About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. CFA Level 1 Preparatory Course Managing People in Organisations 1 10 14 134 for Economics 1 5 15 75 Marketing, Sales & Customer Service 1 10 15 144 CFA Level 1 Preparatory Course for Introduction to Economics 1 10 8 77 Quantitative Methods 1 5 13 65 Structure of Accounts 2 20 18 173 Commercial Loan Documentation 1 5 12 60 Management and . e.gh = Array.isArray(e.gh) ? CIMs diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. if ( 'undefined' == typeof advadsProCfp ) { advadsCfpQueue.push( adID ) } else { advadsProCfp.addElement( adID ) } window.RSIW : pw; CMFT invests in senior secured loans and credit leases. .ufaq-faq-body p{ Most private REITs cost much more than mutual funds. 1 : (pw-(e.tabw+e.thumbw)) / (e.gw[ix]); A sharp drop in prices last year in other asset classes means . 0 : parseInt(e.tabw); The combined company after the Merger will retain the name CIM Real Estate Finance Trust, Inc. When the firm was first founded in 2015, its model focused on buying out minority investors at a discount. div.ufaq-faq-title h4{ This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. e.thumbhide = e.thumbhide===undefined ? Total Asset figures are from the last quarter reported for active programs and are the average total assets for full-cycle programs over their respective lives. margin: 0; Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. SRP/Tender: Share repurchase or tender program which permits shareholders to sell their shares back to the company, subject to limitations. REITs are a way to invest in real estate without buying a property outright. CIM Real Estate Finance Trust Inc. (CMFT), Cole Office & Industrial REIT Inc. (CCIT II), Cole Office & Industrial REIT Inc. (CCIT III), and Cole Credit Property Trust V Inc. (CCPT V), four publicly registered non-traded real estate investment trusts sponsored by affiliates of CIM Group, have agreed to merge in separate stock-for-stock transactions, with CIM Real Estate Finance Trust as the surviving entity. Here, the latest contender, has wisely branched off from the main conflict to pursue a lucrative niche: vacation homes. 2) There is no guarantee that a public market listing will take place within the expected time period or at all. Prior results do not guarantee similar outcomes. de C.V.) (BIVA: MEXAMX), a leading financial technology company in . CIMs diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. Uninitiated investors in non-traded REITs may come to learn too late that their ability to exit their investment position is limited. e.thumbh = e.thumbhide>=pw ? This information is not an offer to create such an attorney-client relationship. Six years ago, the firm shifted its model to offer loans secured by minority interest positions in real estate partnerships. padding: 0 25px; In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock. According to documents recently filed with the U.S. Securities and Exchange Commission, Tel Aviv-based Comrit Investments 1, LP (Comrit) plans to launch a tender offer for up to 18.3 million shares of CIM at $5.01 per share, with the offer expiring on September 30, 2021 (unless extended). You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis that makes you a better investor. You should not act or elect to act based upon this information without seeking professional counsel regarding your situation. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too). Access global real estate's most influential events and network. The transactions were subject to the approval of the respective mergers and certain other matters by stockholders of CCIT III and CCPT V. Both CCIT III and CCPT V stockholders voted in favor of the respective mergers during virtual special meetings of stockholders held on December 17, 2020. CIM Real Estate Finance Trust, Inc. ("CMFT"), Cole Office & Industrial REIT (CCIT III), Inc. ("CCIT III") and Cole Credit Property Trust V, Inc. ("CCPT V") today announced that CMFT has acquired each of CCIT III and CCPT V in separate stock-for-stock, tax-free merger transactions pursuant to definitive agreements executed in August 2020 and amended in October and November 2020. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. Web page addresses and e-mail addresses turn into links automatically. The pro forma combined company (CC CMFT) would have approximately $6.0 billion in total enterprise value, creating a leading commercial credit-focused real estate investment trust (REIT) with greater tenant, industry, and asset type diversity, financial strength, and improved access to capital markets. Giarrusso Law Group LLC may partner with law firms located in other jurisdictions, as needed, on a case-by-case basis, on behalf of clients located in but not limited to: New York City-Long Island-Jersey City-Newark, Atlanta-Sandy Springs-Alpharetta, Austin-Round Rock-Georgetown, Baltimore-Columbia-Towson, Boston-Cambridge-Newton, Charlotte-Concord-Gastonia, Chicago-Naperville-Elgin, Cincinnati, Dallas-Fort Worth-Arlington, Denver-Aurora-Lakewood, Detroit-Warren-Dearborn, Houston-The Woodlands-Sugar Land, Las Vegas-Henderson-Paradise, Los Angeles-Long Beach-Anaheim, Miami-Fort Lauderdale-West Palm Beach, Minneapolis-St. Paul-Bloomington, Orlando-Kissimmee-Sanford, Philadelphia-Camden-Wilmington, Phoenix-Mesa-Chandler, Pittsburgh, Portland-Vancouver-Hillsboro, Riverside-San Bernardino-Ontario, Sacramento-Roseville-Folsom, San Antonio-New Braunfels, San Diego-Chula Vista-Carlsbad, San Francisco-Oakland-Berkeley, Seattle-Tacoma-Bellevue, St. Louis, Tampa-St. Petersburg-Clearwater, and Washington DC-Arlington-Alexandria. CIM Real Estate Finance Trust is expected to realize approximately $3.5 million in annual savings as a result of operational efficiencies from the proposed mergers, the company said. for (var i in e.rl) if (e.gh[i]===undefined || e.gh[i]===0) e.gh[i] = e.gh[i-1]; There are not analysts providing consensus . #menu-item-2870, #menu-item-1147, #menu-item-1149, #menu-item-1150, #menu-item-1152, #menu-item-1153, #menu-item-2871, #menu-item-1136, #menu-item-1139, #menu-item-1133, #menu-item-1137, #menu-item-1135, #menu-item-1142, #menu-item-1141, #menu-item-2974, #menu-item-2975, #menu-item-3343, #menu-item-3344, #menu-item-4916, #menu-item-4917, #menu-item-4918, #menu-item-4920, #menu-item-4921, #menu-item-9450, #menu-item-12309, #menu-item-12303, #menu-item-13384, #menu-item-13383, #menu-item-16055,#menu-item-23904,#menu-item-23735, #menu-item-1126, #menu-item-1127, #menu-item-9849, #menu-item-14285 { margin-left: 15px; The Momentum Grade helps uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. e.tabw = e.tabw===undefined ? We believe combining INAV and CMFT will benefit stockholders of both companies by creating a larger, more diversified and valuable company, positioning the company for a public market listing, said Richard Ressler, Principal and Co-Founder of CIM Group. Suspended: The investment program has suspended its share repurchase or tender program. sl = nl[0]; Giarrusso Law Group LLC is a national law firm that accepts cases throughout the United States, subject to individual state bar rules. BREIT's S shares, with a minimum investment of $2,500, cost 2.1% per year (a 1.25% management fee plus a 0.85% stockholder servicing fee), in . 1) Based on CMFT and INAVs respective most recently published NAVS, published as of 3/31/2021 and 7/31/2021 respectively. text-transform: uppercase; 0 : parseInt(e.tabhide); https://www.wealthmanagement.com/sites/wealthmanagement.com/files/logos/Wealth-Management-Logo-white.png. Shares were initially offered at $10 per share. Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans . background-color: transparent; INAV is a public, non-traded corporation that has elected to be taxed and currently qualifies as a REIT. The Special Committee of the Board of Directors of INAV has engaged Jones Lang LaSalle Securities, LLC, an affiliate of Jones Lang LaSalle America, Inc. as their financial advisor, and Nelson Mullins Riley & Scarborough LLP as their legal advisor. 2023 Informa USA, Inc., All rights reserved, Equity Investors Pull Back on the Industrial Sector as Return Expectations Dim, Sustainable Strategies for the Modern Investor, Believe It or Not, Its a Great Time To Be a Financial Advisor, Ares Strikes Deal for Office, Naming Rights at Los Angeles Tower, The 10 Best and 10 Worst States in Which to Retire in 2021, Im an Advisor. The transactions are expected to close in the fourth quarter of 2020, pending stockholders approval. This Book Changed My Life, Fifteen Must-Listen Business Podcasts for Advisors, Celebrity Estates: Jay Leno and Planning for Classic Car Collections, 500,000 shares of American Healthcare REIT Inc, launched a secondary marketplace platform, CMG Partners and its affiliates launched