$REFI
Chicago Atlantic Real Estate Finance, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024092263 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $16.26M $15.02M $13.66M
YoY Change 7.11% 9.94% 19.86%
Cost Of Revenue $1.799M $1.839M $994.9K
YoY Change 24.09% 84.83% 121.31%
Gross Profit $14.46M $13.18M $13.66M
YoY Change 5.31% -3.52% 19.86%
Gross Profit Margin 88.93% 87.76% 100.0%
Selling, General & Admin $4.237M $4.275M $3.882M
YoY Change 9.21% 10.13% 34.27%
% of Gross Profit 29.31% 32.43% 28.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.248M $3.999M $5.021M
YoY Change -15.42% -20.34% 27.54%
Operating Profit $11.21M $9.184M $8.643M
YoY Change 13.36% 6.26% 15.8%
Interest Expense $1.799M $1.839M $871.4K
YoY Change 24.17% 111.03% 215.09%
% of Operating Profit 16.05% 20.02% 10.08%
Other Income/Expense, Net $1.280M
YoY Change 64.74%
Pretax Income $11.21M $9.184M $8.643M
YoY Change 12.37% 6.26% 15.8%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $11.21M $9.184M $8.643M
YoY Change 12.37% 6.26% 15.8%
Net Earnings / Revenue 68.96% 61.14% 63.26%
Basic Earnings Per Share $0.57 $0.47 $0.48
Diluted Earnings Per Share $0.56 $0.46 $0.47
COMMON SHARES
Basic Shares Outstanding 19.62M 19.10M 18.09M shares
Diluted Shares Outstanding 20.06M 19.89M 18.27M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.760M $7.071M $18.02M
YoY Change -22.29% -60.76% 172.09%
Cash & Equivalents $6.760M $7.071M $18.02M
Short-Term Investments
Other Short-Term Assets $1.472M $838.9K
YoY Change
Inventory $994.8K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.847M $8.539M $19.27M
YoY Change -31.42% -55.69% 154.23%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $877.6K
YoY Change -100.0%
Other Assets -$4.091M -$5.081M -$5.122M
YoY Change -19.79% -0.8%
Total Long-Term Assets $357.1M $378.0M $311.3M
YoY Change 5.2% 21.42% -5.66%
TOTAL ASSETS
Total Short-Term Assets $8.847M $8.539M $19.27M
Total Long-Term Assets $357.1M $378.0M $311.3M
Total Assets $365.9M $386.5M $330.6M
YoY Change 3.86% 16.92% -2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.358M $1.542M $1.416M
YoY Change 13.14% 8.9% 165.25%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $315.6M
YoY Change -4.94%
Total Short-Term Liabilities $12.29M $12.57M $11.92M
YoY Change 7.85% 5.45% -29.1%
LONG-TERM LIABILITIES
Long-Term Debt $54.00M $76.75M $43.00M
YoY Change -14.29% 78.49% -4.44%
Other Long-Term Liabilities $4.151M $4.442M $1.944M
YoY Change 88.7% 128.54% -72.66%
Total Long-Term Liabilities $58.15M $81.19M $44.94M
YoY Change -10.81% 80.65% -13.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.29M $12.57M $11.92M
Total Long-Term Liabilities $58.15M $81.19M $44.94M
Total Liabilities $70.45M $93.77M $56.87M
YoY Change -7.94% 64.88% -17.5%
SHAREHOLDERS EQUITY
Retained Earnings -$4.452M -$6.394M -$2.898M
YoY Change 231.57% 120.66% 720.77%
Common Stock $299.9M $299.1M $181.8K
YoY Change 8.22% 164473.47% 2.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $295.5M $292.7M $273.7M
YoY Change
Total Liabilities & Shareholders Equity $365.9M $386.5M $330.6M
YoY Change 3.86% 16.92% -2.07%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $11.21M $9.184M $8.643M
YoY Change 12.37% 6.26% 15.8%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $8.203M $6.211M $10.21M
YoY Change 720.3% -39.17% 135.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $23.54M -$2.855M $5.198M
YoY Change -208.43% -154.93% -112.51%
Cash From Investing Activities $23.54M -$2.855M $5.198M
YoY Change -208.43% -154.93% -112.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.05M -3.189M -2.029M
YoY Change -381.67% 57.13% -105.37%
NET CHANGE
Cash From Operating Activities 8.203M 6.211M 10.21M
Cash From Investing Activities 23.54M -2.855M 5.198M
Cash From Financing Activities -32.05M -3.189M -2.029M
Net Change In Cash -310.5K 166.8K 13.38M
YoY Change -96.67% -98.75% 2355.37%
FREE CASH FLOW
Cash From Operating Activities $8.203M $6.211M $10.21M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
259102
us-gaap Share Based Compensation
ShareBasedCompensation
1367626
us-gaap Share Based Compensation
ShareBasedCompensation
402179
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
165471
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-209600
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-7682
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
119819
refi Increase Decrease In Interest Reserves
