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During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
The Company elected not to measure a CECL Reserve on accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of December 31, 2023 and 2022, interest receivable of $ 13.0 million and $ 14.0 million, respectively, is included within other assets in the Company’s consolidated balance sheets and is excluded from the carrying value of loans held for investment. If the Company were to have uncollectible accrued interest receivable, it generally would reverse accrued and unpaid interest against interest income and no longer accrue for these amounts. | text | 13.0 | monetaryItemType | text: <entity> 13.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company elected not to measure a CECL Reserve on accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of December 31, 2023 and 2022, interest receivable of $ 13.0 million and $ 14.0 million, respectively, is included within other assets in the Company’s consolidated balance sheets and is excluded from the carrying value of loans held for investment. If the Company were to have uncollectible accrued interest receivable, it generally would reverse accrued and unpaid interest against interest income and no longer accrue for these amounts. </context> | us-gaap:InterestReceivable |
The Company elected not to measure a CECL Reserve on accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of December 31, 2023 and 2022, interest receivable of $ 13.0 million and $ 14.0 million, respectively, is included within other assets in the Company’s consolidated balance sheets and is excluded from the carrying value of loans held for investment. If the Company were to have uncollectible accrued interest receivable, it generally would reverse accrued and unpaid interest against interest income and no longer accrue for these amounts. | text | 14.0 | monetaryItemType | text: <entity> 14.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company elected not to measure a CECL Reserve on accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of December 31, 2023 and 2022, interest receivable of $ 13.0 million and $ 14.0 million, respectively, is included within other assets in the Company’s consolidated balance sheets and is excluded from the carrying value of loans held for investment. If the Company were to have uncollectible accrued interest receivable, it generally would reverse accrued and unpaid interest against interest income and no longer accrue for these amounts. </context> | us-gaap:InterestReceivable |
On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. | text | 82.9 | monetaryItemType | text: <entity> 82.9 </entity> <entity type> monetaryItemType </entity type> <context> On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. </context> | us-gaap:DebtDefaultLongtermDebtAmount |
On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. | text | 84.3 | monetaryItemType | text: <entity> 84.3 </entity> <entity type> monetaryItemType </entity type> <context> On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. </context> | us-gaap:RealEstateAcquiredThroughForeclosure |
On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. | text | 1.4 | monetaryItemType | text: <entity> 1.4 </entity> <entity type> monetaryItemType </entity type> <context> On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. </context> | us-gaap:OtherForeclosedAssets |
On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. | text | 82.9 | monetaryItemType | text: <entity> 82.9 </entity> <entity type> monetaryItemType </entity type> <context> On September 8, 2023, the Company acquired legal title to a mixed-use property located in Florida through a consensual foreclosure. Prior to September 8, 2023, the mixed-use property collateralized an $ 82.9 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the February 2023 maturity date. In conjunction with the consensual foreclosure, the Company derecognized the $ 82.9 million senior mortgage loan and recognized the mixed-use property as real estate owned. As the Company does not expect to complete a sale of the mixed-use property within the next twelve months, the mixed-use property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation or amortization and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the mixed-use property of $ 84.3 million and the net deficit held at the mixed-use property of $ 1.4 million at acquisition approximated the $ 82.9 million carrying value of the senior mortgage loan. Certain operating assets and liabilities of the mixed-use property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as prepaid expenses, rent receivables, straight-line rent receivables and payables and trade payables. </context> | us-gaap:ForeclosedAssets |
As of December 31, 2023, no impairment charges have been recognized for real estate owned. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, no impairment charges have been recognized for real estate owned. </context> | us-gaap:AssetImpairmentCharges |
For the year ended December 31, 2023, the Company incurred net depreciation and amortization expense of $ 1.0 million. With the exception of amortization related to intangible assets and liabilities for above-market or below-market leases, depreciation and amortization expense is included within expenses from real estate owned in the Company’s consolidated statements of operations. Amortization related to intangible assets and liabilities for above-market or below-market leases is recognized as an adjustment to rental revenue and is included within revenue from real estate owned in the Company’s consolidated statements of operations. | text | 1.0 | monetaryItemType | text: <entity> 1.0 </entity> <entity type> monetaryItemType </entity type> <context> For the year ended December 31, 2023, the Company incurred net depreciation and amortization expense of $ 1.0 million. With the exception of amortization related to intangible assets and liabilities for above-market or below-market leases, depreciation and amortization expense is included within expenses from real estate owned in the Company’s consolidated statements of operations. Amortization related to intangible assets and liabilities for above-market or below-market leases is recognized as an adjustment to rental revenue and is included within revenue from real estate owned in the Company’s consolidated statements of operations. </context> | us-gaap:DepreciationDepletionAndAmortization |
On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. | text | 38.6 | monetaryItemType | text: <entity> 38.6 </entity> <entity type> monetaryItemType </entity type> <context> On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. </context> | us-gaap:DebtDefaultLongtermDebtAmount |
On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. | text | 36.9 | monetaryItemType | text: <entity> 36.9 </entity> <entity type> monetaryItemType </entity type> <context> On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. </context> | us-gaap:RealEstateAcquiredThroughForeclosure |
