v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 69,975 $ 123,471
Loans held for investment 719,634 685,707
Allowance for credit losses (14,404) (8,799)
Loans held for investment, net 705,230 676,908
Real estate owned, net 10,792 10,986
Acquired real estate leases, net 2,526 2,772
Accrued interest receivable 3,131 3,186
Prepaid expenses and other assets, net 3,469 3,533
Total assets 795,123 820,856
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable, accrued liabilities and other liabilities 2,698 3,305
Secured financing facilities, net 470,334 487,657
Due to related persons 1,418 1,243
Total liabilities 474,450 492,205
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 22,665,251 and 22,584,285 shares issued and outstanding, respectively 23 23
Additional paid in capital 304,349 303,191
Cumulative net income 108,432 104,914
Cumulative distributions (92,131) (79,477)
Total shareholders' equity 320,673 328,651
Total liabilities and shareholders' equity $ 795,123 $ 820,856