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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
Total
Total stockholders’ equity
Common stock
Treasury stock
Additional paid-in capital
Retained earnings/(deficit)
Accumulated other comprehensive loss
Non-controlling interest
Preferred stock - series A shares
Preferred stock - series A shares
Preferred Stock
Preferred stock - series B shares
Preferred stock - series B shares
Preferred Stock
Beginning balance (in shares) at Dec. 31, 2022                   424,949   1,135,590
Beginning balance at Dec. 31, 2022 $ 337,465,000 $ 335,328,000 $ 241,000 $ (9,532,000) $ 322,439,000 $ 13,275,000 $ (25,649,000) $ 2,137,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Dec. 31, 2022     23,130,956                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (7,364,000) (7,394,000)       (7,394,000)   30,000        
Sale of shares (in shares)     345,578                  
Sale of shares 2,427,000 2,427,000 $ 4,000   2,423,000              
Stock-based compensation expense (in shares)     32,912                  
Stock-based compensation expense 600,000 600,000     600,000              
Dividends declared and distributions (6,459,000) (6,425,000)       (6,425,000)   (34,000)        
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 2,033,000 2,033,000         2,033,000          
Other comprehensive income (loss) 3,853,000 3,853,000         3,853,000          
Ending balance (in shares) at Mar. 31, 2023                   424,949   1,135,590
Ending balance at Mar. 31, 2023 332,555,000 330,422,000 $ 245,000 (9,532,000) 325,462,000 (544,000) (19,763,000) 2,133,000   $ 9,411,000   $ 25,143,000
Ending balance (in shares) at Mar. 31, 2023     23,509,446                  
Beginning balance (in shares) at Dec. 31, 2022                   424,949   1,135,590
Beginning balance at Dec. 31, 2022 337,465,000 335,328,000 $ 241,000 (9,532,000) 322,439,000 13,275,000 (25,649,000) 2,137,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Dec. 31, 2022     23,130,956                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss $ (24,343,000)                      
Equity issuance costs moved to APIC 0                      
Ending balance (in shares) at Sep. 30, 2023                   424,949   1,135,590
Ending balance at Sep. 30, 2023 $ 322,351,000 320,235,000 $ 268,000 (9,557,000) 340,861,000 (28,158,000) (17,733,000) 2,116,000   $ 9,411,000   $ 25,143,000
Ending balance (in shares) at Sep. 30, 2023     25,808,681                  
Beginning balance (in shares) at Dec. 31, 2022                   424,949   1,135,590
Beginning balance at Dec. 31, 2022 337,465,000 335,328,000 $ 241,000 (9,532,000) 322,439,000 13,275,000 (25,649,000) 2,137,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Dec. 31, 2022     23,130,956                  
Ending balance (in shares) at Dec. 31, 2023                 424,949 424,949 1,135,590 1,135,590
Ending balance at Dec. 31, 2023 $ 310,895,000 308,933,000 $ 285,000 (9,557,000) 352,060,000 (54,382,000) (14,027,000) 1,962,000   $ 9,411,000   $ 25,143,000
Ending balance (in shares) at Dec. 31, 2023 27,460,161   27,460,161                  
Beginning balance (in shares) at Mar. 31, 2023                   424,949   1,135,590
Beginning balance at Mar. 31, 2023 $ 332,555,000 330,422,000 $ 245,000 (9,532,000) 325,462,000 (544,000) (19,763,000) 2,133,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Mar. 31, 2023     23,509,446                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (11,462,000) (11,486,000)       (11,486,000)   24,000        
Sale of shares (in shares)     94,012                  
Sale of shares 527,000 527,000 $ 1,000   526,000              
Stock-based compensation expense (in shares)     28,395                  
Stock-based compensation expense 292,000 292,000 $ 1,000   291,000              
Dividends declared and distributions (5,280,000) (5,252,000)       (5,252,000)   (28,000)        
Treasury Stock and Distribution shares form the Former Manager (in shares)     (4,176)                  
Treasury Stock and Distribution shares form the Former Manager (25,000) (25,000)   (25,000)                
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 1,139,000 1,139,000         1,139,000          
Other comprehensive income (loss) (906,000) (906,000)         (906,000)          
Ending balance (in shares) at Jun. 30, 2023                   424,949   1,135,590
Ending balance at Jun. 30, 2023 316,840,000 314,711,000 $ 247,000 (9,557,000) 326,279,000 (17,282,000) (19,530,000) 2,129,000   $ 9,411,000   $ 25,143,000
Ending balance (in shares) at Jun. 30, 2023     23,627,677                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (5,517,000) (5,542,000)       (5,542,000)            
Sale of shares (in shares)     2,182,152                  
Sale of shares $ 14,227,000 14,227,000 $ 21,000   14,206,000              
Equity issuance costs moved to APIC 0                      
Stock-based compensation expense (in shares)     (1,148)                  
Stock-based compensation expense $ 376,000 376,000     376,000              
Dividends declared and distributions (5,372,000) (5,334,000)       (5,334,000)   (38,000)        
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 987,000 987,000         987,000          
Other comprehensive income (loss) 810,000 810,000         810,000          
