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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On February 27, 2023, in connection with the sale of the office building collateralizing our impaired loan by the borrower, to an unaffiliated third-party, the Company accepted, under the terms of a discounted payoff (“DPO”) agreement with the borrower, a DPO of approximately $6.0 million on the impaired loan which had an unpaid principal balance of $10.3 million as of December 31, 2022. $4.3 million, which had been provided for during the year-ended December 31, 2022, will be charged off against the Company’s allowance for loan losses during the three months ended March 31, 2023, with de minimis impact to the provision for loan losses in the corresponding period.

March 16, 2023, the Company’s Board of Directors declared a regular cash dividend of $0.06 per common share with respect to the first quarter of 2023. The dividend is payable on April 15, 2023, to common stockholders of record as of the close of business March 31, 2023.

On March 16, 2023, the Company’s Board of Directors declared a regular cash dividend of $0.49219 per share of Series A Preferred Stock with respect to the first quarter of 2023. The dividend is payable on April 15, 2023, to preferred stockholders of record as of the close of business April 3, 2023.