Sachem Capital (SACH) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37997
Entity Registrant Name	SACHEM CAPITAL CORP.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-3467779
Entity Address, Address Line One	568 East Main Street,
Entity Address, City or Town	Branford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06405
City Area Code	203
Local Phone Number	433-4736
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,965,306
Entity Central Index Key	0001682220
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common shares
Document and Entity Information
Title of 12(b) Security	Common shares, par value $.001 per share
Trading Symbol	SACH
Security Exchange Name	NYSE
6.875% Notes due 2024
Document and Entity Information
Title of 12(b) Security	6.875% Notes due 2024
Trading Symbol	SACC
Security Exchange Name	NYSE
7.75% Notes due 2025
Document and Entity Information
Title of 12(b) Security	7.75% Notes due 2025
Trading Symbol	SCCC
Security Exchange Name	NYSE
6.00% Notes due 2026
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	SCCD
Security Exchange Name	NYSE
6.00% Notes due 2027
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2027
Trading Symbol	SCCE
Security Exchange Name	NYSE
7.125% Notes due 2027
Document and Entity Information
Title of 12(b) Security	7.125% Notes due 2027
Trading Symbol	SCCF
Security Exchange Name	NYSE
8.00% Notes due 2027
Document and Entity Information
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	SCCG
Security Exchange Name	NYSE
Series A Preferred Stock
Document and Entity Information
Title of 12(b) Security	7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share
Trading Symbol	SACHPRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,881	$ 12,598
Investment securities (at fair value)	1,568	37,776
Mortgages receivable	477,095	499,235
Allowance for credit losses	(20,212)	(7,523)
Mortgages receivable, net of allowance for credit losses	456,883	491,712
Interest and fees receivable, net	5,003	8,475
Due from borrowers, net	6,116	5,597
Real estate owned	4,332	3,462
Investments in partnerships	54,118	43,036
Investments in rental real estate, net	12,962	10,554
Property and equipment, net	3,249	3,373
Other assets	5,345	8,956
Total assets	555,457	625,539
Liabilities:
Notes payable (net of deferred financing costs of $4,275 and $6,048)	260,464	282,353
Repurchase facility	23,482	26,461
Mortgage payable	1,022	1,081
Lines of credit	35,500	61,792
Accrued dividends payable		5,144
Accounts payable and accrued liabilities	3,292	2,322
Advances from borrowers	7,056	10,998
Below market lease intangible	665	665
Deferred revenue	3,369	4,647
Total liabilities	334,850	395,463
Commitments and Contingencies:
Shareholders' equity:
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,279,824 and 2,029,923 shares of Series A Preferred Stock issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2	2
Common stock - $.001 par value; 200,000,000 shares authorized; 47,011,349 and 46,765,483 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	47	47
Additional paid-in capital	256,310	249,826
Accumulated other comprehensive income		316
Accumulated deficit	(35,752)	(20,115)
Total shareholders' equity	220,607	230,076
Total liabilities and shareholders' equity	$ 555,457	$ 625,539

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred financing costs	$ 4,275	$ 6,048
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	47,011,349	46,765,483
Common shares, shares outstanding	47,011,349	46,765,483
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized	2,903,000	2,903,000
Preferred stock, shares issued	2,279,824	2,029,923
Preferred stock, shares outstanding	2,279,824	2,029,923

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Interest income from loans	$ 11,420	$ 14,274	$ 35,816	$ 37,156
Fee income from loans	1,843	2,421	6,543	7,910
Income from partnership investments	1,495	782	3,907	2,338
Other investment income	3	285	388	897
Other income	24	13	81	40
Total revenues	14,785	17,775	46,735	48,341
Operating expenses
Interest and amortization of deferred financing costs	6,836	7,683	21,278	21,695
Compensation and employee benefits	1,745	1,735	5,053	5,075
General and administrative expenses	2,301	1,329	4,797	3,539
Provision for (recovery of) credit losses related to loans	8,096	(131)	17,964	65
Impairment loss on real estate owned	320	200	397	613
Loss (gain) on sale of real estate and property and equipment, net	(30)	199	(294)	73
Other expenses	339	330	1,205	634
Total operating expenses	19,607	11,345	50,400	31,694
Operating income (loss) before other income (loss)	(4,822)	6,430	(3,665)	16,647
Other income (loss)
Gain (loss) on equity securities	(229)	(240)	229	361
Total other income (loss), net	(229)	(240)	229	361
Net income (loss)	(5,051)	6,190	(3,436)	17,008
Preferred stock dividend	(1,095)	(967)	(3,187)	(2,816)
Net income (loss) attributable to common shareholders	$ (6,146)	$ 5,223	$ (6,623)	$ 14,192
Basic and diluted net income (loss) per common share outstanding:
Basic earnings (loss) per common share (in dollars per share)	$ (0.13)	$ 0.12	$ (0.14)	$ 0.32
Diluted earnings (loss) per common share (in dollars per share)	$ (0.13)	$ 0.12	$ (0.14)	$ 0.32
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding (in shares)	47,339,635	44,754,921	47,390,113	43,805,310
Diluted weighted average common shares outstanding (in shares)	47,339,635	44,754,921	47,390,113	43,805,310

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Net income (loss)	$ (5,051)	$ 6,190	$ (3,436)	$ 17,008
Other comprehensive income (loss):
Unrealized gain (loss) on debt securities		(84)	(251)	102
Reversal of losses on debt securities from unrealized to realized			(65)
Comprehensive income (loss)	(5,051)	6,106	(3,752)	17,110
Preferred stock dividend	(1,095)	(967)	(3,187)	(2,816)
Total comprehensive income (loss) attributable to common shareholders	$ (6,146)	$ 5,139	$ (6,939)	$ 14,294

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Series A Preferred Stock Preferred Shares	Series A Preferred Stock Additional Paid in Capital	Series A Preferred Stock	Preferred Shares	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2022				$ 2	$ 41	$ 226,221	$ (562)	$ (7,995)	$ 217,707
Beginning balance (in shares) at Dec. 31, 2022				1,903,000	41,093,536
Cumulative effect of adoption of new accounting principle (ASU 2016-13)								(2,490)	(2,490)
Issuance of Series A Preferred Stock, net of expenses		$ 1,895	$ 1,895
Issuance of Series A Preferred Stock, net of expenses (in shares)	92,879
Issuance of Common Shares, net of expenses					$ 4	15,328			15,332
Issuance of common shares, net of expenses (in shares)					4,163,836
Stock buyback						(226)			$ (226)
Stock buyback (in shares)					(71,000)				(71,000)
Stock-based compensation, less shares forfeited						616			$ 616
Stock-based compensation, less shares forfeited (in shares)					178,057
Unrealized gain (loss) on debt securities							102		102
Dividends paid on Series A Preferred Stock								(2,816)	(2,816)
Dividends paid on Common Shares								(11,601)	(11,601)
Net income (loss)								17,008	17,008
Ending balance at Sep. 30, 2023				$ 2	$ 45	243,834	(460)	(7,894)	235,527
Ending balance (in shares) at Sep. 30, 2023				1,995,879	45,364,429
Beginning balance at Jun. 30, 2023				$ 2	$ 44	236,595	(376)	(7,222)	229,043
Beginning balance (in shares) at Jun. 30, 2023				1,927,603	43,822,050
Issuance of Series A Preferred Stock, net of expenses		1,378	1,378
Issuance of Series A Preferred Stock, net of expenses (in shares)	68,276
Issuance of Common Shares, net of expenses					$ 1	5,640			5,641
Issuance of common shares, net of expenses (in shares)					1,547,712
Stock-based compensation, less shares forfeited						221			221
Stock-based compensation, less shares forfeited (in shares)					(5,333)
Unrealized gain (loss) on debt securities							(84)		(84)
Dividends paid on Series A Preferred Stock								(967)	(967)
Dividends paid on Common Shares								(5,895)	(5,895)
Net income (loss)								6,190	6,190
Ending balance at Sep. 30, 2023				$ 2	$ 45	243,834	(460)	(7,894)	235,527
Ending balance (in shares) at Sep. 30, 2023				1,995,879	45,364,429
Beginning balance at Dec. 31, 2023				$ 2	$ 47	249,826	316	(20,115)	230,076
Beginning balance (in shares) at Dec. 31, 2023				2,029,923	46,765,483
Issuance of Series A Preferred Stock, net of expenses		5,157	5,157
Issuance of Series A Preferred Stock, net of expenses (in shares)	249,901
Issuance of Common Shares, net of expenses					$ 1	2,049			2,050
Issuance of common shares, net of expenses (in shares)					568,711
Stock buyback					$ (1)	(1,372)			$ (1,373)
Stock buyback (in shares)					(535,369)				(535,369)
Stock-based compensation, less shares forfeited						650			$ 650
Stock-based compensation, less shares forfeited (in shares)					212,524
Unrealized gain (loss) on debt securities							(251)		(251)
Reversal of losses from unrealized to realized							$ (65)		(65)
Dividends paid on Series A Preferred Stock								(3,187)	(3,187)
Dividends paid on Common Shares								(9,014)	(9,014)
Net income (loss)								(3,436)	(3,436)
Ending balance at Sep. 30, 2024				$ 2	$ 47	256,310		(35,752)	220,607
Ending balance (in shares) at Sep. 30, 2024				2,279,824	47,011,349
Beginning balance at Jun. 30, 2024				$ 2	$ 48	255,928		(25,810)	230,168
Beginning balance (in shares) at Jun. 30, 2024				2,206,128	47,547,051
Issuance of Series A Preferred Stock, net of expenses		$ 1,541	$ 1,541
Issuance of Series A Preferred Stock, net of expenses (in shares)	73,696
Stock buyback					$ (1)	(1,372)			(1,373)
Stock buyback (in shares)					(535,369)
Stock-based compensation, less shares forfeited						213			213
Stock-based compensation, less shares forfeited (in shares)					(333)
Dividends paid on Series A Preferred Stock								(1,095)	(1,095)
Dividends paid on Common Shares								(3,796)	(3,796)
Net income (loss)								(5,051)	(5,051)
Ending balance at Sep. 30, 2024				$ 2	$ 47	$ 256,310		$ (35,752)	$ 220,607
Ending balance (in shares) at Sep. 30, 2024				2,279,824	47,011,349

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (3,436)	$ 17,008
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred financing costs and bond discount	1,860	1,832
Depreciation expense	281	169
Write-off of other assets - pre-offering costs		477
Stock-based compensation	650	617
Provision for credit losses related to loans	17,964	65
Impairment loss	397	613
Loss (gain) on sale of real estate and property and equipment, net	(294)	73
(Gain) on equity securities	(229)	(361)
Changes in operating assets and liabilities:
Interest and fees receivable, net	(563)	(1,642)
Other assets	3,509	(1,043)
Due from borrowers, net	(1,666)	(2,171)
Accounts payable and accrued liabilities	257	89
Deferred revenue	(1,278)	599
Advances from borrowers	(3,942)	2,613
Total adjustments	16,946	1,930
NET CASH PROVIDED BY OPERATING ACTIVITIES	13,510	18,938
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities	(7,767)	(21,064)
Proceeds from the sale of investment securities	43,964	9,060
Purchase of interests in investment partnerships, net	(11,082)	(9,120)
Proceeds from sale of real estate owned	2,008	149
Improvements to real estate owned, net		(215)
Purchases of property and equipment	26	519
Improvements in investment in rental real estate	(2,482)	(10,725)
Principal disbursements for mortgages receivable	(115,670)	(159,679)
Principal collections on mortgages receivable	135,265	123,496
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	44,262	(67,579)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (repayment of) lines of credit	(26,292)	47,752
Net proceeds from (repayment of) repurchase facility	(2,979)	5,396
Proceeds from (repayment of) mortgage payable	(59)	351
Dividends paid on common shares	(14,159)	(16,944)
Dividends paid on Series A Preferred Stock	(3,187)	(2,816)
Proceeds from issuance of common shares, net of expenses	2,050	15,332
Repurchase of common shares	(1,373)	(226)
Proceeds from issuance of Series A Preferred Stock, net of expenses	5,157	1,895
Gross proceeds from (repayment of) notes payable	(23,647)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(64,489)	50,740
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(6,717)	2,099
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	12,598	23,713
CASH AND CASH EQUIVALENTS - END OF PERIOD	5,881	25,812
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid during the period for interest	$ 19,522	$ 19,852

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)
Real estate acquired, inclusive of interest and other fees receivable	$ 2,991	$ 1,187
Real estate owned decreased as a result of increases in loans that were financed by the company to new borrowers	$ 2,414	$ 2,488

The Company

The Company	9 Months Ended
	Sep. 30, 2024
The Company
The Company	1. The Company Sachem Capital Corp. (the “Company”), a New York corporation, specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company operates its business as one segment. The Company offers short-term (i.e., one

