{ "markdown": "Q1 2026 Summary Results\n\n\n[\ud83d\udd3a]\n\n\n\n\n\n\n\n
FINANCIAL SUMMARY\u2022 GAAP Net (Loss) attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share
\u2022 Distributable Earnings (Loss)(3) of $(3.0) million, or $(0.06) per basic weighted average common share
\u2022 Distributable Earnings (Loss) Before Realized Gains and Losses(3) of $(3.3) million, or $(0.07) per basic weighted average common share
PORTFOLIO ACTIVITY\u2022 Net loan portfolio activity of $(175.1) million in unpaid principal balance
\u25cb $(189.4) million in loan repayments, sales and amortization, including repayments of a $(107.3) million loan secured by a multifamily property located in Illinois, a $(67.0) million loan secured by a retail property in California, and a sale of a $(12.9) million loan secured by a hotel property located in Kailua-Kona, HI
\u25cb $14.3 million in fundings(6)
PORTFOLIO OVERVIEW\u2022 Loan portfolio of $1.6 billion(1) in total loan commitments across 40 loans
\u2022 Total CECL reserve of $148.5 million, or 9.4% of total loan portfolio commitments
\u2022 Weighted average loan portfolio risk rating of 3.2
\u2022 Held two REO assets with an aggregate carrying value of $98.2 million(4)
CAPITALIZATION & LIQUIDITY\u2022 Reduced repurchase facilities weighed average cost of funds to S+2.47% at March 31, 2026, down 61 basis points from S+3.08% at December 31, 2025
\u2022 Repurchased 0.2 million shares of its common stock at an average price of $1.74 per share, for a total of approximately $0.3 million
\u2022 Unrestricted cash of $43.6 million and Total Leverage Ratio of 1.7x
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