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Shepherd’s Finance, LLC Reports 2023 Results

Retrieved on:

Friday, March 22, 2024

Federal Reserve Bank, Risk, COVID-19, History, Sale, Housing, ASC, Interest, CECL, Cryptocurrency

The Chief Executive Officer of Shepherd’s Finance, Daniel M. Wallach, commented: “We continued to improve our profitability in 2023.

Key Points:

The Chief Executive Officer of Shepherd’s Finance, Daniel M. Wallach, commented: “We continued to improve our profitability in 2023.
During March 2023, we redeemed 100% of our ownership in the Series A Preferred Units at Benjamin Marcus Homes, LLC.
In addition, stock compensation expense was less than $0.1 million $0 as of December 31, 2023 and 2022, respectively.
Shepherd’s offers the following interest rates for its public notes offering, effective as of December 11, 2023:

Medallion Financial Corp. Reports 2023 Fourth Quarter and Full-Year Results

Retrieved on:

Tuesday, February 20, 2024

Medal, CECL, History, Video game

Beginning with the fourth quarter, the Board of Directors increased the quarterly dividend 25% to $0.10 per share.

Key Points:

Beginning with the fourth quarter, the Board of Directors increased the quarterly dividend 25% to $0.10 per share.
Net interest income grew 8% to $35.2 million for the quarter, from $32.7 million in the prior year quarter.
Net interest income grew 16% to $11.7 million for the quarter, from $10.1 million in the prior year quarter.
The Company will host a conference call to discuss its fourth quarter and full-year financial results tomorrow, Wednesday, February 21, 2024, at 9:00 a.m. Eastern time.

Great Ajax Corp. Announces Results for the Quarter Ended December 31, 2023

Retrieved on:

Tuesday, February 27, 2024

Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, REIT, Acquisition, Operating cost, Investment, CECL, Sale, AFS, GAAP, AOCI, REO, HTM, Appendix, Bank

Our net interest income for the quarter ended December 31, 2023, excluding any adjustment for expected credit losses was $3.2 million, a decrease of $0.1 million over the prior quarter.

Key Points:

Our net interest income for the quarter ended December 31, 2023, excluding any adjustment for expected credit losses was $3.2 million, a decrease of $0.1 million over the prior quarter.
Our interest expense for the quarter ended December 31, 2023 decreased $0.4 million compared to the prior quarter primarily as a result of a decrease in our average balance of interest bearing debt.
For the quarter ended December 31, 2023, we recorded $0.8 million in amortization compared to $0.9 million for the quarter ended September 30, 2023.
We ended the quarter with a GAAP book value of $9.99 per common share, compared to a book value per common share of $11.07 for the quarter ended September 30, 2023.

Ares Commercial Real Estate Corporation Reports Fourth Quarter and Full Year 2023 Results

Retrieved on:

Thursday, February 22, 2024

Professional Services, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Person, Annual report, Telephone, CECL, Home, GAAP, Webcast, Eastern Time Zone, Bank

Ares Commercial Real Estate Corporation (the “Company”) (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles (“GAAP”) net income (loss) of $(39.4) million or $(0.73) per diluted common share and Distributable Earnings(1) of $10.8 million or $0.20 per diluted common share for the fourth quarter of 2023.

Key Points:

Ares Commercial Real Estate Corporation (the “Company”) (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles (“GAAP”) net income (loss) of $(39.4) million or $(0.73) per diluted common share and Distributable Earnings(1) of $10.8 million or $0.20 per diluted common share for the fourth quarter of 2023.
“Our fourth quarter and full-year 2023 earnings were primarily impacted by the continuing deterioration of the commercial office property sector,” said Bryan Donohoe, Chief Executive Officer of Ares Commercial Real Estate Corporation.
On November 3, 2023, the Board of Directors of the Company declared a regular cash dividend of $0.33 per common share for the fourth quarter of 2023.
The fourth quarter 2023 dividend was paid on January 17, 2024 to common stockholders of record as of December 29, 2023.

Claros Mortgage Trust, Inc. Reports Fourth Quarter and Full Year 2023 Results

Retrieved on:

Tuesday, February 20, 2024

Commercial Building & Real Estate, Construction & Property, REIT, Environment, CECL, Internet, GAAP, Sale

Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter and year ended December 31, 2023.

Key Points:

Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter and year ended December 31, 2023.
Total CECL reserves stood at 2.2% of unpaid principal balance at December 31, 2023, unchanged from September 30, 2023.
Paid a cash dividend of $0.25 per share of common stock for the fourth quarter of 2023.
The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 451993.