IncreaseDecreaseInInterestReserves
1416918
refi Increase Decrease In Interest Reserves
IncreaseDecreaseInInterestReserves
-1526242
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
-101115
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
204258
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
731651
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
237885
us-gaap Increase Decrease In Debt Securities Trading
IncreaseDecreaseInDebtSecuritiesTrading
877610
refi Proceeds From The Redemption Of Debt Securities At Fair Value
ProceedsFromTheRedemptionOfDebtSecuritiesAtFairValue
839094
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-1468895
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-1495933
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
409296
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
302891
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13128818
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11912772
refi Issuance Of And Fundings Of Loans Held For Investment
IssuanceOfAndFundingsOfLoansHeldForInvestment
43211078
refi Issuance Of And Fundings Of Loans Held For Investment
IssuanceOfAndFundingsOfLoansHeldForInvestment
34791660
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
21638340
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
51907313
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
13399712
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21572738
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30515365
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20753235
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7222363
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
44000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
33250000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
49000000
us-gaap Payments Of Dividends
PaymentsOfDividends
23106453
us-gaap Payments Of Dividends
PaymentsOfDividends
22004274
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
113129
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
56791
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
666890
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
284574
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7616763
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30123276
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-827157
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12304861
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7898040
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5715827
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7070883
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18020688
refi Interest Reserve Withheld From Funding Of Loans
InterestReserveWithheldFromFundingOfLoans
2815325
refi Oid Withheld From Funding Of Loans Held For Investment
OIDWithheldFromFundingOfLoansHeldForInvestment
161080
refi Oid Withheld From Funding Of Loans Held For Investment
OIDWithheldFromFundingOfLoansHeldForInvestment
1118340
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9256736
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8708161
us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
13399712
us-gaap Interest Paid Net
InterestPaidNet
3649153
us-gaap Interest Paid Net
InterestPaidNet
2442866
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.90
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates in the Preparation of Consolidated Financial Statements</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the provision for current expected credit losses.</span></p>
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue Recognition</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Interest </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Original issue discount (“OID”), market discounts or premiums, if any, are recorded as an adjustment to the amortized cost and</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">accreted </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">or amortized as an adjustment to interest income using a method that approximates the effective interest method. Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries.</span></p>
refi Principal New Fundings
PrincipalNewFundings
43400000
CY2024Q2 refi Portfolio Percentage
PortfolioPercentage
0.764
CY2023Q4 refi Portfolio Percentage
PortfolioPercentage
0.805
CY2024Q2 us-gaap Debt Current
DebtCurrent
291400000