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023 and the notes thereto included in the Company’s Annual Report on Form 10-K. The balance sheet information as of December 31, 2023 is derived from audited financial statements but does not include all disclosures required by GAAP. Results of operations for the three months and nine month periods ended September 30, 2024, are not necessarily indicative of the operating results to be attained in the entire fiscal year or for any subsequent period. Basis of Presentation and Principles of Consolidation The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of such financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases the use of estimates on (a) various assumptions that consider prior reporting results, (b) projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates. The accompanying unaudited consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. Investment Securities Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, management may employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, management may consider specific adverse conditions related to the financial health of, and business outlook for, the issuer of the debt security. If the Company plans to sell the security or it is more likely than not that it will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in net income and a new cost basis in the investment is established. If market, industry, and/or business and/or financial conditions relating to the issuer deteriorate, the Company may incur future losses and/or impairments. Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). Management performs a qualitative assessment on a periodic basis and recognizes an impairment if there are sufficient indicators that the fair value of the investment is less than the carrying value. Changes in value are recorded in net income (loss). Non-accrual loans A loan is generally placed on non-accrual status when it is probable that principal and interest will not be collected under the original contractual terms. At that time, interest income is no longer accrued. Non-accrual loans consist of loans for which principal or interest has been delinquent for 90 days or more. Interest income is subsequently recognized only to the extent it is received in cash or until the loan qualifies for return to accrual status. Loans are restored to accrual status when contractually current and the collection of future payments is reasonably assured. In certain instances, the Company may make exceptions to placing a loan on non-accrual status if the loan is in the process of modification. Loan modifications made to borrowers experiencing financial difficulty. In situations where economic or legal circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions for a period of time to the borrower that it would not otherwise consider. These modified terms may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant payment delays intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. The Company monitors the performance of all loans, including loans modified to borrowers experiencing financial difficulty, and considers loans that are 90 days past due to be in payment default. Allowance for Credit Losses The Company adopted the current expected credit loss (“CECL”) standard effective January 1, 2023 in accordance with ASU 2016-13, “Financial Instruments – Credit Losses”. The initial CECL adjustment of $2.5 million was recorded effective January 1, 2023 as a cumulative-effect of change in accounting principle through a direct charge to accumulated deficit on the consolidated statements of shareholders’ equity. Subsequent changes to the CECL allowance will be recognized in the consolidated statements of operations in “Provision for credit losses related to loans”. The Company records an “Allowance for credit losses” on the consolidated balance sheets with respect to its loan portfolio, including unfunded construction commitments, on a collective basis by assets with similar risk characteristics. This methodology, known as the “static pool methodology,” replaces the “probable incurred loss impairment” methodology. In addition, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are also analyzed for credit losses in accordance with ASU 2016-13, as they represent a financial asset that is subject to credit risk. As allowed under the CECL standard used by the Company, as a practical expedient, the fair value of the collateral at the reporting date is compared to the net carrying amount of the loan when determining the allowance for credit losses for loans in pending/pre-foreclosure status, as defined. Fair value of collateral is reduced by estimated cost to sell if the collateral is expected to be sold. The aggregate outstanding principal balance and the accrued but unpaid interest and borrower charges of loans in pending/pre-foreclosure as of September 30, 2024 and December 31, 2023 was $81.8 million and $68.1 million, respectively. As of September 30, 2024 and December 31, 2023, the Company has reserved $16.1 million and $6.2 million, respectively, against loans subject to foreclosure which is included in “Allowance for credit losses” on the consolidated balance sheets included in the accompanying consolidated financial statements. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment. The Company utilizes a loss-rate method for estimating current expected credit losses. The loss rate method involves applying a loss rate to a pool of loans with similar risk characteristics to estimate the expected credit losses on that pool of loans. In determining the CECL allowance, the Company considers various factors including (1) historical loss experience in its portfolio, (2) loan specific losses for loans deemed collateral dependent based on excess amortized cost over the fair value of the underlying collateral, and (3) its current and future view of the macroeconomic environment. The Company utilizes a forecast of three years which approximates its longer-term loans, which are often the construction loans. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The “Allowance for credit losses” is maintained at a level sufficient to provide for expected credit losses over the life of the loans based on evaluating historical credit loss experience and to make adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. The “Allowance for credit losses” related to the principal outstanding is presented within “Mortgages receivable, net” and for unfunded commitments is within accounts payable and accrued liabilities in the Company’s consolidated balance sheets. The “Allowance for credit losses” related to the late payment fees are presented in “Interest and fees receivable, net”, and “Due from borrowers, net” in the Company’s consolidated balance sheets. Lastly, the allowance related to unfunded commitments for construction loans is presented in “Accounts payable and accrued liabilities” on the Company’s consolidated balance sheets. The below table represents the financial statement line items that are impacted by the Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit ​ ​ ​ ​ Balance as of December 31, 2023 losses related to loans Balance as of September 30, 2024 ​ ​ (in thousands) Mortgages receivable ​ $ 7,523 ​ $ 12,689 (1) $ 20,212 Interest and fees receivable ​ 902 ​ 2,710 ​ 3,612 Due from borrower ​ 352 ​ 1,798 ​ 2,150 Unfunded commitments ​ 509 ​ 713 ​ 1,222 Total Allowance for credit losses ​ $ 9,286 ​ $ 17,910 ​ $ 27,196 ​ (1) For the nine months ended September 30, 2024, the Company recorded an $18.0 million provision for credit losses related to mortgage loans on its consolidated statements of operations. This amount includes $54,000 of direct charge-offs as a result of losses on settlement of loans. There was no such allowance created in relation to theses charge-offs. There were no such charge-offs related to loans that were settled for the three and nine months period ended September 30, 2023. As of September 30, 2024 and December 31, 2023 the Company recorded an “Allowance for credit losses” on debt securities of $0 and $0.8 million, respectively, which is presented in “Investment securities (at fair value)” on the Company’s consolidated balance sheets. During the three months ended June 30, 2024, the Company sold all of its debt securities, as such, as of September 30, 2024 the balance of these securities was $0. As of December 31, 2023, the fair value of these securities was $0.8 million. The cost basis of these securities was $1.6 million. Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement” are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation to other means. If the asset or liability has a specified ( Level 3 Property and Equipment Land and building acquired in 2021 to serve as the Company’s corporate headquarters is stated at cost. Renovation of the building was completed in the first quarter of 2023 and the Company relocated its operations to the building in March 2023. The building is being depreciated using the straight – line method over its estimated useful life of 40 years. The building was placed in service during the three months ended March 31, 2023. The following tables represent the Company’s property and equipment, net as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (95) ​ $ 2,446 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 309 ​ (99) ​ 210 Computer hardware and software ​ 284 ​ (240) ​ 44 Vehicles ​ 435 ​ (141) ​ 294 Total property and equipment, net ​ $ 3,824 ​ $ (575) ​ $ 3,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (47) ​ $ 2,494 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 281 ​ (51) ​ 230 Computer hardware and software ​ 276 ​ (213) ​ 63 Vehicles ​ 429 ​ (98) ​ 331 Total property and equipment, net ​ $ 3,782 ​ $ (409) ​ $ 3,373 ​ Investment in Rental Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the shorter of the lives of the related leases, or the useful lives of the assets. Upon the acquisition of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related identified intangible assets). The Company allocates the purchase price of real estate to land and building (inclusive of site and tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. The allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed involves subjectivity as the allocations are based on an analysis of the respective fair values. In determining the fair value of the real estate acquired, the Company utilized a third-party valuation which primarily utilizes cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. The Company assesses the fair value of the acquired leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. On June 23, 2023, the Company entered into a purchase and sale contract (the “Westport Purchase Agreement”) to acquire a commercial office building in Westport, CT (the “Westport Asset”) for $10.6 million. The transaction was completed on August 31, 2023. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. In addition, the Company recorded a lease liability stemming from below-market rental rates. Total consideration, including capitalized acquisition-related costs, was $10.7 million. See Note 6 – Investment in Rental Real Estate, net for further details surrounding the above acquisition as of September 30, 2024. Real Estate Owned (“REO”) REO acquired through foreclosure is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. After an REO acquisition, events or circumstances may occur that result in a material and sustained decrease in the cash flows generated from the property or other market indicators including listing data may signal a decline in the liquidation value. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses are included in the consolidated statements of operations. Impairment of Long-Lived Assets The Company continually monitors events or changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the undiscounted cash flow is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Goodwill Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at September 30, 2024 represents the excess of the consideration paid over the fair value of net assets acquired from Urbane New Haven, LLC in October 2022. In testing goodwill for impairment, the Company adheres to ASC Topic 350, “Intangibles—Goodwill and Other,” which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or the Company chooses not to perform the qualitative assessment, then it compares the fair value of that reporting unit with its carrying value, including goodwill. As of September 30, 2024 and December 31, 2023, goodwill was $0.4 million, respectively, which is presented in other assets on the Company’s consolidated balance sheets. There was no impairment to goodwill during the three and nine months ended September 30, 2024 and 2023. Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 8 – Lines of Credit, Mortgage Payable Churchill Facility – are amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the issuance of unsecured, unsubordinated notes, described in Note 9 – Unsecured Notes Payable – are being amortized over the term of the respective unsecured, unsubordinated notes. Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on loans that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at September 30, 2024 but collected prior to the issuance of this Report is included in income for the three and nine month periods ended September 30, 2024. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC Topic 310, “Receivables”. Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. Other than taxes incurred by TRSs (see below), the Company does not expect to incur any corporate federal income tax liability outside of the TRSs, as it believes it has maintained its qualification as a REIT. The Company has elected, and may elect in the future, to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in federal and state income tax liability for these entities. During the three and nine months ended September 30, 2024, the Company’s TRSs recognized provisions for federal and state income tax of $0 and $0.2 million, respectively, which is represented in other expenses on the Company’s consolidated statements of operations. During the three and nine months ended September 30, 2023, there were no recognized provisions for federal income tax nor state tax. The income tax provision for the Company differs from the amount computed from applying the statutory federal income tax rate to income before income taxes due to non-taxable REIT income and other permanent differences including the non-deductibility of acquisition costs of business combinations for federal income tax reporting. ASC Sub-Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ” Earnings (Losses) Per Share Basic and diluted earnings (losses) per share are calculated in accordance with ASC Topic 260 — “Earnings Per Share.” Under ASC Topic 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings (losses) per share is similar to basic earnings (losses) per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings (losses) per common share for each period is the reported net income (loss). For the three and nine months ended September 30, 2024, the Company had basic and diluted weighted average outstanding share respectively shares resulting share respectively Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2023-03”). ASU 2022-03 was issued to (1) to clarify the guidance in ASC Topic 820, “Fair Value Measurement”, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. This update did not have a material effect on the accompanying unaudited consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (ASC Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 applies retrospectively to all prior periods presented. This update is not expected to have a material effect on the accompanying consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted, would have a material effect on the Company’s unaudited consolidated financial statements. Reclassifications Certain amounts included in the Company’s December 31, 2023 and September 30, 2023 consolidated financial statements have been reclassified to conform to the presentation in the accompanying unaudited consolidated financial statements.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Fair Value Measurement	3. Fair Value Measurement The fair value measurement level within the fair value hierarchy of an asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Total ​ ​ (in thousands) Stocks and ETFs ​ $ — ​ $ 1,568 ​ $ 1,568 Total investment securities, at fair value ​ $ — ​ $ 1,568 ​ $ 1,568 ​ The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Total ​ ​ (in thousands) Stocks and ETF’s ​ $ — ​ $ 1,755 ​ $ 1,755 Mutual funds ​ 16,237 ​ — ​ 16,237 Debt securities ​ 18,945 ​ 839 ​ 19,784 Total investment securities, at fair value ​ $ 35,182 ​ $ 2,594 ​ $ 37,776 ​ Following is a description of the methodologies used for assets measured at fair value: Stocks and ETFs (Levels 1 and 2): Mutual funds (Levels 1 and 2): Debt securities Impact of Fair Value of Available-for-sale Securities on Other Comprehensive Income The carrying value of the Company’s financial instruments approximates fair value generally due to the relative short-term nature of such instruments. Other financial assets and financial liabilities have fair value that approximate their carrying value. Pursuant to ASC Topic 326-30-50-4 and 50-5 the Company is required to disclose investment securities that have been in a continuous unrealized loss position for 12 months or more as of the balance sheet date. As of September 30, 2024 and December 31, 2023, the Company had a continuous unrealized losses over 12 months in Available-For-Sale (“AFS”) debt securities of $0 and $0.8 million, respectively. The Company reviewed a number of factors to assess the credit quality of the debt instruments including, but not limited to, current cash position, operating cash flow, corporate earnings and the impending maturity date of said securities, as of the most recently filed financial statements. As such, at September 30, 2024 and December 31, 2023, the Company has an allowance for credit losses regarding AFS debt securities totaling $0 and $0.8 million, respectively, of which is included in investment securities (at fair value) on the consolidated balance sheets included in the accompanying consolidated financial statements. There was no such related provision of credit losses for the three and nine month periods ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, the Company sold all of the remaining AFS debt securities. The following table presents the impact of the Company’s AFS securities - debt securities on its Other Comprehensive Income (“OCI”) for the three and nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) OCI from AFS securities – debt securities: ​ ​ ​ ​ Unrealized (losses) on debt securities at beginning of period ​ $ — ​ $ (376) ​ $ 316 ​ $ (562) Reversal of losses from unrealized to realized ​ ​ — ​ ​ — ​ ​ (65) ​ ​ — Unrealized (loss) gain ​ — ​ (84) ​ (251) ​ 102 Change in OCI from AFS debt securities ​ ​ — ​ ​ (84) ​ ​ (316) ​ ​ 102 Balance at end of period ​ $ — ​ $ (460) ​ $ — ​ $ (460) ​ As of September 30, 2024 and 2023, the investment securities cost basis was $3.1 million and $39.0 million, respectively.

Mortgages receivable

Mortgages receivable	9 Months Ended
	Sep. 30, 2024
Mortgages receivable
Mortgages receivable	4. Mortgages receivable The Company offers secured, non-bank loans to real estate owners and investors (also known as “hard money” loans) to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in the Northeastern and Southeastern United States. The Company’s lending standards typically require that the original principal amount of all mortgage receivable notes be secured by first mortgage liens on one or more properties owned by the borrower or related parties and that the principal amount of the loan be no greater than 70% of the appraised value of the underlying collateral, as determined by an independent appraiser at the time of the loan origination. In the case of properties undergoing renovation, the LTV ratio is calculated based on the estimated fair market value of the property after the renovations have been completed. Generally, the Company considers a maximum loan-to-value ratio of 70% as an indicator for the credit quality of a mortgage note receivable. However, the Company makes exceptions to this guideline if the facts and circumstances support the incremental risk. These factors include the additional collateral provided by the borrower, the credit profile of the borrower, the Company’s previous relationship, if any, with the borrower, the nature of the property, the geographic market in which the property is located and any other information the Company deems appropriate. The loans are generally for a term of one As of September 30, 2024 and December 31, 2023, loans on nonaccrual status had an outstanding principal balance of $147.0 million and $84.6 million, respectively. Nonaccrual loans include loans pending foreclosure. For the three and nine months ended September 30, 2024, $0.5 million and $0.8 million of interest income, respectively, was recorded on nonaccrual loans due to payments received. For the three and nine months ended September 30, 2023, $0.06 million and $0.4 million of interest income, respectively, was recorded on nonaccrual loans. Real estate owned decreased as a result of increases in mortgages receivable that were financed by the Company to new borrowers during the nine months ended September 30, 2024 and 2023, which amounted to $2.4 million and $2.5 million, respectively. For the nine months ended September 30, 2024 and 2023, the aggregate amounts of loans funded by the Company were $115.7 million and $159.7 million, respectively, offset by principal repayments of $135.3 million and $123.5 million, respectively. As of September 30, 2024, the Company’s mortgage loan portfolio includes loans ranging in size up to $42.0 million with stated interest rates ranging from 5.0% to 15.0%, compared to loans ranging in size of up to $37.4 million with stated interest rates ranging from 5.0% to 15.0% as of December 31, 2023. The default interest rate is generally 18%, but could be more or less depending on state usury laws and other considerations deemed relevant by the Company. As of September 30, 2024, and December 31, 2023, the Company had one borrower representing 11.3% and 10.1% of the outstanding mortgage loan portfolio, or $54.1 million and $50.4 million, respectively. The Company may agree to extend the term of a loan if, at the time of the extension, the loan and the borrower meet all the Company’s then underwriting requirements. The Company treats a loan extension as a new loan. If an interest reserve is established at the time a loan is funded, accrued interest is paid out of the interest reserve and recognized as interest income at the end of each month. If no reserve is established, the borrower is required to pay the interest monthly from its own funds. The deferred origination, loan servicing and amendment fee income represents amounts that will be recognized over the contractual life of the underlying mortgage notes receivable. Allowance for Credit Losses Allowance for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in the loans that are established systematically by management as of the reporting date. Management’s estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. The Company uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the loans, which is supplemented by management’s judgment. Expected credit losses are estimated for groups of accounts aggregated by geographical location. The Company’s estimate of expected credit losses includes a reasonable and supportable forecast period equal to the contractual term of the loan plus any applicable short-term extensions that are reasonably expected for construction loans. The Company reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to allowance for credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. The Company’s charge-off policy is determined by a review of each delinquent loan. The Company has an accounting policy to not place loans on nonaccrual status unless they are more than 90 days delinquent. Accrual of interest income is generally resumed when the delinquent contractual principal and interest is paid in full or when a portion of the delinquent contractually payments are made, and the ongoing required contractual payments have been made for an appropriate period. In assessing the allowance for credit losses, the Company considers historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company derived an annual historical loss rate based on its historical loss experience in its portfolio, adjusted to incorporate the risks of construction lending, other specific circumstances, and to reflect the Company’s expectations of the macroeconomic environment. The following table summarizes the activity in the mortgages receivable allowance for credit losses from December 31, 2023 through September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ ​ Allowance for credit losses as of ​ Provision for credit losses ​ as of September 30, ​ December 31, 2023 related to loans 2024 ​ ​ (in thousands) Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 5,764 ​ $ 2,469 ​ $ 8,233 Mid-Atlantic ​ 1,324 ​ 4,886 ​ ​ 6,210 South ​ 435 ​ 3,761 ​ ​ 4,196 West ​ — ​ 1,573 ​ ​ 1,573 Total ​ $ 7,523 ​ $ 12,689 ​ $ 20,212 ​ Presented below is the Company’s loan portfolio by geographical location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ Carrying Value % of Portfolio Carrying Value % of Portfolio ​ ​ ​ (in thousands) ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 206,252 ​ 43.2 % $ 232,437 46.6 % Mid-Atlantic ​ 89,848 ​ 18.8 % 99,288 19.9 % South ​ 176,894 ​ 37.1 % 163,409 32.7 % West ​ 4,101 ​ 0.9 % 4,101 0.8 % Total ​ ​ 477,095 ​ 100.0 % ​ 499,235 100.0 % Less: Allowance for credit losses ​ ​ (20,212) ​ ​ ​ ​ (7,523) ​ ​ ​ Carrying value, net ​ $ 456,883 ​ ​ ​ $ 491,712 ​ ​ ​ ​ Presented below are the carrying values by property type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ ​ Principal % of Portfolio Principal % of Portfolio ​ ​ (in thousands) ​ Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 283,009 ​ 59.3 % $ 246,520 49.4 % Commercial ​ 133,471 ​ 28.0 % 186,524 37.4 % Pre-development land ​ 29,204 ​ 6.1 % 35,920 7.2 % Mixed use ​ 31,411 ​ 6.6 % 30,271 6.0 % Total ​ ​ 477,095 ​ 100.0 % ​ 499,235 100.0 % Less: Allowance for credit losses ​ (20,212) ​ ​ ​ (7,523) ​ Carrying value, net ​ $ 456,883 ​ ​ ​ $ 491,712 ​ ​ The following tables allocate the carrying value of the Company’s loan portfolio based on internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) Value Portfolio 2024 2023 2022 2021 Prior ​ ​ (in thousands) Under 500 ​ $ 545 ​ 0.1 % $ 142 ​ $ — ​ $ — ​ $ — ​ $ 403 501-550 ​ ​ 3,356 ​ 0.7 % ​ — ​ ​ — ​ ​ — ​ ​ 1,436 ​ ​ 1,920 551-600 ​ ​ 8,874 ​ 1.9 % ​ 1,222 ​ ​ 290 ​ ​ 2,170 ​ ​ 3,443 ​ ​ 1,749 601-650 ​ ​ 33,560 ​ 7.0 % ​ 7,868 ​ ​ 4,477 ​ ​ 3,248 ​ ​ 9,256 ​ ​ 8,711 651-700 ​ ​ 61,322 ​ 12.9 % ​ 4,819 ​ ​ 8,232 ​ ​ 12,622 ​ ​ 29,471 ​ ​ 6,178 701-750 ​ ​ 208,446 ​ 43.7 % ​ 5,624 ​ ​ 36,723 ​ ​ 50,053 ​ ​ 113,078 ​ ​ 2,968 751-800 ​ ​ 140,921 ​ 29.5 % ​ 25,819 ​ ​ 34,535 ​ ​ 47,044 ​ ​ 32,008 ​ ​ 1,515 801-850 ​ ​ 20,071 ​ 4.2 % ​ — ​ ​ 77 ​ ​ 19,994 ​ ​ — ​ ​ — Total ​ ​ 477,095 ​ 100.0 % $ 45,494 ​ $ 84,334 ​ $ 135,131 ​ $ 188,692 ​ $ 23,444 Less: Allowance for credit losses ​ ​ (20,212) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net ​ $ 456,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) Value Portfolio 2023 2022 2021 2020 Prior ​ ​ (in thousands) Under 500 $ 1,764 0.3 % $ 216 $ — $ — $ — $ 1,548 501-550 ​ 6,555 1.3 % ​ 2,331 ​ 1,440 ​ 1,864 ​ — ​ 920 551-600 ​ 33,723 6.8 % ​ 15,019 ​ 9,839 ​ 6,854 ​ 1,127 ​ 884 601-650 ​ 103,601 20.8 % ​ 16,053 ​ 26,981 ​ 52,073 ​ 3,988 ​ 4,506 651-700 ​ 97,284 19.5 % ​ 17,862 ​ 40,318 ​ 30,203 ​ 3,662 ​ 5,239 701-750 ​ 167,977 33.6 % ​ 19,935 ​ 51,276 ​ 83,946 ​ 7,411 ​ 5,409 751-800 ​ 64,313 12.9 % ​ 14,461 ​ 20,806 ​ 27,027 ​ 592 ​ 1,427 801-850 ​ 24,018 4.8 % ​ 865 ​ 23,096 ​ — ​ — ​ 57 Total ​ ​ 499,235 100.0 % $ 86,742 $ 173,756 $ 201,967 $ 16,780 $ 19,990 Less: Allowance for credit losses ​ ​ (7,523) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 491,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. ​ The following table sets forth the maturities of mortgages receivable as of September 30, 2024: ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ (in thousands) 2024 (9 months) and prior ​ $ 241,704 2025 ​ 202,981 2026 ​ 31,035 Thereafter ​ ​ 1,375 Total ​ ​ 477,095 Less: Allowance for credit losses ​ ​ (20,212) Total ​ $ 456,883 ​ At September 30, 2024, of the 226 mortgage loans included in the Company’s loan portfolio, 74, or 32.7%, having an aggregate outstanding principal balance of $130.1 million have matured but have not been repaid in full or extended. The 74 aforementioned loans are inclusive of loans in pending/pre-foreclosure status. These loans are in the process of modification and will be extended if the borrower can satisfy the Company’s underwriting criteria, including the proper LTV ratio, at the time of renewal. The Company treats renewals and extensions of existing loans as new loans. At December 31, 2023, of the 311 mortgage loans in the Company’s portfolio, 89, or 28.6%, representing $123.8 million of mortgages receivable, had matured by 2023 but were not repaid in full or extended. Loan modifications made to borrowers experiencing financial difficulty In certain situations, the Company may provide loan modifications to borrowers experiencing financial difficulty. These modifications may include term extensions, and adding unpaid interest, charges and taxes to the principal balance intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. The Company generally receives additional collateral as part of extending the terms of the loan for loans experiencing financial difficulty. The Company monitors the performance of loans modified to borrowers experiencing financial difficulty. The Company considers loans that are 90 days past due to be in payment default. For the three months ended September 30, 2024 and 2023, $16.1 million, or 3.5%, and $32.8 million, or 6.6%, of total mortgages receivable were modified for borrowers experiencing financial difficulty, respectively. For the nine months ended September 30, 2024 and 2023, $103.6 million, or 22.7%, and $63.0 million, or 12.7%, of total mortgages receivable were modified for borrowers experiencing financial difficulty, respectively. As of September 30, 2024, the Company was committed to lend additional amounts totaling $8.5 million to borrowers experiencing financial difficulty.

