6 unchanged sentences
Following the closing of our continuous follow-on public offering, we have continued to issue shares pursuant to our distribution reinvestment plan, as amended and restated.
−Removed: Although our common stock is not currently listed on an exchange, we intend to seek to complete a liquidity event within three to five years following the completion of our offering stage or at such earlier time as our board of directors may determine, taking into consideration market conditions and other factors.
−Removed: We will view our offering stage as complete as of the termination date of our most recent public equity offering if we have not conducted a public equity offering in any continuous two-year period.
+Added: Although our shares are not currently listed for trading on a national securities exchange, we intend to seek to complete a liquidity event by listing on such an exchange within nine to eighteen months following the date on which this Annual Report on Form 10-K was filed with the SEC, or at such earlier or later time as our board of directors may determine, taking into consideration market conditions and other factors.
However, there can be no assurance that we will be able to complete a liquidity event.
Set forth below is a chart describing the classes of our securities outstanding as of March 11, 2021:
−Removed: Title of Class
−Removed: Amount Authorized
−Removed: Amount Held by Us or for Our Account
−Removed: Amount Outstanding Exclusive of Amount Held by Us or for Our Account
+Added: Title of Class Amount Authorized Amount Held by Us or for Our Account Amount Outstanding Exclusive of Amount Held by Us or for Our Account
+Added: Common stock 500,000,000 — 113,753,484
As of March 11, 2021, we had 21,976 record holders of our common stock.
15 unchanged sentences
· the condition of the securities markets.
−Removed: On December 8, 2016, we further amended the terms of the share repurchase program, effective as of our quarterly repurchase offer for the fourth quarter of 2016, which commenced in November 2016 and was completed in January 2017.
+Added: On December 8, 2016, we further amended the terms of the share repurchase program, effective as of our quarterly repurchase offer for the fourth quarter of 2016.
Under the further amended share repurchase program, we will offer to repurchase shares of common stock at a price equal to the estimated net asset value per share determined on each date of repurchase.
+Added: On March 19, 2020, our board of directors, including the independent directors, temporarily suspended our share repurchase program commencing with the second quarter of 2020 and included the third quarter of 2020.
+Added: On November 13, 2020, we recommenced our share repurchase program for the fourth quarter of 2020.
+Added: Share repurchases for future quarters will be evaluated by the board of directors based on circumstances and expectations existing at the time of consideration.
We currently limit the number of shares of common stock to be repurchased during any calendar year to the number of shares of common stock we can repurchase with the proceeds we receive from the issuance of shares of our common stock pursuant to our fifth amended and restated distribution reinvestment plan.
4 unchanged sentences
The table below provides information concerning our repurchases of shares of our common stock during the quarter ended December 31, 2020 pursuant to our share repurchase program.
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
−Removed: Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
October 1 to October 31, 2020 — $ — — —
1 unchanged sentence
December 1 to December 31, 2020 2,001,960 7.60 2,001,960 (1)
+Added: Total 2,001,960 $ 7.60 2,001,960 (1)
(1) See above for a description of the maximum number of shares of our common stock that may be repurchased under our share repurchase program.
8 unchanged sentences
Effective September 28, 2017, our board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by our board of directors, each on a quarterly basis.
−Removed: Subject to our board of directors’ discretion and applicable legal restrictions, our management intends to continue to authorize and declare, and our board of directors intends to continue to ratify, each on a quarterly basis, a weekly distribution amount per share of our common stock.
+Added: Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to our distribution reinvestment plan, as amended and restated.
+Added: On July 15, 2020, our board of directors determined to recommence the payment of distributions to shareholders in August 2020.
+Added: Distributions in respect of future months will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.
+Added: Subject to our board of directors’ discretion and applicable legal restrictions, our management intends to continue to authorize and declare, and our board of directors intends to continue to ratify a monthly distribution amount per share of our common stock.
Declared distributions are paid monthly.
