Financial Data and Key Metrics Changes - For Q2 2025, the company reported net income to common stockholders of approximately $2.5 million or $0.05 per share, and distributable earnings of approximately $2.8 million or $0.05 per share [12] - Q2 net interest income was $7 million, a decline from $7.7 million recorded in Q1 [12] - Total operating expenses increased to $3.2 million in Q2 from $2.6 million in Q1 [13] - The company's total equity at the end of the quarter was approximately $231 million, with a total book value of common stock at approximately $171 million or $3.27 per share, decreasing from $3.29 per share as of March 31 [18] Business Line Data and Key Metrics Changes - The company experienced $63 million in loan payoffs and advanced new loan financings of $3.6 million during Q2 [19] - The total loan exposure in the portfolio consisted of 56 floating rate loans with an aggregate unpaid principal balance of approximately $924 million [19] - The weighted average risk rating remained flat at 3.5, with approximately 63% of the loans rated three or better compared to 60% in the prior quarter [19] Market Data and Key Metrics Changes - The multifamily sector conditions are broadly stable, with modest to flat rent growth and a rebound in national occupancy as new supply slows [7] - The CRE CLO market saw over $17 billion in new issuances in 2025 compared to approximately $6.5 billion in 2024, indicating improving liquidity and investor appetite [8] Company Strategy and Development Direction - The company focuses on maximizing value for shareholders through positive asset management outcomes and a portfolio refinancing plan [10] - The core investment strategy remains unchanged, leveraging the managers' origination and asset management platforms as a competitive advantage [10] Management Comments on Operating Environment and Future Outlook - The US economic environment is mixed but generally stable, with moderating inflation and potential for healthier commercial real estate capital flows [6][7] - The company maintains a conservative liquidity posture, holding a significant balance of unrestricted cash to manage challenged credits [9] Other Important Information - The company recognized approximately $400,000 of exit fees during Q2 compared to approximately $750,000 in the prior quarter [12] - Specific credit reserves were set to $7.6 million as of June 30, a decrease of $3.5 million versus the prior quarter [15] Q&A Session Summary - There were no questions during the Q&A session [23]