an, In March, MacKenzie Capital Management LP made a mini-tender offer, tendering their shares to the REIT or BDC for repurchase, listing their shares on an exchange or auction site, Allowed HTML tags: . CIM REAL ESTATE FINANCE TRUST, INC. - The Board of Directors recommends that - EX-99.1 - February 01, 2022 CIM Real Estate Finance Trust, Inc., a leading commercial credit-focused real estate investment trust, announced today that it has entered into an agreement to sell 185 non-core, net lease . We encourage investors to do their own due diligence and research through programs of education that teach you to invest for yourself. .ewd-ufaq-post-margin-symbol{ } catch(e){ In addition to the secondary marketplaces, shareholders can contact private secondary marketbuyers such as Sell MyREIT. Generally, we think the model, or, more specifically, the discounts MacKenzie tends to offer while leveraging the third-party tender offer model, are predatory, agrees John Cox, founder and CEO of Cox Capital Partners, an investment management firm specializing in alternative asset management strategies and secondary market liquidity solutions. newh = (e.gh[ix] * m) + (e.tabh + e.thumbh); padding: 15px 20px !important; The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. The merger transactions could also better position it for a future liquidity event, including a public listing. #primary-menu .nav-link{ These statements are based on the current expectations of management for CMFT, CCIT III and CCPT V and on currently available industry, financial and economic data. newh; CC CMFT equity value assumes a 10.6% premium paid in consideration on all INAV shares outstanding as of 7/31/2021. Cim Real Estate Finance Trust Incs trailing 12-month revenue is $408.0 million with a 28.7% profit margin. document.documentElement.classList.add( .ufaq-faq-body { REITs pool investors' capital and act as trustees that manage portfolios of properties on behalf of . The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. } margin-bottom: 4px; #menu-item-1271 { CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. CIM Real Estate Finance Trust was launched in January 2012, raising more than $3 billion in investor capital prior to its offering closing in April 2014. Contacting us does not guarantee that the firm will undertake representation of you. As a non-traded REIT, CIM is an illiquid investment product, meaning that shares cannot readily be sold on a national securities exchange. This information should not be relied upon or construed as legal advice. For more information, visitwww.cimgroup.com. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. The combined CMFT, CCIT III and CCPT V (Combined Company) has approximately $4.8 billion in total asset value and a net asset value (NAV) of $2.6 billion, based upon the companies respective June 30, 2020 NAVs, creating a leading commercial real estate credit-focused REIT with scale, primarily invested in net lease assets and commercial real estate debt. Headquartered in Phoenix, Arizona, CIM Real Estate Finance Trust primarily owns and operates a real estate portfolio of net leased properties throughout the United States. color: #f98e11; Stocks, bonds and mutual funds are offered through Manulife Securities Incorporated. 0 : e.thumbh; It is anticipated that five to seven directors will be recommended for election. Stockholders of INAV will be able to obtain such documents free of charge at the SECs website,www.sec.gov, or through CIM Group LLCs website athttps://www.cimgroup.com/announcements, as they become available. .woocommerce-product-gallery{ opacity: 1 !important; } } Estate Planning 101 . By Zach Banning ix = 0, Company Name, Ticker, Suppliers, else.. . document.getElementById(e.c).height = newh+"px"; Most people have been aware of this liquidity gap in real estate alts for a long time, and we view these third-party tender offer firms as step one in taking advantage of that illiquidity, says Sean Stephan, a partner at Cox Capital Partners. While in some cases non-traded REIT investors can redeem their shares directly with the investment sponsor, such redemption opportunities may be limited to a percentage of shares held, and in some instances, such redemption programs can be altogether suspended by the sponsor. e.mh = e.mh===undefined || e.mh=="" || e.mh==="auto" ? LOS ANGELES--CIM Real Estate Finance Trust, Inc. (CMFT), Cole Office & Industrial REIT (CCIT III), Inc. (CCIT III) and Cole Credit Property Trust V, Inc. (CCPT V) today announced that CMFT has acquired each of CCIT III and CCPT V in separate stock-for-stock, tax-free merger transactions pursuant to definitive agreements executed in August 2020 and amended in October and November 2020. ); Go Back. CIM, formerly known as Cole Credit Property Trust IV, was launched in January 2012, raising approximately $3 billion in investor capital prior to closing its offering in April 2014. display: none; }; window.innerWidth : window.RSIW; window.RSIW = window.RSIW===undefined ? The transactions were subject to the approval of the respective mergers and certain other matters by stockholders of CCIT III and CCPT V. Both CCITIII and CCPT V stockholders voted in favor of the respective mergers during virtual special meetings of stockholders held on December17, 2020. Event Calendar SGU's Profile Stock Price SGU's Financials Business Description Fundamentals Charts & Quotes SGU's News Suppliers SGU's Competitors Lines and paragraphs break automatically. Ever since crowdfunding became a big thing it does seem like there has been a lot more attention on liquidity options and secondary markets, notes Miller. Brian King at Realto Capital describes MacKenzie Capital and others as taking a vulture-like approach that takes advantage of unsuspecting retail investors by A) painting a worst-case scenario for shareholders; B) offering a low-ball price and C) giving them a very short window to act nowjust like a late-night infomercial. Another point of contention is that third-party tender firms are circumventing financial advisors and going right to shareholders, who may not be sophisticated real estate investors. So, if youre still on the fence about whether Cim Real Estate Finance Trust Inc stock is a buy, sell or hold, you can utilize our expansive and robust screening tools like A+ Investor to help make your decision. None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term. Actual results may vary materially from those expressed or implied by the forward-looking statements, which are subject to a number of risks and uncertainties, many of which are out of the control of such companies, including, but not limited to, those associated with the ability of the combined companies to achieve expected cost synergies or to engage in any liquidity event or public offering; the availability of suitable investment or disposition opportunities and access to debt and equity capital markets; the impact of the COVID-19 pandemic on the operations and financial condition the Combined Company and the real estate industries in which it operates, including with respect to occupancy rates, rent deferrals and the financial condition of its tenants; general financial and economic conditions, which may be affected by government responses to the COVID-19 pandemic; legislative and regulatory changes; and other factors, including those set forth in the section entitled Risk Factors in CMFTs, CCIT IIIs and CCPT Vs most recent Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and other reports filed by CMFT, CCIT III and CCPT V with the SEC, copies of which are available on the SECs website,www.sec.gov. CMFT and INAV are non-traded REITs managed by affiliates of CIM Group, LLC ("CIM"). Another significant risk associated with investing in non-traded REITs is the potential for any distributions paid to consist substantially of return of capital. Traditionally, shareholders seeking liquidityhave been limited to options that include: However, groups such as Cox Capital and QuickLiquidity are working to educate stakeholders about alternatives for liquidity. These conversations are paramount, especially in a time of significant regulatory change. About CIM Group CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. gtag('js', new Date());