11 unchanged sentences
Distributions
−Removed: Three Months Ended
+Added: Three Months Ended Per Share Amount
March 31, 2018 (thirteen record dates) $ 0.1829 $ 21,002
6 unchanged sentences
September 30, 2019 (thirteen record dates) 0.1829 20,798
−Removed: December 31, 2018 (thirteen record dates)
+Added: December 31, 2019 (fourteen record dates) 0.1969 22,401
Total distributions for the year ended December 31, 2019 $ 0.7456 $ 84,772
March 31, 2020 (thirteen record dates) $ 0.1829 $ 20,793
−Removed: June 30, 2019 (thirteen record dates)
−Removed: September 30, 2019 (thirteen record dates)
−Removed: December 31, 2019 (fourteen record dates)
+Added: June 30, 2020 (no record dates) — —
+Added: September 30, 2020 (two record dates) 0.0883 10,011
+Added: December 31, 2020 (four record dates) 0.2842 32,479
Total distributions for the year ended December 31, 2020 $ 0.5554 $ 63,283
−Removed: On December 18, 2019, our co-chief executive officers (i) revised the record date for the weekly cash distributions covering the final week of December 2019;
−Removed: (ii) revised the payment date for the weekly cash distributions covering the entire month of December 2019;
−Removed: and (iii) declared regular weekly cash distributions of $0.014067 per share for January 2020 through March 2020.
−Removed: Each distribution was paid or will be paid monthly to shareholders of record as of the weekly record dates set forth below.
−Removed: Distribution Amount Per Share
−Removed: December 3, 2019
−Removed: December 27, 2019
−Removed: December 10, 2019
−Removed: December 27, 2019
−Removed: December 17, 2019
−Removed: December 27, 2019
−Removed: December 24, 2019
−Removed: December 27, 2019
−Removed: December 26, 2019
−Removed: December 27, 2019
−Removed: January 7, 2020
−Removed: January 29, 2020
−Removed: January 14, 2020
−Removed: January 29, 2020
−Removed: January 21, 2020
−Removed: January 29, 2020
−Removed: January 28, 2020
−Removed: January 29, 2020
−Removed: February 4, 2020
−Removed: February 26, 2020
−Removed: February 11, 2020
−Removed: February 26, 2020
−Removed: February 18, 2020
−Removed: February 26, 2020
−Removed: February 25, 2020
−Removed: February 26, 2020
−Removed: March 3, 2020
−Removed: March 27, 2020
−Removed: March 10, 2020
−Removed: March 27, 2020
−Removed: March 17, 2020
−Removed: March 27, 2020
−Removed: March 24, 2020
−Removed: March 27, 2020
−Removed: March 26, 2020
−Removed: March 27, 2020
+Added: On December 17, 2020, our co-chief executive officers declared special cash distributions of $0.15180 per share for the year ended December 31, 2020.
+Added: The one-time special distributions are in addition to our regular monthly cash distributions that were paid on December 29, 2020.
+Added: The special distributions were paid on December 22, 2020 to shareholders of record as of December 21, 2020.
+Added: Shareholders who previously elected to receive distributions in additional shares of our common stock pursuant to our distribution reinvestment plan were issued additional shares for the special distributions on December 22, 2020.
+Added: On December 17, 2020, our co-chief executive officers also declared regular monthly cash distributions of $0.04413 per share for January 2021.
+Added: The distributions were paid on January 27, 2021 to shareholders of record as of January 26, 2021.
+Added: Shareholders who previously elected to receive distributions in additional shares of our common stock pursuant to our distribution reinvestment plan were issued additional shares for the January 2021 distributions on January 27, 2021.
+Added: On January 15, 2021, our co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for February 2021.
+Added: The distributions were paid on February 24, 2021 to shareholders of record as of February 23, 2021.
+Added: Shareholders who previously elected to receive distributions in additional shares of our common stock pursuant to our distribution reinvestment plan were issued additional shares for the February 2021 distributions on February 24, 2021.
+Added: On February 16, 2021, our co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for March 2021.
+Added: The distributions will be paid on March 24, 2021 to shareholders of record as of March 23, 2021.
+Added: Shareholders who previously elected to receive distributions in additional shares of our common stock pursuant to our distribution reinvestment plan will be issued additional shares for the March 2021 distributions on March 24, 2021.
We have adopted an “opt in” distribution reinvestment plan for our shareholders.
6 unchanged sentences
On December 9, 2020, we amended and restated the expense support and conditional reimbursement agreement with CIM for purposes of extending the termination date from December 31, 2020 to December 31, 2021.
−Removed: Through December 31, 2014, a portion of our distributions resulted from expense support from CIG, and future distributions may result from expense support from CIM, which is subject to repayment by us.
−Removed: For the year ended December 31, 2017, none of our distributions resulted from expense support from CIG or AIM.
For the years ended December 31, 2018, 2019 and 2020, none of our distributions resulted from expense support from CIM.
