Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Dolce B Note

As of March 31, 2021, we had a remaining commitment of up to approximately $974,000 on the Dolce B-Note.

Riverfront

As of March 31, 2021, we had a remaining commitment of up to approximately $9,899,000 on the Riverfront preferred equity investment.

Litigation

As of March 31, 2021, we were not subject to any material litigation nor were we aware of any material litigation threatened against us.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan whereby stockholders may elect to have us apply their dividends and other distributions to the purchase of additional shares of common stock. Participants in the plan will acquire common stock at the per share price effective on the date of purchase (currently $10.00). The distribution reinvestment plan was temporarily suspended in December 2020 along with the Offering.

Share Repurchase Programs

Series 2019 Preferred Stock

Upon the request of a holder of Series 2019 Preferred Stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long a redeeming stockholder has held each share:


Share Purchase Anniversary						Repurchase Price
Less than 1 year						$8.80
1 year						$9.00
2 years						$9.20
3 years						$9.40
4 years						$9.60
5 years						$9.80
A stockholder’s death or complete disability, 2 years or more						$10.00

No Series 2019 Preferred Stock shares were redeemed during the three months ended March 31, 2021.

Common Stock

In December 2020, in conjunction with the pursuit of the mergers described in Note 1, we suspended our share repurchase program that permits holders of common stock to request, on a periodic basis, that we repurchase all or any portion of their shares.

Our board of directors has adopted an amended and restated share repurchase program, the terms of which will be in effect upon resumption of the share repurchase program. As amended the share repurchase program provides that we may make redemptions with an aggregate value of up to 2% of our aggregate net asset value or "NAV" each month and up to 5% of our NAV each quarter. In addition, we have no restrictions on the source of funds used to repurchase shares pursuant to our share repurchase program. For newly designated share classes purchased after we resume the Offering, the redemption price will be equal to the most recently disclosed monthly NAV, or at 95% of the most recently disclosed NAV if the shares have been held for less than a year. For shares currently outstanding, our Class A and our Class TX (formerly Class T) common stock, the repurchase price will not change except that stockholders may have their shares repurchased at 95% of NAV after a five-year hold period and 100% of NAV after a six-year hold period. In addition, our board made certain administrative changes to the share repurchase program. Our board of directors may, in its sole discretion, amend or suspend our share repurchase program for any reason upon 15 days’ notice to our stockholders.

No shares of common stock were redeemed during the three months ended March 31, 2021 and 2020.