v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS:    
Cash and cash equivalents $ 47,985 $ 83,768
Restricted cash 1,835 2,190
Accrued interest receivable 30,042 27,259
CRE loans 2,202,837 1,830,367
Less: allowance for credit losses (19,431) (20,398)
CRE loans, net 2,183,406 1,809,969
Loan receivable - due from Manager $ 10,300 $ 10,375
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Investments in unconsolidated entities $ 29,722 $ 29,237
Properties held for sale 90,851 90,825
Investments in real estate 59,382 76,415
Right of use assets 19,415 19,545
Intangible assets 6,000 6,221
Other assets 7,167 6,560
Total assets 2,486,105 2,162,364
LIABILITIES    
Accounts payable and other liabilities 7,631 7,482
Management fee payable - related party $ 1,037 $ 0
Other Liability, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Accrued interest payable $ 5,068 $ 6,814
Borrowings 1,864,671 1,544,938
Lease liabilities 46,096 45,942
Distributions payable 3,423 3,457
Accrued tax liability 75 8
Liabilities held for sale 3,181 3,131
Total liabilities 1,931,182 1,611,772
EQUITY    
Common stock, par value $0.001: 41,666,666 shares authorized; 7,131,101 and 6,887,451 shares issued and outstanding (including 572,236 and 328,586 unvested restricted shares) 7 7
Additional paid-in capital 1,142,949 1,142,410
Accumulated other comprehensive loss (1,277) (1,603)
Distributions in excess of earnings (721,051) (720,028)
Total stockholders’ equity 420,638 420,796
Non-controlling interests 134,285 129,796
Total equity 554,923 550,592
TOTAL LIABILITIES AND EQUITY 2,486,105 2,162,364
8.625% Series C Preferred Stock    
EQUITY    
Preferred stock, value 5 5
7.875% Series D Preferred Stock    
EQUITY    
Preferred stock, value $ 5 $ 5