v3.25.3
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 70,878 $ 64,549
Restricted cash 2,988 0
Commercial mortgage loans:    
Commercial mortgage loans at cost 383,549 563,071
Allowance for credit losses [1] (8,162) (13,898)
Carrying Value [1] 375,387 549,173
Real estate owned, net of depreciation 93,414 39,633
Acquired lease intangible assets, net 4,656 2,969
Deferred debt finance costs 767 453
Accrued interest receivable 1,268 2,741
Due from related parties 555 0
Prepaid expenses and other assets 2,851 1,797
Total assets 552,764 661,315
Liabilities:    
Repurchase agreements 242,270 360,677
Loan participations sold, net 47,141 48,524
Mortgage loan payable, net 23,804 0
Acquired lease intangible liabilities, net 639 404
Due to related parties 1,137 1,407
Accrued interest payable 2,513 2,349
Distributions payable 1,052 1,051
Accrued expenses and other liabilities 3,144 2,324
Total liabilities 321,700 416,736
Commitments and contingencies (Note 8)
Stockholders’ Equity:    
6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,544,553 shares issued and outstanding as of September 30, 2025 and December 31, 2024 4 4
Additional paid in capital 340,570 339,524
Accumulated deficit (109,520) (94,959)
Total stockholders’ equity 231,064 244,579
Total liabilities and stockholders’ equity 552,764 661,315
Class P Common Stock    
Stockholders’ Equity:    
Common stock 9 9
Class A Common Stock    
Stockholders’ Equity:    
Common stock 1 1
Class T Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class S Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class D Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class I Common Stock    
Stockholders’ Equity:    
Common stock $ 0 $ 0
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.