Investor Presentaiton
Loans Held for Investment Portfolio Details
($ in millions)
#
Loan Type
Hotel Loans:
Location
Origination
Date
Current Loan
Commitment
Outstanding
Principal
Carrying Value
Interest Rate
LIBOR
Floor
Unleveraged
Effective Yield(1)
Payment
Maturity Date
Terms(2)
26
Senior
27
Senior
OR/WA
Diversified
May 2018
$68.1
$68.1
$67.7
L+3.45%
1.9%
4.6% (3)
May 2021
I/O
Sep 2018
64.3
60.8
60.6
L+3.60%
2.1%
6.2%
Sep 2021
I/O
28
Senior
CA
Dec 2017
40.0
40.0
39.9
L+4.12%
1.4%
5.9%
Jan 2021
I/O
29
Senior
MI
Nov 2015
35.2
35.2
35.2
L+4.40%
―%
4.6%
July 2020
I/O
30
Senior
IL
Apr 2018
32.9
32.9
32.6
L+4.40%
1.9%
-% (4)
May 2021
I/O
Total Hotel
$240.5
$237.0
$236.0
Mixed-Use Loans:
31
Senior
FL
Feb 2019
$100.6
$100.6
$100.2
L+4.25%
2.5%
7.8%
Feb 2021
I/O
32
Senior
CA
Mar 2018
56.1
50.9
50.6
L+4.00%
1.9%
6.2%
Apr 2022
I/O
33
Senior
TX
Sep 2019
42.2
34.7
34.4
L+3.75%
2.3%
6.7%
Sep 2022
I/O
34
Senior
CA
Feb 2020
39.6
20.8
20.4
L+4.10%
1.7%
6.4%
Mar 2023
I/O
35 Subordinated
IL
May 2018
15.5
15.5
15.3
L+12.25%
1.5%
14.5%
Nov 2021
I/O
Total Mixed-Use
$254.0
$222.5
$220.9
Student Housing Loans:
36
Senior
TX
Dec 2017
$41.0
$41.0
$40.9
L+4.75%
―%
5.5%
Jan 2021
I/O
37
Senior
CA
June 2017
41.0
39.7
39.7
L+3.95%
1.2%
5.2%
July 2021
I/O
38
Senior
NC
Feb 2019
30.0
30.0
29.9
L+3.15%
2.3%
5.9%
Feb 2022
I/O
39
Senior
TX
Dec 2017
25.1
24.6
24.3
L+3.45%
1.6%
5.5%
Feb 2023
I/O
40
Senior
AL
Feb 2017
24.1
24.1
23.3
L+4.45%
0.8%
-% (4)
Aug 2020
I/O
41
Senior
FL
Jul 2019
22.0
22.0
21.8
L+3.25%
2.3%
5.9%
Aug 2022
I/O
Total Student Housing
$183.2
$181.4
$179.9
1.
2.
3.
4.
Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest
rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. The total Weighted
Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all loans held by the Company as weighted by the
outstanding principal balance of each loan.
I/O = interest only, P/I = principal and interest.
At origination, the Oregon/Washington loan was structured as both a senior and mezzanine loan with the Company holding both positions. The mezzanine
position of this loan, which had an outstanding principal balance of $13.1 million as of June 30, 2020, was on non-accrual status as of June 30, 2020 and
therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing.
Loan was on non-accrual status as of June 30, 2020 and therefore, there is no Unleveraged Effective Yield as the loan is non-interest accruing.
16
ARES
COMMERCIAL REAL ESTATE CORPORATIONView entire presentation