Investment in Rental Real Estat

Investment in Rental Real Estate	9 Months Ended
	Sep. 30, 2024
Investment in Rental Real Estate
Investment in Rental Real Estate	5. Investment in Rental Real Estate As of September 30, 2024 and December 31, 2023, investment in rental real estate, net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 Cost Accumulated Depreciation Investment in Rental Real Estate, Net ​ ​ (in thousands) Land ​ $ 4,557 ​ $ — ​ $ 4,557 Building ​ 4,976 ​ ​ (124) ​ ​ 4,852 Site improvements ​ 359 ​ ​ (24) ​ ​ 335 Tenant improvements ​ 1,183 ​ ​ — ​ ​ 1,183 Construction in progress ​ 2,035 ​ ​ — ​ ​ 2,035 Total ​ $ 13,110 ​ $ (148) ​ $ 12,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 Cost Accumulated Depreciation Investment in Rental Real Estate, Net ​ ​ (in thousands) Land ​ $ 3,957 ​ $ — ​ $ 3,957 Building ​ 4,936 ​ ​ (31) ​ ​ 4,905 Site improvements ​ 358 ​ ​ (6) ​ ​ 352 Tenant improvements ​ 1,183 ​ ​ — ​ ​ 1,183 Construction in progress ​ ​ 157 ​ ​ — ​ ​ 157 Total ​ $ 10,591 ​ $ (37) ​ $ 10,554 ​ Building and site improvements are being depreciated using the straight-line method over its estimated useful life of 40 years and 15 years, respectively. Tenant improvements are amortized over the life of the respective lease using the straight-line method. Lease in-place intangible assets, deferred leasing costs and acquired below-market leases are amortized on a straight-line basis over the respective life of the lease. For the nine months ended September 30, 2024, depreciation and amortization related to the asset was $0.1 million. Tenant improvements and other intangibles associated with the tenant are not being amortized until the commencement of the lease which is not until 2025. Additionally, the Company leases space to a tenant under an operating lease. The lease provides for the payment of fixed base rent payable monthly in advance and periodic step-ups in rent over the term of the lease and a pass through to tenants of their share of increases in real estate taxes and operating expenses over a base year. The lease also provides for free rent and a tenant improvement allowance of $2.7 million. The rent concession period, or beginning of the lease term, begins January 2025 with a rent abatement period of 425 days. As of September 30, 2024, future minimum rents under non-cancelable operating leases were as follows: ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ — 2026 ​ 1,040 2027 ​ 1,269 2028 ​ 1,294 Thereafter ​ 10,061 Total ​ $ 13,664 ​ Estimated annual amortization of acquired below-market lease intangible is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 66 2026 ​ 66 2027 ​ 66 2028 ​ 66 Thereafter ​ 401 Total ​ $ 665 ​ Estimated annual amortization of acquired in-place lease intangible is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 57 2026 ​ 57 2027 ​ 57 2028 ​ 57 Thereafter ​ 340 Total ​ $ 568 ​ Estimated annual amortization of deferred leasing costs is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 39 2026 ​ 39 2027 ​ 39 2028 ​ 39 Thereafter ​ 231 Total ​ $ 387 ​ In addition, the Westport Purchase Agreement contains a provision requiring the payment of an Additional Purchase Price, as defined, upon the earlier to occur of: ● The Company closing on any construction financing on the Project, as defined, or ● Twelve months following receipt of all zoning and other State and municipal permits and approvals necessary to construct certain residential units, as defined. These payments represent contingent consideration in connection with this acquisition, requiring accrual when the payments are deemed probable and reasonably estimable. In January 2024, the Company submitted a proposal to the town of Westport for eight market rate residential units and two affordable rate units. Those units were approved in March 2024, subject to a 30-day appeal period. In April 2024, the 30-day appeal period for the Westport Asset land approval expired, and the Company deemed these events which would give rise to a payment of Additional Purchase Price allocated to land to be considered probable. Accordingly, the agreed payment of $0.1 million per certain approved and sold or permitted market rate residential units has been recognized. The expected payment, of which is $0.6 million, has been accrued as of September 30, 2024 and is included in accounts payable and accrued liabilities on the consolidated balance sheets included in the accompanying unaudited consolidated financial statements.

Real Estate Owned (REO)

Real Estate Owned (REO)	9 Months Ended
	Sep. 30, 2024
Real Estate Owned (REO)
Real Estate Owned (REO)	6. Real Estate Owned (REO) Property acquired through foreclosure are included on the Company’s consolidated balance sheets as real estate owned and further categorized as held for sale or held for rental, described in detail below. As of September 30, 2024 and December 31, 2023, REO totaled $4.3 million and $3.5 million, respectively. For the three months ended September 30, 2024 and 2023, the Company recorded an impairment loss of $0.3 million and $0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded an impairment loss of $0.4 million and $0.6 million, respectively. The following table presents the Company’s REO as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Real estate owned at the beginning of period ​ $ 3,462 ​ $ 5,216 Principal basis transferred to real estate owned ​ 2,991 ​ ​ 1,756 Charges and building improvements ​ — ​ ​ 230 Proceeds from sale of real estate owned ​ (2,008) ​ ​ (3,040) Impairment loss ​ (397) ​ ​ (794) Gain on sale of real estate owned ​ 284 ​ ​ 94 Balance at end of period ​ $ 4,332 ​ $ 3,462 ​ As of September 30, 2024, REO included $0.8 million of real estate held for rental and $3.5 million of real estate held for sale. As of December 31, 2023, REO included $0.8 million of real estate held for rental and $2.7 million of real estate held for sale. Properties Held for Sale During the three months ended September 30, 2024, the Company sold two properties held for sale and recognized a net gain of $0.02 million. During the nine months ended September 30, 2024, the Company sold 13 properties held for sale and recognized a net gain of $0.3 million. During the three months ended September 30, 2023, the Company sold one property held for sale and recognized a net loss of $0.01 million. During the nine months ended September 30, 2023, the Company sold five properties held for sale and recognized a net gain of $0.1 million. Properties Held for Rental As of September 30, 2024, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021. As of September 30, 2024, future minimum rents under this lease were as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ 14 2025 ​ 53 2026 ​ 31 Total ​ $ 98 ​

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Other Assets
Other Assets	7. Other Assets As of September 30, 2024 and December 31, 2023, other assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Prepaid expenses ​ $ 219 ​ $ 511 Other receivables ​ 1,527 ​ ​ 1,923 Other assets ​ 2 ​ ​ 230 Notes receivable ​ ​ 1,915 ​ ​ 4,508 Deferred financing costs, net ​ ​ 206 ​ ​ 308 Deferred leasing cost ​ ​ 387 ​ ​ 387 Leases in place intangible ​ ​ 568 ​ ​ 568 Goodwill ​ ​ 391 ​ ​ 391 Intangible asset – trade name ​ 130 ​ ​ 130 Total ​ $ 5,345 ​ $ 8,956 ​

Lines of Credit, Mortgage Payab

Lines of Credit, Mortgage Payable and Churchill Facility	9 Months Ended
	Sep. 30, 2024
Lines of Credit, Mortgage Payable and Churchill Facility
Lines of Credit, Mortgage Payable and Churchill Facility	8. Lines of Credit, Mortgage Payable and Churchill Facility Line of Credit – Wells Fargo During the year ended December 31, 2020, the Company established a margin loan account at Wells Fargo Advisors that is secured by the Company’s portfolio of short-term securities. The credit line bears interest at a rate equal to 1.75% below the prime rate (6.25% at September 30, 2024 and 6.77% at December 31, 2023). During the second quarter of 2024, the Company sold all of its investment securities that collateralized the line of credit. As such, the balance as of September 30, 2024 was $0. At December 31, 2023 the total outstanding balance on the Wells Fargo credit line was $26.8 million. Line of Credit – Needham Bank On March 2, 2023, the Company entered into a Credit and Security Agreement (the “Credit Agreement”), with Needham Bank, a Massachusetts co-operative bank, as the administrative agent (“Needham”) for the lenders party thereto (the “Lenders”) with respect to a $45 million revolving credit facility (the “Needham Credit Facility”). Under the Credit Agreement, the Company also has the right to request an increase in the size of the Needham Credit Facility up to $75 million, subject to certain conditions, including the approval of the Lenders. As of September 8, 2023, the Needham Credit Facility was increased to $65 million. Loans under the Needham Credit Facility accrue interest at the greater of (i) the annual rate of interest equal to the “prime rate,” as published in the “Money Rates” column of The Wall Street Journal minus one-quarter of one percent (0.25%), and (ii) four and one-half percent (4.50%). All amounts borrowed under the Needham Credit Facility are secured by a first priority lien on virtually all of the Company’s assets. Assets excluded from the lien include real estate owned by the Company (other than real estate acquired pursuant to foreclosure) and mortgages sold under the Churchill Facility (as defined below). The Needham Credit Facility expires March 2, 2026 but the Company has a right to extend the term for one year upon the consent of Needham and the Lenders, which consent cannot be unreasonably withheld, and so long as it is not in default and satisfies certain other conditions. All outstanding revolving loans and accrued but unpaid interest is due and payable on the expiration date. The Company may terminate the Needham Credit Facility at any time without premium or penalty by delivering written notice to Needham at least ten (10) days prior to the proposed date of termination. The Needham Credit Facility is subject to other terms and conditions, including representations and warranties, covenants and agreements typically found in these types of financing arrangements, including a covenant that requires the Company to maintain: (A) a ratio of Adjusted EBITDA (as defined in the Credit Agreement) to Debt Service (as defined in the Credit Agreement) of less than 1.40 to 1.0, tested on a trailing-twelve-month basis at the end of each fiscal quarter; (B) a sum of cash, cash equivalents and availability under the facility equal to or greater than $10 million; and (C) an asset coverage ratio of at least 150%. As of September 30, 2024, the Company was not in compliance with the debt service coverage ratio covenant described above. The Company’s inability to comply with this covenant is directly related to the provision for credit losses, which is a non-cash charge that adversely impacts earnings. Unlike other non-cash charges against earnings, such as depreciation and amortization, provision for credit losses is not added back to earnings under the definition of EBITDA. Needham is aware of the situation and has informed the Company that it is considering granting a waiver on the debt service covenant ratio. Per the Credit Agreement, the breach of a covenant can result in a default which, if left uncured for more than 30 days, allows Needham to terminate the Needham Credit Facility. The Company uses the proceeds from the Needham Credit Facility to finance the continued expansion of its lending business and for general corporate purposes. As of September 30, 2024 and December 31, 2023, the total outstanding principal balance on the Needham Credit Facility was $35.5 million and $35.0 million, respectively, with an interest rate of 7.75% and 8.25%, respectively. Mortgage Payable In 2021, the Company obtained a $1.4 million adjustable-rate mortgage loan from New Haven Bank (the “NHB Mortgage”) of which $750,000 was funded at closing to reimburse the Company for out-of-pocket costs relating to the acquisition of the property located at 568 East Main Street, Branford, Connecticut, which now serves as the Company’s headquarters. The NHB Mortgage accrued interest at an initial rate of 3.75% per annum for the first 72 months and was due and payable in full on December 1, 2037. The NHB Mortgage was a non-recourse loan, secured by a first mortgage lien on the Company’s prior headquarters, which was located at 698 Main Street, Branford, Connecticut and the property located at 568 East Main Street, Branford, Connecticut. On February 28, 2023, the Company refinanced the NHB Mortgage with a new adjustable-rate mortgage loan from New Haven Bank (the “New NHB Mortgage”) in the original principal amount of $1.66 million. The new loan accrues interest at an initial rate of 5.75% per annum for the first 60 months. The interest rate will be adjusted on each of March 1, 2028 and March 1, 2033 to the then published 5-year Federal Home Loan Bank of Boston Classic Advance Rate, plus 1.75%. Beginning on April 1, 2023 and through March 1, 2038, principal and interest will be due and payable on a monthly basis. All payments under the new loan are amortized based on a 20-year amortization schedule. Over the next five years, the Company is scheduled to make principal payments ranging from $47,000 to $59,000 annually, with the remaining balance due thereafter. The unpaid principal amount of the loan and all accrued and unpaid interest are due and payable in full on March 1, 2038. The new loan is a non-recourse obligation, secured by a first mortgage lien on the property located at 568 East Main Street, Branford, Connecticut. As of September 30, 2024 and December 31, 2023, the total outstanding principal balance on the New NHB Mortgage was $1.0 million and $1.1 million, respectively. Churchill MRA Funding I LLC Repurchase Financing Facility On July 21, 2021, the Company consummated a $200 million master repurchase financing facility (“Churchill Facility”) with Churchill MRA Funding I LLC (“Churchill”), a subsidiary of Churchill Real Estate, a vertically integrated real estate finance company based in New York, New York. Under the terms of the Churchill Facility, the Company has the right, but not the obligation, to sell mortgage loans to Churchill, and Churchill has the right, but not the obligation, to purchase those loans. In addition, the Company has the right and, in some instances the obligation, to repurchase those loans from Churchill. The amount that Churchill will pay for each mortgage loan it purchases will vary based on the attributes of the loan and various other factors. The repurchase price is calculated by applying an interest factor, as defined, to the purchase price of the mortgage loan. The Company has also pledged the mortgage loans sold to Churchill to secure its repurchase obligation. The cost of capital under the Churchill Facility is equal to the sum of (a) the greater of (i) 0.25% and (ii) the 90-day SOFR (which replaced the 90-day LIBOR) plus (b) 3%-4%, depending on the aggregate principal amount of the mortgage loans held by Churchill at that time. As of September 30, 2024 and December 31, 2023, the effective interest rate charged under the facility was 8.95% and 9.47%, respectively. The Churchill Facility is subject to other terms and conditions, including representations and warranties, covenants and agreements typically found in these types of financing arrangements. Under one such covenant, the Company (A) is prohibited from (i) paying any dividends or making distributions in excess of 90% of its taxable income, (ii) incurring any indebtedness or (iii) purchasing any of its capital stock, unless, it has an asset coverage ratio of at least 150%; and (B) must maintain unencumbered cash and cash equivalents in an amount equal to or greater than 2.50% of the amount of its repurchase obligations. Churchill has the right to terminate the Churchill Facility at any time upon 180 days prior notice to the Company. The Company then has an additional 180 days after termination to repurchase all the mortgage loans held by Churchill. The Company uses the proceeds from the Churchill Facility to finance the continued expansion of its lending business and for general corporate purposes. At September 30, 2024, the total amount outstanding under the Churchill Facility was $23.5 million. The collateral pledged to Churchill at September 30, 2024 was 11 mortgage loans that in the aggregate had unpaid principal balance of $45.8 million. At December 31, 2023, the total amount outstanding under the Churchill Facility was $26.5 million. The collateral pledged to Churchill at December 31, 2023 was 14 mortgage loans that in the aggregate had unpaid principal balance of $50.6 million. The New NHB Mortgage and the Churchill Facility contain cross-default provisions.

