v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 76,557 $ 64,549
Restricted cash 2,549 0
Commercial mortgage loans:    
Commercial mortgage loans at cost 351,823 563,071
Allowance for credit losses [1] (3,930) (13,898)
Carrying Value [1] 347,893 549,173
Real estate owned, net of depreciation 93,282 39,633
Acquired lease intangible assets, net 4,103 2,969
Deferred debt finance costs 438 453
Accrued interest receivable 1,219 2,741
Prepaid expenses and other assets 3,200 1,797
Total assets 529,241 661,315
Liabilities:    
Repurchase agreements 223,397 360,677
Loan participations sold, net 47,009 48,524
Mortgage loan payable, net 23,891 0
Acquired lease intangible liabilities, net 598 404
Due to related parties 1,221 1,407
Accrued interest payable 2,644 2,349
Distributions payable 1,051 1,051
Accrued expenses and other liabilities 3,182 2,324
Total liabilities 302,993 416,736
Commitments and contingencies (Note 8)
Stockholders' Equity:    
6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized, 3,544,553 shares issued and outstanding as of December 31, 2025 and December 31, 2024 4 4
Additional paid in capital 341,354 339,524
Accumulated deficit (115,120) (94,959)
Total stockholders' equity 226,248 244,579
Total liabilities and stockholders’ equity 529,241 661,315
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.