CY2023Q4 us-gaap Debt Current
DebtCurrent
284500000
CY2024Q2 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.236
CY2023Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.195
CY2024Q2 us-gaap Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
90400000
CY2023Q4 us-gaap Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
69100000
CY2024Q2 us-gaap Principal Amount Outstanding On Loans Securitized
PrincipalAmountOutstandingOnLoansSecuritized
383281127
CY2024Q2 refi Senior Term Loans Original Issue Discount
SeniorTermLoansOriginalIssueDiscount
-1418460
CY2024Q2 refi Senior Term Loans Principal
SeniorTermLoansPrincipal
381862667
us-gaap Financing Receivable Modified Weighted Average Term Increase From Modification
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification
P1Y9M18D
CY2024Q2 refi Current Expected Credit Loss Reserve Principal
CurrentExpectedCreditLossReservePrincipal
0
CY2024Q2 refi Current Expected Credit Loss Reserve Original Discount
CurrentExpectedCreditLossReserveOriginalDiscount
0
CY2024Q2 refi Current Expected Credit Loss Reserve Carrying Values
CurrentExpectedCreditLossReserveCarryingValues
-5080547
CY2024Q2 us-gaap Principal Amount Outstanding Of Loans Held In Portfolio
PrincipalAmountOutstandingOfLoansHeldInPortfolio
383281127
CY2024Q2 refi Loans Held At Original Issue Discount
LoansHeldAtOriginalIssueDiscount
-1418460
CY2024Q2 refi Loans Held At Principal Value
LoansHeldAtPrincipalValue
376782120
CY2023Q4 us-gaap Principal Amount Outstanding On Loans Securitized
PrincipalAmountOutstandingOnLoansSecuritized
355745305
CY2023Q4 refi Senior Term Loans Original Issue Discount
SeniorTermLoansOriginalIssueDiscount
-2104695
CY2023Q4 refi Senior Term Loans Principal
SeniorTermLoansPrincipal
353640610
CY2023 us-gaap Financing Receivable Modified Weighted Average Term Increase From Modification
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification
P2Y1M6D
CY2023Q4 refi Current Expected Credit Loss Reserve Principal
CurrentExpectedCreditLossReservePrincipal
0
CY2023Q4 refi Current Expected Credit Loss Reserve Original Discount
CurrentExpectedCreditLossReserveOriginalDiscount
0
CY2023Q4 refi Current Expected Credit Loss Reserve Carrying Values
CurrentExpectedCreditLossReserveCarryingValues
-4972647
CY2023Q4 us-gaap Principal Amount Outstanding Of Loans Held In Portfolio
PrincipalAmountOutstandingOfLoansHeldInPortfolio
355745305
CY2023Q4 refi Loans Held At Original Issue Discount
LoansHeldAtOriginalIssueDiscount
-2104695
CY2023Q4 refi Loans Held At Principal Value
LoansHeldAtPrincipalValue
348667963
CY2023Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
348667963
refi New Fundings
NewFundings
43211078
refi Principal Repayment Of Loans And Principal Receivables
PrincipalRepaymentOfLoansAndPrincipalReceivables
21638340
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
847315
us-gaap Interest Income Operating Paid In Kind
InterestIncomeOperatingPaidInKind
5802004
us-gaap Provision For Other Losses
ProvisionForOtherLosses
107900
CY2024Q2 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
376782120
CY2022Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
335332599
refi New Fundings
NewFundings
34791660
refi Principal Repayment Of Loans And Principal Receivables
PrincipalRepaymentOfLoansAndPrincipalReceivables
51907313
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1433293
CY2023Q2 refi Principal Sale Of Loans
PrincipalSaleOfLoans
13399712
us-gaap Interest Income Operating Paid In Kind
InterestIncomeOperatingPaidInKind
4345434
us-gaap Provision For Other Losses
ProvisionForOtherLosses
1180638
CY2023Q2 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
309415323
refi Outstanding Principal
OutstandingPrincipal
383281127
refi Original Issue Premium Discount
OriginalIssuePremiumDiscount
-1418460
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Current
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossCurrent
381862667
refi Percentof Our Loan Portfolio
PercentofOurLoanPortfolio
1
refi Future Fundings
FutureFundings
6000000
refi Yieldto Maturityof Internal Rateof Return
YieldtoMaturityofInternalRateofReturn
0.187
CY2024Q2 refi Unfunded Commitment Annual Rate
UnfundedCommitmentAnnualRate
0.012
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
381862667
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
381862667
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
353640610
