v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net Income (Loss) $ 25,188 $ 28,744 $ 17,548
Adjustments to reconcile net income to net cash provided by operating activities      
Amortization of net loan fees and discount/premiums on loans receivable (3,810) (4,001) (3,200)
Loss (income) from equity method investments 1,537 (3,150) (5,905)
Impairment of equity method investments 507 2,154 0
Distributions of earnings from equity method investments 918 3,697 5,059
Amortization of deferred financing costs 2,245 1,476 807
Provision for credit losses 770 851 3,672
Unrealized (gain) loss on commercial debt securities (16) 0 0
Increase or decrease in operating assets and liabilities:      
Decrease (increase) in accrued interest receivable 698 (1,788) (2,335)
(Increase) decrease in other assets (13) 59 (113)
Decrease (increase) in reimbursement receivable 0 0 933
Increase in management fees payable 335 1,418 177
Increase in accounts payable and accrued expenses 511 295 497
(Decrease) increase in related party payables and accrued expenses (543) 1,017 35
(Decrease) increase in reimbursement payable (168) 168 0
(Decrease) increase in incentive fees payable (1,051) (395) 1,279
Increase (decrease) in other liabilities 19 401 (168)
Net cash provided by operating activities 27,127 30,946 18,286
Cash flows from investing activities      
Origination and purchase of mortgage loan receivables (660,006) (281,531) (412,172)
Subsequent draws on mortgage loan receivables (14,185) (16,753) 0
Repayment of mortgage loan receivables 418,288 109,809 5,057
Origination of commercial debt securities (7,700) 0 0
Purchase of equity method investments (1,763) 0 0
Distributions from equity method investments in excess of earnings 1,747 13,507 12,136
Net cash (used in) investing activities (263,619) (174,968) (394,979)
Cash flows from financing activities      
Issuance of common units 70,788 63,967 182,012
Redemption of common units (15,556) 0 0
Distributions paid (31,864) (33,654) (17,220)
Line of credit borrowings 402,200 163,000 307,300
Line of credit paydowns (440,200) (125,000) (360,100)
Repurchase agreement borrowings 372,287 141,228 30,099
Repurchase agreement paydowns (70,490) (81,682) (1,808)
Notes payable borrowings 143,768 5,415 261,544
Notes payable paydowns (181,043) (3,794) (2,126)
Deferred financing costs paid (2,987) (1,167) (1,585)
Net cash provided by financing activities 246,903 128,313 398,116
Net increase in cash and cash equivalents 10,411 (15,709) 21,423
Cash and cash equivalents, beginning of period 10,913 26,622 5,199
Cash and cash equivalents, end of period 21,324 10,913 26,622
Supplemental financing activities      
Cash paid during the period for interest 41,636 37,170 23,977
Supplemental disclosure of noncash investing and financing activities:      
Conversion of Horton loan receivable to equity method investment 17,388 0 0
Redemptions payable 1,882 4,094 0
Dividends reinvested 12,057 12,524 6,089
Distributions declared $ 4,760 $ 8,269 $ 8,233