v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS:    
Cash and cash equivalents $ 42,747 $ 56,713
Restricted cash 2,103 890
Accrued interest receivable 19,093 14,655
CRE loans 1,391,998 1,487,392
Less: allowance for credit losses (30,350) (32,847)
CRE loans, net 1,361,648 1,454,545
Loan receivable - due from Manager $ 10,550 $ 10,675
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Loan held for sale $ 45,800 $ 11,100
Investments in unconsolidated entities 25,254 21,857
Properties held for sale 201,166 201,125
Investments in real estate 77,511 76,608
Right of use assets 19,694 19,911
Intangible assets 6,664 6,988
Other assets 6,078 6,400
Total assets 1,818,308 1,881,467
LIABILITIES    
Accounts payable and other liabilities 14,203 11,817
Management fee payable - related party $ 531 $ 540
Other Liability, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Accrued interest payable $ 6,574 $ 6,958
Borrowings 1,309,296 1,360,371
Lease liabilities 45,575 45,259
Distributions payable 3,545 3,607
Accrued tax liability 7 27
Liabilities held for sale 3,175 3,226
Total liabilities 1,382,906 1,431,805
EQUITY    
Common stock, par value $0.001: 41,666,666 shares authorized; 7,142,255 and 7,634,004 shares issued and outstanding (including 328,586 and 574,538 unvested restricted shares) 7 8
Additional paid-in capital 1,154,533 1,162,581
Accumulated other comprehensive loss (2,413) (3,203)
Distributions in excess of earnings (726,858) (720,268)
Total stockholders’ equity 425,279 439,128
Non-controlling interests 10,123 10,534
Total equity 435,402 449,662
TOTAL LIABILITIES AND EQUITY 1,818,308 1,881,467
8.625% Series C Preferred Stock    
EQUITY    
Preferred stock, value 5 5
7.875% Series D Preferred Stock    
EQUITY    
Preferred stock, value $ 5 $ 5