<PAGE>
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SPECIALTY TRUST, INC. AND SUBSIDIARY
EXHIBIT 11.1
Schedule IV

                          MORTGAGE LOANS ON REAL ESTATE
                            MORTGAGE LOAN ROLLFORWARD

<TABLE>
<S>                                    <C>
BALANCE AT JANUARY 1, 2000             $    36,105,670
    Additions during the period
      New mortgage loans                    47,451,201
      Mortgage loans exchanged for
       issuance of Preferred Stock
    Deductions during the period
      Collections of principal             (27,693,835)
                                       ---------------

BALANCE AT DECEMBER 31, 2000                55,863,036
    Additions during the period
      New mortgage loans                    40,186,112
    Deductions during the period
      Foreclosures                          (2,823,561)
      Write off of REO                        (225,000)
      Collections of principal             (19,668,928)
                                       ---------------

BALANCE AT DECEMBER 31, 2001                73,331,659
    Additions during the period
      New mortgage loans                    70,661,266
    Refinanced Loans from REO                1,035,900
    Deductions during the period
      Foreclosures                          (1,883,000)
      Collections of principal             (46,900,431)
                                       ---------------

BALANCE AT DECEMBER 31, 2002           $    96,245,394
                                       ===============
</TABLE>

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<PAGE>

SPECIALTY TRUST, INC. AND SUBSIDIARY
EXHIBIT 11.1
Schedule IV

                          MORTGAGE LOANS ON REAL ESTATE
                                DECEMBER 31, 2002

MORTGAGE LOANS BY TYPE OF PROPERTY

<TABLE>
<CAPTION>
                                       MAXIMUM
                                      COMMITMENT       CARRYING                          AMOUNT          ACCRUED
     TYPE OF          INTEREST        AMOUNT ON        AMOUNT OF       MATURITY        SUBJECT TO        INTEREST      INTEREST
      LOAN              RATE            LOAN*          MORTGAGES        DATES          DELINQUENCY      RECEIVABLE      INCOME
---------------    -------------    -------------    ------------    -----------     --------------     ----------    ----------
<S>                <C>              <C>              <C>             <C>            <C>                 <C>           <C>
Commercial         12.00%-13.00%    $   1,954,915    $  1,954,915    4/03 - 8/04    $    1,579,915      $  581,739    $4,383,613
Construction       12.75%-13.00%       51,262,896      37,898,459    1/03 - 1/05         3,670,000         418,033     3,080,867
Land               12.00%-13.00%       98,742,700      52,247,282    6/02 - 4/05         5,105,077          51,460       236,230
Other              10.50%-13.25%        5,065,000       4,144,738    6/03 -12/06         2,900,000          72,633       423,988
                                    -------------    ------------                   --------------      ----------    ----------
                                    $ 157,025,511     $96,245,394                   $   13,254,992      $1,123,865    $8,124,698
                                    =============    ============                   ==============      ==========
Loans paid off during 2002                                                                                             1,476,009
Loan point amortization                                                                                                   68,628
                                                                                                                      ----------
                                                                                                                      $9,669,335
                                                                                                                      ==========
</TABLE>

MORTGAGE LOANS BY LIEN POSITION

<TABLE>
<CAPTION>
                                     MAXIMUM
                                    COMMITMENT         CARRYING                          AMOUNT
      LIEN           INTEREST       AMOUNT ON          AMOUNT OF      MATURITY         SUBJECT TO
    POSITION           RATE            LOAN*           MORTGAGES       DATES           DELINQUENCY
---------------    -------------    -------------    ------------    -----------     --------------
<S>                <C>              <C>              <C>             <C>            <C>
1st                10.50%-13.00%    $ 143,930,511    $ 87,373,650    6/02 -12/06    $   10,354,992
2nd                12.00%-13.25%       13,095,000       8,871,744    6/03 - 4/04         2,900,000
                                    -------------    ------------                   --------------
                                    $ 157,025,511    $ 96,245,394                   $   13,254,992
                                    =============    ============                   ==============
</TABLE>

* Total loan commitment for all investors

                                       90

<PAGE>

SPECIALTY TRUST, INC. AND SUBSIDIARY
EXHIBIT 11.1
Schedule IV

AMOUNT OF LOAN

<TABLE>
<CAPTION>
                                                                MAXIMUM
                                                 FINAL         COMMITMENT        CARRYING           AMOUNT
         AMOUNT OF            INTEREST         MATURITY        AMOUNT ON         AMOUNT OF        SUBJECT TO
           LOAN                 RATE             DATE            LOAN*           MORTGAGES        DELINQUENCY
---------------------    ---------------    -------------    --------------    -------------    ---------------
<S>                      <C>                <C>              <C>               <C>              <C>
$0-250,000                 12.50%-13.00%       6/03-12/06    $    5,119,396    $   1,090,644    $      150,000
$250,001-500,000                  13.00%             8/04           375,000          375,000                 -
$500,001-$1,000,000        12.25%-13.00%      2/03 - 4/04        12,485,000        3,956,986                 -
$1,000,001-$5,000,000      10.50%-13.25%      6/02 - 1/05        56,946,115       38,815,074        13,104,992
Over $5 million            12.00%-13.00%      5/03 - 4/05        82,100,000       52,007,690                 -
                                                             --------------    -------------    --------------

                                                             $  157,025,511    $  96,245,394    $   13,254,992
                                                             ==============    =============    ==============
</TABLE>

* Total loan commitment for all investors



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