v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 11,565 $ 10,924
Investment securities (at fair value) 795 936
Allowance for credit losses (15,702) (15,862)
Interest and fees receivable (net of allowance of $2,915 and $3,133) 4,808 4,116
Due from borrowers (net of allowance of $906 and $1,135) 5,573 6,978
Real estate owned (net of impairment of $185 and $492) 16,022 16,402
Investments in limited liability companies 35,235 39,132
Investments in developmental real estate, net 46,013 9,719
Property and equipment, net 3,088 3,160
Other assets 8,961 5,002
Total assets 473,269 460,047
Liabilities:    
Notes payable (net of deferred financing costs of $1,562 and $1,905) 171,692 171,349
Senior secured notes payable (net of deferred financing costs of $3,298 and $3,427) 96,702 86,573
Mortgage payable 895 917
Lines of credit 29,000 19,000
Accounts payable and accrued liabilities 4,011 3,255
Advances from borrowers 5,360 4,016
Total liabilities 307,660 285,110
Commitments and Contingencies - Note 14
Shareholders’ equity:    
Preferred shares - $0.001 par value; 5,000,000 shares authorized; 3,332,000 shares designated as Series A Preferred Stock; 2,312,758 shares of Series A Preferred Stock issued and outstanding at March 31, 2026 and December 31, 2025, respectively 2 2
Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,955,647 and 47,684,955 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 48 48
Additional paid-in capital 258,172 257,905
Cumulative net earnings 35,749 41,826
Cumulative dividends paid (128,362) (124,844)
Total shareholders’ equity 165,609 174,937
Total liabilities and shareholders’ equity 473,269 460,047
Loans held for investment    
Assets    
Loans held for investment (net of deferred loan fees of $2,225 and $2,230) 353,610 375,188
Allowance for credit losses (12,401) (11,510)
Loans held for investment, net $ 341,209 $ 363,678