0001452477-26-000029
SEC filingQ2 2026 净亏损 $0.9M，主因 Provision for credit losses 激增至 $4.9M，拖累业绩。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Total revenue | $8.1M | $7.4M | +9.9% |
| Income from loan investments, net | $7.5M | $6.8M | +9.8% |
| Net (loss) income | -$0.9M | $2.7M | -132.4% |
| Diluted EPS | -$0.04 | $0.18 | -122.2% |
| Operating margin | -10.8% | 36.2% | -4700 bps |
| Operating Cash Flow | $9.5M | $8.7M | +9.8% |
Q2 2026 净亏损 $867K，主要受 Provision for credit losses 激增至 $4.9M 拖累，该拨备主要针对“4”级 Office 贷款，反映抵押物估值下调。剔除该一次性拨备，核心业务仍具韧性：Income from loan investments, net 同比增 9.8% 至 $7.5M，受益于贷款组合扩张（本金余额同比增 14.1% 至 $722.3M），但加权平均 All-in yield 从 8.03% 降至 7.31%，因 SOFR 下降。
盈利质量方面，Operating Cash Flow 同比增 9.8% 至 $9.5M，高于净亏损，主要因非现金拨备和折旧摊销加回。Distributable Earnings（Non-GAAP）同比增 8.5% 至 $10.4M，每股 $0.46，显示现金分配能力稳健。
公司仅有一个报告分部：originating and investing in floating rate first mortgage loans secured by CRE properties。无分部披露。
| 项目 | 本期 (2026-06-30) | 上期 (2025-12-31) |
|---|---|---|
| Cash and cash equivalents | $70.0M | $123.5M |
| Loans held for investment, net | $705.2M | $676.9M |
| Allowance for credit losses | $14.4M | $8.8M |
| Secured Financing Facilities, net | $470.3M | $487.7M |
| Total shareholders' equity | $320.7M | $328.7M |
| Operating Cash Flow (H1) | $9.5M | $8.7M |
| Capex (H1) | $0.1M | $0.1M |
现金减少 $53.5M，主要因贷款发放净流出 $32.3M 和偿还融资 $16.5M。杠杆率（Total debt / Equity）约 1.47x，处于合理水平。