Unsecured Notes Payable

Unsecured Notes Payable	9 Months Ended
	Sep. 30, 2024
Unsecured Notes Payable
Unsecured Notes Payable	9. Unsecured Notes Payable At September 30, 2024, the Company had an aggregate of $260.5 million of unsecured, unsubordinated notes payable outstanding, net of $4.3 million of deferred financing costs (collectively, the “Notes”). During the nine months ended September 30, 2024, the Company redeemed its 7.125% unsecured, unsubordinated Notes due June 30, 2024 in the aggregate principal amount of $23.7 million plus the accrued interest thereon. At September 30, 2024, the Company had six series of Notes outstanding: (i) Notes having an aggregate principal amount of $34.5 million bearing interest at 6.875% per annum and maturing December 30, 2024 (the “December 2024 Notes”); (ii) Notes having an aggregate principal amount of $56.4 million bearing interest at 7.75% per annum and maturing September 30, 2025 (the “September 2025 Notes”); (iii) Notes having an aggregate principal amount of $51.8 million bearing interest at 6.0% per annum and maturing December 30, 2026 (the “December 2026 Notes”); (iv) Notes having an aggregate principal amount of $51.9 million bearing interest at 6.0% per annum and maturing March 30, 2027 (the “March 2027 Notes”); (v) Notes having an aggregate principal amount of $30.0 million bearing interest at 7.125 % per annum and maturing June 30, 2027 (the “June 2027 Notes”); and (vi) Notes having an aggregate principal amount of $40.3 million bearing interest at 8.00% per annum and maturing September 30, 2027 (the “September 2027 Notes”). The Notes were sold in underwritten public offerings, were issued in denomination of $25.00 each and are listed on the NYSE American and trade under the symbols “SACC,” “SCCC,” “SCCD,” “SCCE,” “SCCF” and “SCCG,” respectively. All the Notes were issued at par except for the last tranche of the September 2025 notes, in the original principal amount of $28 million, which were issued at $24.75 each. Interest on the Notes is payable quarterly on each March 30, June 30, September 30 and December 30 that they are outstanding. So long as the Notes are outstanding, the Company is prohibited from making distributions in excess of 90% of its taxable income, incurring any additional indebtedness or purchasing any shares of its capital stock unless it has an “Asset Coverage Ratio” of at least 150% after giving effect to the payment of such dividend, the incurrence of such indebtedness or the application of the net proceeds, as the case may be. The Company may redeem the Notes, in whole or in part, without premium or penalty, at any time after their second anniversary of issuance upon at least 30 days prior written notice to the holders of the Notes. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including the date of redemption. As of September 30, 2024, all of the Notes are callable at any time. The following are the future principal payments on the notes payable as of September 30, 2024: ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 34,500 2025 ​ 56,364 2026 ​ 51,750 2027 ​ 122,125 Total principal payments ​ 264,739 Deferred financing costs ​ (4,275) Total notes payable, net of deferred financing costs ​ $ 260,464 ​ The estimated amortization of the deferred financing costs as of September 30, 2024 is as follows: ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 563 2025 ​ 1,808 2026 ​ 1,410 2027 ​ 494 Total deferred costs ​ $ 4,275 ​

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	10. Accounts Payable and Accrued Liabilities As of September 30, 2024 and December 31, 2023, accounts payable and accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Accounts payable and accrued expenses $ 1,691 ​ $ 1,331 Allowance for credit losses on unfunded commitments ​ ​ 1,222 ​ ​ 509 Accrued interest ​ 379 ​ ​ 482 Total ​ $ 3,292 ​ $ 2,322 ​

Fee income from loans

Fee income from loans	9 Months Ended
	Sep. 30, 2024
Fee income from loans
Fee income from loans	11. Fee income from loans For the three and nine month periods ended September 30, 2024 and 2023, fee income from loans consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Origination and Modification fees ​ $ 1,234 ​ $ 1,195 ​ $ 3,890 ​ $ 4,435 Extension fees ​ ​ 239 ​ ​ 435 ​ ​ 624 ​ ​ 849 Late and other fees ​ ​ (105) ​ ​ 367 ​ ​ 404 ​ ​ 518 Processing fees ​ 16 ​ ​ 29 ​ ​ 87 ​ ​ 90 Construction servicing fees ​ ​ 183 ​ ​ — ​ ​ 432 ​ ​ — Legal fees ​ ​ 49 ​ ​ 103 ​ ​ 206 ​ ​ 319 Other fees ​ ​ 227 ​ ​ 292 ​ ​ 900 ​ ​ 1,699 Total ​ $ 1,843 ​ $ 2,421 ​ $ 6,543 ​ $ 7,910 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Origination, Modification, and Construction Servicing Fees Loan origination and modification fees generally range from 1% - 3% each of the original loan principal or the modified loan balance and, generally, are payable at the time the loan is funded or modified. The unamortized portion is recorded as deferred revenue on the consolidated balance sheet. At September 30, 2024, deferred revenue was $3.4 million, which will be recorded as income as follows: ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 1,635 2025 ​ ​ 1,631 2026 ​ 100 2027 ​ 3 Total ​ $ 3,369 ​ In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full at the time of repayment. Employment Agreements and Arrangements In February 2017, the Company entered into an employment agreement with John Villano, the material terms of which are as follows: (i) the employment term is five years with extensions for successive one-year periods unless either party provides written notice at least 180 days prior to the next anniversary date of its intention to not renew the agreement; (ii) a base salary of $260,000, which was increased in April 2018, April 2021 and April 2022 to $360,000, $500,000 and $750,000, respectively; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; (vi) a two-year non-competition period following the termination of employment without cause; and (vii) payments upon termination of employment or a change in control. In April 2021, the Company granted 89,928 restricted common shares (having a market value of $500,000) to Mr. Villano. One 2023 one One-third one-third 2025 One-third one-third 2025 2026 One 2026 2027 Effective as of September 1, 2024, the Company entered into a new employment arrangement with Nicholas M. Marcello, the Company’s Chief Financial Officer, the material terms of which are as follows: (i) an annual base salary of $300,000; (ii) a one - time payment of $20,000; (iii) entitlement to an annual time - based equity award of $125,000, payable in restricted common shares, commencing on January 1, 2025 and on January 1st of each year thereafter; (iii) he will be entitled to an annual cash bonus of up to 50% of his base salary, the exact amount to be determined by the Compensation Committee of the Company’s Board of Directors; and (iv) he has continued eligibility to participate in the Company’s health insurance plan and the perquisites and other fringe benefits in accordance with prevailing Company policy. Unfunded Commitments At September 30, 2024, the Company had future funding obligations totaling $71.9 million, which can be drawn by the borrowers when the conditions relating thereto have been satisfied. The unfunded commitments will be funded from loan payoffs and additional drawdowns under existing and future credit facilities and proceeds from sale of debt and equity securities. Liquidity The Company incurred a net loss attributable to common shareholders of $6.6 million during the nine months ended September 30, 2024. The loss was driven primarily from the increase in non-accrual loans which had significant increases in provisions for credit losses related to loans. In addition, as of September 30, 2024, the Company breached its covenant related to the Needham Credit Facility (see Note 8 - Line of Credit – Needham Bank), and has unsecured, unsubordinated notes payable due of $34.5 million coming due in December 30, 2024 and another tranche of $56.4 million due in September 2025. These factors raised economic uncertainty from a liquidity standpoint. Management believes the ability to utilize the Company’s existing $200 million Churchill Facility (see Note 8 - Churchill MRA Funding I LLC Repurchase Financing Facility), cash and cash equivalents of $5.9 million, investment securities at fair value of $1.6 million, continued cash flows from operations, sales of Series A Preferred Stock through the Company’s at-the-market offering facility, and proceeds from the potential sale of mortgage loans in the secondary market (see Note 19 - Subsequent Events) would alleviate the uncertainty. Other In the normal course of its business, the Company is named as a party-defendant in connection with tax foreclosure proceedings against properties on which it holds a first mortgage lien. The Company actively monitors these actions and, in all cases, believes there remains sufficient value in the subject property to assure that no loan impairment exists. At September 30, 2024, there were two such properties. The unpaid principal balance on the properties that are subject to these proceedings was $1.9 million. In accordance with the asset purchase agreement with Urbane New Haven, LLC (“Urbane”) in October 2022, under certain circumstances the Company will be required to pay Urbane 20% of the net proceeds, as defined, of certain real estate development projects completed by the Company until such time that the former principal owner of Urbane, who is currently employed by the Company, is no longer employed by the Company. Any future payments will be expensed.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	13. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of September 30, 2024, and December 31, 2023, loans to known shareholders totaled $15.7 million and $25.6 million, respectively, which is included in mortgages receivable, net in the Company’s accompanying consolidated balance sheets. Of the $15.7 million and $25.6 million loans to known shareholders as of September 30, 2024 and December 31, 2023, $9.9 million and $23.2 million, respectively, related to Mod 21, LLC, which is a wholly owned entity of the Company’s Senior Vice President of Asset Management and Vice President of Asset Management. Interest income earned on all related party loans for the three months ended September 30, 2024 and 2023 totaled $0.3 million and $0.5 million, respectively, and for the nine months ended September 30, 2024 and 2023 totaled $1.0 million and $1.6 million, respectively, which is included in interest income in the Company’s accompanying consolidated statements of operations. In December 2021, the Company hired the daughter of the Company’s chief executive officer to perform certain credit and compliance services. For the three-month periods ended September 30, 2024 and 2023, she received compensation of $0.04 million for each period. For the nine-month periods ended September 30, 2024 and 2023, she received compensation of $0.1 million for each period.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2024
Concentration of Credit Risk
Concentration of Credit Risk	14. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments in securities, investments in partnerships, and mortgage loans. The Company maintains its cash and cash equivalents with various financial institutions. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, per depositor. As of September 30, 2024, 34.0% of the properties securing the Company’s mortgage loans were located in Connecticut, 29.6% in Florida, and 13.5% in New York. The Company’s mortgage loans are categorized into four property types, which as of September 30, 2024 were; Residential (59.3%), Commercial (28.0%), Pre-development land (6.1%), and Mixed Use (6.6%). These concentrations of credit risk may be affected by changes in economic or other conditions of the particular geographic area or particular asset type that collateralize the Company’s mortgage loans. Credit risks associated with the Company’s mortgage loan portfolio and related interest receivable are described in Note 4 – Mortgages receivable, net.

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefits	9 Months Ended
	Sep. 30, 2024
Stock-Based Compensation and Employee Benefits
Stock-Based Compensation and Employee Benefits	15. Stock-Based Compensation and Employee Benefits Stock-Based Compensation On October 27, 2016, the Company adopted the 2016 Equity Compensation Plan (the “Plan”), the purpose of which is to align the interests of the Company’s officers, other employees, advisors and consultants or any subsidiary, if any, with those of the Company’s shareholders and to afford an incentive to such officers, employees, consultants and advisors to continue as such, to increase their efforts on the Company’s behalf and to promote the success of the Company’s business. The Plan is administered by the Compensation Committee. The maximum number of common shares reserved for the grant of awards under the Plan is 1,500,000, subject to adjustment as provided in Section 5 of the Plan. The number of securities remaining available for future issuance under the Plan as of September 30, 2024 was 781,262. During the nine months ended September 30, 2024 and 2023, the Company granted an aggregate of 212,857 and 201,390, respectively, restricted common shares under the Plan, including restricted common shares granted to the Company’s Chief Executive Officer (see Note 13). The fair value of each block of shares at the time of grant was approximately $0.8 million. There were no such shares granted to the Company’s Chief Executive Officer during the three months ended September 30, 2024 and 2023. With respect to the restricted common shares granted during the nine months ended September 30, 2024, (i) 33,666 shares vested on May 9, 2024; (ii) 33,667 shares will vest on May 1, 2025 and 2026, respectively; (iii) 37,285 shares will vest on January 1, 2025; and (iv) 37,286 shares will vest on January 1, 2026 and 2027 Stock-based compensation for the three months ended September 30, 2024 and 2023 was $0.2 million and $0.2 million, respectively, which is included in compensation and employee benefits on the accompanying consolidated statements of operations. Stock-based compensation for the nine months ended September 30, 2024 and 2023 was $0.7 million and $0.6 million, respectively. As of September 30, 2024, there was unrecorded stock-based compensation expense of $0.9 million. Additionally, during the nine months ended September 30, 2024 and 2023, the Company had 333 and 5,333 unvested restricted common shares forfeited to the Company as a result of the termination of former employees, respectively. Employee Benefits On April 16, 2018, the Company’s Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan (the “401(k) Plan”). All employees who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the 401(k) Plan, the Company is obligated to contribute 3% of a participant’s compensation to the 401(k) Plan on behalf of an employee-participant. For the three months ended September 30, 2024 and 2023, the 401(k) Plan expense was $0.3 million and $0.05 million, respectively, which is included within compensation and employee benefits in the accompanying consolidated statements of operations. For the nine months ended September 30, 2024 and 2023, the 401 (k) Plan expense was $0.1 million and $0.1 million, respectively, which is included within compensation and employee benefits in the accompanying consolidated statements of operations.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity
Equity	16. Equity On August 24, 2022, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $75.0 million of its common shares and its Series A Preferred Stock (as defined in Note 18 below) with an aggregate liquidation preference of up to $25.0 million in an “at-the market” offering, which is ongoing (the “ATM Offering”). On June 17, 2024, the Company filed a new prospectus supplement (the “New Prospectus Supplement”) which modified the ATM Offering by reducing the amount of common shares the Company may offer and sell to up to an aggregate of $48.7 million, including the common shares the Company has already sold in the ATM Offering prior to the date of the New Prospectus Supplement. All the other terms of the ATM Offering remained the same. During the nine months ended September 30, 2024, under this offering, the Company sold no common shares and 249,901 shares of its Series A Preferred Stock having an aggregate liquidation preference of approximately $6.2 million, realizing gross proceeds of $5.3 million (representing a discount of 15.8% from the liquidation preference). The Company’s issuance costs for both common shares and Series A Preferred Stock shares sold during the nine months ended September 30, 2024 were $0.1 million. In October 2022, the Board adopted a stock repurchase plan (the “Original Repurchase Plan”), pursuant to which the Company may repurchase up to an aggregate of $7,500,000 of its common shares. Under the Original Repurchase Plan, share repurchases were made from time to time on the open market at prevailing market prices or in negotiated transactions off the market in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act. During the nine months ended September 30, 2024 and 2023, under this program, the Company repurchased 535,369 and 71,000 common shares at a total cost of $1.4 million and $0.2 million, respectively. ​

