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February 12, 2016 6:48 PM ET

Thrifts and Mortgage Finance

Company Overview of IMH Financial Corporation

Company Overview

IMH Financial Corporation operates as a real estate investor and finance company in the southwest United States. It focuses on investing, managing, and disposing commercial real estate mortgage investments or other real estate assets, as well as performing various related functions, including developing, managing, and holding for investment or disposing of real property acquired through foreclosure or other means. The company was formerly known as IMH Secured Loan Fund, LLC and changed its name to IMH Financial Corporation in June 2010. IMH Financial Corporation was founded in 2003 and is based in Scottsdale, Arizona.

7001 North Scottsdale Road

Suite 2050

Scottsdale, AZ 85253

United States

Founded in 2003

238 Employees

Phone:

480-840-8400

Key Executives for IMH Financial Corporation

Chairman, Chief Executive Officer and Chairman of Investment Committee
Age: 65
Chief Financial Officer
Age: 39
Senior Vice President and Director of Operations
Senior Vice President of Special Projects
Age: 67
Executive Vice President, General Counsel and Corporate Secretary
Age: 46
Compensation as of Fiscal Year 2015.

IMH Financial Corporation Key Developments

, IMH Financial Corporation Enters into Fourth Amendment to Loan Agreement with SRE Monarch Lending, LLC

On November 23, 2015, IMH Financial Corporation and SRE Monarch Lending, LLC entered into a Fourth Amendment to Loan Agreement extending the maturity date of the company's loan from SRE Monarch Lending from November 23, 2015 to January 22, 2016. The c ompany paid a fee of $66,667 to SRE Monarch Lending in connection with this extension. The Fourth Amendment provides the company with two additional options to extend the maturity date of the SRE Loan. The first option allows the company to extend the SRE Loan for one month from January 22, 2016 to February 22, 2016 in exchange for an extension fee payable to SRE Monarch Lending in the amount of $33,333. The second option allows the Company to extend the maturity date of the SRE Loan for one additional month to March 23, 2016 in exchange for an extension fee payable to SRE Monarch Lending in the amount of $33,333.

IMH Financial Corporation and SRE Monarch Lending, LLC Enter into Third Amendment to Loan Agreement

On August 24, 2015, IMH Financial Corporation and SRE Monarch Lending, LLC entered into a Third Amendment to Loan Agreement extending the maturity date of the company's loan from August 24, 2015 to November 23, 2015.

IMH Financial Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter of 2015

IMH Financial Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total revenue was $9,373,000 against $8,892,000 a year ago. Income before income taxes was $5,181,000 against loss before income taxes of $1,454,000 a year ago. Net income attributable to common shareholders was $3,491,000 against net loss attributable to common shareholders of $1,454,000 a year ago. Diluted Earnings per common share was $0.13 against loss per share of $0.09 a year ago. Adjusted EBITDA was $7.5 million or $0.49 per basic common share and $0.27 per diluted common share, compared to adjusted EBITDA of $4.4 million or $0.19 per diluted share for the same period in 2014. The increase in adjusted EBITDA was primarily attributable to the recoveries recorded in the second quarter of 2015 arising from guarantor enforcement and collection efforts, coupled with reduced interest expense and depreciation recorded during the three months ended June 30, 2015. Adjusted net earnings was $4.4 million compared to adjusted net loss of $1.3 million for the same period in 2014. Diluted adjusted net earnings per common share was $0.16 for the three months ended June 30, 2015 compared to adjusted net loss per common share of $0.08 for the same period in 2014. For the six months, total revenue was $18,905,000 against $15,487,000 a year ago. Income before income taxes was $2,769,000 against loss before income taxes of $4,460,000 a year ago. Net income attributable to common shareholders was $9,000 against net loss attributable to common shareholders of $4,460,000 a year ago. Diluted Earnings per common share was $0.00 against loss per share of $0.27 a year ago. Net cash used in operating activities was $575,000 against $11,266,000 a year ago. Purchases of property and equipment were $34,000 against $8,000 a year ago. Adjusted net earnings were $2,179,000 or $0.08 per diluted share compared to adjusted net loss of $4,188,000 or $0.26 per diluted share a year ago. Adjusted EBITDA was $8,692,000 or $0.31 per diluted share compared to $7,403,000 or $0.31 per diluted share a year ago. For the quarter, impairment of real estate owned was $140,000 compared to nil a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 12, 2015
127 Acres of Land Near Park City, Utah
 

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