Makes floating-rate mortgage loans to real estate borrowers, secured by commercial properties being redeveloped or repositioned.
10-K for FY2025, filed Feb 18, 2026
Borrowers pay interest on outstanding loan balances, and the trust may also collect origination, exit, extension or modification fees on bridge loans. Interest accrues on the balance, while certain fees are spread across the remaining loan term.
10-K for FY2025, filed Feb 18, 2026
$29.4M
10-K for FY2025, filed Feb 18, 2026
$29.4M ↗
It originates loans for real estate borrowers and sponsors whose commercial properties are being redeveloped or repositioned, and may also acquire loans.
10-K for FY2025, filed Feb 18, 2026Our Investment and Leverage Strategies. Our primary investment strategy is to balance capital preservation with generating attractive, risk…View ↗
first mortgage loans with principal balances ranging from $15.0 million to $75.0 million; stabilized loan to value ratios, or LTVs, of 75%…View ↗
We invest in floating rate first mortgage loans that provide bridge financing on transitional CRE properties. These investments typically…View ↗
Bridge loans may lead to future investment opportunities for us, including making mortgage loans to repay our transitional loans, otherwise…View ↗
Yes. It kept 53 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 18, 2026
10-K for FY2025, filed Feb 18, 2026
$15.4MView ↗
Shrinking. Revenue fell 12% in 4 years, from $33.5M in FY2021 to $29.4M in FY2025, about 3% a year.
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