On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. | text | 1.7 | monetaryItemType | text: <entity> 1.7 </entity> <entity type> monetaryItemType </entity type> <context> On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. </context> | us-gaap:OtherForeclosedAssets |
On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. | text | 38.6 | monetaryItemType | text: <entity> 38.6 </entity> <entity type> monetaryItemType </entity type> <context> On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $ 38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $ 38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As of the date of the deed in lieu of foreclosure, the Company did not expect to complete a sale of the hotel property within the next twelve months and thus, the hotel property was considered held for use, and was carried at its estimated fair value at acquisition and was presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $ 36.9 million and the net assets held at the hotel property of $ 1.7 million at acquisition approximated the $ 38.6 million carrying value of the senior mortgage loan. </context> | us-gaap:ForeclosedAssets |
On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. | text | 40.0 | monetaryItemType | text: <entity> 40.0 </entity> <entity type> monetaryItemType </entity type> <context> On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. </context> | us-gaap:ProceedsFromSalesOfAssetsInvestingActivities |
On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. | text | 2.2 | monetaryItemType | text: <entity> 2.2 </entity> <entity type> monetaryItemType </entity type> <context> On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. </context> | us-gaap:GainsLossesOnSalesOfInvestmentRealEstate |
On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. | text | 30.7 | monetaryItemType | text: <entity> 30.7 </entity> <entity type> monetaryItemType </entity type> <context> On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. </context> | us-gaap:PaymentsToFundPolicyLoans |
On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. | text | 12.9 | monetaryItemType | text: <entity> 12.9 </entity> <entity type> monetaryItemType </entity type> <context> On November 8, 2021, the Company entered into a Purchase and Sale Agreement to sell the hotel property to a third party for $ 40.0 million and the sale closed on March 1, 2022. For the year ended December 31, 2022, the Company recognized a $ 2.2 million gain on the sale of the hotel property as the net carrying value of the hotel property as of the March 1, 2022 sale date was lower than the net sales proceeds received by the Company. The gain on the sale of the hotel property is included within gain on sale of real estate owned in the Company’s consolidated statements of operations. In connection with the sale of the hotel property, the Company provided a senior mortgage loan to the buyer of the hotel property. The initial advance funded under such loan was $ 30.7 million, with up to another $ 25.0 million of additional loan proceeds to be available for future advances to cover a portion of the anticipated property renovation plan costs, provided certain conditions are satisfied. At closing, the buyer contributed $ 12.9 million of equity into the purchase. Additionally, the buyer is required to fund an additional $ 8.7 million of equity associated with the anticipated property renovation plan costs. </context> | us-gaap:AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable |
The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. | text | 500.0 | monetaryItemType | text: <entity> 500.0 </entity> <entity type> monetaryItemType </entity type> <context> The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $ 450.0 million. The maximum commitment may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 15, 2025. The initial maturity date of the Wells Fargo Facility is December 15, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2027. Advances under the Wells Fargo Facility accrue interest at a | text | 450.0 | monetaryItemType | text: <entity> 450.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $ 450.0 million. The maximum commitment may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 15, 2025. The initial maturity date of the Wells Fargo Facility is December 15, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2027. Advances under the Wells Fargo Facility accrue interest at a </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $ 450.0 million. The maximum commitment may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 15, 2025. The initial maturity date of the Wells Fargo Facility is December 15, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2027. Advances under the Wells Fargo Facility accrue interest at a | text | 500.0 | monetaryItemType | text: <entity> 500.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $ 450.0 million. The maximum commitment may be increased to up to $ 500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 15, 2025. The initial maturity date of the Wells Fargo Facility is December 15, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2027. Advances under the Wells Fargo Facility accrue interest at a </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
per annum rate equal to the sum of one-month SOFR plus a pricing margin range of 1.50 % to 3.75 %, subject to certain exceptions. | text | 1.50 | percentItemType | text: <entity> 1.50 </entity> <entity type> percentItemType </entity type> <context> per annum rate equal to the sum of one-month SOFR plus a pricing margin range of 1.50 % to 3.75 %, subject to certain exceptions. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
per annum rate equal to the sum of one-month SOFR plus a pricing margin range of 1.50 % to 3.75 %, subject to certain exceptions. | text | 3.75 | percentItemType | text: <entity> 3.75 </entity> <entity type> percentItemType </entity type> <context> per annum rate equal to the sum of one-month SOFR plus a pricing margin range of 1.50 % to 3.75 %, subject to certain exceptions. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 325.0 | monetaryItemType | text: <entity> 325.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 1.50 | percentItemType | text: <entity> 1.50 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 2.10 | percentItemType | text: <entity> 2.10 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 25 | percentItemType | text: <entity> 25 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | not | monetaryItemType | text: <entity> not </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 11 | monetaryItemType | text: <entity> 11 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 598 | monetaryItemType | text: <entity> 598 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank facility is January 13, 2025, subject to two 12 -month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to January 13, 2027. