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CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 19,722 $ 29,408
Commercial mortgage loans:    
Commercial mortgage loans at cost 824,425 845,866
Allowance for credit losses (8,020) (3,588)
Commercial mortgage loans at cost, net 816,405 842,278
Real estate owned, net of depreciation 31,274 31,215
Finance lease right of use asset, net of amortization 5,364 5,382
Deferred debt finance costs 619 872
Accrued interest receivable 3,271 3,121
Prepaid expenses and other assets 2,277 2,219
Total assets 878,932 914,495
Liabilities:    
Repurchase agreements 481,610 488,086
Credit facility payable 18,380 18,380
Loan participations sold, net 78,329 99,420
Finance lease liability 17,551 17,457
Due to related parties 2,093 2,197
Accrued Interest Payable 1,465 1,499
Distributions payable 1,050 1,047
Accrued expenses and other liabilities 4,771 7,852
Total liabilities 605,249 635,938
Stockholders’ Equity:    
Preferred stock, $0.001 par value, 50,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,544,553 and 3,548,696 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 4 4
Additional paid in capital (net of offering costs of $30,435 and $30,427 as of March 31,2023 and December 31, 2022, respectively) 339,718 339,470
Accumulated deficit (66,049) (60,927)
Total stockholders’ equity 273,683 278,557
Total liabilities and stockholders’ equity 878,932 914,495
Class P Common Stock    
Stockholders’ Equity:    
Common stock 9 9
Class A Common Stock    
Stockholders’ Equity:    
Common stock 1 1
Class T Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class S Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class D Common Stock    
Stockholders’ Equity:    
Common stock 0 0
Class I Common Stock    
Stockholders’ Equity:    
Common stock $ 0 $ 0