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2023

Retrieved on:

Tuesday, February 20, 2024

Professional Services, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, Banking, Acquisition, CECL, GAAP, TPG, Sale, Webcast, UCC, Risk, Commercial property

TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 2023.

Key Points:

TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 2023.
The quarter-end allowance equals 190 basis points of total loan commitments as of December 31, 2023 compared to 560 basis points as of September 30, 2023.
Held no non-accrual loans at December 31, 2023, compared to four loans at September 30, 2023 with a total amortized cost of $318.1 million.
The Company issued a supplemental presentation detailing its fourth quarter and full year 2023 operating results, which can be viewed at http://investors.tpgrefinance.com/ .

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2023 Results

Retrieved on:

Thursday, February 15, 2024

Comparison, Total, Community Bank, Bank, CECL, Growth, Sale, OSB, ACL, FHLB, Current Expected Credit Losses, Result, Finance, Three Months, Environment, Face, Pressure, Cryptocurrency

OTTAWA, Ill., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.2 million, or $0.08 per basic and diluted common share for the three months ended December 31, 2023, compared to net income of $0.5 million, or $0.22 per basic and diluted common share for the three months ended December 31, 2022. For the year ended December 31, 2023, the Company announced net income of $1.7 million, or $0.66 per basic and diluted common share, compared to net income of $2.5 million, or $0.96 per basic and diluted common share for the year ended December 31, 2022. The loan portfolio, net of allowance, increased to $312.2 million as of December 31, 2023 from $307.8 million as of December 31, 2022. Non-performing loans increased from $2.3 million at December 31, 2022 to $4.8 million at December 31, 2023, which caused the ratio of non-performing loans to gross loans to increase from 0.73% at December 31, 2022 to 1.52% at December 31, 2023.

Key Points:

The loan portfolio, net of allowance, increased to $312.2 million as of December 31, 2023 from $307.8 million as of December 31, 2022.
Net recoveries during the fourth quarter of 2023 were $17,298 compared to net charge offs of $566,036 during the fourth quarter of 2022.
Total deposits decreased $8.6 million, or 3.0%, to $281.1 million at December 31, 2023 from $289.7 million at December 31, 2022.
Stockholders’ equity increased $0.2 million, or 0.5% to $41.7 million at December 31, 2023 from $41.5 million at December 31, 2022.

Pinnacle Bankshares Corporation Announces Record High 2023 Earnings

Retrieved on:

Thursday, February 15, 2024

First National Bank, Federal Home Loan Banks, Town, Bank, City, CECL, Sale, Nature, Habit, ACL, Asset, Uncertainty, Capital, OTCQX, Liquidity, Housing, Insurance, Accounting

Net income for the year ended December 31, 2023 was a record high $9,762,000, or $4.45 per basic and diluted share.

Key Points:

Net income for the year ended December 31, 2023 was a record high $9,762,000, or $4.45 per basic and diluted share.
Fourth Quarter & 2023 Highlights include the following:
Record High 2023 Net Income of $9,762,000 surpassed the previous annual record high net income of $8,242,000 achieved in 2022.
“We are very pleased to report Pinnacle’s record high earnings for 2023,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.
Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central and Southern Virginia.

Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2023 Results

Retrieved on:

Wednesday, February 14, 2024

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter and full year ended December 31, 2023.

Key Points:

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter and full year ended December 31, 2023.
For the year, FBRT delivered a 12.1% distributable earnings return on common equity, reflecting the stability of our multifamily-focused portfolio.
The Company's core portfolio at the end of the quarter consisted of 144 loans with an aggregate principal balance of approximately $5.0 billion.
Allowance for credit losses: During the quarter, the Company recognized an incremental provision for credit losses of approximately $5.4 million.

Granite Point Mortgage Trust Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Post Quarter-End Update

Retrieved on:

Wednesday, February 14, 2024

Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter and full year ending December 31, 2023, and provided an update on its activities subsequent to quarter-end.

Key Points:

Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter and full year ending December 31, 2023, and provided an update on its activities subsequent to quarter-end.
A presentation containing fourth quarter and full year 2023 financial results can be viewed at www.gpmtreit.com .
Granite Point Mortgage Trust Inc. will host a conference call on February 15, 2024, at 11:00 a.m.
ET to discuss fourth quarter and full year 2023 financial results and related information.