Partnership Investments

Partnership Investments	9 Months Ended
	Sep. 30, 2024
Partnership Investments
Partnership Investments	17. Partnership Investments Shem Creek As of September 30, 2024, the Company had invested an aggregate of $51.6 million in seven limited liability companies (all of which have elected to be taxed as partnerships) managed by Shem Creek Capital, LLC (“Shem”). The Company’s interest in each of these entities is “non-controlling”. The Company’s ownership interest in six of the limited liability companies ranges from 7% to 49% and one entity is owned 100% by the Company. In September 2024, the Company acquired a seventh ownership interest, a 20% membership interest in Shem. At close, the Company paid $2.5 million in cash. The balance of the purchase price is due and payable on or before September 6, 2025. If the Company fails to make the deferred payment when due, it will forfeit half of its interest in Shem and all proceeds received therefrom, if any. In addition, the Company has the right to acquire an additional 10% interest in Shem (increasing its stake to 30%) in two separate 5% options of $1.4 million and $1.5 million at any time prior to March 31, 2027. The Company is allowed one board member of Shem, but has no management rights in Shem. The Company accounts for these investments at cost because the Company does not manage the entities in which it holds an interest and thus has no control or have significant influence over the investments. Shem is a commercial real estate finance company that provides debt capital solutions to local and regional commercial real estate owners in the Northeastern United States. The Company’s withdrawal from each limited liability company may only be granted by Shem. The Company’s investments can be categorized into three fund structures: fund investments, direct loan investments (co-invest vehicles) and the manager investment. The fund investments primarily include investments in two entities that invest in mortgage loans. The direct loan investments are through three entities whereby the Company directly invests in the participation of individual loans. Both the fund and direct loan structure primarily invest in mortgage loans to borrowers with a majority of the deals being leveraged by a bank. These loans are primarily two- to three- year collateralized mortgage loans, often with contractual extension options for the borrowers of an additional year. The Company receives quarterly distributions from the entities that are comprised of a preferred return, return of capital, and the incentive fee depending on each loan’s waterfall calculation, as defined by the loan agreements. The Company’s interests in the entities are not redeemable at any time, as its investment will be repaid as the underlying loans are repaid. The Company expects to be repaid on its current investments by December 31, 2027. Shem’s compensation includes senior financing fees, incentive fees, and management fees that are charged to each entity that it manages, including the seven entities in which the Company has an investment. The Company expects to receive quarterly distributions from the respective entities operating cash flows. For the three months ended September 30, 2024 and 2023, the Shem investments generated, in the aggregate, $1.5 million and $0.8 million, respectively, of income for the Company. For the nine months ended September 30, 2024 and 2023, the Shem investments generated $3.9 million and $2.3 million, respectively, of income for the Company. At September 30, 2024, the Company had unfunded partnership commitments totaling $4.5 million in the Shem entities. Cordo CLT Investors LLC In September 2024, the Company, through its wholly owned subsidiary Urbane Capital, LLC, acquired a 7.2% partnership interest in Cordo CLT Investors LLC for $2.5 million. This entity was formed for the sole purpose of developing a commercial multifamily property in Charlotte, North Carolina. The Company anticipates the project to be completed by the end of 2026. The Company accounts for this investment at cost because the Company does not manage the entities in which it holds an interest and thus has no control or have significant influence over the investments.

Series A Preferred Stock

Series A Preferred Stock	9 Months Ended
	Sep. 30, 2024
Series A Preferred Stock
Series A Preferred Stock	18. Series A Preferred Stock The Company has designated 2,903,000 shares of its authorized preferred shares, par value $0.001 per share, as shares of Series A Preferred Stock (the “Series A Preferred Stock”) with the powers, designations, preferences and other rights as set forth in an Amended and Restated Certificate of Designation (the “Series A Designation Certificate”). The Series A Designation Certificate provides that the Company will pay quarterly cumulative dividends on the Series A Preferred Stock, in arrears, on the 30th day of each of March, June, September and December, and including, the date of original issuance of the Series A Preferred Stock until redeemed at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share). The Series A Preferred Stock is not redeemable before June 29, 2026, except upon the occurrence of a Change of Control (as defined in the Series A Designation Certificate). On or after June 29, 2026, the Company may, at its option, redeem any or all of the shares of the Series A Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including the redemption date. Upon the occurrence of a Change of Control, the Company may, at its option, redeem any or all of the shares of Series A Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into common shares in connection with a Change of Control by the holders of the Series A Preferred Stock. Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to the Company’s election to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date as defined in the Series A Designation Certificate) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of the common shares determined by formula, in each case, on the terms and subject to the conditions described in the Series A Designation Certificate, including provisions for the receipt, under specified circumstances, of alternative consideration as described in the Series A Designation Certificate. Except under limited circumstances, holders of the Series A Preferred Stock generally do not have any voting rights. The Company has reserved 72,575,000 common shares for issuance upon conversion of the Series A Preferred Stock.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	19. Subsequent Events On November 7, 2024, the Company declared a dividend of $0.05 per share, or $2.3 million in the aggregate, to shareholders of record as of November 18, 2024, which is to be paid on November 26, 2024. Between October 1, 2024 and November 13, 2024, the Company transferred approximately $16.9 million of mortgages receivable, net to real estate owned. Between October 1, 2024 and November 13, 2024, through the Company’s at-the-market offering facility, the Company sold no common shares, and 6,802 shares of its Series A Preferred Stock having an aggregate liquidation preference of $0.2 million, realizing gross proceeds of $0.1 million (representing a discount of 14.3% from the liquidation preference.) Effective on October 10, 2024, the Company’s Board of Directors adopted a new stock repurchase plan (the “New Repurchase Plan”) to replace the Original Repurchase Plan, pursuant to which the Company may repurchase up to an aggregate of $5,802,959.45 of its common shares. Under the New Repurchase Plan, share repurchases will be made from time to time on the open market at prevailing market prices in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The New Repurchase Plan is expected to continue until the earlier of the repurchase of all the common shares under the plan or termination with its terms. Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC will act as the Company’s exclusive purchasing agents under the New Repurchase Plan. On October 5, 2024, the Company retained the services of Mission Capital (“Mission”), a subsidiary of Marcus and Millichap, which is a real estate capital markets firm, to act as its sole and exclusive advisor in connection with the proposed sale by the Company of a pool of mortgage loans having an aggregate principal amount of approximately $78.8 million. A majority of the loans offered for sale are designated by the Company as “non-accrual” loans, which means payments due under such loans are more than 90 days in arrears. The sale process formally commenced in early October when Mission began to solicit indications of interest from potential buyers. Indications of Interest were due by November 5, 2024. Final bids are due by December 4, 2024. The Company expects to consummate the sale before December 31, 2024. The net proceeds from the proposed sale of the mortgage loans will be used for working capital and general corporate purposes. All or a portion of such net proceeds may also be used to repay the December 2024 Notes. Between October 1, 2024 and November 13, 2024, the Company repurchased 46,043 of its common shares through the Original Repurchase Plan.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Unaudited Consolidated Financial Statements	Unaudited Consolidated Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023 and the notes thereto included in the Company’s Annual Report on Form 10-K. The balance sheet information as of December 31, 2023 is derived from audited financial statements but does not include all disclosures required by GAAP. Results of operations for the three months and nine month periods ended September 30, 2024, are not necessarily indicative of the operating results to be attained in the entire fiscal year or for any subsequent period.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of such financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases the use of estimates on (a) various assumptions that consider prior reporting results, (b) projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates. The accompanying unaudited consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Investment Securities	Investment Securities Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. To determine credit losses, management may employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, management may consider specific adverse conditions related to the financial health of, and business outlook for, the issuer of the debt security. If the Company plans to sell the security or it is more likely than not that it will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in net income and a new cost basis in the investment is established. If market, industry, and/or business and/or financial conditions relating to the issuer deteriorate, the Company may incur future losses and/or impairments. Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). Management performs a qualitative assessment on a periodic basis and recognizes an impairment if there are sufficient indicators that the fair value of the investment is less than the carrying value. Changes in value are recorded in net income (loss).
Non-accrual loans	Non-accrual loans A loan is generally placed on non-accrual status when it is probable that principal and interest will not be collected under the original contractual terms. At that time, interest income is no longer accrued. Non-accrual loans consist of loans for which principal or interest has been delinquent for 90 days or more. Interest income is subsequently recognized only to the extent it is received in cash or until the loan qualifies for return to accrual status. Loans are restored to accrual status when contractually current and the collection of future payments is reasonably assured. In certain instances, the Company may make exceptions to placing a loan on non-accrual status if the loan is in the process of modification.
Loan modifications made to borrowers experiencing financial difficulty.	Loan modifications made to borrowers experiencing financial difficulty. In situations where economic or legal circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions for a period of time to the borrower that it would not otherwise consider. These modified terms may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant payment delays intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. The Company monitors the performance of all loans, including loans modified to borrowers experiencing financial difficulty, and considers loans that are 90 days past due to be in payment default.
Allowance for Credit Losses	Allowance for Credit Losses The Company adopted the current expected credit loss (“CECL”) standard effective January 1, 2023 in accordance with ASU 2016-13, “Financial Instruments – Credit Losses”. The initial CECL adjustment of $2.5 million was recorded effective January 1, 2023 as a cumulative-effect of change in accounting principle through a direct charge to accumulated deficit on the consolidated statements of shareholders’ equity. Subsequent changes to the CECL allowance will be recognized in the consolidated statements of operations in “Provision for credit losses related to loans”. The Company records an “Allowance for credit losses” on the consolidated balance sheets with respect to its loan portfolio, including unfunded construction commitments, on a collective basis by assets with similar risk characteristics. This methodology, known as the “static pool methodology,” replaces the “probable incurred loss impairment” methodology. In addition, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are also analyzed for credit losses in accordance with ASU 2016-13, as they represent a financial asset that is subject to credit risk. As allowed under the CECL standard used by the Company, as a practical expedient, the fair value of the collateral at the reporting date is compared to the net carrying amount of the loan when determining the allowance for credit losses for loans in pending/pre-foreclosure status, as defined. Fair value of collateral is reduced by estimated cost to sell if the collateral is expected to be sold. The aggregate outstanding principal balance and the accrued but unpaid interest and borrower charges of loans in pending/pre-foreclosure as of September 30, 2024 and December 31, 2023 was $81.8 million and $68.1 million, respectively. As of September 30, 2024 and December 31, 2023, the Company has reserved $16.1 million and $6.2 million, respectively, against loans subject to foreclosure which is included in “Allowance for credit losses” on the consolidated balance sheets included in the accompanying consolidated financial statements. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment. The Company utilizes a loss-rate method for estimating current expected credit losses. The loss rate method involves applying a loss rate to a pool of loans with similar risk characteristics to estimate the expected credit losses on that pool of loans. In determining the CECL allowance, the Company considers various factors including (1) historical loss experience in its portfolio, (2) loan specific losses for loans deemed collateral dependent based on excess amortized cost over the fair value of the underlying collateral, and (3) its current and future view of the macroeconomic environment. The Company utilizes a forecast of three years which approximates its longer-term loans, which are often the construction loans. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The “Allowance for credit losses” is maintained at a level sufficient to provide for expected credit losses over the life of the loans based on evaluating historical credit loss experience and to make adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. The “Allowance for credit losses” related to the principal outstanding is presented within “Mortgages receivable, net” and for unfunded commitments is within accounts payable and accrued liabilities in the Company’s consolidated balance sheets. The “Allowance for credit losses” related to the late payment fees are presented in “Interest and fees receivable, net”, and “Due from borrowers, net” in the Company’s consolidated balance sheets. Lastly, the allowance related to unfunded commitments for construction loans is presented in “Accounts payable and accrued liabilities” on the Company’s consolidated balance sheets. The below table represents the financial statement line items that are impacted by the Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit ​ ​ ​ ​ Balance as of December 31, 2023 losses related to loans Balance as of September 30, 2024 ​ ​ (in thousands) Mortgages receivable ​ $ 7,523 ​ $ 12,689 (1) $ 20,212 Interest and fees receivable ​ 902 ​ 2,710 ​ 3,612 Due from borrower ​ 352 ​ 1,798 ​ 2,150 Unfunded commitments ​ 509 ​ 713 ​ 1,222 Total Allowance for credit losses ​ $ 9,286 ​ $ 17,910 ​ $ 27,196 ​ (1) For the nine months ended September 30, 2024, the Company recorded an $18.0 million provision for credit losses related to mortgage loans on its consolidated statements of operations. This amount includes $54,000 of direct charge-offs as a result of losses on settlement of loans. There was no such allowance created in relation to theses charge-offs. There were no such charge-offs related to loans that were settled for the three and nine months period ended September 30, 2023. As of September 30, 2024 and December 31, 2023 the Company recorded an “Allowance for credit losses” on debt securities of $0 and $0.8 million, respectively, which is presented in “Investment securities (at fair value)” on the Company’s consolidated balance sheets. During the three months ended June 30, 2024, the Company sold all of its debt securities, as such, as of September 30, 2024 the balance of these securities was $0. As of December 31, 2023, the fair value of these securities was $0.8 million. The cost basis of these securities was $1.6 million.
Fair Value Measurements	Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement” are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation to other means. If the asset or liability has a specified ( Level 3
Property and Equipment	Property and Equipment Land and building acquired in 2021 to serve as the Company’s corporate headquarters is stated at cost. Renovation of the building was completed in the first quarter of 2023 and the Company relocated its operations to the building in March 2023. The building is being depreciated using the straight – line method over its estimated useful life of 40 years. The building was placed in service during the three months ended March 31, 2023. The following tables represent the Company’s property and equipment, net as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (95) ​ $ 2,446 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 309 ​ (99) ​ 210 Computer hardware and software ​ 284 ​ (240) ​ 44 Vehicles ​ 435 ​ (141) ​ 294 Total property and equipment, net ​ $ 3,824 ​ $ (575) ​ $ 3,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (47) ​ $ 2,494 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 281 ​ (51) ​ 230 Computer hardware and software ​ 276 ​ (213) ​ 63 Vehicles ​ 429 ​ (98) ​ 331 Total property and equipment, net ​ $ 3,782 ​ $ (409) ​ $ 3,373
Investment in Rental Real Estate	Investment in Rental Real Estate Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the shorter of the lives of the related leases, or the useful lives of the assets. Upon the acquisition of real estate, the Company assesses whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related identified intangible assets). The Company allocates the purchase price of real estate to land and building (inclusive of site and tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. The allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed involves subjectivity as the allocations are based on an analysis of the respective fair values. In determining the fair value of the real estate acquired, the Company utilized a third-party valuation which primarily utilizes cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. The Company assesses the fair value of the acquired leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. On June 23, 2023, the Company entered into a purchase and sale contract (the “Westport Purchase Agreement”) to acquire a commercial office building in Westport, CT (the “Westport Asset”) for $10.6 million. The transaction was completed on August 31, 2023. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. In addition, the Company recorded a lease liability stemming from below-market rental rates. Total consideration, including capitalized acquisition-related costs, was $10.7 million. See Note 6 – Investment in Rental Real Estate, net for further details surrounding the above acquisition as of September 30, 2024.
Real Estate Owned ("REO")	Real Estate Owned (“REO”) REO acquired through foreclosure is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. After an REO acquisition, events or circumstances may occur that result in a material and sustained decrease in the cash flows generated from the property or other market indicators including listing data may signal a decline in the liquidation value. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses are included in the consolidated statements of operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually monitors events or changes in circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the undiscounted cash flow is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets.
Goodwill	Goodwill Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at September 30, 2024 represents the excess of the consideration paid over the fair value of net assets acquired from Urbane New Haven, LLC in October 2022. In testing goodwill for impairment, the Company adheres to ASC Topic 350, “Intangibles—Goodwill and Other,” which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or the Company chooses not to perform the qualitative assessment, then it compares the fair value of that reporting unit with its carrying value, including goodwill. As of September 30, 2024 and December 31, 2023, goodwill was $0.4 million, respectively, which is presented in other assets on the Company’s consolidated balance sheets. There was no impairment to goodwill during the three and nine months ended September 30, 2024 and 2023.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 8 – Lines of Credit, Mortgage Payable Churchill Facility – are amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the issuance of unsecured, unsubordinated notes, described in Note 9 – Unsecured Notes Payable – are being amortized over the term of the respective unsecured, unsubordinated notes.
Revenue Recognition	Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on loans that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at September 30, 2024 but collected prior to the issuance of this Report is included in income for the three and nine month periods ended September 30, 2024. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC Topic 310, “Receivables”.
Income Taxes	Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. Other than taxes incurred by TRSs (see below), the Company does not expect to incur any corporate federal income tax liability outside of the TRSs, as it believes it has maintained its qualification as a REIT. The Company has elected, and may elect in the future, to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in federal and state income tax liability for these entities. During the three and nine months ended September 30, 2024, the Company’s TRSs recognized provisions for federal and state income tax of $0 and $0.2 million, respectively, which is represented in other expenses on the Company’s consolidated statements of operations. During the three and nine months ended September 30, 2023, there were no recognized provisions for federal income tax nor state tax. The income tax provision for the Company differs from the amount computed from applying the statutory federal income tax rate to income before income taxes due to non-taxable REIT income and other permanent differences including the non-deductibility of acquisition costs of business combinations for federal income tax reporting. ASC Sub-Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ”
Earnings (Losses) Per Share	Earnings (Losses) Per Share Basic and diluted earnings (losses) per share are calculated in accordance with ASC Topic 260 — “Earnings Per Share.” Under ASC Topic 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings (losses) per share is similar to basic earnings (losses) per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings (losses) per common share for each period is the reported net income (loss). For the three and nine months ended September 30, 2024, the Company had basic and diluted weighted average outstanding share respectively shares resulting share respectively
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2023-03”). ASU 2022-03 was issued to (1) to clarify the guidance in ASC Topic 820, “Fair Value Measurement”, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. This update did not have a material effect on the accompanying unaudited consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (ASC Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 applies retrospectively to all prior periods presented. This update is not expected to have a material effect on the accompanying consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted, would have a material effect on the Company’s unaudited consolidated financial statements.
Reclassifications	Reclassifications Certain amounts included in the Company’s December 31, 2023 and September 30, 2023 consolidated financial statements have been reclassified to conform to the presentation in the accompanying unaudited consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies
Schedule of allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit ​ ​ ​ ​ Balance as of December 31, 2023 losses related to loans Balance as of September 30, 2024 ​ ​ (in thousands) Mortgages receivable ​ $ 7,523 ​ $ 12,689 (1) $ 20,212 Interest and fees receivable ​ 902 ​ 2,710 ​ 3,612 Due from borrower ​ 352 ​ 1,798 ​ 2,150 Unfunded commitments ​ 509 ​ 713 ​ 1,222 Total Allowance for credit losses ​ $ 9,286 ​ $ 17,910 ​ $ 27,196 ​ (1) For the nine months ended September 30, 2024, the Company recorded an $18.0 million provision for credit losses related to mortgage loans on its consolidated statements of operations. This amount includes $54,000 of direct charge-offs as a result of losses on settlement of loans. There was no such allowance created in relation to theses charge-offs. There were no such charge-offs related to loans that were settled for the three and nine months period ended September 30, 2023.
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (95) ​ $ 2,446 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 309 ​ (99) ​ 210 Computer hardware and software ​ 284 ​ (240) ​ 44 Vehicles ​ 435 ​ (141) ​ 294 Total property and equipment, net ​ $ 3,824 ​ $ (575) ​ $ 3,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Cost Accumulated Depreciation Property and Equipment, Net ​ ​ (in thousands) Building ​ $ 2,541 ​ $ (47) ​ $ 2,494 Land ​ 255 ​ — ​ 255 Furniture and fixtures ​ 281 ​ (51) ​ 230 Computer hardware and software ​ 276 ​ (213) ​ 63 Vehicles ​ 429 ​ (98) ​ 331 Total property and equipment, net ​ $ 3,782 ​ $ (409) ​ $ 3,373