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
353640610
CY2024Q2 us-gaap Loans Payable
LoansPayable
1
CY2023Q4 us-gaap Loans Payable
LoansPayable
2
CY2024Q2 refi Financing Receivable Excluding Accrued Interest Year One Remainding Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneRemaindingFiscalYear
18846317
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
71232094
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
151281051
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
140503205
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
381862667
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
54606866
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
149948641
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
149085103
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
0
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
353640610
CY2024Q2 refi Real Estate Collaterals Coverage
RealEstateCollateralsCoverage
381862667
CY2023Q4 refi Real Estate Collaterals Coverage
RealEstateCollateralsCoverage
353640610
CY2023Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
4975739
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
104808
CY2024Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
5080547
CY2022Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
4035354
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1235231
CY2023Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
5270585
CY2024Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
1163411
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
973140
CY2024Q2 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
6200
CY2023Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
31000
CY2024Q2 us-gaap Interest Receivable
InterestReceivable
1169611
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
1004140
CY2024Q2 us-gaap Interest Receivable
InterestReceivable
1169611
CY2024Q2 us-gaap Interest Receivable
InterestReceivable
1169611
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
1004140
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
1004140
CY2023Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
16300000
us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
0
CY2023Q4 refi Interest Reserves
InterestReserves
1074889
CY2022Q4 refi Interest Reserves
InterestReserves
1868193
refi New Reserves
NewReserves
2815325
CY2023 refi New Reserves
NewReserves
2238348
refi Reserve Disbursed
ReserveDisbursed
1398407
CY2023 refi Reserve Disbursed
ReserveDisbursed
3031652
CY2024Q2 refi Interest Reserves
InterestReserves
2491807
CY2023Q4 refi Interest Reserves
InterestReserves
1074889
CY2024Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
100000
CY2023Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
2988
refi Debt Instrument Covenants Maximum Capital Expenditures
DebtInstrumentCovenantsMaximumCapitalExpenditures
150000
CY2024Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
301037
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
366592
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
10800000
us-gaap Financing Receivable Revolving Converted To Term Loan During Period
FinancingReceivableRevolvingConvertedToTermLoanDuringPeriod
28300000
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1733412
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
871428
us-gaap Interest Expense Debt
InterestExpenseDebt
3740462
us-gaap Interest Expense Debt
InterestExpenseDebt
2312420
CY2024Q2 refi Unused Fee Expense
UnusedFeeExpense
13841
CY2023Q2 refi Unused Fee Expense
UnusedFeeExpense
31701
refi Unused Fee Expense
UnusedFeeExpense
19927
refi Unused Fee Expense
UnusedFeeExpense
41701
CY2024Q2 refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
91679
CY2023Q2 refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
91797
refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
182593
refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
259101
CY2024Q2 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-1838932
CY2023Q2 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-994926
us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-3942982
us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-2613222
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
76750000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
76750000
us-gaap Management Fee Description
ManagementFeeDescription
The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”).
