| For the Three Months Ended | Low June 30, 2026 | Mid June 30, 2026 | High June 30, 2026 |
|---|---|---|---|
| Net income | $ 18,210 | $ 19,372 | $ 20,534 |
| Net (income) loss attributable to Series A preferred stockholders | (874 ) | (874 ) | (874 ) |
| Net (income) loss attributable to Series B preferred stockholders | (9,030 ) | (9,030 ) | (9,030 ) |
| Net (income) loss attributable to Series C preferred stockholders | (803 ) | (803 ) | (803 ) |
| Net income attributable to common stockholders | 7,503 | 8,665 | 9,827 |
| Adjustments: | |||
| Amortization of stock-based compensation | 1,656 | 1,656 | 1,656 |
| EAD | $ 9,159 | $ 10,321 | $ 11,483 |
| Weighted average common shares outstanding - basic | 18,605 | 18,605 | 18,605 |
| Weighted average common shares outstanding - diluted | 53,799 | 53,799 | 53,799 |
| Shares attributable to potential redemption of Series B preferred | (27,451 ) | (27,451 ) | (27,451 ) |
| Shares attributable to potential redemption of Series C preferred | (2,524 ) | (2,524 ) | (2,524 ) |
| Adjusted weighted average common shares outstanding - diluted (1) | 23,824 | 23,824 | 23,824 |
| EPS per Weighted Average Share - diluted | $ 0.32 | $ 0.34 | $ 0.37 |
| EAD per diluted common share (1) | $ 0.38 | $ 0.43 | $ 0.48 |
| EPS Dividend Coverage Ratio | 0.64 x | 0.68 x | 0.74 x |
| EAD Dividend Coverage Ratio (1) | 0.76 x | 0.86 x | 0.96 x |
| For the Three Months Ended | Low June 30, 2026 | Mid June 30, 2026 | High June 30, 2026 |
|---|---|---|---|
| EAD | $ 9,159 | $ 10,321 | $ 11,483 |
| Adjustments: | |||
| Amortization of premiums | 2,925 | 2,925 | 2,925 |
| Accretion of discounts | (1,494 ) | (1,494 ) | (1,494 ) |
| Amortization and depreciation | 1,068 | 1,068 | 1,068 |
| CAD | $ 11,658 | $ 12,820 | $ 13,982 |
| Weighted average common shares outstanding - basic | 18,605 | 18,605 | 18,605 |
| Weighted average common shares outstanding - diluted | 53,799 | 53,799 | 53,799 |
| Shares attributable to potential redemption of Series B preferred | (27,451 ) | (27,451 ) | (27,451 ) |
| Shares attributable to potential redemption of Series C preferred | (2,524 ) | (2,524 ) | (2,524 ) |
| Adjusted weighted average common shares outstanding - diluted (1) | 23,824 | 23,824 | 23,824 |
| EPS per Weighted Average Share - diluted | $ 0.32 | $ 0.34 | $ 0.37 |
| CAD per diluted common share (1) | $ 0.49 | $ 0.54 | $ 0.59 |
| EPS Dividend Coverage Ratio | 0.64 x | 0.68 x | 0.74 x |
| CAD Dividend Coverage Ratio (1) | 0.98 x | 1.08 x | 1.18 x |
| For the Three Months Ended March 31, 2026 | For the Three Months Ended March 31, 2025 | |
|---|---|---|
| Net income attributable to common stockholders | $ 10,040 | $ 16,518 |
| Net income attributable to redeemable noncontrolling interests | 2,366 | 4,163 |
| Adjustments | ||
| Amortization of stock-based compensation | 1,405 | 1,283 |
| Provision for (reversal of) credit losses | (2,983 ) | 3,625 |
| Equity in (income) losses of equity method investments | (54 ) | (53 ) |
| Unrealized (gains) or losses (1) | (746 ) | (15,861 ) |
| EAD | $ 10,028 | $ 9,675 |
| EAD per Diluted Common Share | $ 0.43 | $ 0.41 |
| Adjustments | ||
| Amortization of premiums | 3,920 | 2,262 |
| Accretion of discounts | (1,883 ) | (2,540 ) |
| Depreciation and amortization of real estate investments | 1,426 | 1,079 |
| Amortization of deferred financing costs | — | 12 |
| CAD | $ 13,491 | $ 10,488 |
| CAD per Diluted Common Share | $ 0.58 | $ 0.45 |
| Weighted-average common shares outstanding - basic | 18,605 | 17,516 |
| Weighted-average common shares outstanding - diluted | 51,456 | 36,049 |
| Shares attributable to potential redemption of Series B Preferred | (27,518 ) | (12,652 ) |
| Shares attributable to potential redemption of Series C Preferred | (806 ) | — |
| Adjusted weighted-average common shares outstanding - diluted (2) | 23,132 | 23,397 |