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Schedule of company's assets at fair value	The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Total ​ ​ (in thousands) Stocks and ETFs ​ $ — ​ $ 1,568 ​ $ 1,568 Total investment securities, at fair value ​ $ — ​ $ 1,568 ​ $ 1,568 ​ The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Total ​ ​ (in thousands) Stocks and ETF’s ​ $ — ​ $ 1,755 ​ $ 1,755 Mutual funds ​ 16,237 ​ — ​ 16,237 Debt securities ​ 18,945 ​ 839 ​ 19,784 Total investment securities, at fair value ​ $ 35,182 ​ $ 2,594 ​ $ 37,776
Schedule of company's available-for-sale (AFS) securities and other comprehensive income (OCI)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) OCI from AFS securities – debt securities: ​ ​ ​ ​ Unrealized (losses) on debt securities at beginning of period ​ $ — ​ $ (376) ​ $ 316 ​ $ (562) Reversal of losses from unrealized to realized ​ ​ — ​ ​ — ​ ​ (65) ​ ​ — Unrealized (loss) gain ​ — ​ (84) ​ (251) ​ 102 Change in OCI from AFS debt securities ​ ​ — ​ ​ (84) ​ ​ (316) ​ ​ 102 Balance at end of period ​ $ — ​ $ (460) ​ $ — ​ $ (460)

Mortgages receivable (Tables)

Mortgages receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Mortgages receivable.
Summary of the activity in the mortgages receivable allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ ​ Allowance for credit losses as of ​ Provision for credit losses ​ as of September 30, ​ December 31, 2023 related to loans 2024 ​ ​ (in thousands) Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 5,764 ​ $ 2,469 ​ $ 8,233 Mid-Atlantic ​ 1,324 ​ 4,886 ​ ​ 6,210 South ​ 435 ​ 3,761 ​ ​ 4,196 West ​ — ​ 1,573 ​ ​ 1,573 Total ​ $ 7,523 ​ $ 12,689 ​ $ 20,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ Carrying Value % of Portfolio Carrying Value % of Portfolio ​ ​ ​ (in thousands) ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 206,252 ​ 43.2 % $ 232,437 46.6 % Mid-Atlantic ​ 89,848 ​ 18.8 % 99,288 19.9 % South ​ 176,894 ​ 37.1 % 163,409 32.7 % West ​ 4,101 ​ 0.9 % 4,101 0.8 % Total ​ ​ 477,095 ​ 100.0 % ​ 499,235 100.0 % Less: Allowance for credit losses ​ ​ (20,212) ​ ​ ​ ​ (7,523) ​ ​ ​ Carrying value, net ​ $ 456,883 ​ ​ ​ $ 491,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ ​ Principal % of Portfolio Principal % of Portfolio ​ ​ (in thousands) ​ Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 283,009 ​ 59.3 % $ 246,520 49.4 % Commercial ​ 133,471 ​ 28.0 % 186,524 37.4 % Pre-development land ​ 29,204 ​ 6.1 % 35,920 7.2 % Mixed use ​ 31,411 ​ 6.6 % 30,271 6.0 % Total ​ ​ 477,095 ​ 100.0 % ​ 499,235 100.0 % Less: Allowance for credit losses ​ (20,212) ​ ​ ​ (7,523) ​ Carrying value, net ​ $ 456,883 ​ ​ ​ $ 491,712 ​
Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) Value Portfolio 2024 2023 2022 2021 Prior ​ ​ (in thousands) Under 500 ​ $ 545 ​ 0.1 % $ 142 ​ $ — ​ $ — ​ $ — ​ $ 403 501-550 ​ ​ 3,356 ​ 0.7 % ​ — ​ ​ — ​ ​ — ​ ​ 1,436 ​ ​ 1,920 551-600 ​ ​ 8,874 ​ 1.9 % ​ 1,222 ​ ​ 290 ​ ​ 2,170 ​ ​ 3,443 ​ ​ 1,749 601-650 ​ ​ 33,560 ​ 7.0 % ​ 7,868 ​ ​ 4,477 ​ ​ 3,248 ​ ​ 9,256 ​ ​ 8,711 651-700 ​ ​ 61,322 ​ 12.9 % ​ 4,819 ​ ​ 8,232 ​ ​ 12,622 ​ ​ 29,471 ​ ​ 6,178 701-750 ​ ​ 208,446 ​ 43.7 % ​ 5,624 ​ ​ 36,723 ​ ​ 50,053 ​ ​ 113,078 ​ ​ 2,968 751-800 ​ ​ 140,921 ​ 29.5 % ​ 25,819 ​ ​ 34,535 ​ ​ 47,044 ​ ​ 32,008 ​ ​ 1,515 801-850 ​ ​ 20,071 ​ 4.2 % ​ — ​ ​ 77 ​ ​ 19,994 ​ ​ — ​ ​ — Total ​ ​ 477,095 ​ 100.0 % $ 45,494 ​ $ 84,334 ​ $ 135,131 ​ $ 188,692 ​ $ 23,444 Less: Allowance for credit losses ​ ​ (20,212) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net ​ $ 456,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) Value Portfolio 2023 2022 2021 2020 Prior ​ ​ (in thousands) Under 500 $ 1,764 0.3 % $ 216 $ — $ — $ — $ 1,548 501-550 ​ 6,555 1.3 % ​ 2,331 ​ 1,440 ​ 1,864 ​ — ​ 920 551-600 ​ 33,723 6.8 % ​ 15,019 ​ 9,839 ​ 6,854 ​ 1,127 ​ 884 601-650 ​ 103,601 20.8 % ​ 16,053 ​ 26,981 ​ 52,073 ​ 3,988 ​ 4,506 651-700 ​ 97,284 19.5 % ​ 17,862 ​ 40,318 ​ 30,203 ​ 3,662 ​ 5,239 701-750 ​ 167,977 33.6 % ​ 19,935 ​ 51,276 ​ 83,946 ​ 7,411 ​ 5,409 751-800 ​ 64,313 12.9 % ​ 14,461 ​ 20,806 ​ 27,027 ​ 592 ​ 1,427 801-850 ​ 24,018 4.8 % ​ 865 ​ 23,096 ​ — ​ — ​ 57 Total ​ ​ 499,235 100.0 % $ 86,742 $ 173,756 $ 201,967 $ 16,780 $ 19,990 Less: Allowance for credit losses ​ ​ (7,523) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 491,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis.
Schedule of maturities of mortgages receivable	​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ (in thousands) 2024 (9 months) and prior ​ $ 241,704 2025 ​ 202,981 2026 ​ 31,035 Thereafter ​ ​ 1,375 Total ​ ​ 477,095 Less: Allowance for credit losses ​ ​ (20,212) Total ​ $ 456,883

Investment in Rental Real Est_2

Investment in Rental Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Investment in Rental Real Estate
Schedule of investment in rental real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 Cost Accumulated Depreciation Investment in Rental Real Estate, Net ​ ​ (in thousands) Land ​ $ 4,557 ​ $ — ​ $ 4,557 Building ​ 4,976 ​ ​ (124) ​ ​ 4,852 Site improvements ​ 359 ​ ​ (24) ​ ​ 335 Tenant improvements ​ 1,183 ​ ​ — ​ ​ 1,183 Construction in progress ​ 2,035 ​ ​ — ​ ​ 2,035 Total ​ $ 13,110 ​ $ (148) ​ $ 12,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 Cost Accumulated Depreciation Investment in Rental Real Estate, Net ​ ​ (in thousands) Land ​ $ 3,957 ​ $ — ​ $ 3,957 Building ​ 4,936 ​ ​ (31) ​ ​ 4,905 Site improvements ​ 358 ​ ​ (6) ​ ​ 352 Tenant improvements ​ 1,183 ​ ​ — ​ ​ 1,183 Construction in progress ​ ​ 157 ​ ​ — ​ ​ 157 Total ​ $ 10,591 ​ $ (37) ​ $ 10,554
Schedule of estimated annual amortization of acquired below-market leases	​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 66 2026 ​ 66 2027 ​ 66 2028 ​ 66 Thereafter ​ 401 Total ​ $ 665
Schedule of estimated annual amortization of acquired in-place lease intangible	​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 57 2026 ​ 57 2027 ​ 57 2028 ​ 57 Thereafter ​ 340 Total ​ $ 568
Schedule of estimated annual amortization of deferred leasing costs	​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ 39 2026 ​ 39 2027 ​ 39 2028 ​ 39 Thereafter ​ 231 Total ​ $ 387
Leases space to a tenant
Investment in Rental Real Estate
Schedule of future minimum rents under non-cancelable operating leases	As of September 30, 2024, future minimum rents under non-cancelable operating leases were as follows: ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ — 2025 ​ — 2026 ​ 1,040 2027 ​ 1,269 2028 ​ 1,294 Thereafter ​ 10,061 Total ​ $ 13,664

Real Estate Owned (REO) (Tables

Real Estate Owned (REO) (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate Owned (REO)
Schedule of real estate owned	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Real estate owned at the beginning of period ​ $ 3,462 ​ $ 5,216 Principal basis transferred to real estate owned ​ 2,991 ​ ​ 1,756 Charges and building improvements ​ — ​ ​ 230 Proceeds from sale of real estate owned ​ (2,008) ​ ​ (3,040) Impairment loss ​ (397) ​ ​ (794) Gain on sale of real estate owned ​ 284 ​ ​ 94 Balance at end of period ​ $ 4,332 ​ $ 3,462
Properties Held For Rental
Real Estate Owned (REO)
Schedule of future minimum rents	As of September 30, 2024, future minimum rents under this lease were as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount ​ ​ (in thousands) 2024 (3 months) ​ $ 14 2025 ​ 53 2026 ​ 31 Total ​ $ 98 ​

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Prepaid expenses ​ $ 219 ​ $ 511 Other receivables ​ 1,527 ​ ​ 1,923 Other assets ​ 2 ​ ​ 230 Notes receivable ​ ​ 1,915 ​ ​ 4,508 Deferred financing costs, net ​ ​ 206 ​ ​ 308 Deferred leasing cost ​ ​ 387 ​ ​ 387 Leases in place intangible ​ ​ 568 ​ ​ 568 Goodwill ​ ​ 391 ​ ​ 391 Intangible asset – trade name ​ 130 ​ ​ 130 Total ​ $ 5,345 ​ $ 8,956 ​

Unsecured Notes Payable (Tables

Unsecured Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2024
Unsecured Notes Payable
Summary of future principal payments on the notes payable	The following are the future principal payments on the notes payable as of September 30, 2024: ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 34,500 2025 ​ 56,364 2026 ​ 51,750 2027 ​ 122,125 Total principal payments ​ 264,739 Deferred financing costs ​ (4,275) Total notes payable, net of deferred financing costs ​ $ 260,464
Summary of estimated amortization of the deferred financing costs	The estimated amortization of the deferred financing costs as of September 30, 2024 is as follows: ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 563 2025 ​ 1,808 2026 ​ 1,410 2027 ​ 494 Total deferred costs ​ $ 4,275 ​

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) Accounts payable and accrued expenses $ 1,691 ​ $ 1,331 Allowance for credit losses on unfunded commitments ​ ​ 1,222 ​ ​ 509 Accrued interest ​ 379 ​ ​ 482 Total ​ $ 3,292 ​ $ 2,322 ​

Fee income from loans (Tables)

Fee income from loans (Tables)	9 Months Ended
	Sep. 30, 2024
Fee income from loans
Schedule of fee income from loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Origination and Modification fees ​ $ 1,234 ​ $ 1,195 ​ $ 3,890 ​ $ 4,435 Extension fees ​ ​ 239 ​ ​ 435 ​ ​ 624 ​ ​ 849 Late and other fees ​ ​ (105) ​ ​ 367 ​ ​ 404 ​ ​ 518 Processing fees ​ 16 ​ ​ 29 ​ ​ 87 ​ ​ 90 Construction servicing fees ​ ​ 183 ​ ​ — ​ ​ 432 ​ ​ — Legal fees ​ ​ 49 ​ ​ 103 ​ ​ 206 ​ ​ 319 Other fees ​ ​ 227 ​ ​ 292 ​ ​ 900 ​ ​ 1,699 Total ​ $ 1,843 ​ $ 2,421 ​ $ 6,543 ​ $ 7,910 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Schedule of original maturities of deferred revenue	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) Remainder of 2024 ​ $ 1,635 2025 ​ ​ 1,631 2026 ​ 100 2027 ​ 3 Total ​ $ 3,369

The Company (Details)

The Company (Details)	9 Months Ended
	Sep. 30, 2024 segment
The Company
Number of Operating Segments	1
Minimum
The Company
Term of debt (in years)	1 year
Maximum
The Company
Term of debt (in years)	3 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 23, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 01, 2023
Summary of Significant Accounting Policies
CECL Allowance		$ 20,212		$ 20,212		$ 7,523
Loan pending/pre-foreclosure amount		81,800		81,800		68,100
Loan of allowance for credit loss		16,100		16,100		6,200
Goodwill		391		391		$ 391
Goodwill Impairment		0	$ 0	0	$ 0
Provisions for income tax		0	0	200	0
Uncertain tax positions		$ 0	$ 0	$ 0	$ 0
Basic weighted average shares		47,339,635	44,754,921	47,390,113	43,805,310
Diluted weighted average shares		47,339,635	44,754,921	47,390,113	43,805,310
Basic earnings (losses) per share		$ (0.13)	$ 0.12	$ (0.14)	$ 0.32
Diluted earnings (losses) per share		$ (0.13)	$ 0.12	$ (0.14)	$ 0.32
Westport, CT
Summary of Significant Accounting Policies
Agreed amount to acquire a commercial building	$ 10,600
Total consideration, including capitalized acquisition-related costs	$ 10,700
Adjustment | ASU 2016-13
Summary of Significant Accounting Policies
CECL Allowance							$ 2,500
Building Acquired In 2021
Summary of Significant Accounting Policies
Property plant and equipment, useful life (in years)		40 years		40 years
Minimum
Summary of Significant Accounting Policies
Estimated useful lives		7 days		7 days
Percentage of origination and modification fee revenue				1%
Maximum
Summary of Significant Accounting Policies
Estimated useful lives		40 years		40 years
Percentage of origination and modification fee revenue				3%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - CECL allowance (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Mortgages receivable	$ 20,212,000		$ 20,212,000		$ 7,523,000
Interest and fees receivable	3,612,000		3,612,000		902,000
Due from borrower	2,150,000		2,150,000		352,000
Unfunded commitments	1,222,000		1,222,000		509,000
Total Allowance for credit losses	27,196,000		27,196,000		9,286,000
Provision for losses related to loans, Mortgages receivable			12,689,000
Provision for losses related to loans, Interest receivable			2,710,000
Provision for losses related to loans, Due from borrower			1,798,000
Provision for losses related to loans, Unfunded commitments			713,000
Provision for losses related to loans			17,910,000
Loan receivable directly written off	0	$ 0	54,000	$ 0
Allowance for credit loss charge offs			0
Provision for credit losses			18,000,000
Investment securities (available-for-sale debt securities)	0		0		800,000
Fair market value of securities	0		0		$ 800,000
Cost basis of securities	$ 1,600,000		$ 1,600,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Cost	$ 3,824	$ 3,782
Accumulated Depreciation	(575)	(409)
Total property and equipment, net	3,249	3,373
Building
Summary of Significant Accounting Policies
Cost	2,541	2,541
Accumulated Depreciation	(95)	(47)
Total property and equipment, net	2,446	2,494
Land
Summary of Significant Accounting Policies
Cost	255	255
Total property and equipment, net	255	255
Furniture and fixtures
Summary of Significant Accounting Policies
Cost	309	281
Accumulated Depreciation	(99)	(51)
Total property and equipment, net	210	230
Computer hardware and software
Summary of Significant Accounting Policies
Cost	284	276
Accumulated Depreciation	(240)	(213)
Total property and equipment, net	44	63
Vehicles
Summary of Significant Accounting Policies
Cost	435	429
Accumulated Depreciation	(141)	(98)
Total property and equipment, net	$ 294	$ 331

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Measurement
Stocks and ETFs	$ 1,568,000		$ 1,568,000		$ 1,755,000
Mutual funds					16,237,000
Debt securities					19,784,000
Total investment securities, at fair value	1,568,000		1,568,000		37,776,000
Available-For-Sale debt securities	0		0		800,000
Debt securities	0		0		800,000
Provision of credit losses	0	$ 0	0	$ 0
Level 1
Fair Value Measurement
Mutual funds					16,237,000
Debt securities					18,945,000
Total investment securities, at fair value					35,182,000
Level 2
Fair Value Measurement
Stocks and ETFs	1,568,000		1,568,000		1,755,000
Debt securities					839,000
Total investment securities, at fair value	$ 1,568,000		$ 1,568,000		$ 2,594,000

Fair Value Measurement - Compan

Fair Value Measurement - Company's available-for-sale (AFS) securities and other comprehensive income (OCI) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OCI from AFS securities - debt securities:
Unrealized (losses) on debt securities at beginning of period	$ (376)	$ 316	$ (562)
Reversal of losses from unrealized to realized		(65)
Unrealized (loss) gain	(84)	(251)	102
Change in OCI from AFS debt securities	(84)	(316)	102
Balance at end of period	(460)		(460)
Fair market value of securities	$ 39,000	$ 3,100	$ 39,000

Mortgages receivable - CECL All

Mortgages receivable - CECL Allowance by Geographical Location (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Mortgages receivable, net
Allowance for credit losses beginning balance	$ 7,523
Provision for credit losses	12,689
Allowance for credit losses ending balance	20,212
New England
Mortgages receivable, net
Allowance for credit losses beginning balance	5,764
Provision for credit losses	2,469
Allowance for credit losses ending balance	8,233
Mid-Atlantic
Mortgages receivable, net
Allowance for credit losses beginning balance	1,324
Provision for credit losses	4,886
Allowance for credit losses ending balance	6,210
South
Mortgages receivable, net
Allowance for credit losses beginning balance	435
Provision for credit losses	3,761
Allowance for credit losses ending balance	4,196
West
Mortgages receivable, net
Provision for credit losses	1,573
Allowance for credit losses ending balance	$ 1,573

Mortgages receivable - CECL A_2

Mortgages receivable - CECL Allowance by CECL Allowances by loan portfolio geographical location (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgages receivable, net
Total	$ 477,095	$ 499,235
Less: Allowance for credit losses	(20,212)	(7,523)
Carrying value, net	$ 456,883	$ 491,712
% of Portfolio	100%	100%
New England
Mortgages receivable, net
Total	$ 206,252	$ 232,437
Less: Allowance for credit losses	$ (8,233)	$ (5,764)
% of Portfolio	43.20%	46.60%
Mid-Atlantic
Mortgages receivable, net
Total	$ 89,848	$ 99,288
Less: Allowance for credit losses	$ (6,210)	$ (1,324)
% of Portfolio	18.80%	19.90%
South
Mortgages receivable, net
Total	$ 176,894	$ 163,409
Less: Allowance for credit losses	$ (4,196)	$ (435)
% of Portfolio	37.10%	32.70%
West
Mortgages receivable, net
Total	$ 4,101	$ 4,101
Less: Allowance for credit losses	$ (1,573)
% of Portfolio	0.90%	0.80%

Mortgages receivable - CECL A_3

Mortgages receivable - CECL Allowance by Property Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgages receivable, net
Total	$ 477,095	$ 499,235
Less: Allowance for credit losses	(20,212)	(7,523)
Carrying value, net	$ 456,883	$ 491,712
% of Portfolio	100%	100%
Residential
Mortgages receivable, net
Total	$ 283,009	$ 246,520
% of Portfolio	59.30%	49.40%
Commercial
Mortgages receivable, net
Total	$ 133,471	$ 186,524
% of Portfolio	28%	37.40%
Pre-development land
Mortgages receivable, net
Total	$ 29,204	$ 35,920
% of Portfolio	6.10%	7.20%
Mixed Use
Mortgages receivable, net
Total	$ 31,411	$ 30,271
% of Portfolio	6.60%	6%

Mortgages receivable - Internal

Mortgages receivable - Internal credit quality indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgages receivable, net
Total	$ 477,095	$ 499,235
Less: Allowance for credit losses	(20,212)	(7,523)
Carrying value, net	$ 456,883	$ 491,712
% of Portfolio	100%	100%
Year Originated, 2024/2023	$ 45,494	$ 86,742
Year Originated, 2023/2022	84,334	173,756
Year Originated, 2022/2021	135,131	201,967
Year Originated, 2021/2020	188,692	16,780
Year Originated, Prior	23,444	19,990
Under 500
Mortgages receivable, net
Total	$ 545	$ 1,764
% of Portfolio	0.10%	0.30%
Year Originated, 2024/2023	$ 142	$ 216
Year Originated, Prior	403	1,548
501-550
Mortgages receivable, net
Total	$ 3,356	$ 6,555
% of Portfolio	0.70%	1.30%
Year Originated, 2024/2023		$ 2,331
Year Originated, 2023/2022		1,440
Year Originated, 2022/2021		1,864
Year Originated, 2021/2020	$ 1,436
Year Originated, Prior	1,920	920
551-600
Mortgages receivable, net
Total	$ 8,874	$ 33,723
% of Portfolio	1.90%	6.80%
Year Originated, 2024/2023	$ 1,222	$ 15,019
Year Originated, 2023/2022	290	9,839
Year Originated, 2022/2021	2,170	6,854
Year Originated, 2021/2020	3,443	1,127
Year Originated, Prior	1,749	884
601-650
Mortgages receivable, net
Total	$ 33,560	$ 103,601
% of Portfolio	7%	20.80%
Year Originated, 2024/2023	$ 7,868	$ 16,053
Year Originated, 2023/2022	4,477	26,981
Year Originated, 2022/2021	3,248	52,073
Year Originated, 2021/2020	9,256	3,988
Year Originated, Prior	8,711	4,506
651-700
Mortgages receivable, net
Total	$ 61,322	$ 97,284
% of Portfolio	12.90%	19.50%
Year Originated, 2024/2023	$ 4,819	$ 17,862
Year Originated, 2023/2022	8,232	40,318
Year Originated, 2022/2021	12,622	30,203
Year Originated, 2021/2020	29,471	3,662
Year Originated, Prior	6,178	5,239
701-750
Mortgages receivable, net
Total	$ 208,446	$ 167,977
% of Portfolio	43.70%	33.60%
Year Originated, 2024/2023	$ 5,624	$ 19,935
Year Originated, 2023/2022	36,723	51,276
Year Originated, 2022/2021	50,053	83,946
Year Originated, 2021/2020	113,078	7,411
Year Originated, Prior	2,968	5,409
751-800
Mortgages receivable, net
Total	$ 140,921	$ 64,313
% of Portfolio	29.50%	12.90%
Year Originated, 2024/2023	$ 25,819	$ 14,461
Year Originated, 2023/2022	34,535	20,806
Year Originated, 2022/2021	47,044	27,027
Year Originated, 2021/2020	32,008	592
Year Originated, Prior	1,515	1,427
801-850
Mortgages receivable, net
Total	$ 20,071	$ 24,018
% of Portfolio	4.20%	4.80%
Year Originated, 2024/2023		$ 865
Year Originated, 2023/2022	$ 77	23,096
Year Originated, 2022/2021	$ 19,994
Year Originated, Prior		$ 57

Mortgages receivable - Maturiti

Mortgages receivable - Maturities of mortgages receivable (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Mortgages receivable
2024 (9 months) and prior	$ 241,704
2025	202,981
2026	31,035
Thereafter	1,375
Total	477,095	$ 499,235
Less: Allowance for credit losses	(20,212)	(7,523)
Carrying value, net	$ 456,883	$ 491,712
Mortgage loan portfolio number of loans | loan	226	311
Number of loans matured but not have been repaid in full or extended | loan	74	89
Amount of loans matured but not have been repaid in full or extended	$ 130,100	$ 123,800
Percentage of loans matured but not have been repaid in full or extended	32.70%	28.60%

Mortgages receivable - Loan mod

Mortgages receivable - Loan modifications made to borrowers experiencing financial difficulty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Mortgages receivable
Carrying Value	$ 16.1	$ 32.8	$ 103.6	$ 63
% of Total Carrying Value of Loans, net	3.50%	6.60%	22.70%	12.70%
Additional amount committed to lend to borrowers experiencing financial difficulty	$ 8.5		$ 8.5

Mortgages receivable - Addition

Mortgages receivable - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) borrower	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) borrower	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) borrower
Mortgages receivable, net
Increases in mortgages receivable			$ 2,400	$ 2,500
Aggregate amounts of loans funded			115,670	159,679
Principal collections on mortgages receivable			135,265	123,496
Face amount of mortgages	$ 42,000	$ 37,400	$ 42,000	37,400
Default interest rate on mortgage loans			18%
One borrower
Mortgages receivable, net
Number of borrowers | borrower	1		1		1
Outstanding mortgage loan portfolio	$ 54,100		$ 54,100		$ 50,400
Nonaccrual loans
Mortgages receivable, net
Loans on nonaccrual status	147,000		147,000		$ 84,600
Interest income on nonaccrual loans	$ 500	$ 60	$ 800	$ 400
Mortgage Concentration Risk | Revenue Benchmark | One borrower
Mortgages receivable, net
Loans outstanding (in percent)			11.30%		10.10%
Minimum
Mortgages receivable, net
Term of debt (in years)			1 year
Interest rate (as a percent)			5%		5%
Maximum
Mortgages receivable, net
Term of debt (in years)			3 years
Interest rate (as a percent)			15%		15%

Investment in Rental Real Est_3

Investment in Rental Real Estate (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investment in Rental Real Estate
Cost	$ 13,110	$ 10,591
Accumulated Depreciation	(148)	(37)
Investment in Rental Real Estate, Net	12,962	10,554
Depreciation, Depletion and Amortization	100
Land
Investment in Rental Real Estate
Cost	4,557	3,957
Investment in Rental Real Estate, Net	4,557	3,957
Building
Investment in Rental Real Estate
Cost	4,976	4,936
Accumulated Depreciation	(124)	(31)
Investment in Rental Real Estate, Net	$ 4,852	4,905
Property plant and equipment, useful life (in years)	40 years
Site improvements
Investment in Rental Real Estate
Cost	$ 359	358
Accumulated Depreciation	(24)	(6)
Investment in Rental Real Estate, Net	$ 335	352
Property plant and equipment, useful life (in years)	15 years
Tenant improvements
Investment in Rental Real Estate
Cost	$ 1,183	1,183
Investment in Rental Real Estate, Net	1,183	1,183
Construction in progress
Investment in Rental Real Estate
Cost	2,035	157
Investment in Rental Real Estate, Net	$ 2,035	$ 157

Investment in Rental Real Est_4

Investment in Rental Real Estate - Future minimum rents under non-cancelable operating leases (Details) - Leases space to a tenant $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Investment in Rental Real Estate
Lease provides for free rent and tenant improvement allowance	$ 2,700
2026	1,040
2027	1,269
2028	1,294
Thereafter	10,061
Total	$ 13,664

Investment in Rental Real Est_5

Investment in Rental Real Estate - Estimated annual amortization of acquired below market lease intangible (Details) - Westport, CT $ in Thousands	Sep. 30, 2024 USD ($)
Investment in Rental Real Estate
2025	$ 66
2026	66
2027	66
2028	66
Thereafter	401
Total	$ 665

Investment in Rental Real Est_6

Investment in Rental Real Estate - Estimated annual amortization of acquired in-place lease intangible (Details) - Westport, CT - Leases, Acquired-in-Place $ in Thousands	Sep. 30, 2024 USD ($)
Investment in Rental Real Estate
2025	$ 57
2026	57
2027	57
2028	57
Thereafter	340
Total	$ 568

Investment in Rental Real Est_7

Investment in Rental Real Estate - Estimated annual amortization of deferred leasing costs (Details) - Westport, CT $ in Thousands	Sep. 30, 2024 USD ($)
Investment in Rental Real Estate
2025	$ 39
2026	39
2027	39
2028	39
Thereafter	231
Total	$ 387

Investment in Rental Real Est_8

Investment in Rental Real Estate - Additional information (Details) - Westport, CT $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2024 item	Sep. 30, 2024 USD ($)
Investment in Rental Real Estate
Number of market rate residential units | item	8
Number of affordable rate units | item	2
Agreed Payment Amount Approved And Sold Residential Units | $		$ 0.1
Minimum
Investment in Rental Real Estate
Potential payment for residential units | $		$ 0.6

Real Estate Owned (REO) (Detail

Real Estate Owned (REO) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Owned (REO)
Investments in real estate own, net	$ 4,332		$ 4,332		$ 3,462	$ 5,216
Impairment loss	(300)	$ (200)	(397)	$ (600)	(794)
Real estate held for rental	800		800		800
Real estate held-for-sale	$ 3,500		$ 3,500		$ 2,700
Number of properties held for sale | property	2	1	13	5
Net gain (loss) on property held for sale	$ 20	$ (10)	$ 300	$ 100
Number of properties held for rental | property	1		1
Lease term of rental property held for rental			5 years

Real Estate Owned (REO) - Activ

Real Estate Owned (REO) - Activity of the Company's real estate owned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Real Estate Owned (REO)
Real estate owned at the beginning of period			$ 3,462	$ 5,216	$ 5,216
Principal basis transferred to real estate owned			2,991		1,756
Charges and building improvements					230
Proceeds from sale of real estate owned			(2,008)		(3,040)
Impairment loss	$ (300)	$ (200)	(397)	$ (600)	(794)
Gain on sale of real estate owned			284		94
Balance at end of period	$ 4,332		$ 4,332		$ 3,462

Real Estate Owned (REO) - Renta

Real Estate Owned (REO) - Rental payments due from real estate (Details) - Properties Held For Rental $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate Owned (REO)
2024 (3 months)	$ 14
2025	53
2026	31
Total	$ 98

