v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income:        
Interest income $ 8,253 $ 14,760 $ 29,768 $ 44,855
Less: Interest expense (5,617) (9,485) (18,833) (28,317)
Net interest income 2,636 5,275 10,935 16,538
Revenue from real estate 2,593 1,274 6,008 1,274
Total income 5,229 6,549 16,943 17,812
Operating expenses:        
Advisory fee 780 [1] 797 2,353 2,401
Amortization of debt finance costs 329 350 1,001 1,122
Directors compensation 19 20 57 59
Professional service fees 319 255 868 748
Real estate operating expenses 1,742 721 3,787 721
Depreciation and amortization 1,824 656 4,033 656
Other expenses 331 410 986 1,125
Total operating expenses 5,344 3,209 13,085 6,832
Other income (loss):        
Reversal of (provision for) credit losses 892 (3,654) 3,404 (2,905)
Net realized (loss) gain on disposition of commercial loans (8,418) 929 (7,882) 929
Total other loss (7,526) (2,725) (4,478) (1,976)
Net (loss) income (7,641) 615 (620) 9,004
Net (loss) income attributable to common stockholders $ (9,136) $ (880) $ (5,106) $ 4,518
Net (loss) income attributable to common stockholders per share, basic $ (0.9) $ (0.09) $ (0.5) $ 0.45
Net (loss) income attributable to common stockholders per share, diluted $ (0.9) $ (0.09) $ (0.5) $ 0.45
Weighted average number of shares of common stock        
Basic 10,118,262 10,116,561 10,118,087 10,116,315
Diluted 10,118,262 10,116,561 10,118,087 10,117,691
Series A Preferred Stock        
Other income (loss):        
Series A Preferred Stock dividends $ (1,495) $ (1,495) $ (4,486) $ (4,486)
[1] The Advisor is entitled to receive an advisory fee comprised of two separate components: (a) a fixed component payable monthly and (b) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12th of 1.25% of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15% of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor.