KDM originates and funds CM Loans made to borrowers; the loans are held by KDM as lender. KDM also services its loans, though it may use a sub-servicer for some loans. KDM funds its loans directly in the capital markets through issuance of Mortgage Secured Notes (“MSNs” or “Notes”). The MSNs are special obligations of KDM, payable to the extent that the underlying mortgage is paid by the borrower. MSNs are secured by KDM’s interest in the underlying Corresponding Mortgage Loan (“CM Loan”). CM Loans are secured obligations of the borrowers that are generally a single-purpose entity formed or existing that owns the underlying property that is financed.
Company profile
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
Korth Direct Mortgage LLC
SEC CIK
Latest filings (excl ownership)
10-K
2023 FY
Annual report
27 Mar 24
10-Q
2023 Q3
Quarterly report
14 Nov 23
8-K
Entry into a Material Definitive Agreement
19 Oct 23
10-Q
2023 Q2
Quarterly report
11 Aug 23
8-K
Entry into a Material Definitive Agreement
15 Jun 23
8-K
Changes in Control of Registrant
14 Jun 23
8-K
Departure of Directors or Certain Officers
18 May 23
10-Q
2023 Q1
Quarterly report
12 May 23
10-K
2022 FY
Annual report
31 Mar 23
10-Q
2022 Q3
Quarterly report
14 Nov 22
Latest ownership filings
No filings
Financial summary
Quarter (USD) | Sep 23 | Jun 23 | Mar 23 | Dec 22 | |
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Diluted EPS |
Annual (USD) | Dec 22 | Dec 21 | Dec 20 | Dec 19 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
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Cash on hand (at last report) | 22.57 mm | 22.57 mm | 22.57 mm | 22.57 mm | 22.57 mm | 22.57 mm |
Cash burn (monthly) | 1.83 mm | (no burn) | 177.64 k | 64.23 k | 1.67 mm | (no burn) |
Cash used (since last report) | 12.53 mm | n/a | 1.22 mm | 440.65 k | 11.43 mm | n/a |
Cash remaining | 10.04 mm | n/a | 21.35 mm | 22.13 mm | 11.14 mm | n/a |
Runway (months of cash) | 5.5 | n/a | 120.2 | 344.5 | 6.7 | n/a |