XML 34 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees, and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of September 30, 2025, and December 31, 2024, loans to known shareholders totaled $20.1 million and $17.2 million, respectively, which is included in loans held for investment, net in the Company’s accompanying Condensed Consolidated Balance Sheets. Of these amounts, $20.1 million and $17.0 million, respectively, were loaned to an entity owned by the Company’s Senior Vice President of Asset Management and Vice President of Asset Management. All such loans are performing. Interest income earned on all related party loans for the three and nine months ended September 30, 2025 totaled $0.3 million and $0.8 million, respectively. Interest income earned on all related party loans for the three and nine months ended September 30, 2024 totaled $0.3 million and $1.0 million, respectively.
In December 2021, the Company hired the daughter of its chief executive officer to perform certain internal audit and compliance services. For the three and nine months ended September 30, 2025, she received compensation of $44,683 and $148,540, respectively. For the three and nine months ended September 30, 2024, she received compensation of $37,500 and $112,292, respectively.