On April 2, 2018, the Company declared a dividend of $.105 per share to be paid on April 19, 2018 to shareholders of record on April 12, 2018. The total amount of the dividend payment was $1,618,653.

 

On April 27, 2018, the Company sold a mortgage note with a face amount of $1,200,000 to a former partner and now shareholder. The Company will continue to service the note during its term.

 

On May 11, 2018, the Company entered into an agreement with Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank (collectively, the “Lenders”) under which the Lenders agreed to provide the Company with a $35 million revolving credit facility to replace the Bankwell Credit Line, which has now been repaid in full and terminated. The new credit facility is secured by a first priority lien on substantially all of the Company’s assets. Amounts outstanding under the new credit facility will bear interest at a floating rate equal to the 30-day LIBOR rate plus 4.00% per annum, and will be due and payable on May 11, 2022. Pursuant to the terms of the agreement governing the new credit facility, the Company may draw up to 75% of its “Eligible Mortgage Loans,” as defined. As of the Closing Date, Eligible Mortgage Loans totaled approximately $47.7 million. The loan agreement governing the new credit facility contains provisions regarding defaults and events of default, representations and warranties and affirmative, negative and financial covenants that are typical of transactions of this sort.

 

No termination fee was paid with respect to the Bankwell Credit Line as a result of the refinancing.

 

Management has evaluated subsequent events through May 15, 2018 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.