Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees, and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of June 30, 2026, and December 31, 2025, loans to known shareholders totaled $19.5 million and $17.2 million, respectively, which is included in loans held for investment, net in the Company’s accompanying Condensed Consolidated Balance Sheets. Of these amounts, $19.5 million and $17.2 million, respectively, were loaned to a joint venture entity fifty percent owned in aggregate by the Company’s Senior Vice President of Asset Management and Vice President of Asset Management. All such loans are performing. Interest income earned on all related party loans for the three and six months ended June 30, 2026 totaled $0.3 million and $0.6 million, respectively. Interest income earned on all related party loans for the three and six months ended June 30, 2025 totaled $0.3 million and $0.8 million, respectively. Subsequent to June 30, 2026, one of the loans to the related-party joint venture was repaid in full following the sale of the underlying Coconut Grove, Florida residence. The residence sold for gross sale proceeds of approximately $7.5 million and generated net sale proceeds of approximately $7.0 million. The Company received approximately $7.0 million in cash to repay the associated loan in full. In December 2021, the Company hired the daughter of its chief executive officer to perform certain internal audit and compliance services. For the three and six months ended June 30, 2026, she received compensation of $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2025, she received compensation of $0.1 million and $0.1 million, respectively.
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