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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, 2001
    
    
    $55,863,036Additions during the periodNew mortgage loans
    
    
    40,186,112Deductions during the periodForeclosures
    
    
    (2,823,561
    )Write off of REO
    
    
    (225,000
    )Collections of principal
    
    
    (19,668,928
    )Balance at December 31, 2001
    
    
    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
    
    $
    95,610,164
 107




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SPECIALTY TRUST, INC. AND SUBSIDIARIES
EXHIBIT 11.1
Schedule IV MORTGAGE LOANS ON REAL ESTATE December 31, 2003
 Mortgage Loans by Type of Property Carrying
    
    
    
    
    
    Amount
    
    AccruedType of
    
    Interest
    
    Original Loan
    
    Amount of
    
    Maturity
    
    Subject to
    
    Interest
    
    InterestLoan
    
    Rate
    
    Amount*
    
    Mortgages
    
    Dates
    
    Delinquency
    
    Receivable
    
    IncomeCommercial
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Construction
    
    
    13.00
    %
    
    
    23,770,714
    
    
    
    18,989,693
    
    
    
    7/03-1/06
    
    
    
    2,705,926
    
    
    
    61,685
    
    
    
    793,113Land
    
    
    12.00 - 13.00
    %
    
    
    151,013,520
    
    
    
    72,555,016
    
    
    
    2/04-2/06
    
    
    
    
    
    
    
    713,423
    
    
    
    6,540,887Other
    
    
    10.50% - 13.25
    %
    
    
    4,955,000
    
    
    
    4,065,455
    
    
    
    7/03-12/06
    
    
    
    3,821,481
    
    
    
    100,366
    
    
    
    187,384$
    179,739,234
    
    
    $
    95,610,164
    
    
    
    
    
    
    $
    6,527,407
    
    
    $
    875,474
    
    
    
    7,521,384Loans paid off during 2003
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,062,093Loan point amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    91,299$
    11,674,776
 Mortgage Loans by Lien Position AmountLien
    
    Interest
    
    Original Loan
    
    Carrying Amount of
    
    
    
    
    
    Subject toPosition
    
    Rate
    
    Amount*
    
    Mortgages
    
    Maturity Dates
    
    Delinquency1st
    
    
    10.50%-13.00
    %
    
    $
    158,009,234
    
    
    $
    91,801,978
    
    
    
    7/03-2/06
    
    
    $
    2,315,7142nd
    
    
    12.50%-13.25
    %
    
    
    21,255,000
    
    
    
    3,417,974
    
    
    
    10/03  - 12/06
    
    
    
    2,750,0003rd
    
    
    13.00
    %
    
    
    475,000
    
    
    
    390,212
    
    
    
    7/03
    
    
    
    390,212$
    179,739,234
    
    
    $
    95,610,164
    
    
    
    
    
    
    $
    5,455,926
 * Original loan amount includes future commitments on behalf of all investors
of $6,201,802 at December 31, 2003 108




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SPECIALTY TRUST, INC. AND SUBSIDIARIES
EXHIBIT 11.1
Schedule IV Amount of Loan Original
    
    Carrying
    
    AmountAmount of
    
    Interest
    
    Final
    
    Loan
    
    Amount of
    
    Subject toLoan
    
    Rate
    
    Maturity Date
    
    Amount*
    
    Mortgages
    
    Delinquency$0-250,000
    
    
    13.00% - 13.50
    %
    
    
    7/04 -12/06
    
    
    $
    297,500
    
    
    $
    286,473
    
    
    $
    $250,001-500,000
    
    
    13.50
    %
    
    
    7/03
    
    
    
    475,000
    
    
    
    390,212
    
    
    
    390,212$500,001-$1,000,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $1,000,001-$5,000,000
    
    
    10.50% - 13.25
    %
    
    
    7/03 -2/06
    
    
    
    31,710,214
    
    
    
    27,426,126
    
    
    
    5,065,714Over $5 million
    
    
    12.50% - 13.00
    %
    
    
    2/04 - 2/06
    
    
    
    147,256,520
    
    
    
    67,507,353
    
    
    
    $
    179,739,234
    
    
    $
    95,610,164
    
    
    $
    5,455,926
 * Original loan amount includes future commitments on behalf of all investors
of $6,201,802 at December 31, 2003. See accompanying independent
auditors reports. 109