v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
CRE loans $ 38,262 $ 28,497 $ 71,204 $ 56,966
Other 138 334 1,556 591
Total interest income 38,400 28,831 72,760 57,557
Interest expense 27,881 20,264 52,995 43,387
Net interest income 10,519 8,567 19,765 14,170
Real estate income:        
Hospitality 8,809 8,867 15,717 15,642
Rental 1,621 4,406 3,260 8,997
Total Real estate income 10,430 13,273 18,977 24,639
Other revenue 31 33 62 66
Total revenues 20,980 21,873 38,804 38,875
OPERATING EXPENSES        
General and administrative 2,722 2,736 5,758 5,895
Real estate expenses        
Hospitality 8,313 8,597 16,119 16,833
Rental 2,210 4,752 4,114 9,858
Total Real estate expenses 10,523 13,349 20,233 26,691
Management fees - related party 1,564 1,601 3,125 3,232
Equity compensation - related party 4,893 585 5,433 1,400
Corporate depreciation and amortization 18 20 37 38
Merger and internalization costs 5,111 0 5,111 0
Provision for (reversal of) credit losses, net 1,683 (780) 716 (2,497)
Total operating expenses 26,514 17,511 40,413 34,759
Net interest and other revenues less operating expenses (5,534) 4,362 (1,609) 4,116
OTHER INCOME (EXPENSE)        
Equity in earnings (losses) of unconsolidated subsidiaries 430 (669) 675 (1,161)
Gain on sale of investment in real estate 0 0 3,336 0
Other income 82 638 105 722
Total other income (expense) 512 (31) 4,116 (439)
INCOME (LOSS) BEFORE TAXES (5,022) 4,331 2,507 3,677
Income tax expense 0 (7) (1) (83)
NET INCOME (LOSS) (5,022) 4,324 2,506 3,594
Net income allocated to preferred shares (5,096) (5,282) (10,210) (10,595)
Net (income) loss allocable to non-controlling interests, net of taxes (2,401) 226 (5,838) 410
Net loss allocable to common shares $ (12,519) $ (732) $ (13,542) $ (6,591)
NET LOSS PER COMMON SHARE - BASIC $ (1.87) $ (0.1) $ (2.04) $ (0.9)
NET LOSS PER COMMON SHARE - DILUTED $ (1.87) $ (0.1) $ (2.04) $ (0.9)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 6,693,915 7,250,624 6,626,763 7,306,123
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 6,693,915 7,250,624 6,626,763 7,306,123