e.gw = Array.isArray(e.gw) ? Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. In this way, you can effectively become a manager of your own wealth‐without having to rely on others for your financial independence. Cim Real Estate Finance Trust Inc (CCPT) Dividend yield, percetage of earnings per share payed out as dividend by quarter - CSIMarket. .et_pb_text_inner h1{ It is essentially the inverse of the P/E ratio. Oftentimes, they are thrilled to take any available offer because there are no other options to access quick liquidity, even if they feel that the offer doesnt represent a fair price, notes Cox. The frequency, price, and limitations vary by investment program. For more information, visitwww.cimgroup.com. Seneca Global Income & Growth Trust (SIGT) has a multi-asset investment strategy, with an overriding focus on value. } e.thumbw = e.thumbw===undefined ? Unlike stocks or ETFs, which can be readily sold and resold on a deep and liquid national securities exchange, an investment in a non-traded REIT such as CIM Real Estate Finance Trust cannot be easily exited. e.tabh = e.tabhide>=pw ? Workplace Enterprise Fintech China Policy Newsletters Braintrust lk Events Careers xk. In some instances, investors may be uninformed and unaware that income received on the investment may consist substantially of return of capital from other investors. Each respective Board of Directors subsequently unanimously approved the entry by its REIT into the merger agreement. More recently, Realto launched a secondary marketplace platform. Second Annual Blue Vault Broker Dealer Educational Summit 2016, Suitability Manager, The O.N. What are trust services? This communication includes certain forward-looking statements within the meaning of Section 27A the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. Founded as the Taverners Trust and initially managed by Aberdeen Asset Management, the trust became the Midas Income & Growth Trust in August 2005. } MONTRE Equity capital raised during offering periods, including DRIP proceeds. var nl = new Array(e.rl.length), LOS ANGELES--CIM Real Estate Finance Trust, Inc. (CMFT) announced today it has entered into a definitive merger agreement to acquire CIM Income NAV, Inc. (INAV) in a stock-for-stock, tax-free merger transaction. Cost Savings:CC CMFT is expected to realize $2.8 million of annualized general and administrative synergies on a run-rate basis with additional cash flow improvement of $2.5 million to INAV stockholders through the elimination of ongoing stockholder servicing fees. CIM Real Estate Finance Trust completes mergers with two net lease REITs results in credit-focused REIT w $4.8B total assets Contacts Shareholder Relations ShareholderRelations@cimgroup.com The award ceremony which was held virtually was organised by the Forbes magazine in conjunction with the [] .site-header { Duff & Phelps LLC, a third-party valuation firm, assisted with the process and estimated a $7.05 to $7.61 per share valuation range with a midpoint of $7.31 per share as of June 30, 2020. CCITIII stockholders will receive 1.098 shares of CMFT stock for each CCITIII share and CCPT V stockholders will receive 2.892 shares of CMFT stock for each CCPT V share. This communication may be deemed to be solicitation material in respect of the proposed merger of INAV with CMFT. .ewd-ufaq-faqs{ xh . Theme Real Estate. AAIIs stock screen that follows the companies with the highest earnings estimate revisions (i.e., the best grades) has a 23.3% backtested annual return since inception, whereas an example screen following those with the worst revisions has a backtested annual return since inception of under 5%. A number of opportunistic investment groups have been trying to capitalize on the illiquidity within the real estate alts sector with unsolicited mini-tender offers (less than 5%of company shares) to buy shares, often at bargain basement prices. .site-header { content: ""; 0 : parseInt(e.thumbhide); The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. I am an experienced C-level Executive Assistant, with superior knowledge of international companies within many differing industries. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. CIMs board recently announced a post-merger net asset value (NAV) of $7.20 per share for the Companys common stock, valued as of March 31, 2021. PHOENIX, October 17, 2022--CIM Real Estate Finance Trust, Inc. ("CMFT") announced today an 11% increase in its monthly dividend rate for October, November and December 2022, from 3.05 to 3.39 . Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point. } The portfolio . Each of the Cole Office & Industrial REITs hold investments in office and industrial net lease assets. When initially contacting us via the websites contact form, e-mail, telephone, or by any other means, do not include any confidential or sensitive information. display: none; var advadsCfpQueue = []; Four CIM REITs Plan to Merge to Create $5.9 Billion REIT, Click here to subscribe to our Daily News Updates, Capital Square Expands Executive Team with Two New Hires, Go Store It Buys Vacant Sams Club in South Carolina OZ for Self-Storage Conversion, Bluerock Raises Record $4 Billion of Investor Capital in 2022, MacKenzie Realty Capital Increases Quarterly Dividend Again, Cerity Completes Third RIA Acquisition in January, Adding $8.6 Billion in AUM. Information on this website should be regarded as opinion based on publicly available information and not as fact. Some of the crowdfunding sites, such as Cadre, also have a secondary market for investors. The attorneys at Giarrusso Law Group LLC have extensive experience in handling claims on behalf of investors in non-traded REITs, as well as other complex and illiquid investment products. In addition to Growth, A+ Investor also provides grades for Value, Momentum, Estimate Revisions and Quality. .menu-item-1122 .dropdown-menu{ You can use the information about how Cim Real Estate Finance Trust Inc stock is graded to determine if you should invest in this specific company. most likely to outperform the The attorneys at Giarrusso Law Group LLC have considerable experience in handling claims on behalf of investors in non-traded REITs such as CIM Real Estate Finance Trust, Inc., as well as other complex and illiquid financial products. Cole Credit Property Trust V has investments in retail net lease and multi-tenant retail assets. Private real estate vehicles have struggled to develop a secondary marketplace. Dividends made by Cim Real Estate Finance Trust from their annual profits to their shareholders are shown here - normally on an interim and annual basis. Events. font-size: 15px; 'jetpack-lazy-images-js-enabled' } Such high commissions and related expenses add up quickly and act as an immediate drag on investment performance. Alternative options to generate liquidity may include selling shares on a limited and fragmented secondary market, or responding to a tender offer such as Comrits recent Liquidation Opportunity, options which nearly always entail disadvantageous pricing for the investor. However, you should decide whether Cim Real Estate Finance Trust Inc stock is a buy, sell or hold based on a combination of grades, metrics, ratios and U.S. Securities and Exchange Commission (SEC) reports. CMFT is managed by affiliates of CIM. Morris, Manning & Martin, LLP is acting as REIT and securities counsel in connection with the transaction. padding-bottom: 10px; Cox Capital has underwritten assets with as little as a 1% or 2% discount to about 35% for a more illiquid and distressed asset. This information should not be relied upon or construed as legal advice. The Company expects to provide an updated 5-year outlook in Q1 2023 upon completion of ongoing Project Honeypot . } 2022 Review of AAII Stock Screens: Outperforming During a Bear Market Year, Cash from Operations Ann'l Positive Last 5 yrs. As of June 30, 2020, the pro forma limited near-term debt maturities and net leverage of the proposed combined company was approximately 39 percent, along with substantial cash on its balance sheet, according to the company. html:not( .jetpack-lazy-images-js-enabled ):not( .js ) .jetpack-lazy-image { Information on this website should be regarded as opinion based on publicly available information and not as fact. In the same vein, the interest rate on savings accounts was . Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. The information contained on this website is provided solely for informational purposes and is considered attorney advertising. display: none !important; Contacting us, by itself, does not create an attorney-client relationship. Information regarding the directors, executive officers and external advisors of INAV and CMFT is contained in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC by each entity on March 31, 2021, as amended by INAV on April 19, 2021 and as amended by CMFT on April 27, 2021. Specifically, the Quality Grade is the percentile rank of the composite return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and FScore. As of June 30, 2020, it was disclosed that the Companys loan portfolio consisted of 143 loans with a net book value of $598.4 million, and investments in real estate-related securities of $16.1 million..
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cim real estate finance trust liquidity event