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus an indicative pricing margin range of 1.50 % to 2.10 %, subject to certain exceptions. Prior to the January 2022 amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75 % of the Citibank Facility was utilized. Subsequent to the January 2022 amendment, the Company incurs a non-utilization fee of 25 basis points per annum on the average daily positive difference between the maximum advances approved by Citibank and the actual advances outstanding on the Citibank Facility. For the year ended December 31, 2023, the Company did not incur a non-utilization fee. For the years ended December 31, 2022 and 2021, the Company incurred a non-utilization fee of $ 11 thousand and $ 598 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 75.0 | monetaryItemType | text: <entity> 75.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 0.35 | percentItemType | text: <entity> 0.35 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 2.65 | percentItemType | text: <entity> 2.65 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 0.50 | percentItemType | text: <entity> 0.50 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 1.00 | percentItemType | text: <entity> 1.00 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 0.375 | percentItemType | text: <entity> 0.375 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 285 | monetaryItemType | text: <entity> 285 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 284 | monetaryItemType | text: <entity> 284 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 146 | monetaryItemType | text: <entity> 146 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 75.0 million secured revolving funding facility with City National Bank (the “CNB Facility”). The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In February 2023, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 11, 2024. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) SOFR (with a 0.35 % floor) plus 2.65 % or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50 %, or Daily Simple SOFR plus 1.00 %) plus 1.00 %; provided that in no event shall the interest rate be less than 2.65 %. Unless at least 75 % of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375 % per annum. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 285 thousand, $ 284 thousand and $ 146 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 180.0 | monetaryItemType | text: <entity> 180.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 2.50 | percentItemType | text: <entity> 2.50 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 0.25 | percentItemType | text: <entity> 0.25 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 297 | monetaryItemType | text: <entity> 297 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 247 | monetaryItemType | text: <entity> 247 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. | text | 162 | monetaryItemType | text: <entity> 162 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. In June 2023, the Company exercised a 12-month extension option on the MetLife Facility to extend the maturity date to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.50 %, subject to certain exceptions. Unless at least 65 % of the MetLife Facility is utilized, unused commitments under the MetLife Facility accrue non-utilization fees at the rate of 0.25 % per annum on the average daily available balance. For the years ended December 31, 2023, 2022 and 2021, the Company incurred a non-utilization fee of $ 297 thousand, $ 247 thousand and $ 162 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. </context> | us-gaap:LineOfCreditFacilityCommitmentFeeAmount |
The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. | text | 250.0 | monetaryItemType | text: <entity> 250.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. | text | 1.75 | percentItemType | text: <entity> 1.75 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. | text | 2.25 | percentItemType | text: <entity> 2.25 </entity> <entity type> percentItemType </entity type> <context> The Company is party to a $ 250.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. In July 2023, the Company amended the Morgan Stanley Facility to, among other things, extend the initial maturity date of the Morgan Stanley Facility to July 16, 2025, subject to one 12-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if exercised, would extend the maturity date of the Morgan Stanley Facility to July 16, 2026. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month SOFR plus a spread ranging from 1.75 % to 2.25 %, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
Certain of the Company’s subsidiaries were party to two separate non-recourse note agreements with the lenders referred to therein, consisting of (1) a $ 28.3 million note that was closed in June 2019, which was secured by a hotel property located in New York that was recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $ 23.5 million note that was closed in November 2019, which was secured by a $ 34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. | text | 23.5 | monetaryItemType | text: <entity> 23.5 </entity> <entity type> monetaryItemType </entity type> <context> Certain of the Company’s subsidiaries were party to two separate non-recourse note agreements with the lenders referred to therein, consisting of (1) a $ 28.3 million note that was closed in June 2019, which was secured by a hotel property located in New York that was recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $ 23.5 million note that was closed in November 2019, which was secured by a $ 34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. </context> | us-gaap:DebtInstrumentCarryingAmount |
Certain of the Company’s subsidiaries were party to two separate non-recourse note agreements with the lenders referred to therein, consisting of (1) a $ 28.3 million note that was closed in June 2019, which was secured by a hotel property located in New York that was recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $ 23.5 million note that was closed in November 2019, which was secured by a $ 34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. | text | 34.6 | monetaryItemType | text: <entity> 34.6 </entity> <entity type> monetaryItemType </entity type> <context> Certain of the Company’s subsidiaries were party to two separate non-recourse note agreements with the lenders referred to therein, consisting of (1) a $ 28.3 million note that was closed in June 2019, which was secured by a hotel property located in New York that was recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $ 23.5 million note that was closed in November 2019, which was secured by a $ 34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. </context> | us-gaap:DebtInstrumentCarryingAmount |
