v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income:        
Interest income $ 6,791 $ 10,456 $ 13,784 $ 21,515
Less: Interest expense (4,264) (6,416) (8,812) (13,216)
Net interest income 2,527 4,040 4,972 8,299
Revenue from real estate 2,985 1,887 5,711 3,415
Total income 5,512 5,927 10,683 11,714
Operating expenses:        
Advisory fee 702 784 1,419 1,573
Amortization of debt finance costs 328 329 657 672
Directors compensation 20 19 40 38
Professional service fees 220 282 427 549
Real estate operating expenses 1,845 1,390 3,510 2,045
Depreciation and amortization 1,250 1,281 2,443 2,209
Other expenses 299 321 599 655
Total operating expenses 4,664 4,406 9,095 7,741
Other income (loss):        
(Provision for) reversal of credit losses (845) 1,016 (5,728) 2,512
Impairment loss on real estate owned (2,481) 0 (2,481) 0
Net unrealized loss in value of real estate securities (5) 0 (5) 0
Realized gain on disposition of commercial loan 0 536 0 536
Total other (loss) income (3,331) 1,552 (8,214) 3,048
Net (loss) income (2,483) 3,073 (6,626) 7,021
Net (loss) income attributable to common stockholders $ (3,979) $ 1,577 $ (9,617) $ 4,030
Net (loss) income attributable to common stockholders per share, basic $ (0.39) $ 0.16 $ (0.95) $ 0.4
Net (loss) income attributable to common stockholders per share, diluted $ (0.39) $ 0.16 $ (0.95) $ 0.4
Weighted average number of shares of common stock        
Basic 10,119,869 10,117,998 10,119,869 10,117,998
Diluted 10,119,869 10,118,906 10,119,869 10,118,689
Series A Preferred Stock        
Other income (loss):        
Series A Preferred Stock dividends $ (1,496) $ (1,496) $ (2,991) $ (2,991)