Investor Presentaiton
Loans Held for Investment Portfolio Details
($ in millions)
#
Loan Type
Location
Residential/Condominium Loans:
Origination Current Loan Outstanding
Date
Commitment Principal
Unleveraged
Carrying Value Interest Rate LIBOR Floor
Effective Yield Maturity Date
Payment
Terms (1)
-%
6.0%
10.9%
Jul 2023
1/0
May 2021(3)
1/0
-%
-%(4)
May 2021(5)
-%
19.0%
Aug 2021
1/0
1/0
61
Senior
FL
Jul 2021
$75.0
$65.7
$65.1
L+5.25%
62
Senior
NY
Oct 2018
53.6
53.6
53.6
(2)
(2)
63
Senior
CA
Jan 2018
14.3
14.3
14.3
13.00%
64 Subordinated
HI
Aug 2018
11.5
11.5
11.5
14.00%
༈ ཀྱེེ * ༈།
Total Residential/Condominium
$154.4
$145.1
$144.5
Loan Portfolio Total/Weighted Average
$2,633.9
$2,377.1
$2,363.5
1.2% (6)
5.7%
Note: As of September 30, 2021. Please see the glossary at the end of this presentation.
1. I/O interest only, P/I = principal and interest.
2. At origination, the New York loan was structured as both a senior and mezzanine loan with the Company holding the mezzanine loan and a third party holding the senior loan. In April 2021, the
Company purchased the senior loan from the third party at par. The senior loan, which had an outstanding principal balance of $35.0 million as of September 30, 2021, accrues interest at a per
annum rate of L + 6.00% with a 1.75% LIBOR floor and the mezzanine loan, which had an outstanding principal balance of $18.6 million as of September 30, 2021, accrues interest at a per annum
rate of L + 14.00% with a 2.28% LIBOR floor. The mezzanine loan includes a $2.6 million to the borrower, for which such amount accrues interest at a per annum rate of 20.00%.
3. Loan was in maturity default as of September 30, 2021. Loan was evaluated for impairment and it was concluded that no impairment charge should be recognized as of September 30, 2021 and
that this loan should not be placed on non-accrual status as of September 30, 2021. For more information see "Notes to Consolidated Financial Statements," "Note 3 - Loans Held for Investment"
in our Quarterly Report on Form 10-Q.
4. Loan was on non-accrual status as of September 30, 2021 and therefore, there is no Unleveraged Effective Yield as the loan is non-interest accruing.
5. Loan was in maturity default as of September 30, 2021. Loan was evaluated for impairment and it was concluded that no impairment charge should be recognized as of September 30, 2021 and
that this loan should be placed on non-accrual status as of September 30, 2021. For more information see "Notes to Consolidated Financial Statements," "Note 3 - Loans Held for Investment" in
our Quarterly Report on Form 10-Q.
6. The weighted average floor is calculated based on loans with LIBOR floors.
20
ARES
COMMERCIAL REAL ESTATE CORPORATIONView entire presentation