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We are externally managed by our Manager, a subsidiary of our Sponsor, an SEC-registered investment advisor, which has intensive actual property experience, having accomplished as of March 31, 2020 roughly $9.0 billion of gross real property transactions since the beginning of 2012. As well as, our Sponsor, together with its affiliates, together with NexBank, is probably the most skilled global alternative credit score managers managing roughly $13.Three billion of loans and debt or credit related investments as of March 31, 2020 and has managed credit score investments for over 25 years. Pursuant to the phrases of the Management Agreement, direct cost of working expenses by the corporate, which includes compensation expense referring to fairness awards granted beneath the 2020 LTIP, along with reimbursement of operating expenses to the Manager, plus the Annual Fee, may not exceed 2.5% of fairness e-book value (the "Expense Cap") for any calendar year or portion thereof, supplied, nevertheless, that this limitation won't apply to Offering Expenses, authorized, accounting, monetary, due diligence and different service fees incurred in reference to extraordinary litigation and mergers and acquisitions and different events outside the peculiar course of business or any out-of-pocket acquisition or due diligence expenses incurred in reference to the acquisition or disposition of sure actual property-associated investments.
Direct fee of operating bills by us, which incorporates compensation expense relating to equity awards granted below the 2020 LTIP, along with reimbursement of working bills to our Manager, plus the Annual Fee, might not exceed 2.5% of equity e book worth decided in accordance with GAAP, for any calendar 12 months or portion thereof, supplied, however, that this limitation will not apply to Offering Expenses, authorized, accounting, financial, due diligence and different service fees incurred in connection with extraordinary litigation and mergers and acquisitions and other events outdoors the odd course of our business or any out-of-pocket acquisition or due diligence bills incurred in reference to the acquisition or disposition of certain actual property related investments. However, our Manager is accountable, قروض and we is not going to reimburse our Manager or its associates, for the salaries or benefits to be paid to personnel of our Manager or its associates who function our officers, besides that we could grant equity awards to our officers underneath the 2020 LTIP. We commenced operations on February 11, 2020 and due to this fact, have no interval to compare outcomes for the three months ended March 31, 2020. Our net loss for the three months ended March 31, 2020 was roughly $6.4 million.
For the three months ended March 31, 2020, operating expenses did not exceed the Expense Cap. On April 15, 2020, the corporate, via the Sub OPs, purchased an aggregate principal quantity of approximately $3.1 million of the X3 tranche of the Freddie Mac K-1510 CMBS at a worth of $28.10. On April 15, 2020 the company, by means of the Sub OPs, purchased an aggregate principal amount of roughly $3.2 million of the X3 tranche of the Freddie Mac K-1513 CMBS at a price of $23.10. A portion of the proceeds had been used to alinma bank finance without salary transfer the purchase of the class D tranche of the Freddie Mac K-107 CMBS. On April 23, 2020, the corporate, by the Sub OPs, bought an aggregate principal quantity of approximately $82.Zero million of the category D tranche of the Freddie Mac K-107 CMBS at a price of $57.18. On April 21, 2020, the corporate, by way of the Sub OPs, entered into a repurchase agreement and borrowed roughly $48.8 million.
Between 2019 and Q4 2020, total auto debt within the U.S. We are a newly formed business mortgage REIT incorporated in Maryland on June 7, 2019. Our strategy is to originate, structure and put money into first-lien mortgage loans, mezzanine loans, most popular fairness and most well-liked inventory, in addition to multifamily CMBS securitizations. Change in web property associated to consolidated CMBS variable curiosity entities. We classify the expenses related to the administration of the SFR Loans as servicing fees whereas the charges related to the CMBS trusts are included as a element of the change in internet belongings associated to consolidated CMBS variable curiosity entities. Loan servicing charges. We pay varied service suppliers charges for mortgage servicing of our SFR Loans and consolidated CMBS trusts. General and administrative ("G&A") expenses include, however are not restricted to, loan servicing charges, audit charges, authorized fees, itemizing fees, board of director fees, fairness-based mostly compensation expense, investor-relations prices and Personal Finance without salary transfer and no guarantor for Expatriates apply Online payments of reimbursements to our Manager. The Initial Portfolio was acquired from affiliates of our Sponsor (the Contribution Group), pursuant to a contribution settlement with the Contribution Group through which the Contribution Group contributed their curiosity within the Initial Portfolio to SPEs owned by subsidiary partnerships of the company, in trade for limited partnership interests in the Sub OPs (see Notes 1 and a couple of for more info).