Company Quick10K Filing
Rodin Income Trust
Price13.47 EPS1
Shares0 P/E12
MCap5 P/FCF13
Net Debt-1 EBIT0
TEV5 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-13
10-K 2019-12-31 Filed 2020-03-26
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-29
10-Q 2018-09-30 Filed 2018-11-15
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-06-14
8-K 2020-06-30 Shareholder Vote
8-K 2020-03-31
8-K 2020-02-13
8-K 2019-12-20
8-K 2019-09-28
8-K 2019-06-26
8-K 2019-02-12
8-K 2018-11-01
8-K 2018-09-28
8-K 2018-09-21

RIT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Business Purpose
Note 2 - Summary of Significant Accounting Policies
Note 3 - Commercial Mortgage Loans, Held for Investment
Note 4 - Loan Participations Sold
Note 5 - Stockholders' Equity
Note 6 - Related Party Transactions
Note 7 - Economic Dependency
Note 8 - Commitments and Contingencies
Note 9 - Fair Value Measurements
Note 10 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 rit-ex311_8.htm
EX-31.2 rit-ex312_7.htm
EX-32 rit-ex32_6.htm

Rodin Income Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 rit-10q_20200630.htm 10-Q rit-10q_20200630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from                    to                   

Commission file number: 333-221814

 

Rodin Income Trust, Inc.

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

81-1144197

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

110 E. 59th Street, New York, NY

 

10022

(Address of principal executive offices)

 

(Zip Code)

(Registrant’s telephone number, including area code): (212) 938-5000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/A

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes        No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes        No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No   

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 11, 2020, the registrant had 405,342 Class A shares, 165,109 Class I Shares, and 69,974 Class T shares of $0.01 par value common stock outstanding.

 

 

 


RODIN INCOME TRUST, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I - FINANCIAL INFORMATION

 

3

 

 

 

Item 1. Financial Statements (Unaudited)

 

3

 

 

 

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

3

 

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and June 30, 2019

 

4

 

 

 

Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and June 30, 2019

 

5

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and June 30, 2019

 

7

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

27

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

    40

 

 

 

Item 4. Controls and Procedures.

 

40

 

 

 

PART II - OTHER INFORMATION

 

41

 

 

 

Item 1. Legal Proceedings.

 

41

 

 

 

Item 1A. Risk Factors.

 

41

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

42

 

 

 

Item 3. Defaults Upon Senior Securities.

 

42

 

 

 

Item 4. Mine Safety Disclosures.

 

42

 

 

 

Item 5. Other Information.

 

42

 

 

 

Item 6. Exhibits.

 

42

 

 

 

Signatures

 

44

 

 


PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

RODIN INCOME TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

944,361

 

 

$

905,358

 

Commercial mortgage loans, held for investment

 

26,445,597

 

 

 

25,743,980

 

Accrued interest receivable

 

175,233

 

 

 

177,177

 

Due from related party

 

45,703

 

 

 

4,765

 

Total assets

$

27,610,894

 

 

$

26,831,280

 

Liabilities and Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Loan participations sold

$

12,370,000

 

 

$

14,970,000

 

Due to related party

 

282,586

 

 

 

266,799

 

Distributions payable

 

84,769

 

 

 

67,730

 

Accrued interest payable

 

65,660

 

 

 

83,246

 

Accounts payable and accrued expenses

 

59,175

 

 

 

16,384

 

Total liabilities

 

12,862,190

 

 

 

15,404,159

 

Stockholders' equity

 

 

 

 

 

 

 

Controlling interest

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 50,000,000 shares authorized,

  and 0 issued and outstanding at each June 30, 2020 and

December 31, 2019

 

 

 

 

 

Class A common stock, $0.01 par value per share, 160,000,000 shares authorized,

   and 394,915 and 337,229 issued and outstanding at June 30, 2020 and

   December 31, 2019, respectively

 

3,949

 

 

 

3,372

 

Class T common stock, $0.01 par value per share, 200,000,000 shares

  authorized, and 69,612 and 56,413 issued and outstanding at June 30, 2020 and

  December 31, 2019, respectively

 

696

 

 

 

564

 

Class I common stock, $0.01 par value per share, 50,000,000 shares

  authorized, and 164,954 and 99,575 issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

1,650

 

 

 

996

 

Additional paid-in capital

 

14,582,524

 

 

 

11,468,863

 

Retained earnings and cumulative distributions

 

40,260

 

 

 

(47,674

)

Total controlling interest

 

14,629,079

 

 

 

11,426,121

 

Non-controlling interests in subsidiaries

 

119,625

 

 

 

1,000

 

Total stockholders' equity

 

14,748,704

 

 

 

11,427,121

 

