v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income:    
CRE loans $ 32,942 $ 28,469
Other 1,418 257
Total interest income 34,360 28,726
Interest expense 25,114 23,123
Net interest income 9,246 5,603
Real estate income 8,547 11,366
Other revenue 31 33
Total revenues 17,824 17,002
OPERATING EXPENSES    
General and administrative 3,036 3,159
Real estate expenses 9,710 13,342
Management fees - related party 1,561 1,631
Equity compensation - related party 540 815
Corporate depreciation and amortization 19 18
Reversal of credit losses, net (967) (1,717)
Total operating expenses 13,899 17,248
Net interest and other revenues less operating expenses 3,925 (246)
OTHER INCOME (EXPENSE)    
Equity in earnings (losses) of unconsolidated subsidiaries 245 (492)
Gain on sale of investment in real estate (3,336) 0
Other income 23 84
Total other income (expense) 3,604 (408)
INCOME (LOSS) BEFORE TAXES 7,529 (654)
Income tax expense (1) (76)
NET INCOME (LOSS) 7,528 (730)
Net income allocated to preferred shares (5,114) (5,313)
Net (income) loss allocable to non-controlling interests, net of taxes (3,437) 184
Net loss allocable to common shares $ (1,023) $ (5,859)
NET LOSS PER COMMON SHARE - BASIC $ (0.16) $ (0.8)
NET LOSS PER COMMON SHARE - DILUTED $ (0.16) $ (0.8)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 6,558,864 7,362,236
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 6,558,864 7,362,236