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We are a real estate investment trust that originates, invests in and manages a diverse portfolio of real estate and real estate-related assets. We focus primarily on commercial real estate credit investments, including first mortgage loans, subordinated loans (including B-notes, mezzanine and preferred equity) and credit facilities throughout the United States, which we collectively refer to a…
The business is unprofitable at the operating level (-5.81% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 31.4% YoY. Margins deteriorated 17.7pp alongside, both lines moving the wrong way.
Net debt of $146M represents 76.1x FCF, leverage limits flexibility. Operating margin contracted 17.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$9M
▼ -31.4% YoY
Net Income (TTM)
-$42M
▲ +25.1% YoY
Op. Margin
-178.79%
▼ -17.7pp YoY
ROIC
-3.52%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$425K
▲ +158.7% YoY
Op. Cash Flow (TTM)
-$425K
▲ +158.7% YoY
Net Debt
$123M
Cash & Equiv.
$5M
5Y CAGR: -13.4%
5Y CAGR: -24.7%
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