3 unchanged sentences
Years Ended December 31,
−Removed: Source of Distribution
+Added: 2020 2019 2018
+Added: Source of Distribution Per Share Amount Percentage Per Share Amount Percentage Per Share Amount Percentage
Net investment income $ 0.5554 $ 63,283 100.0 % $ 0.7456 $ 84,772 100.0 % $ 0.7316 $ 83,483 100.0 %
−Removed: Net realized gain on total return swap
−Removed: Net interest and other income from TRS portfolio
−Removed: Net gain on TRS loan sales(1)
Total distributions $ 0.5554 $ 63,283 100.0 % $ 0.7456 $ 84,772 100.0 % $ 0.7316 $ 83,483 100.0 %
−Removed: During the year ended December 31, 2017, we realized losses that were not currently deductible on a tax-basis of $ 19,334 primarily due to the purchase of loans by Flatiron Funding II that were previously held in the TRS in connection with the TRS refinancing.
−Removed: See Note 9 to our consolidated financial statements included in this report for an additional discussion regarding this purchase.
−Removed: Losses of $10,055 and $12,537 remained non-deductible as of December 31, 2019 and 2018, respectively.
Selected Financial Data
4 unchanged sentences
Years Ended December 31,
+Added: 2020 2019 2018 2017 2016
Statement of operations data:
6 unchanged sentences
Net realized and unrealized (loss) gain on investments, foreign currency and total return swap (89,750) (35,468) (58,867) (1,411) 70,276
−Removed: Net increase (decrease) in net assets resulting from operations
+Added: Net (decrease) increase in net assets resulting from operations $ (11,022) $ 51,844 $ 31,310 $ 85,899 $ 119,673
Weighted average shares of common stock outstanding(1) 113,635,682 113,708,479 114,140,434 112,256,276 105,951,017
1 unchanged sentence
Net investment income(2) $ 0.69 $ 0.77 $ 0.79 $ 0.78 $ 0.47
−Removed: Net increase (decrease) in net assets resulting from operations
+Added: Net (decrease) increase in net assets resulting from operations $ (0.10) $ 0.46 $ 0.27 $ 0.77 $ 1.13
Distributions declared $ 0.56 $ 0.75 $ 0.73 $ 0.73 $ 0.73
Balance sheet data:
−Removed: Net assets at the beginning of period
−Removed: Net assets at end of period
−Removed: Net asset value per share of common stock at beginning of period
−Removed: Net asset value per share of common stock at end of period
+Added: Net assets at beginning of year $ 952,563 $ 979,271 $ 1,058,691 $ 999,763 $ 904,326
+Added: Net assets at end of year $ 878,256 $ 952,563 $ 979,271 $ 1,058,691 $ 999,763
+Added: Net asset value per share of common stock at beginning of year $ 8.40 $ 8.69 $ 9.14 $ 9.11 $ 8.71
+Added: Net asset value per share of common stock at end of year $ 7.75 $ 8.40 $ 8.69 $ 9.14 $ 9.11
Distributions declared $ 63,283 $ 84,772 $ 83,483 $ 82,061 $ 77,459
Total investment return - net asset value(3) (0.94) % 5.55 % 2.98 % 8.76 % 13.51 %
−Removed: Number of investments at period end
−Removed: Total portfolio investment purchases during the period(4)
−Removed: Total portfolio investment sales and prepayments during the period(4)
+Added: Number of investments at end of year 195 199 191 186 123
+Added: Total portfolio investment purchases during the year(4) $ 359,633 $ 563,884 $ 1,280,187 $ 1,420,747 $ 569,893
+Added: Total portfolio investment sales and prepayments during the year(4) $ 543,177 $ 668,789 $ 895,670 $ 951,044 $ 229,075
(1) The per share data was derived by using the weighted average shares of common stock outstanding for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.
1 unchanged sentence
There was no expense support from CIG or AIM for the years ended December 31, 2017 or 2016.
−Removed: Net investment income per share also includes expense support recoupments by CIG of $0.01 and $0.06 per share for the years ended December 31, 2016 and 2015, respectively.
−Removed: There was no expense support recoupments by CIG for the years ended December 31, 2019 , 2018 or 2017.
+Added: Net investment income per share also includes expense support recoupments by CIG of $0.01 per share for the year ended December 31, 2016.
+Added: There were no expense support recoupments by CIG for the years ended December 31, 2020, 2019, 2018 or 2017.
(3) Total investment return-net asset value is a measure of the change in total value for shareholders who held our common stock at the beginning and end of the period, including distributions paid or payable during the period.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.