The $ 28.3 million note was repaid in full in conjunction with the sale of the hotel property that was recognized as real estate owned on March 1, 2022. See Note 5 for further details. Advances under the $ 28.3 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.00 %. | text | 3.00 | percentItemType | text: <entity> 3.00 </entity> <entity type> percentItemType </entity type> <context> The $ 28.3 million note was repaid in full in conjunction with the sale of the hotel property that was recognized as real estate owned on March 1, 2022. See Note 5 for further details. Advances under the $ 28.3 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.00 %. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In June 2022, the Company repaid the $ 23.5 million note in full. Advances under the $ 23.5 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75 %. | text | 23.5 | monetaryItemType | text: <entity> 23.5 </entity> <entity type> monetaryItemType </entity type> <context> In June 2022, the Company repaid the $ 23.5 million note in full. Advances under the $ 23.5 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75 %. </context> | us-gaap:DebtInstrumentCarryingAmount |
In June 2022, the Company repaid the $ 23.5 million note in full. Advances under the $ 23.5 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75 %. | text | 3.75 | percentItemType | text: <entity> 3.75 </entity> <entity type> percentItemType </entity type> <context> In June 2022, the Company repaid the $ 23.5 million note in full. Advances under the $ 23.5 million note accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75 %. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In July 2022, ACRC Lender CO LLC, a wholly owned subsidiary of the Company entered into a Credit and Security Agreement with Capital One, National Association, as administrative agent and collateral agent, and the lender referred to therein. The Credit and Security Agreement provides for a $ 105.0 million recourse note (together with the two non-recourse note agreements discussed above, the “Notes Payable”). The $ 105.0 million note is secured by a $ 133.0 million senior mortgage loan held by the Company on a multifamily property located in New York and is fully and unconditionally guaranteed by the Company pursuant to a Guaranty of Recourse Obligation. The initial maturity date of the $ 105.0 million note is July 28, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to July 28, 2027. The $ 105.0 million note accrues interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.00 %. As of December 31, 2023, the total outstanding principal balance of the note was $ 105.0 million. | text | 105.0 | monetaryItemType | text: <entity> 105.0 </entity> <entity type> monetaryItemType </entity type> <context> In July 2022, ACRC Lender CO LLC, a wholly owned subsidiary of the Company entered into a Credit and Security Agreement with Capital One, National Association, as administrative agent and collateral agent, and the lender referred to therein. The Credit and Security Agreement provides for a $ 105.0 million recourse note (together with the two non-recourse note agreements discussed above, the “Notes Payable”). The $ 105.0 million note is secured by a $ 133.0 million senior mortgage loan held by the Company on a multifamily property located in New York and is fully and unconditionally guaranteed by the Company pursuant to a Guaranty of Recourse Obligation. The initial maturity date of the $ 105.0 million note is July 28, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to July 28, 2027. The $ 105.0 million note accrues interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.00 %. As of December 31, 2023, the total outstanding principal balance of the note was $ 105.0 million. </context> | us-gaap:DebtInstrumentCarryingAmount |
In July 2022, ACRC Lender CO LLC, a wholly owned subsidiary of the Company entered into a Credit and Security Agreement with Capital One, National Association, as administrative agent and collateral agent, and the lender referred to therein. The Credit and Security Agreement provides for a $ 105.0 million recourse note (together with the two non-recourse note agreements discussed above, the “Notes Payable”). The $ 105.0 million note is secured by a $ 133.0 million senior mortgage loan held by the Company on a multifamily property located in New York and is fully and unconditionally guaranteed by the Company pursuant to a Guaranty of Recourse Obligation. The initial maturity date of the $ 105.0 million note is July 28, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to July 28, 2027. The $ 105.0 million note accrues interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.00 %. As of December 31, 2023, the total outstanding principal balance of the note was $ 105.0 million. | text | 2.00 | percentItemType | text: <entity> 2.00 </entity> <entity type> percentItemType </entity type> <context> In July 2022, ACRC Lender CO LLC, a wholly owned subsidiary of the Company entered into a Credit and Security Agreement with Capital One, National Association, as administrative agent and collateral agent, and the lender referred to therein. The Credit and Security Agreement provides for a $ 105.0 million recourse note (together with the two non-recourse note agreements discussed above, the “Notes Payable”). The $ 105.0 million note is secured by a $ 133.0 million senior mortgage loan held by the Company on a multifamily property located in New York and is fully and unconditionally guaranteed by the Company pursuant to a Guaranty of Recourse Obligation. The initial maturity date of the $ 105.0 million note is July 28, 2025, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to July 28, 2027. The $ 105.0 million note accrues interest at a per annum rate equal to the sum of one-month SOFR plus a spread of 2.00 %. As of December 31, 2023, the total outstanding principal balance of the note was $ 105.0 million. </context> | us-gaap:LoansReceivableBasisSpreadOnVariableRate |
The $ 105.0 million note contains various affirmative and negative covenants and provisions regarding events of default that are applicable to the Company and certain of the Company’s subsidiaries, including the following: (a) maintaining | text | 105.0 | monetaryItemType | text: <entity> 105.0 </entity> <entity type> monetaryItemType </entity type> <context> The $ 105.0 million note contains various affirmative and negative covenants and provisions regarding events of default that are applicable to the Company and certain of the Company’s subsidiaries, including the following: (a) maintaining </context> | us-gaap:DebtInstrumentCarryingAmount |
