Lends to real estate borrowers through mortgage loans and loans secured by ownership stakes in commercial properties being renovated, repositioned, leased or developed.
10-K for FY2025, filed Feb 18, 2026We are a CRE finance company focused primarily on originating senior and subordinate loans on transitional CRE assets located in major U.S.…View ↗
Subordinate Loans: We also invest in mezzanine loans, which are primarily originated or co‑originated by us and are usually secured by a…View ↗
We originate and acquire loans on transitional CRE properties to borrowers who are typically seeking capital for repositioning, renovation…View ↗
Earns interest from borrowers based on unpaid loan principal and contract terms; loan fees are included in interest income over the loan term.
10-K for FY2025, filed Feb 18, 2026Interest income from loans receivable is recorded on the accrual basis based on the unpaid principal balance and the contractual terms of…View ↗
$187.8M
10-K for FY2025, filed Feb 18, 2026
$187.8M ↗
Lends to borrowers—typically real estate sponsors seeking capital to reposition, renovate, rehabilitate, lease, develop or redevelop commercial properties.
10-K for FY2025, filed Feb 18, 2026
No. It lost $489.1M in FY2025.
10-K for FY2025, filed Feb 18, 2026
−$489.1MView ↗
Shrinking. Revenue fell 28% in 4 years, from $262.7M in FY2021 to $187.8M in FY2025, about 8% a year.
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