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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 11,172 $ 18,066
Investment securities (at fair value) 1,429 1,517
Allowance for credit losses (15,787) (23,662)
Loans held for sale (net of valuation allowance of $547 and $4,880) 8,797 10,970
Interest and fees receivable (net of allowance of $2,915 and $3,133) 4,065 3,768
Due from borrowers (net of allowance of $906 and $1,135) 5,794 5,150
Real estate owned (net of impairment of $185 and $492) 18,912 18,574
Investments in limited liability companies 41,167 53,942
Investments in developmental real estate, net 22,612 14,032
Property and equipment, net 3,053 3,222
Other assets 5,656 6,164
Total assets 484,397 491,976
Liabilities:    
Notes payable (net of deferred financing costs of $2,241 and $3,713) 171,013 226,526
Senior secured notes payable (net of deferred financing costs of $3,554 and $0) 86,446 0
Repurchase agreements 7,825 33,708
Mortgage payable 939 1,002
Lines of credit 32,740 40,000
Accounts payable and accrued liabilities 3,377 4,377
Advances from borrowers 5,811 4,047
Below market lease intangible 628 665
Total liabilities 308,779 310,325
Commitments and Contingencies - Note 14
Shareholders’ equity:    
Preferred shares - $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares of Series A Preferred Stock issued and outstanding at September 30, 2025 and December 31, 2024 2 2
Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,691,121 and 46,965,306 issued and outstanding at September 30, 2025 and December 31, 2024, respectively 48 47
Additional paid-in capital 257,600 256,956
Cumulative net earnings 39,306 35,518
Cumulative dividends paid (121,338) (110,872)
Total shareholders’ equity 175,618 181,651
Total liabilities and shareholders’ equity 484,397 491,976
Loans held for investment    
Assets    
Loans held for investment (net of deferred loan fees of $2,397 and $1,950 372,823 375,041
Allowance for credit losses (11,083) (18,470)
Loans held for investment, net $ 361,740 $ 356,571