tangible net worth of at least the sum of (1) 80 % of the Company’s tangible net worth as of June 30, 2022, plus (2) 80 % of the total net capital raised in all future equity issuances by the Company and (b) maintaining liquidity in an amount not less than the greater of (1) $ 5.0 million or (2) 5 % of the Company’s recourse indebtedness, not to exceed $ 10.0 million (provided that in the event the Company’s total liquidity equals or exceeds $ 5.0 million, the Company may satisfy the difference between the minimum total liquidity requirement and the Company’s total liquidity with available borrowing capacity). As of December 31, 2023, the Company was in compliance with all financial covenants of the $ 105.0 million note. | text | 105.0 | monetaryItemType | text: <entity> 105.0 </entity> <entity type> monetaryItemType </entity type> <context> tangible net worth of at least the sum of (1) 80 % of the Company’s tangible net worth as of June 30, 2022, plus (2) 80 % of the total net capital raised in all future equity issuances by the Company and (b) maintaining liquidity in an amount not less than the greater of (1) $ 5.0 million or (2) 5 % of the Company’s recourse indebtedness, not to exceed $ 10.0 million (provided that in the event the Company’s total liquidity equals or exceeds $ 5.0 million, the Company may satisfy the difference between the minimum total liquidity requirement and the Company’s total liquidity with available borrowing capacity). As of December 31, 2023, the Company was in compliance with all financial covenants of the $ 105.0 million note. </context> | us-gaap:DebtInstrumentCarryingAmount |
The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. | text | 150.0 | monetaryItemType | text: <entity> 150.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. </context> | us-gaap:DebtInstrumentFaceAmount |
The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. | text | 4.50 | percentItemType | text: <entity> 4.50 </entity> <entity type> percentItemType </entity type> <context> The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. </context> | us-gaap:DebtInstrumentInterestRateDuringPeriod |
The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. | text | 0.125 | percentItemType | text: <entity> 0.125 </entity> <entity type> percentItemType </entity type> <context> The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. </context> | us-gaap:DebtInstrumentInterestRateIncreaseDecrease |
The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. | text | 150.0 | monetaryItemType | text: <entity> 150.0 </entity> <entity type> monetaryItemType </entity type> <context> The Company and certain of its subsidiaries are party to a $ 150.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). The maturity date of the Secured Term Loan is November 12, 2026. Advances under the Secured Term Loan are subject to the following fixed rates: (i) 4.50 % per annum until May 12, 2025, (ii) after May 12, 2025 through November 12, 2025, the interest rate increases 0.125 % every three months and (iii) after November 12, 2025 through November 12, 2026, the interest rate increases 0.250 % every three months. As of December 31, 2023, the total outstanding principal balance of the Secured Term Loan was $ 150.0 million. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
The total original issue discount on the Secured Term Loan was equal to 0.50 % of the commitment amount and represents a discount to the debt cost to be amortized into interest expense using the effective interest method over the term of the Secured Term Loan. For both the years ended December 31, 2023 and 2022, the estimated per annum effective interest rate of the Secured Term Loan, which is equal to the fixed interest rate plus the accretion of the original issue discount and associated costs, was 4.6 %. | text | 0.50 | percentItemType | text: <entity> 0.50 </entity> <entity type> percentItemType </entity type> <context> The total original issue discount on the Secured Term Loan was equal to 0.50 % of the commitment amount and represents a discount to the debt cost to be amortized into interest expense using the effective interest method over the term of the Secured Term Loan. For both the years ended December 31, 2023 and 2022, the estimated per annum effective interest rate of the Secured Term Loan, which is equal to the fixed interest rate plus the accretion of the original issue discount and associated costs, was 4.6 %. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, | text | 30.5 | monetaryItemType | text: <entity> 30.5 </entity> <entity type> monetaryItemType </entity type> <context> A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, </context> | us-gaap:DebtInstrumentFaceAmount |
A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, | text | 24.4 | monetaryItemType | text: <entity> 24.4 </entity> <entity type> monetaryItemType </entity type> <context> A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, </context> | us-gaap:DebtInstrumentCarryingAmount |
A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, | text | 6.1 | monetaryItemType | text: <entity> 6.1 </entity> <entity type> monetaryItemType </entity type> <context> A subsidiary of the Company was party to a secured borrowing arrangement related to a transferred loan that was closed in February 2020. In April 2019, the Company originated a $ 30.5 million loan on an office property located in North Carolina, which was bifurcated between a $ 24.4 million senior mortgage loan and a $ 6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $ 24.4 million senior mortgage loan to a third party and retained the $ 6.1 million mezzanine loan. The Company evaluated whether the transfer of the $ 24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, </context> | us-gaap:DebtInstrumentCarryingAmount |
, for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. | text | 24.4 | monetaryItemType | text: <entity> 24.4 </entity> <entity type> monetaryItemType </entity type> <context> , for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. </context> | us-gaap:DebtInstrumentCarryingAmount |
, for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. | text | 2.50 | percentItemType | text: <entity> 2.50 </entity> <entity type> percentItemType </entity type> <context> , for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
, for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. | text | 30.5 | monetaryItemType | text: <entity> 30.5 </entity> <entity type> monetaryItemType </entity type> <context> , for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, was treated as a financing transaction. As such, the Company did not derecognize the $ 24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the Company’s consolidated balance sheets. The initial maturity date of the $ 24.4 million secured borrowing was May 5, 2023, subject to one 12-month extension, which could have been exercised at the transferee’s option, which, if exercised, would have extended the maturity date to May 5, 2024. Advances under the $ 24.4 million secured borrowing accrued interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50 %. In July 2022, the $ 30.5 million loan was fully repaid and thus, the $ 24.4 million secured borrowing liability was derecognized. </context> | us-gaap:RepaymentsOfDebt |
(2) In December 2023, the Company's interest rate swap derivative expired and its term was not extended. At the expiration date, the interest rate swap derivative had a notional amount of $ 30.0 million. | text | 30.0 | monetaryItemType | text: <entity> 30.0 </entity> <entity type> monetaryItemType </entity type> <context> (2) In December 2023, the Company's interest rate swap derivative expired and its term was not extended. At the expiration date, the interest rate swap derivative had a notional amount of $ 30.0 million. </context> | us-gaap:DerivativeNotionalAmount |
