v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operations    
Net income $ 1,413 $ 1,737
Adjustments to reconcile net income to net cash provided by operating activities    
Amortization of deferred financing costs 166 204
Provision for credit losses 1,066 762
Depreciation and amortization 63 80
Loss on foreclosed assets 205 595
Gain on sale of real estate investments (276)
Deferred revenue – real estate investments (74) 74
Unit based compensation expense 7 20
Net change in operating assets and liabilities:    
Other assets (158) (534)
Accrued interest receivable (267) 327
Refundable prepaid interest 612 61
Accrued interest payable 1,718 392
Accounts payable and accrued expenses (60) 159
Net cash provided by operating activities 4,415 3,877
Cash flows from investing activities    
Loan originations and principal collections, net (1,611) 553
Additions for construction in foreclosed assets (96) (507)
Additions for construction in real estate investments (1,196) (4,432)
Investment in real estate assets (330)
Proceeds from sale of foreclosed assets 1,657 992
Proceeds from the sale of real estate investments 4,956 2,998
Acquisition of 339, net of cash acquired (2,996)
Investments in certificates of deposit (2,275)
Purchases of property and equipment (10)
Net cash provided by (used in) investing activities 1,425 (3,722)
Cash flows from financing activities    
Transfer of Series C from temporary to permanent equity 1,200
Distributions to Series C preferred equity holders (663) (245)
Distributions to common equity holders (1,119) (906)
Proceeds from secured note payable 39,632 9,637
Repayments of secured note payable (42,738) (13,049)
Proceeds from unsecured notes payable 9,625 17,342
Redemptions/repayments of unsecured notes payable (9,926) (14,188)
Deferred financing costs paid (258) (121)
Net cash used in financing activities (5,447) (330)
Net change in cash, cash equivalents and restricted cash 393 (175)
Cash, cash equivalents and restricted cash    
Beginning of period 3,347 3,522
End of period 3,740 3,347
Supplemental disclosure of cash flow information    
Cash paid for interest 4,757 4,280
Non-cash investing and financing activities    
Loan originating from sale of 339 assets 10,362
Foreclosed assets transferred from loans receivable, net 909 2,306
Secured and unsecured notes payable transfers 407 1,209
Accrued interest payable transferred to unsecured notes payable 1,403 1,435
Class A common equity exchanged for Series C preferred equity, net of $2,043 discount $ 287