Note 16 – Subsequent Events
The Company has evaluated subsequent events through March 11, 2022, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions:
Distributions
On February 17, 2022, the Company paid distributions for each class of its common stock to stockholders of record as of January 31, 2022 in the amounts per share set forth below:
|
|
Common Stock |
|
|
|
Class P |
|
|
Class A |
|
|
Class T |
|
|
Class D |
|
|
Class I |
|
Aggregate gross distributions declared per share |
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
Stockholder servicing fee per share |
|
N/A |
|
|
N/A |
|
|
|
0.0146 |
|
|
|
0.0043 |
|
|
N/A |
|
Net distributions declared per share |
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.0896 |
|
|
$ |
0.0999 |
|
|
$ |
0.1042 |
|
On February 25, 2022, the Company declared distributions for each class of its common stock to stockholders of record as of February 28, 2022, payable on or about March 17, 2022 in the amounts per share set forth below:
|
|
Common Stock |
|
|
|
Class P |
|
|
Class A |
|
|
Class T |
|
|
Class D |
|
|
Class I |
|
Aggregate gross distributions declared per share |
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
Stockholder servicing fee per share |
|
N/A |
|
|
N/A |
|
|
|
0.0132 |
|
|
|
0.0039 |
|
|
N/A |
|
Net distributions declared per share |
|
$ |
0.1042 |
|
|
$ |
0.1042 |
|
|
$ |
0.0910 |
|
|
$ |
0.1003 |
|
|
$ |
0.1042 |
|
On March 4, 2022, the Company declared a distribution on its Series A Preferred stock to stockholders of record as of March 15, 2022, payable on or about March 30, 2022 in the amount of $0.421875 per share.
Loan Originations
The following table presents each of our commercial mortgage loans originated since December 31, 2021 as of March 11, 2022 ($ in thousands):
Origination
Date |
|
Loan
Type (1) |
|
Principal
Balance |
|
|
Cash
Coupon (2) |
|
All-in
Yield (2) |
|
|
Maximum
Maturity (3) |
|
State |
|
Property
Type |
|
LTV (4) |
|
1/14/22 |
|
First mortgage |
|
$ |
36,800 |
|
|
S+3.40% |
|
|
3.7 |
% |
|
1/9/27 |
|
MO |
|
Multifamily |
|
|
80 |
% |
1/20/22 |
|
First mortgage |
|
|
16,153 |
|
|
S+3.65% |
|
|
3.9 |
% |
|
2/9/27 |
|
NC |
|
Retail |
|
|
63 |
% |
1/26/22 |
|
First mortgage |
|
|
14,000 |
|
|
S+3.55% |
|
|
3.8 |
% |
|
2/9/27 |
|
NJ |
|
Industrial |
|
|
63 |
% |
1/28/22 |
|
First mortgage |
|
|
12,300 |
|
|
S+3.30% |
|
|
3.6 |
% |
|
2/9/27 |
|
NC |
|
Multifamily |
|
|
70 |
% |
2/25/22 |
|
First mortgage |
|
|
30,000 |
|
|
S+3.04% |
|
|
3.3 |
% |
|
3/9/27 |
|
NY |
|
Mixed Use |
|
|
67 |
% |
3/1/22 |
|
First mortgage |
|
|
26,185 |
|
|
S+3.40% |
|
|
3.7 |
% |
|
3/9/27 |
|
TX |
|
Multifamily |
|
|
78 |
% |
(1) |
First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. |
(2) |
Cash coupon is the stated rate on the loan. All-in yield is the present value of all future principal and interest payments on the loan and does not include any origination fees or deferred commitment fees. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. “SOFR” or “S” means CME Group One-Month Term Secured Overnight Financing Rate. The All-in yield is based on a SOFR rate as of March 8, 2022 of 0.26%. |
(3) |
Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. |
(4) |
Loan-to-value (“LTV”) was determined at loan origination and is not updated for subsequent property valuations or loan modifications. The total is the weighted average LTV. |
|