Ending balance (in shares) at Sep. 30, 2023                   424,949   1,135,590
Ending balance at Sep. 30, 2023 322,351,000 320,235,000 $ 268,000 (9,557,000) 340,861,000 (28,158,000) (17,733,000) 2,116,000   $ 9,411,000   $ 25,143,000
Ending balance (in shares) at Sep. 30, 2023     25,808,681                  
Beginning balance (in shares) at Dec. 31, 2023                 424,949 424,949 1,135,590 1,135,590
Beginning balance at Dec. 31, 2023 $ 310,895,000 308,933,000 $ 285,000 (9,557,000) 352,060,000 (54,382,000) (14,027,000) 1,962,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Dec. 31, 2023 27,460,161   27,460,161                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss $ (73,992,000) (73,978,000)       (73,978,000)   (14,000)        
Equity issuance costs moved to APIC     (9,464,524)             (424,949)   (1,135,590)
Exchange of preferred shares and warrants (6,095,000) (6,095,000) $ (95,000)   (40,895,000) 341,000       $ (9,411,000)   $ (25,143,000)
Stock-based management termination fee expense 15,506,000 15,506,000     15,506,000              
Stock-based compensation expense (in shares)     67,334                  
Stock-based compensation expense 271,000 271,000     271,000              
Dividends declared and distributions (3,708,000) (3,699,000)       (3,699,000)   (9,000)        
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 795,000 795,000         795,000          
Other comprehensive income (loss) 374,000 374,000         374,000          
Ending balance (in shares) at Mar. 31, 2024                   0   0
Ending balance at Mar. 31, 2024 256,236,000 254,297,000 $ 380,000 (9,557,000) 408,732,000 (132,400,000) (12,858,000) 1,939,000   $ 0   $ 0
Ending balance (in shares) at Mar. 31, 2024     36,992,019                  
Beginning balance (in shares) at Dec. 31, 2023                 424,949 424,949 1,135,590 1,135,590
Beginning balance at Dec. 31, 2023 $ 310,895,000 308,933,000 $ 285,000 (9,557,000) 352,060,000 (54,382,000) (14,027,000) 1,962,000   $ 9,411,000   $ 25,143,000
Beginning balance (in shares) at Dec. 31, 2023 27,460,161   27,460,161                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss $ (94,807,000)                      
Sale of shares (in shares)     2,874,744                  
Stock-based management termination fee expense (in shares)     3,174,645                  
Ending balance (in shares) at Sep. 30, 2024                 0 0 0 0
Ending balance at Sep. 30, 2024 $ 247,093,000 246,090,000 $ 466,000 (11,594,000) 423,623,000 (158,126,000) (8,279,000) 1,003,000   $ 0   $ 0
Ending balance (in shares) at Sep. 30, 2024 44,978,969   44,978,969                  
Beginning balance (in shares) at Mar. 31, 2024                   0   0
Beginning balance at Mar. 31, 2024 $ 256,236,000 254,297,000 $ 380,000 (9,557,000) 408,732,000 (132,400,000) (12,858,000) 1,939,000   $ 0   $ 0
Beginning balance (in shares) at Mar. 31, 2024     36,992,019                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (12,861,000) (12,742,000)       (12,742,000)   (119,000)        
Sale of shares (in shares)     2,874,744                  
Sale of shares 14,029,000 14,029,000 $ 29,000   14,000,000              
Equity issuance costs moved to APIC     (2,581,694)                  
Exchange of preferred shares and warrants (49,000) (49,000) $ (25,000)   (24,000)              
Stock-based management termination fee expense (in shares)     3,174,645                  
Stock-based management termination fee expense 0 0 $ 32,000   (32,000)              
Stock-based compensation expense (in shares)     17,553                  
Stock-based compensation expense 1,175,000 1,175,000     1,175,000              
Dividends declared and distributions (3,110,000) (2,219,000)       (2,219,000)   (891,000)        
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 770,000 770,000         770,000          
Other comprehensive income (loss) (1,807,000) (1,807,000)         (1,807,000)          
Ending balance (in shares) at Jun. 30, 2024                   0   0
Ending balance at Jun. 30, 2024 254,481,000 253,552,000 $ 466,000 (9,557,000) 423,899,000 (147,361,000) (13,895,000) 929,000   $ 0   $ 0
Ending balance (in shares) at Jun. 30, 2024     45,605,549                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (7,957,000) (8,029,000)       (8,029,000)   72,000        
Equity issuance costs moved to APIC (289,000) (289,000)     (289,000)              
Stock-based compensation expense 13,000 13,000 $ 2,000   13,000              
Dividends declared and distributions (2,736,000) (2,736,000)       (2,736,000)            
Treasury Stock and Distribution shares form the Former Manager (in shares)     (628,580)                  
Treasury Stock and Distribution shares form the Former Manager (2,037,000) (2,037,000)                    
Amortization of unrealized gain on debt securities available-for-sale transferred to held-to-maturity 770,000 770,000         770,000          
Change in non-controlling interest 2,000             2,000        
Other comprehensive income (loss) 4,846,000 4,846,000         4,846,000          
Ending balance (in shares) at Sep. 30, 2024                 0 0 0 0
Ending balance at Sep. 30, 2024 $ 247,093,000 $ 246,090,000 $ 466,000 $ (11,594,000) $ 423,623,000 $ (158,126,000) $ (8,279,000) $ 1,003,000   $ 0   $ 0
Ending balance (in shares) at Sep. 30, 2024 44,978,969   44,978,969