Originates and services loans secured by commercial real estate for property borrowers, and manages properties taken back after borrower non-performance.
10-K for FY2025, filed Jun 1, 2026KDM originates and funds loans secured by commercial real estate (each a “CM Loan” and collectively the “CM Loans”). CM Loans are held by…View ↗
KDM’s primary business line is lending and servicing. KDM also has an additional business segment, asset management, in which we manage the…View ↗
KDM is currently focused on the market for multi-family value-add bridge loans and loans secured by mortgages on commercial tenanted…View ↗
KDM earns flat fees for originating loans, servicing fees from borrower interest payments when received, and underwriting income when securities trades settle. It also earns rental income over lease terms and interest on investments over their terms.
10-K for FY2025, filed Jun 1, 2026Loan origination fees represent revenue earned from originating mortgage loans, net of any credits given to the borrower. Loan origination…View ↗
Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the…View ↗
Underwriting income represents revenue earned by J.W. Korth for underwriting and distribution of the Company’s securities. Revenues from…View ↗
Leasing revenue represents revenues generated at rental properties majority-owned and controlled by KDM through operating leases. Leasing…View ↗
Investment Interest represents the Fund's interest income from its investments, including interest earned on loans and interest earned on…View ↗
10-K for FY2025, filed Jun 1, 2026
FY2025 revenue by product or service ↗$17.2M
10-K for FY2025, filed Jun 1, 2026
$17.2M ↗| Segment | Share | Revenue |
|---|---|---|
|
Origination Revenue
|
17%
FY2022: 15%
|
Origination Revenue, FY2025
$2.9M Sources
|
|
Service
|
24%
FY2022: 59%
|
Service, FY2025
$4.1M Sources
|
|
Underwriting Income
|
0.5%
FY2022: 8.9%
|
Underwriting Income, FY2025
$82.9K Sources
|
|
Leasing Revenue
|
34% |
Leasing Revenue, FY2025
$5.8M Sources
|
|
Investment Interest
|
19% |
Investment Interest, FY2025
$3.2M Sources
|
|
Other Revenue
|
6.2%
FY2022: 17%
|
Other Revenue, FY2025
$1.1M Sources
|
Commercial borrowers source loans directly or through commercial mortgage brokers; institutional investors buy mortgage-secured notes and other loan interests distributed by J. W. Korth.
10-K for FY2025, filed Jun 1, 2026Our loan origination team is comprised of employees and a network of brokers that have joined the KDM Broker Network to submit loans to us…View ↗
KDM funds its loans in a variety of ways, including by securitizing them in the capital markets as MSNs. J. W. Korth may act as the initial…View ↗
KDM has several different loan programs, each of which has its own underwriting guidelines. Our account executives source loans from…View ↗
No. It lost $419.1K in FY2025.
10-K for FY2025, filed Jun 1, 2026
$2.7MView ↗
10-K for FY2025, filed Jun 1, 2026
−$419.1KView ↗
10-K for FY2025, filed Jun 1, 2026
−$15.6MView ↗
Growing. Revenue grew 2.3x in 4 years, from $7.4M in FY2021 to $17.2M in FY2025, about 23% a year.
Bridge-loan focus
The latest description focuses on value-add bridge loans for multifamily properties alongside loans on tenanted commercial properties; the older description framed its focus around loans on tenanted commercial properties across several property types.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Jun 1, 2026KDM is currently focused on the market for loans secured by mortgages on commercial tenanted properties, including multi-family housing…View ↗
KDM is currently focused on the market for multi-family value-add bridge loans and loans secured by mortgages on commercial tenanted…View ↗
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