Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q.

On April 22, 2020, the Company’s Board of Directors unanimously approved a transition in the timing of its dividend payments to holders of the Company’s common stock, Series A Convertible Preferred Stock and Series C Convertible Preferred Stock from a monthly to a quarterly basis, effective as of the date of the announcement. The Company’s Preferred Stock will continue to accrue dividends monthly in accordance with the terms of such Preferred Stock.   

Since December 2019, COVID-19 has spread globally, including to every state in the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic, and subsequently, the United States declared a national emergency. The COVID-19 pandemic has had repercussions across domestic and global economies and financial markets. The global impact of the COVID-19 outbreak evolved rapidly and many governmental authorities, including state and local governments in regions in which our borrowers own properties, have reacted by instituting government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines which have forced many of our borrowers to suspend or significantly restrict their business activities, and has resulted in a dramatic increase in national unemployment.

The COVID-19 pandemic has had an adverse effect on our operations and the operations of many of our lenders. The extent to which the COVID-19 pandemic impacts our future operating results will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic and the direct and indirect economic effects of the pandemic and containment measures.