(4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. | text | 170.0 | monetaryItemType | text: <entity> 170.0 </entity> <entity type> monetaryItemType </entity type> <context> (4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. </context> | us-gaap:DerivativeNotionalAmount |
(4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. | text | 0.50 | percentItemType | text: <entity> 0.50 </entity> <entity type> percentItemType </entity type> <context> (4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. </context> | us-gaap:DerivativeCapInterestRate |
(4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. | text | 2.0 | monetaryItemType | text: <entity> 2.0 </entity> <entity type> monetaryItemType </entity type> <context> (4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. </context> | us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax |
(4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. | text | 921 | monetaryItemType | text: <entity> 921 </entity> <entity type> monetaryItemType </entity type> <context> (4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. </context> | us-gaap:DerivativeGainOnDerivative |
(4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. | text | 1.0 | monetaryItemType | text: <entity> 1.0 </entity> <entity type> monetaryItemType </entity type> <context> (4) In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $ 170.0 million on the termination date and a strike rate of 0.50 %. For the year ended December 31, 2022, the Company recognized a $ 2.0 million realized gain within OCI in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain was recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the years ended December 31, 2023 and 2022, the Company recognized a realized gain of $ 921 thousand and $ 1.0 million, respectively, through a reduction in interest expense on the termination of the interest rate cap within current earnings. </context> | us-gaap:DerivativeGainOnDerivative |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 100.0 | monetaryItemType | text: <entity> 100.0 </entity> <entity type> monetaryItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockConsiderationReceivedOnTransaction |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 190369 | sharesItemType | text: <entity> 190369 </entity> <entity type> sharesItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 15.33 | perShareItemType | text: <entity> 15.33 </entity> <entity type> perShareItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockPricePerShare |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 2.9 | monetaryItemType | text: <entity> 2.9 </entity> <entity type> monetaryItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockConsiderationReceivedOnTransaction |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 137237 | sharesItemType | text: <entity> 137237 </entity> <entity type> sharesItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 15.68 | perShareItemType | text: <entity> 15.68 </entity> <entity type> perShareItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockPricePerShare |
On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company offered and sold, from time to time, shares of the Company’s common stock, governing as “at the market offering” program having an aggregate offering price of up to $ 100.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 190,369 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.33 per share. The sales generated net proceeds of approximately $ 2.9 million. During the year ended December 31, 2021, the Company sold an aggregate of 137,237 shares of the Company’s common stock under the Equity Distribution Agreement at an average price of $ 15.68 per share. The sales generated net proceeds of approximately $ 2.1 million. There were no shares sold during the year ended December 31, 2023, and the “at the market offering” program is currently unavailable. </context> | us-gaap:SaleOfStockConsiderationReceivedOnTransaction |
On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. | text | 50.0 | monetaryItemType | text: <entity> 50.0 </entity> <entity type> monetaryItemType </entity type> <context> On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. </context> | us-gaap:StockRepurchaseProgramAuthorizedAmount1 |
On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. | text | 535965 | sharesItemType | text: <entity> 535965 </entity> <entity type> sharesItemType </entity type> <context> On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. </context> | us-gaap:StockRepurchasedAndRetiredDuringPeriodShares |
On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. | text | 4.6 | monetaryItemType | text: <entity> 4.6 </entity> <entity type> monetaryItemType </entity type> <context> On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. </context> | us-gaap:StockRepurchasedAndRetiredDuringPeriodValue |
On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. | text | 8.58 | perShareItemType | text: <entity> 8.58 </entity> <entity type> perShareItemType </entity type> <context> On July 26, 2022, the Company’s board of directors approved a stock repurchase program of up to $ 50.0 million, which was in effect until July 26, 2023 (the “Repurchase Program”). On July 25, 2023, the Company’s board of directors renewed the Repurchase Program of up to $ 50.0 million, which is expected to be in effect until July 31, 2024, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Repurchase Program, the Company may repurchase shares of its common stock in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transactions, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at its discretion. During the year ended December 31, 2023, the Company repurchased a total of 535,965 shares of the Company’s common stock in the open market through the Repurchase Program for an aggregate purchase price of approximately $ 4.6 million, including expenses paid. The shares were repurchased at an average price of $ 8.58 per share, including expenses paid. </context> | us-gaap:SharePrice |
On May 20, 2022, the Company closed the public offering of an aggregate of 7,000,000 shares of the Company’s common stock, generating net proceeds of approximately $ 103.2 million, after deducting transaction expenses. | text | 7000000 | sharesItemType | text: <entity> 7000000 </entity> <entity type> sharesItemType </entity type> <context> On May 20, 2022, the Company closed the public offering of an aggregate of 7,000,000 shares of the Company’s common stock, generating net proceeds of approximately $ 103.2 million, after deducting transaction expenses. </context> | us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction |
On May 20, 2022, the Company closed the public offering of an aggregate of 7,000,000 shares of the Company’s common stock, generating net proceeds of approximately $ 103.2 million, after deducting transaction expenses. | text | 103.2 | monetaryItemType | text: <entity> 103.2 </entity> <entity type> monetaryItemType </entity type> <context> On May 20, 2022, the Company closed the public offering of an aggregate of 7,000,000 shares of the Company’s common stock, generating net proceeds of approximately $ 103.2 million, after deducting transaction expenses. </context> | us-gaap:SaleOfStockConsiderationReceivedOnTransaction |
