CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Interest income:
CRE loans	$ 28,497	$ 40,340	$ 56,966	$ 82,206
Other	334	726	591	1,471
Total interest income	28,831	41,066	57,557	83,677
Interest expense	20,264	30,311	43,387	61,562
Net interest income	8,567	10,755	14,170	22,115
Real estate income	13,273	10,143	24,639	17,514
Other revenue	33	38	66	75
Total revenues	21,873	20,936	38,875	39,704
OPERATING EXPENSES
General and administrative	2,736	2,356	5,895	5,611
Real estate expenses	13,349	9,736	26,691	19,267
Management fees - related party	1,601	1,620	3,232	3,247
Equity compensation - related party	585	814	1,400	1,291
Corporate depreciation and amortization	20	16	38	24
(Reversal of) provision for credit losses, net	(780)	1,337	(2,497)	6,233
Total operating expenses	17,511	15,879	34,759	35,673
Net interest and other revenues less operating expenses	4,362	5,057	4,116	4,031
OTHER (EXPENSE) INCOME
Equity in losses of unconsolidated subsidiaries	(669)	(41)	(1,161)	(41)
Gain on conversion of real estate	0	0	0	5,835
Other income	638	1,435	722	1,550
Total other (expense) income	(31)	1,394	(439)	7,344
INCOME BEFORE TAXES	4,331	6,451	3,677	11,375
Income tax expense	(7)	(54)	(83)	(54)
NET INCOME	4,324	6,397	3,594	11,321
Net income allocated to preferred shares	(5,282)	(4,806)	(10,595)	(9,628)
Carrying value in excess of consideration paid for preferred shares	0	0	0	242
Net loss allocable to non-controlling interest, net of taxes	226	62	410	274
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (732)	$ 1,653	$ (6,591)	$ 2,209
NET (LOSS) INCOME PER COMMON SHARE - BASIC	$ (0.1)	$ 0.22	$ (0.9)	$ 0.29
NET (LOSS) INCOME PER COMMON SHARE - DILUTED	$ (0.1)	$ 0.21	$ (0.9)	$ 0.28
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	7,250,624	7,664,077	7,306,123	7,709,104
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	7,250,624	7,841,753	7,306,123	7,937,784