v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
2 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
[1]
Sep. 30, 2026
Sep. 30, 2025
[1]
Revenues          
Interest income $ 0 $ 13,410,000   $ 31,877,000  
Other revenues 0 [1] 0   0  
Total Revenues 0 [1] 13,410,000   31,877,000  
Expenses          
Interest expense 0 (7,113,000)   (16,905,000)  
General and administrative expenses 0 (770,000)   (3,796,000)  
Management fees 0 (236,700)   (564,500)  
Financing and other fees 0 (282,000)   (741,000)  
Total Expenses 0 (8,402,000)   (22,007,000)  
Other Income (Loss)          
Realized and unrealized gain on derivatives 0 1,103,000   1,103,000  
Total Other Income (Loss) 0 (529,000)   (1,191,000)  
Net Income and Comprehensive Income 0 [1],[2] 4,479,000   8,679,000  
Comprehensive Income (Loss), Net of Tax, Attributable to Parent   4,479,000 $ 0 8,679,000 $ 0
Residential Transition Loans          
Other Income (Loss)          
Realized and unrealized (loss) gain on residential transition loans and mortgage loans, at fair value 0 693,000   908,000  
Residential Mortgage Loans          
Other Income (Loss)          
Realized and unrealized (loss) gain on residential transition loans and mortgage loans, at fair value 0 (2,325,000)   (3,202,000)  
Common Class J          
Net Income by Class of Common Share          
Net Income per Class of Common Stock - Basic 0 4,245,000   8,232,000  
Net Income per Class of Common Stock - Diluted $ 0 $ 4,245,000   $ 8,232,000  
Net Income per Common Share          
Basic (in USD per share) $ 0 $ 0.57   $ 1.38  
Diluted (in USD per share) $ 0 $ 0.57   $ 1.38  
Weighted Average Number of Common Shares Outstanding          
Basic (in shares) 0 7,491,418   5,965,039  
Diluted (in shares) 0 7,491,418   5,965,039  
Common Class E          
Net Income by Class of Common Share          
Net Income per Class of Common Stock - Basic $ 0 [1] $ 234,000   $ 447,000  
Net Income per Class of Common Stock - Diluted $ 0 [1] $ 234,000   $ 447,000  
Net Income per Common Share          
Basic (in USD per share) $ 0.04 $ 0.61   $ 1.56  
Diluted (in USD per share) $ 0.04 $ 0.60   $ 1.51  
Weighted Average Number of Common Shares Outstanding          
Basic (in shares) 100 382,073   286,578  
Diluted (in shares) 100 391,823   296,328  
[1] Amount is presented as zero as it is less than one thousand.
[2] Amount is presented as zero as it is less than one thousand.