On April 23, 2012, the Company adopted an equity incentive plan, which was amended and restated in June 2018 (as further amended, the “Amended and Restated 2012 Equity Incentive Plan”). In February 2022, the Company’s board of directors authorized, and in May 2022, the Company’s stockholders approved, the first amendment to the Amended and Restated 2012 Equity Incentive Plan, which among other things, increased the total number of shares of common stock the Company may grant thereunder to 2,490,000 shares. Pursuant to the Amended and Restated 2012 Equity Incentive Plan, as amended by the first amendment, the Company may grant awards consisting of restricted shares of the Company’s common stock, restricted stock units (“RSUs”) and/or other equity-based awards to the Company’s outside directors, employees of the Manager, officers, ACREM and other eligible awardees under the plan. Any restricted shares of the Company’s common stock | text | 2490000 | sharesItemType | text: <entity> 2490000 </entity> <entity type> sharesItemType </entity type> <context> On April 23, 2012, the Company adopted an equity incentive plan, which was amended and restated in June 2018 (as further amended, the “Amended and Restated 2012 Equity Incentive Plan”). In February 2022, the Company’s board of directors authorized, and in May 2022, the Company’s stockholders approved, the first amendment to the Amended and Restated 2012 Equity Incentive Plan, which among other things, increased the total number of shares of common stock the Company may grant thereunder to 2,490,000 shares. Pursuant to the Amended and Restated 2012 Equity Incentive Plan, as amended by the first amendment, the Company may grant awards consisting of restricted shares of the Company’s common stock, restricted stock units (“RSUs”) and/or other equity-based awards to the Company’s outside directors, employees of the Manager, officers, ACREM and other eligible awardees under the plan. Any restricted shares of the Company’s common stock </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. | text | 9.0 | monetaryItemType | text: <entity> 9.0 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. </context> | us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. | text | 8.0 | monetaryItemType | text: <entity> 8.0 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. </context> | us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. | text | 6.0 | monetaryItemType | text: <entity> 6.0 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, 2022 and 2021, the total compensation cost related to non-vested awards not yet recognized totaled $ 9.0 million, $ 8.0 million and $ 6.0 million, respectively, and the weighted average period over which the non-vested awards are expected to be recognized is 2.1 years, 2.3 years and 2.3 years, respectively. </context> | us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
As of December 31, 2023, the Company had one loan held for sale. Loans held for sale are required to be recorded at fair value on a recurring basis in accordance with GAAP. The Company determined the fair value based on the anticipated transaction price to be received from the third party that is expected to purchase the loan. During the fourth quarter of 2023, the loan was transferred into Level 3 with a total carrying value of $ 39.0 million. Upon transfer, the Company recorded the loan at fair value, which resulted in the recognition of an unrealized loss of $ 995 thousand in the Company's consolidated statements of operations as the carrying value exceeded the fair value as determined by the anticipated transaction price for the sale of the loan. | text | 39.0 | monetaryItemType | text: <entity> 39.0 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company had one loan held for sale. Loans held for sale are required to be recorded at fair value on a recurring basis in accordance with GAAP. The Company determined the fair value based on the anticipated transaction price to be received from the third party that is expected to purchase the loan. During the fourth quarter of 2023, the loan was transferred into Level 3 with a total carrying value of $ 39.0 million. Upon transfer, the Company recorded the loan at fair value, which resulted in the recognition of an unrealized loss of $ 995 thousand in the Company's consolidated statements of operations as the carrying value exceeded the fair value as determined by the anticipated transaction price for the sale of the loan. </context> | us-gaap:TransferOfLoansHeldForSaleToPortfolioLoans1 |
As of December 31, 2023, the Company had one loan held for sale. Loans held for sale are required to be recorded at fair value on a recurring basis in accordance with GAAP. The Company determined the fair value based on the anticipated transaction price to be received from the third party that is expected to purchase the loan. During the fourth quarter of 2023, the loan was transferred into Level 3 with a total carrying value of $ 39.0 million. Upon transfer, the Company recorded the loan at fair value, which resulted in the recognition of an unrealized loss of $ 995 thousand in the Company's consolidated statements of operations as the carrying value exceeded the fair value as determined by the anticipated transaction price for the sale of the loan. | text | 995 | monetaryItemType | text: <entity> 995 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company had one loan held for sale. Loans held for sale are required to be recorded at fair value on a recurring basis in accordance with GAAP. The Company determined the fair value based on the anticipated transaction price to be received from the third party that is expected to purchase the loan. During the fourth quarter of 2023, the loan was transferred into Level 3 with a total carrying value of $ 39.0 million. Upon transfer, the Company recorded the loan at fair value, which resulted in the recognition of an unrealized loss of $ 995 thousand in the Company's consolidated statements of operations as the carrying value exceeded the fair value as determined by the anticipated transaction price for the sale of the loan. </context> | us-gaap:DebtSecuritiesAvailableForSaleUnrealizedGainLoss |
for an aggregate purchase price of $ 27.9 million, which consisted of floating rate, investment grade rated debt securities that had a weighted average coupon of SOFR plus 2.47 %. The Company’s available-for-sale debt securities have a contractual maturity greater than 10 years from the purchase date. | text | 27.9 | monetaryItemType | text: <entity> 27.9 </entity> <entity type> monetaryItemType </entity type> <context> for an aggregate purchase price of $ 27.9 million, which consisted of floating rate, investment grade rated debt securities that had a weighted average coupon of SOFR plus 2.47 %. The Company’s available-for-sale debt securities have a contractual maturity greater than 10 years from the purchase date. </context> | us-gaap:DebtSecuritiesAvailableForSalePurchasedWithCreditDeteriorationAmountAtPurchasePrice |
