REFI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• the allocation of loan opportunities to us by our Manager and its affiliates;

• We were formed in March 2021 as a Maryland corporation and are structured as an externally managed mortgage real estate investment trust (“REIT”). We completed our initial public offering ("IPO") in December 2021 and have elected to be taxed as a REIT for United States federal income tax purposes un…

• Our loans to portfolio companies operating in the cannabis industry may include companies that we determine, based on our due diligence, are licensed in and in compliance with, state-regulated cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is d…

• We believe that cannabis operators’ limited access to traditional bank and non-bank financing has provided attractive opportunities for us to make loans to companies that exhibit strong fundamentals but require more customized financing structures and loan products than regulated financial instituti…

• Growth or earnings before interest, income taxes, depreciation and amortization ("EBITDA") positive entities

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• our future operating results and projected operating results;

• changes in financial and economic conditions, including inflation, tariffs and the current government shutdown, which may have an adverse impact on our portfolio companies and commercial real estate in general;

• We are a commercial mortgage real estate investment trust. Our primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time primarily through consistent current income dividends and other distributions and secondarily through capital appreciation. We intend…

• Our Manager and its affiliates seek to originate real estate loans between $5 million and $200 million, generally with one- to five-year terms and amortization when terms exceed three years. We generally act as co-lenders in such transactions and intend to hold up to $50 million of the aggregate loa…

• Our loans are secured by real estate and, in addition, when lending to owner-operators in the cannabis industry, other collateral, such as equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations. In addition, we seek to impose stri…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Uncertainty with respect to the economic effects of political tensions in the United States and around the world have introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to…

• The Company’s results of operations and financial condition are subject to valuation risk related to its real estate–related investments, including mortgage loans, real estate owned, if any, and other financial assets measured at fair value or evaluated for impairment or credit loss. The valuation o…

• We generally hold our investments as long-term loans classified as held for investment; however, we may occasionally classify some of our loans as held for sale. We may carry our loans at fair value or carrying value in our consolidated balance sheet. As of both March 31, 2026 and December 31, 2025 …

• Warrants are recorded at fair value on the consolidated balance sheets and unrealized gains and losses are included within the line item, change in unrealized loss on investment, in the consolidated statements of income. As of March 31, 2026, we carried $1.1 million of warrants at fair value which a…

• Valuations of real estate collateral are generally based on third-party appraisals, broker price opinions, or other valuation techniques that rely on assumptions regarding future cash flows, capitalization rates, discount rates, comparable sales, market absorption, and prevailing economic conditions…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• We are exposed to market risks in the ordinary course of our business. These risks primarily relate to fluctuations in interest rates. Our loans are typically valued using a yield analysis, which is typically performed for performing loans to borrowers. Changes in market yields may change the fair v…

• In addition, our Revolving Loan is exposed to similar market risks. Changes in market rates may change the fair value of our Revolving Loan as our loan bears interest at the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. As of September 30, 2025, we had an outstanding balanc…

• The Unsecured Notes bear a fixed interest rate of 9.00% per annum and are not impacted by changes in market rates. The fair market value of the Unsecured Notes is impacted by fluctuations in market rate. A decrease in market rates will result in an increase in the fair market value and an increase i…

• Our operating results depend in large part on differences between the income earned on our assets and our cost of borrowing. The cost of our borrowings generally are based on prevailing market interest rates. During a period of rising interest rates, our borrowing costs generally will increase (a) w…

• We provide loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement against our borrowers of the federal illegality of cannabis, our borrowers’ inability to renew or otherwise maintain their licenses or other requisi…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Except as discussed in the preceding paragraph, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or that are reasonably likely to material…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• During the three months ended June 30, 2025, the Company engaged a new third‑party provider to support its ongoing CECL reporting including modeling, data aggregation, and documentation. While the Company substantially completed the implementation activities with assistance from the vendor during th…

• There were no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over f…