v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest income:      
Interest income $ 37,992 $ 58,099 $ 68,253
Less: Interest expense (23,952) (36,501) (42,195)
Net interest income 14,040 21,598 26,058
Revenue from real estate 8,966 2,791 12,719
Total income 23,006 24,389 38,777
Operating expenses:      
Advisory fee 3,108 3,196 3,381
Amortization of debt finance costs 1,329 1,467 1,919
Directors compensation 76 78 80
Professional service fees 1,055 936 286
Real estate operating expenses 5,643 1,790 11,700
Provision for asset impairment 0 0 6,934
Depreciation and amortization 5,402 1,527 514
Other expenses 1,249 1,367 1,674
Total operating expenses 17,862 10,361 26,488
Other income (loss):      
Reversal of (provision for) credit losses 1,165 (2,288) (16,911)
Gain on sale of real estate 0 0 206
Net realized (loss) gain on disposition of commercial loans (7,883) 929 0
Total other loss (6,718) (1,359) (16,705)
Net (loss) income before income taxes (1,574) 12,669 (4,416)
Income tax provision 0 0 (22)
Net (loss) income (1,574) 12,669 (4,438)
Gain on repurchase and retirement of preferred stock 0 0 21
Net (loss) income attributable to common stockholders $ (7,555) $ 6,688 $ (10,398)
Net (loss) income per share attributable to common stockholders, basic $ (0.75) $ 0.66 $ (1.03)
Net (loss) income per share attributable to common stockholders, diluted $ (0.75) $ 0.66 $ (1.03)
Weighted average number of shares of common stock      
Basic 10,118,536 10,116,738 10,114,606
Diluted 10,118,536 10,117,722 10,114,606
Series A Preferred Stock      
Other income (loss):      
Series A Preferred Stock dividends $ (5,981) $ (5,981) $ (5,981)