First and foremost, we hope this update finds you and your loved ones healthy and safe.
Stonecrest continues to work on liquidating SRF. With the current situation affecting the real estate and financial markets, it has been difficult to find exits for the portfolio’s remaining assets. Our largest asset was in escrow to sell, but our buyer fell out of escrow when the COVID-19 pandemic hit. Though we had a backup buyer who was still interested in the asset, their financing fell through due to that particular class of loan products becoming unavailable.
Additionally, any loans that were in foreclosure, or were near a foreclosure sale, have been frozen. For all intents and purposes, foreclosures and evictions have been put on hold throughout the country.
All of the current restrictions will eventually loosen and we will be able to finish liquidating SRF’s remaining assets. How long this process will take is unknown, but we are monitoring closely the guidelines and procedures related to returning to normal operations around the country.
You will receive your next distribution check when we have accumulated enough proceeds from asset sales to justify a disbursement.
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Fund Performance:
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