28,250,000
    
    
    
    713,940
    
    
    
    $500,001 - 1,000,000
    
    
    13.00
    %
    
    
    4/05
    
    
    
    2,185,000
    
    
    
    539,430
    
    
    
    $1,000,001 - 5,000,000
    
    
    12.25% - 13.00
    %
    
    
    1/05-12/06
    
    
    
    35,967,424
    
    
    
    35,417,424
    
    
    
    Over $5 million
    
    
    12.50% - 17.50
    %
    
    
    11/04-1/07
    
    
    
    66,550,000
    
    
    
    57,140,450
    
    
    
    5,100,000$
    135,447,600
    
    
    $
    94,593,696
    
    
    $
    5,335,000
   *
    
    Original loan amount includes future commitments on behalf of all investors of $3,647,385 at
December 31, 2004 See accompanying independent auditors reports. 95