Total liabilities and stockholders' equity

$

27,610,894

 

 

$

26,831,280

 

See accompanying notes to consolidated financial statements

3


RODIN INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

For the Three Months

 

 

For the Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

652,236

 

 

$

628,383

 

 

$

1,297,059

 

 

$

1,244,303

 

Less: Interest income related to loan participations sold

 

(284,544

)

 

 

(420,955

)

 

 

(609,356

)

 

 

(881,925

)

Total interest income, net

 

367,692

 

 

 

207,428

 

 

 

687,703

 

 

 

362,378

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

27,558

 

 

 

2,193

 

 

 

54,965

 

 

 

37,839

 

Management fees

 

37,786

 

 

 

22,786

 

 

 

70,978

 

 

 

40,208

 

Total operating expenses

 

65,344

 

 

 

24,979

 

 

 

125,943

 

 

 

78,047

 

Net income (loss)

$

302,348

 

 

$

182,449

 

 

$

561,760

 

 

$

284,331

 

Weighted average shares outstanding

 

618,783

 

 

 

328,742

 

 

 

575,275

 

 

 

289,061

 

Net income (loss) per common share - basic and diluted

$

0.49

 

 

$

0.55

 

 

$

0.98

 

 

$

0.98

 

See accompanying notes to consolidated financial statements

4


RODIN INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Earnings and

 

 

Non-

 

 

 

   Total

 

 

Class A

 

 

Class T

 

 

Class I

 

 

Paid-In

 

 

Cumulative

 

 

controlling

 

 

Stockholders’

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Distributions

 

 

interest

 

 

Equity

 

Balance as of January 1, 2019

 

82,309

 

 

$

823

 

 

 

 

 

$

 

 

 

87,139

 

 

$

871

 

 

$

4,060,151

 

 

$

(163,088

)

 

$

1,000

 

 

$

3,899,757

 

Common stock

 

115,947

 

 

 

1,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,694,615

 

 

 

 

 

 

 

 

 

2,695,774

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution reinvestment

 

279

 

 

 

3

 

 

 

 

 

 

 

 

 

115

 

 

 

1

 

 

 

9,150

 

 

 

 

 

 

 

 

 

9,154

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,827

)

 

 

 

 

 

 

 

 

(27,827

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101,882

 

 

 

 

 

 

101,882

 

Distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,613

)

 

 

 

 

 

(97,613

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2019

 

198,535

 

 

$

1,985

 

 

 

 

 

$

 

 

 

87,254

 

 

$

872

 

 

$

6,736,089

 

 

$

(158,819

)

 

$

1,000

 

 

$

6,581,127

 

Common stock

 

67,641

 

 

 

676

 

 

 

8,480

 

 

 

85

 

 

 

7,524

 

 

 

76

 

 

 

1,936,288

 

 

 

 

 

 

 

 

 

1,937,125

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution reinvestment

 

368

 

 

 

4

 

 

 

 

 

 

 

 

 

136

 

 

 

1

 

 

 

11,719

 

 

 

 

 

 

 

 

 

11,724

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,267

)

 

 

 

 

 

 

 

 

(20,267

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

182,449

 

 

 

 

 

 

182,449

 

Distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(129,908

)

 

 

 

 

 

(129,908

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2019

 

266,544

 

 

$

2,665

 

 

 

8,480

 

 

$

85

 

 

 

94,914

 

 

$

949

 

 

$

8,663,829

 

 

$

(106,278

)

 

$

1,000

 

 

$

8,562,250

 

See accompanying notes to consolidated financial statements

5


RODIN INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Earnings and

 

 

Non-

 

 

 

    Total

 

 

Class A

 

 

Class T

 

 

Class I

 

 

Paid-In

 

 

Cumulative

 

 

controlling

 

 

Stockholders’

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Distributions

 

 

interest

 

 

Equity

 

Balance as of January 1, 2020

 

337,229

 

 

$

3,372

 

 

 

56,413

 

 

$

564

 

 

 

99,575

 

 

$

996

 

 

$

11,468,863

 

 

$

(47,674

)

 

$

1,000

 

 

$

11,427,121

 

Common stock

 

38,465

 

 

 

385

 

 

 

7,957

 

 

 

79

 

 

 

66,070

 

 

 

661

 

 

 

2,673,206

 

 

 

 

 

 

 

 

 

2,674,331

 

Common stock repurchased

 

(273

)

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,145

)

 

 

 

 

 

 

 

 

(6,148

)

Distribution reinvestment

 

982

 

 

 

10

 

 

 

451

 

 

 

5

 

 

 

232

 

 

 

2

 

 

 

38,986

 

 

 

 

 

 

 

 

 

39,003

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(92,896

)

