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
Revenue:        
Interest income $ 27,754 $ 23,117 $ 52,660 $ 50,597
Interest expense (19,182) (16,101) (36,543) (34,290)
Net interest margin 8,572 7,016 16,117 16,307
Revenue from real estate owned 5,784 5,549 11,699 11,206
Total revenue 14,356 12,565 27,816 27,513
Expenses:        
Management and incentive fees to affiliate 2,394 2,430 4,794 4,997
Professional fees 699 673 1,519 1,550
General and administrative expenses 1,723 1,995 3,140 3,715
General and administrative expenses reimbursed to affiliate 853 1,024 1,639 2,027
Expenses from real estate owned 3,301 4,628 6,435 9,123
Total expenses 8,970 10,750 17,527 21,412
(Provision for) reversal of current expected credit losses, net (865) 20,150 (12,003) 25,490
Realized losses on loans 0 (33,000) (3,340) (33,000)
Income (loss) before income taxes 4,521 (11,035) (5,054) (1,409)
Income tax expense (benefit), including excise tax 138 0 169 281
Net income (loss) attributable to common stockholders $ 4,383 $ (11,035) $ (5,223) $ (1,690)
Earnings (loss) per common share:        
Basic earnings (loss) per common share (in dollars per share) $ 0.08 $ (0.20) $ (0.09) $ (0.03)
Diluted earnings (loss) per common share (in dollars per share) $ 0.08 $ (0.20) $ (0.09) $ (0.03)
Weighted average number of common shares outstanding:        
Basic weighted average shares of common stock outstanding (in shares) 55,367,375 54,856,949 55,344,923 54,842,959
Diluted weighted average shares of common stock outstanding (in shares) 56,354,988 54,856,949 55,344,923 54,842,959
Dividend per share amount (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.30