v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 56,606 $ 123,471
Loans held for investment 730,096 685,707
Allowance for credit losses (9,495) (8,799)
Loans held for investment, net 720,601 676,908
Real estate owned, net 10,872 10,986
Acquired real estate leases, net 2,649 2,772
Accrued interest receivable 3,410 3,186
Prepaid expenses and other assets, net 3,262 3,533
Total assets 797,400 820,856
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable, accrued liabilities and other liabilities 3,271 3,305
Secured financing facilities, net 465,817 487,657
Due to related persons 1,330 1,243
Total liabilities 470,418 492,205
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 22,596,077 and 22,584,285 shares issued and outstanding, respectively 23 23
Additional paid in capital 303,464 303,191
Cumulative net income 109,299 104,914
Cumulative distributions (85,804) (79,477)
Total shareholders' equity 326,982 328,651
Total liabilities and shareholders' equity $ 797,400 $ 820,856