The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. | text | 334 | monetaryItemType | text: <entity> 334 </entity> <entity type> monetaryItemType </entity type> <context> The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. </context> | us-gaap:OperatingCostsAndExpenses |
The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. | text | 3.4 | monetaryItemType | text: <entity> 3.4 </entity> <entity type> monetaryItemType </entity type> <context> The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. </context> | us-gaap:OperatingCostsAndExpenses |
The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. | text | 2.8 | monetaryItemType | text: <entity> 2.8 </entity> <entity type> monetaryItemType </entity type> <context> The incentive fee is an amount, not less than zero , equal to the difference between: (a) the product of (i) 20 % and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8 %; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero . “Core Earnings” is defined in the Management Agreement as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. On April 25, 2022, the Company and ACREM entered into an amendment to the Management Agreement to (a) exclude $ 2.4 million of net income associated with the sale of the real estate owned property for the three months ended March 31, 2022 and to (b) include $ 2.0 million of net income associated with the Company’s gain on the termination of its interest rate cap derivative for the three months ended March 31, 2022, in each case, with respect to Core Earnings for the three months ended March 31, 2022. Core Earnings is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to ACREM. For the years ended December 31, 2023, 2022 and 2021, the Company incurred incentive fees of $ 334 thousand, $ 3.4 million and $ 2.8 million, respectively. </context> | us-gaap:OperatingCostsAndExpenses |
carrying value of its investment in its consolidated balance sheets. As of December 31, 2023 and 2022, the total outstanding principal balance for co-investments held by the Company was $ 236.7 million and $ 213.7 million, respectively. | text | 236.7 | monetaryItemType | text: <entity> 236.7 </entity> <entity type> monetaryItemType </entity type> <context> carrying value of its investment in its consolidated balance sheets. As of December 31, 2023 and 2022, the total outstanding principal balance for co-investments held by the Company was $ 236.7 million and $ 213.7 million, respectively. </context> | us-gaap:MortgageLoansOnRealEstateCommercialAndConsumerNet |
carrying value of its investment in its consolidated balance sheets. As of December 31, 2023 and 2022, the total outstanding principal balance for co-investments held by the Company was $ 236.7 million and $ 213.7 million, respectively. | text | 213.7 | monetaryItemType | text: <entity> 213.7 </entity> <entity type> monetaryItemType </entity type> <context> carrying value of its investment in its consolidated balance sheets. As of December 31, 2023 and 2022, the total outstanding principal balance for co-investments held by the Company was $ 236.7 million and $ 213.7 million, respectively. </context> | us-gaap:MortgageLoansOnRealEstateCommercialAndConsumerNet |
On January 11, 2019, ACRE Commercial Mortgage 2017-FL3 Ltd. (the “FL3 Issuer”) and ACRE Commercial Mortgage 2017-FL3 LLC (the “FL3 Co-Issuer”), both wholly-owned indirect subsidiaries of the Company, entered into an Amended and Restated Indenture (the “FL3 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the approximately $ 504.1 million principal balance of secured floating rate notes (the “FL3 Notes”) issued by the FL3 Issuer and $ 52.9 million of preferred equity in the FL3 Issuer (the “FL3 CLO Securitization”). The FL3 Amended Indenture amends and restates, and replaces in its entirety, the indenture for the CLO securitization issued in March 2017, which governed the issuance of approximately $ 308.8 million principal balance of secured floating rate notes and $ 32.4 million of preferred equity in the FL3 Issuer. | text | 504.1 | monetaryItemType | text: <entity> 504.1 </entity> <entity type> monetaryItemType </entity type> <context> On January 11, 2019, ACRE Commercial Mortgage 2017-FL3 Ltd. (the “FL3 Issuer”) and ACRE Commercial Mortgage 2017-FL3 LLC (the “FL3 Co-Issuer”), both wholly-owned indirect subsidiaries of the Company, entered into an Amended and Restated Indenture (the “FL3 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the approximately $ 504.1 million principal balance of secured floating rate notes (the “FL3 Notes”) issued by the FL3 Issuer and $ 52.9 million of preferred equity in the FL3 Issuer (the “FL3 CLO Securitization”). The FL3 Amended Indenture amends and restates, and replaces in its entirety, the indenture for the CLO securitization issued in March 2017, which governed the issuance of approximately $ 308.8 million principal balance of secured floating rate notes and $ 32.4 million of preferred equity in the FL3 Issuer. </context> | us-gaap:LongTermDebt |
On January 11, 2019, ACRE Commercial Mortgage 2017-FL3 Ltd. (the “FL3 Issuer”) and ACRE Commercial Mortgage 2017-FL3 LLC (the “FL3 Co-Issuer”), both wholly-owned indirect subsidiaries of the Company, entered into an Amended and Restated Indenture (the “FL3 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the approximately $ 504.1 million principal balance of secured floating rate notes (the “FL3 Notes”) issued by the FL3 Issuer and $ 52.9 million of preferred equity in the FL3 Issuer (the “FL3 CLO Securitization”). The FL3 Amended Indenture amends and restates, and replaces in its entirety, the indenture for the CLO securitization issued in March 2017, which governed the issuance of approximately $ 308.8 million principal balance of secured floating rate notes and $ 32.4 million of preferred equity in the FL3 Issuer. | text | 52.9 | monetaryItemType | text: <entity> 52.9 </entity> <entity type> monetaryItemType </entity type> <context> On January 11, 2019, ACRE Commercial Mortgage 2017-FL3 Ltd. (the “FL3 Issuer”) and ACRE Commercial Mortgage 2017-FL3 LLC (the “FL3 Co-Issuer”), both wholly-owned indirect subsidiaries of the Company, entered into an Amended and Restated Indenture (the “FL3 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the approximately $ 504.1 million principal balance of secured floating rate notes (the “FL3 Notes”) issued by the FL3 Issuer and $ 52.9 million of preferred equity in the FL3 Issuer (the “FL3 CLO Securitization”). The FL3 Amended Indenture amends and restates, and replaces in its entirety, the indenture for the CLO securitization issued in March 2017, which governed the issuance of approximately $ 308.8 million principal balance of secured floating rate notes and $ 32.4 million of preferred equity in the FL3 Issuer. </context> | us-gaap:LongTermDebt |
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