Investor Presentaiton
Third Quarter 2023 Results
FINANCIAL
SUMMARY
■ GAAP Net (Loss)* of $(24.5) million, or $(0.48) per basic share, inclusive of a $(31.0) million, or $(0.60) per
basic share, provision for credit losses.
■ Pre-loss Distributable Earnings** of $9.5 million, or $0.18 per basic share. Distributable (Loss)** of $(7.3)
million, or $(0.14) per basic share, inclusive of a write-off of $(16.8) million, or $(0.32) per basic share.
■
■
Book value per common share of $13.28, inclusive of $(2.89) per common share total CECL reserve.
Common stock quarterly dividend per share of $0.20; Series A preferred dividend per share of $0.4375.
PORTFOLIO
ACTIVITY
PORTFOLIO
OVERVIEW
CAPITALIZATION
& LIQUIDITY
■ Funded $20.2 million on existing loan commitments and one loan upsize of $0.5 million. Realized $177.5
million of total UPB in loan repayments, principal paydowns and amortization.
■ Transferred to Held-for-Sale a $31.8 million senior loan collateralized by an office property located in Dallas,
TX, which resulted in a write-off of $(16.8) million.
■ $3.1 billion in total commitments across 77 loan investments comprised of over 99% senior loans with a
weighted average stabilized LTV of 63.3% + and a realized loan portfolio yield of 8.4% ++; over 98% floating
rate.
■ Total CECL reserve of approx. $148.9 million, or 4.9% of total portfolio commitments.
■ Weighted average portfolio risk rating of 2.7 as of September 30, 2023, with approx. 80% of loans risk
ranked 3 or better.
■ Extended the maturity of the JPMorgan financing facility to July 2025 and upsized its borrowing capacity to
$425 million.
■ Ended Q3 with over $257 million in unrestricted cash and total leverage ratio of 2.2x.
* Represents Net Income Attributable to Common Stockholders; see definition in the appendix.
**See definition and reconciliation to GAAP net income in the appendix.
† See definition in the appendix.
++ See definition in the appendix. Includes nonaccrual loans.
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