 

 

 

 

 

 

 

 

(92,896

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,412

 

 

 

 

 

 

259,412

 

Distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(218,274

)

 

 

(2,582

)

 

 

(220,856

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125,000

 

 

 

125,000

 

Balance as of March 31, 2020

 

376,403

 

 

$

3,764

 

 

 

64,821

 

 

$

648

 

 

 

165,877

 

 

$

1,659

 

 

$

14,082,014

 

 

$

(6,536

)

 

$

123,418

 

 

$

14,204,967

 

Common stock

 

18,990

 

 

 

189

 

 

 

4,300

 

 

 

43

 

 

 

 

 

 

 

 

 

555,266

 

 

 

 

 

 

 

 

 

555,498

 

Common stock repurchased

 

(1,638

)

 

 

(16

)

 

 

 

 

 

 

 

 

(1,151

)

 

 

(12

)

 

 

(63,850

)

 

 

 

 

 

 

 

 

(63,878

)

Distribution reinvestment

 

1,160

 

 

 

12

 

 

 

491

 

 

 

5

 

 

 

228

 

 

 

3

 

 

 

43,218

 

 

 

 

 

 

 

 

 

43,238

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,124

)

 

 

 

 

 

 

 

 

(34,124

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

302,348

 

 

 

 

 

 

302,348

 

Distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(255,552

)

 

 

(3,793

)

 

 

(259,345

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

 

394,915

 

 

$

3,949

 

 

 

69,612

 

 

$

696

 

 

 

164,954

 

 

$

1,650

 

 

$

14,582,524

 

 

$

40,260

 

 

$

119,625

 

 

$

14,748,704

 

See accompanying notes to consolidated financial statements

6


RODIN INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

For the Six Months

 

 

Ended June 30,

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

561,760

 

 

$

284,331

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Decrease/(increase) in accrued interest receivable

 

1,944

 

 

 

3,077

 

Decrease/(increase) in prepaid expenses

 

 

 

 

(17,866

)

(Decrease)/Increase in due from related party

 

 

 

 

8,013

 

(Decrease)/increase in accrued interest payable

 

(17,586

)

 

 

(45,380

)

(Decrease)/increase in accounts payable and accrued expenses

 

5,911

 

 

 

(179

)

(Decrease)/increase in due to related party

 

(37,008

)

 

 

10,761

 

Net cash provided by operating activities

 

515,021

 

 

 

242,757

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Repurchases of loan participation interest

 

(2,600,000

)

 

 

(4,250,000

)

Fundings of commercial mortgage loans, held for investment

 

(701,617

)

 

 

(282,232

)

Cash used in investing activities

 

(3,301,617

)

 

 

(4,532,232

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

3,135,566

 

 

 

4,587,444

 

Distributions to common stockholders

 

(374,546

)

 

 

(181,926

)

Acquired non-controlling interests

 

104,100

 

 

 

 

Payments from redemptions of common stock

 

(33,146

)

 

 

 

Preferred stock dividends

 

(6,375

)

 

 

 

Net cash provided by financing activities

 

2,825,599

 

 

 

4,405,518

 

Net increase in cash and cash equivalents

 

39,003

 

 

 

116,043

 

Cash and cash equivalents, at beginning of period

$

905,358

 

 

$

179,251

 

Cash and cash equivalents, at end of period

$

944,361

 

 

$

295,294

 

 

 

 

 

 

 

 

 

Non-cash financing activities:

 

 

 

 

 

 

 

Distribution reinvestment

$

38,224

 

 

$

20,878

 

Distributions payable

$

17,039

 

 

$

24,717

 

See accompanying notes to consolidated financial statements

7


 

RODIN INCOME TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Organization and Business Purpose

Rodin Income Trust, Inc. (the “Company”) was formed on January 19, 2016 as a Maryland corporation that intends to elect and qualify as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes, commencing with its 2019 tax year. The Company’s consolidated financial statements include Rodin Income Trust Operating Partnership, L.P. (the “Operating Partnership”), RIT REIT Sub I, Inc. (“RIT REIT Sub I”), and RIT Lending, Inc. (“RIT Lending”). Both RIT REIT Sub I and RIT Lending are indirect wholly owned subsidiaries of the Company. Substantially all of the Company’s business is expected to be conducted through the Operating Partnership, a Delaware partnership formed on January 19, 2016. The Company is the sole general and limited partner of the Operating Partnership. Unless the context otherwise requires, the “Company” refers to the Company and the Operating Partnership. The Company currently operates its business in one reportable segment, which focuses on originating mortgage or mezzanine loans, secured mainly by commercial real estate, and investing in participations of such loans.

On January 22, 2016, the Company was capitalized with a $2