v3.26.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 79,970 $ 76,557
Restricted cash 2,657 2,549
Commercial mortgage loans:    
Commercial mortgage loans at cost 337,622 351,823
Allowance for credit losses [1] (8,818) (3,930)
Carrying Value [1] 328,804 347,893
Real estate owned, net of depreciation 93,337 93,282
Acquired lease intangible assets, net 3,728 4,103
Deferred debt finance costs 109 438
Accrued interest receivable 1,244 1,219
Prepaid expenses and other assets 3,550 3,200
Total assets 513,399 529,241
Liabilities:    
Repurchase agreements 215,074 223,397
Loan participations sold, net 47,715 47,009
Mortgage loan payable, net 23,978 23,891
Acquired lease intangible liabilities, net 557 598
Due to related parties 1,514 1,221
Accrued interest payable 2,950 2,644
Distributions payable 1,052 1,051
Accrued expenses and other liabilities 3,095 3,182
Total liabilities 295,935 302,993
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 March 31, 2026 and December 31, 2025 4 4
Additional paid in capital 341,362 341,354
Accumulated deficit (123,912) (115,120)
Total stockholders’ equity 217,464 226,248
Total liabilities and stockholders’ equity 513,399 529,241
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.