Net Income and Book Value Increase
GAAP net income allocable to common shares in Q3 was $9.8 million or $1.34 per share diluted. GAAP book value per share increased to $29.63 from $27.93 in the previous quarter.
Significant Real Estate Investment Gain
The company sold one of its real estate investments, resulting in a gross capital gain of $13.1 million.
Decrease in CECL Reserves
Current expected credit losses (CECL) reserves decreased by $4 million, driven by improvements in the modeled credit risk of the CRE loan portfolio and expected macroeconomic factors.
Stock Performance and Share Repurchase
The stock has increased 41.8% per year over the past five years. During the quarter, $2.9 million was used to repurchase 153,000 common shares at a 36% discount to book value.