The foregoing description of the Amendments is not complete and is qualified in its entirety by reference to the full text of the Amendments, which are attached to this Current Report on Form 8-K as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7, respectively, and are incorporated herein by reference.
In connection with the Company’s proposed public offering of its Series C Cumulative Redeemable Preferred Stock, the Company today announced the following recent developments:
Since March 31, 2021, the Company has closed seven loans with an aggregate commitment amount of $548.5 million and an aggregate initial funding of $429.5 million. The property type concentrations, measured by commitment amount, of these loans are as follows: office 48% (of which 39% is life sciences related); multifamily 45%; and mixed-use 7%. Additionally, since March 31, 2021, the Company has received full repayment of one office loan with a total loan commitment of $79.4 million and unpaid principal balance of $78.8 million.
The Company currently has signed term sheets for five loans representing $496.2 million of anticipated loan commitments. The Company is currently conducting its underwriting process and negotiating definitive loan documents for each of these five potential loan investments. These five potential loans remain subject to satisfactory completion of the Company’s underwriting process and due diligence, definitive documentation and final approval by the Investment Review Committee of the Company’s external manager. As a result, no assurance can be given that any of these five potential loans will close on the anticipated terms or at all.
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of the Company; the ultimate geographic spread, severity and duration of pandemics such as the outbreak of novel coronavirus (“COVID-19”), actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company; and financing needs and arrangements. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. The ability of the Company to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. All forward-looking statements speak only as of the date on which they are made. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s views only as of the date of this Current Report on Form 8-K. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this Current Report on Form 8-K. The Company does not undertake any obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events or otherwise.
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