SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the nine months ended September 30, 2021, except as disclosed below.

On October 7, 2021, the Company originated a $23.1 million senior mortgage loan on a multifamily property located in Texas. At closing, the outstanding principal balance was approximately $21.9 million. The loan has a per annum interest rate of LIBOR plus 2.50%.

On October 19, 2021, the Company originated and fully funded a $6.7 million senior mortgage loan on an industrial property located in Tennessee. The loan has a per annum interest rate of LIBOR plus 5.50%.

On October 27, 2021, the Company originated and fully funded a $7.0 million senior mortgage loan on an industrial property located in Pennsylvania. The loan has a per annum interest rate of LIBOR plus 5.90%.

The Company’s Board of Directors declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the fourth quarter of 2021. The fourth quarter 2021 and supplemental cash dividends will be payable on January 19, 2022 to common stockholders of record as of December 31, 2021.