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets
Prepaid expenses	$ 219	$ 511
Other receivables	1,527	1,923
Other assets	2	230
Notes receivable	1,915	4,508
Deferred financing costs, net	206	308
Deferred leasing cost	387	387
Leases in place intangible	568	568
Goodwill	391	391
Intangible asset - trade name	130	130
Total	$ 5,345	$ 8,956

Lines of Credit, Mortgage Pay_2

Lines of Credit, Mortgage Payable and Churchill Facility (Details)					1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 08, 2023 USD ($)	Mar. 02, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 21, 2021 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance						$ 35,500,000	$ 61,792,000
Total outstanding principal balance on mortgage						$ 264,739,000
Amortization schedule			20 years
Term of Federal Home Loan Bank of Boston Classic Advance Rate					5 years
Threshold asset coverage ratio						150%
Wells Fargo credit line
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate						6.25%	6.77%		1.75%
Outstanding balance						$ 0	$ 26,800,000
Needham Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance						$ 35,500,000	$ 35,000,000
Fixed annual rate						7.75%	8.25%
Right to extend the term (in years)		1 year
Interest rate	4.50%
Maximum borrowing capacity	$ 65,000,000	$ 45,000,000
Maximum contingent borrowing capacity		$ 75,000,000
Percentage of asset coverage ratio						150%
Minimum cash, cash equivalents and availability						$ 10,000,000
Period of termination						30 days
Needham Credit Facility | Prime Rate
Line of Credit, Mortgage Payable, and Churchill Facility
Percentage reduced from prime rate for calculating annual interest rate	0.25%
New Haven Bank Mortgage
Line of Credit, Mortgage Payable, and Churchill Facility
Principal amount			$ 1,660,000		$ 1,660,000			$ 1,400,000
Total outstanding principal balance on mortgage						$ 1,000,000	$ 1,100,000	$ 750,000
Fixed annual rate			5.75%		5.75%			3.75%
Interest accrued period					60 months			72 months
New Haven Bank Mortgage | Federal Home Loan Bank of Boston Classic Advance Rate
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate					1.75%
Churchill Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance						$ 23,500,000	$ 26,500,000
Fixed annual rate				0.25%		8.95%	9.47%
Unpaid principal balance						$ 45,800,000	$ 50,600,000
Repurchase face amount				$ 200,000,000		$ 200,000,000
Notes callable period				90 days
Threshold asset coverage ratio						150%
Term of debt (in years)						180 days
Number of first line mortgage loans | loan						11	14
Minimum unencumbered cash and cash equivalent, percentage						2.50%
Minimum
Line of Credit, Mortgage Payable, and Churchill Facility
Repayment of long-term loan						$ 47,000
Term of debt (in years)						1 year
Minimum | Needham Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Notice period for terminating the Credit Facility, prior to the proposed date of termination		10 years
Adjusted EBITDA coverage ratio						1
Minimum | Churchill Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate				3%
Maximum
Line of Credit, Mortgage Payable, and Churchill Facility
Repayment of long-term loan						$ 59,000
Term of debt (in years)						3 years
Maximum | Needham Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Adjusted EBITDA coverage ratio						1.40
Maximum | Churchill Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate				4%

Unsecured Notes Payable (Detail

Unsecured Notes Payable (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Unsecured Notes Payable
Deferred financing costs	$ 4,275	$ 6,048
Notes issued denomination	$ 25
Threshold percentage of taxable income to prohibit distribution	90%
Threshold asset coverage ratio	150%
Period of written notice to redeem notes without premium or penalty	30 days
Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 260,500
Deferred financing costs	4,300
June 2024 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 23,700
Fixed annual rate	7.125%
December 2024 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 34,500
Fixed annual rate	6.875%
September 2025 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 56,400
Fixed annual rate	7.75%
Notes issued denomination	$ 24.75
Principal amount	$ 28,000
December 2026 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 51,800
Fixed annual rate	6%
March 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 51,900
Fixed annual rate	6%
June 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 30,000
Fixed annual rate	7.125%
September 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 40,300
Fixed annual rate	8%

Unsecured Notes Payable - Futur

Unsecured Notes Payable - Future principal payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unsecured Notes Payable
2024 (6 months)	$ 34,500
2025	56,364
2026	51,750
2027	122,125
Total principal payments	264,739
Deferred financing costs	(4,275)	$ (6,048)
Total notes payable, net of deferred financing costs	$ 260,464

Unsecured Notes Payable - Estim

Unsecured Notes Payable - Estimated amortization of the deferred financing costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unsecured Notes Payable
Remainder of 2024	$ 563
2025	1,808
2026	1,410
2027	494
Total deferred costs	$ 4,275	$ 6,048

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses	$ 1,691	$ 1,331
Allowance for credit losses on unfunded commitments	1,222	509
Accrued interest	379	482
Total	$ 3,292	$ 2,322

Fee income from loans (Details)

Fee income from loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fee income from loans
Origination and Modification fees	$ 1,234	$ 1,195	$ 3,890	$ 4,435
Extension fees	239	435	624	849
Late and other fees	(105)	367	404	518
Processing fees	16	29	87	90
Construction servicing fees	183	0	432
Legal fees	49	103	206	319
Other fees	227	292	900	1,699
Total	$ 1,843	$ 2,421	$ 6,543	$ 7,910

Commitments and Contingencies -

Commitments and Contingencies - Original maturities of deferred revenue (Details) - Deferred revenue $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies
Remainder of 2024	$ 1,635
2025	1,631
2026	100
2027	3
Total	$ 3,369

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)		1 Months Ended							3 Months Ended		9 Months Ended
	Sep. 01, 2024 USD ($)	Mar. 31, 2024 USD ($) shares	Feb. 28, 2023 USD ($) shares	Oct. 31, 2022	Apr. 30, 2022 USD ($) shares	Apr. 30, 2021 USD ($) shares	Apr. 30, 2018 USD ($)	Feb. 28, 2017 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 21, 2021 USD ($)
Commitments and Contingencies
Deferred revenue									$ 3,369,000		$ 3,369,000		$ 4,647,000
Employment agreement, Term								5 years
Employment agreement, extension term								1 year
Employment agreement, notice period for non renewal								180 days
Base salary					$ 750,000	$ 500,000	$ 360,000	$ 260,000
Employment agreement, non-competition period								2 years
Percentage of cash bonus on base salary	50%
Net income (loss) attributable to common shareholders									6,146,000	$ (5,223,000)	6,623,000	$ (14,192,000)
Cash and cash equivalents									5,881,000		5,881,000		12,598,000
Investment securities at fair value									1,568,000		$ 1,568,000		$ 37,776,000
Number of mortgage properties | property											2
Mortgages receivable									1,900,000		$ 1,900,000
Churchill Facility
Commitments and Contingencies
Repurchase face amount									200,000,000		200,000,000			$ 200,000,000
December 2024 Notes
Commitments and Contingencies
Aggregate amount outstanding									34,500,000		34,500,000
September 2025 Notes
Commitments and Contingencies
Aggregate amount outstanding									$ 56,400,000		$ 56,400,000
Urbane New Haven, LLC
Commitments and Contingencies
Payment to seller as percent of net proceeds from real estate development projects				20%
Restricted Stock
Commitments and Contingencies
Number of unvested shares | shares									231,926		231,926
Unfunded Commitments
Commitments and Contingencies
Deferred revenue									$ 3,400,000		$ 3,400,000
Other commitments									$ 71,900,000		$ 71,900,000
Minimum
Commitments and Contingencies
Origination and modification fee revenue as a percentage of original loan principal amount											1%
Maximum
Commitments and Contingencies
Origination and modification fee revenue as a percentage of original loan principal amount											3%
John Villano | Restricted Stock
Commitments and Contingencies
Restricted common shares issued | shares		111,857	130,890		98,425	89,928
Market value of shares granted		$ 500,000	$ 500,000		$ 500,000	$ 500,000
John Villano | Vested on January 1, 2022 | Restricted Stock
Commitments and Contingencies
Vesting percentage						33.33%
John Villano | Vested on January 1, 2023 | Restricted Stock
Commitments and Contingencies
Vesting percentage			33.33%		33.33%	33.33%
John Villano | Vested on January 1, 2024 | Restricted Stock
Commitments and Contingencies
Vesting percentage			33.33%		33.33%	33.33%
John Villano | Vested on January 1, 2025 | Restricted Stock
Commitments and Contingencies
Vesting percentage		33.33%	33.33%		33.33%
John Villano | Vested on January 1, 2026 | Restricted Stock
Commitments and Contingencies
Vesting percentage		33.33%	33.33%
John Villano | Vested on January 1, 2027 | Restricted Stock
Commitments and Contingencies
Vesting percentage		33.33%
Chief Financial Officer
Commitments and Contingencies
Base salary	$ 300,000
One time payment	20,000
Value of common shares reserved	$ 125,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Shareholders
Related Party Transactions
Shareholders totaled	$ 15,700		$ 15,700		$ 25,600
Interest income	300	$ 500	1,000	$ 1,600
Wholly owned entity of management
Related Party Transactions
Shareholders totaled	9,900		9,900		$ 23,200
Daughter of chief executive officer
Related Party Transactions
Compensation provided	$ 40	$ 40	$ 100	$ 100

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) property
Concentrations of Credit Risk
Percentage of mortgage loan	34%
Florida
Concentrations of Credit Risk
Percentage of mortgage loan	29.60%
New York
Concentrations of Credit Risk
Percentage of mortgage loan	13.50%
Credit concentration risk
Concentrations of Credit Risk
Cash and cash equivalents insured by the federal deposit insurance corporation | $	$ 250,000
Type of Property Concentration Risk | First mortgage liens on real property
Concentrations of Credit Risk
Number of properties categorized | property	4
Type of Property Concentration Risk | Residential Real Estate | First mortgage liens on real property
Concentrations of Credit Risk
Loans outstanding (in percent)	59.30%
Type of Property Concentration Risk | Commercial Real Estate | First mortgage liens on real property
Concentrations of Credit Risk
Loans outstanding (in percent)	28%
Type of Property Concentration Risk | Pre-development land | First mortgage liens on real property
Concentrations of Credit Risk
Loans outstanding (in percent)	6.10%
Type of Property Concentration Risk | Mixed Use | First mortgage liens on real property
Concentrations of Credit Risk
Loans outstanding (in percent)	6.60%

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefits (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		15 Months Ended
	Apr. 16, 2018	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Oct. 27, 2016
Stock-Based Compensation and Employee Benefits
Percentage of employer contribution	3%
401(k) Plan expenses		$ 300	$ 50	$ 100	$ 100
2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Maximum number of common shares reserved for the grant of awards							1,500,000
Aggregate shares available for grants in period		781,262		781,262		781,262
Stock based compensation expense		$ 200	$ 200	$ 700	$ 600
Unrecorded stock based compensation expense		$ 900		$ 900		$ 900
Restricted Stock
Stock-Based Compensation and Employee Benefits
Unvested restricted common shares				333	5,333
Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares granted				212,857	201,390	0
Fair value of shares granted				$ 800
Vested on May 9, 2024 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				33,666
Vested on May 1, 2025 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				33,667
Vested on May 1, 2026 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				33,667
Vested on January 1, 2025 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				37,285
Vested on January 1, 2026 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Stock grants in period, gross				37,286
Vested on January 1, 2027 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				37,286
Stock grants in period, gross				37,286

Equity (Details)

Equity (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 17, 2024	Aug. 24, 2022	Oct. 31, 2022	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Equity
Proceeds from issuance of Series A Preferred Stock, net of expenses					$ 5,157,000	$ 1,895,000
Issuance costs					100,000
Stock repurchase value			$ 7,500,000	$ 1,373,000	$ 1,373,000	$ 226,000
Repurchase of common stock					535,369	71,000
At the market offering
Equity
Authorized amount to be issued	$ 48,700,000
Common shares under prospectus supplement Dated August 24, 2022
Equity
Authorized amount to be issued		$ 75,000,000
Gross proceeds from common shares					0
Common shares under prospectus supplement Dated August 24, 2022 | At the market offering | Series A Preferred Stock
Equity
Preferred stock liquidation preference value		$ 25,000,000
Gross proceeds from common shares					249,901
Preferred stock available for future sale				$ 6,200,000	$ 6,200,000
Proceeds from issuance of Series A Preferred Stock, net of expenses					$ 5,300,000
Percent of discount from liquidation preference (in percent)					15.80%

Partnership Investments (Detail

Partnership Investments (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) company	Sep. 30, 2024 USD ($) company	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item company	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Partnership Investments
Investments in partnerships	$ 54,118	$ 54,118		$ 54,118		$ 43,036
Income from partnership investment		1,500	$ 800	3,900	$ 2,300
Unfunded partnership commitments	$ 4,500	$ 4,500		4,500
Shem Creek Capital
Partnership Investments
Payments to acquire equity method investments				$ 2,500
Purchase additional percentage of ownership	10%	10%		10%
Percentage of ownership including additional percentage	30%	30%		30%
Number of additional separate options | item				2
Percentage of additional separate options	5%	5%		5%
Amount to pay for additional separate option	$ 1,400	$ 1,400		$ 1,400
Amount to pay for additional separate option two acquired	1,500	1,500		$ 1,500
One of limited liability companies
Partnership Investments
Ownership interest				100%
Seven of Shem Creek Capital Limited Liability Companies
Partnership Investments
Investments in partnerships	$ 51,600	$ 51,600		$ 51,600
Number of limited liability companies managed by a commercial real estate finance company | company	7	7		7
Seventh ownership interest | Shem Creek Capital
Partnership Investments
Partnership interest, Percentage	20%	20%		20%
Cordo CLT Investors LLC
Partnership Investments
Investments in partnerships	$ 2,500	$ 2,500		$ 2,500
Ownership interest	7.20%
Maximum | Six of Limited Liability Companies
Partnership Investments
Ownership interest				49%
Minimum | Six of Limited Liability Companies
Partnership Investments
Ownership interest				7%

Series A Preferred Stock (Detai

Series A Preferred Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Series A Preferred Stock
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock conversion, shares issued	72,575,000
Series A Preferred Stock
Series A Preferred Stock
Preferred stock, shares authorized	2,903,000	2,903,000
Preferred stock, par value (in dollars per share)	$ 0.001
Share price	25
Liquidation preference per annum	1.9375
Preferred stock, redemption price per share	$ 25
Redemption period for preference stock	120 days
Percentage of preferred stock redeemed	7.75%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Nov. 13, 2024

Nov. 07, 2024

Oct. 01, 2024

Nov. 13, 2024

Oct. 31, 2024

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Oct. 10, 2024

Oct. 05, 2024

Aug. 24, 2022

Subsequent Events

Dividend declared

$ 3,796,000

$ 5,895,000

$ 9,014,000

$ 11,601,000

Principal basis transferred to Real Estate Owned

2,991,000

$ 1,756,000

Proceeds from issuance of Series A Preferred Stock, net of expenses

$ 5,157,000

$ 1,895,000

Repurchase of common stock

535,369

71,000

Loans held for sale, net

$ 78,800,000

Common shares under prospectus supplement Dated August 24, 2022

Subsequent Events

Issuance of common shares, net of expenses (in shares)

0

At the market offering | Series A Preferred Stock | Common shares under prospectus supplement Dated August 24, 2022

Subsequent Events

Issuance of common shares, net of expenses (in shares)

249,901

Preferred stock liquidation preference value

$ 25,000,000

Proceeds from issuance of Series A Preferred Stock, net of expenses

$ 5,300,000

Percent of discount from liquidation preference (in percent)

15.80%

Subsequent Events

Subsequent Events

Principal basis transferred to Real Estate Owned

$ 16,900,000

Subsequent Events | O 2024 Q3 Dividends

Subsequent Events

Dividends date declared

Nov. 07, 2024

Dividend declared, per share

$ 0.05

Dividend declared

$ 2,300,000

Dividends record date

Nov. 18, 2024

Dividends, date to be paid

Nov. 26, 2024

Subsequent Events | New Repurchase Plan

Subsequent Events

Stock repurchase program authorized amount

$ 5,802,959.45

Subsequent Events | Original Repurchase Plan

Subsequent Events

Repurchase of common stock

46,043

46,043

Subsequent Events | At the market offering | Series A Preferred Stock

Subsequent Events

Issuance of common shares, net of expenses (in shares)

0

0

Subsequent Events | At the market offering | Series A Preferred Stock | Common shares under prospectus supplement Dated August 24, 2022

Subsequent Events

Issuance of common shares, net of expenses (in shares)

6,802

6,802

Preferred stock liquidation preference value

$ 200,000

$ 200,000

$ 200,000

Proceeds from issuance of Series A Preferred Stock, net of expenses

$ 100,000

$ 100,000

Percent of discount from liquidation preference (in percent)

14.30%

14.30%