us-gaap Management And Service Fees Base Rate
ManagementAndServiceFeesBaseRate
0.00375
refi Prorata Percentage Reduction On Base Management Fee
ProrataPercentageReductionOnBaseManagementFee
0.50
CY2024Q2 refi Outside Fees Earned
OutsideFeesEarned
15500
refi Outside Fees Earned
OutsideFeesEarned
31571
CY2023Q2 refi Outside Fees Earned
OutsideFeesEarned
125000
refi Outside Fees Earned
OutsideFeesEarned
130000
CY2024Q2 us-gaap Incentive Fee Expense
IncentiveFeeExpense
682767
CY2023Q2 us-gaap Incentive Fee Expense
IncentiveFeeExpense
874854
us-gaap Incentive Fee Expense
IncentiveFeeExpense
1379270
us-gaap Incentive Fee Expense
IncentiveFeeExpense
1986060
CY2024Q2 refi Management Fees Earned
ManagementFeesEarned
1107613
CY2023Q2 refi Management Fees Earned
ManagementFeesEarned
1049813
refi Management Fees Earned
ManagementFeesEarned
2181922
refi Management Fees Earned
ManagementFeesEarned
2081612
CY2024Q2 refi Outside Fees Earned
OutsideFeesEarned
15500
CY2023Q2 refi Outside Fees Earned
OutsideFeesEarned
125000
refi Outside Fees Earned
OutsideFeesEarned
31571
refi Outside Fees Earned
OutsideFeesEarned
130000
CY2024Q2 us-gaap Management Fee Expense
ManagementFeeExpense
1092113
CY2023Q2 us-gaap Management Fee Expense
ManagementFeeExpense
924813
us-gaap Management Fee Expense
ManagementFeeExpense
2150351
us-gaap Management Fee Expense
ManagementFeeExpense
1951612
CY2024Q2 us-gaap Incentive Fee Expense
IncentiveFeeExpense
682767
CY2023Q2 us-gaap Incentive Fee Expense
IncentiveFeeExpense
874854
us-gaap Incentive Fee Expense
IncentiveFeeExpense
1379270
us-gaap Incentive Fee Expense
IncentiveFeeExpense
1986060
CY2024Q2 refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
1774880
CY2023Q2 refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
1799667
refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
3529621
refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
3937672
CY2024Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1106965
CY2023Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1212210
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2344755
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2388586
CY2024Q2 us-gaap Affiliate Costs
AffiliateCosts
2881845
CY2023Q2 us-gaap Affiliate Costs
AffiliateCosts
3011877
us-gaap Affiliate Costs
AffiliateCosts
5874376
us-gaap Affiliate Costs
AffiliateCosts
6326258
us-gaap Related Party Tax Expense Due To Affiliates Current
RelatedPartyTaxExpenseDueToAffiliatesCurrent
3700000
CY2023 us-gaap Related Party Tax Expense Due To Affiliates Current
RelatedPartyTaxExpenseDueToAffiliatesCurrent
5300000
CY2024Q2 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
400000
CY2023Q4 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
1200000
refi Assigned Right Sold Amount
AssignedRightSoldAmount
0
refi Assigned Right Sold Amount
AssignedRightSoldAmount
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CY2023Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
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CY2023Q1 us-gaap Debt Instrument Fair Value
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us-gaap Selling Expense
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CY2024Q2 us-gaap Loans Payable Current
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CY2024Q2 refi Original Loan Commitments
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CY2023Q4 refi Less Drawn Commitments
LessDrawnCommitments
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CY2024Q2 refi Undrawn Commitments
UndrawnCommitments
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CY2023Q4 refi Undrawn Commitments
UndrawnCommitments
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CY2024Q2 us-gaap Other Commitment
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6000000
CY2024Q2 us-gaap Other Commitment Due In Next Twelve Months
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0
CY2024Q2 us-gaap Other Commitment Due In Second Year
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0
CY2024Q2 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
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CY2024Q2 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
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CY2024Q2 us-gaap Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
0
us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
0
us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
366647
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.86
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
14.89
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.17
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
80984
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
13800
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1147
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
16
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
387537
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.9
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1367626
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
402179
refi Unamortized Share Based Compensation Expense
UnamortizedShareBasedCompensationExpense
6100000
refi Unamortized Share Based Compensation Expense
UnamortizedShareBasedCompensationExpense
5600000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y2M12D
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
75000000
refi Gross Proceeds Percentage
grossProceedsPercentage
0.03
CY2024Q2 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
9184073
CY2023Q2 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
8643378
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
17914076
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
19335727
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19378445
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18094288
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18826182
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17989684
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18273512
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19265434
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18117919
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.95
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
us-gaap Income Tax Holiday Description
IncomeTaxHolidayDescription
To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax.
CY2023Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
842269
CY2024Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
379968452
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
351952876
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1894215
CY2023 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1687734
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
refi Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
refi Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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