v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,385 $ 4,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of purchase discount (145) 0
Provision for (reversal of) credit losses 603 (153)
Amortization of loan origination and exit fees (546) (513)
Amortization of deferred financing costs 388 366
Deferred interest capitalized to loans held for investment (137) 0
Straight line rental income (14) (16)
Depreciation and amortization 265 280
Share based compensation 207 356
Changes in operating assets and liabilities:    
Accrued interest receivable (224) (375)
Prepaid expenses and other assets 257 149
Accounts payable, accrued liabilities and other liabilities (104) (420)
Due to related persons 87 (520)
Net cash provided by operating activities 5,022 3,686
CASH FLOWS FROM INVESTING ACTIVITIES:    
Origination of loans held for investment (57,380) (45,735)
Additional funding of loans held for investment (2,181) (4,073)
Repayment of loans held for investment 16,000 0
Real estate owned improvements (72) (93)
Net cash used in investing activities (43,633) (49,901)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured financing facilities 31,725 22,404
Repayments under secured financing facilities (52,531) 0
Payments of deferred financing costs (1,114) (81)
Repurchase of common shares (7) (5)
Distributions (6,327) (5,216)
Net cash (used in) provided by financing activities (28,254) 17,102
Decrease in cash and cash equivalents (66,865) (29,113)
Cash and cash equivalents at beginning of period 123,471 70,750
Cash and cash equivalents at end of period 56,606 41,637
SUPPLEMENTAL DISCLOSURES:    
Interest paid 6,906 7,002
Income taxes refunded $ 11 $ 0