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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,518 $ 7,210
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of purchase discount (333) 0
Provision for credit losses 5,526 759
Amortization of loan origination and exit fees (1,050) (1,097)
Amortization of deferred financing costs 700 749
Deferred interest capitalized to loans held for investment (350) 0
Straight line rental income (13) (31)
Depreciation and amortization 529 559
Share based compensation 1,098 1,033
Changes in operating assets and liabilities:    
Accrued interest receivable 55 127
Prepaid expenses and other assets 147 72
Accounts payable, accrued liabilities and other liabilities (493) (339)
Due to related persons 175 (379)
Net cash provided by operating activities 9,509 8,663
CASH FLOWS FROM INVESTING ACTIVITIES:    
Origination of loans held for investment (128,443) (85,991)
Additional funding of loans held for investment (5,425) (5,358)
Repayment of loans held for investment 101,674 71,044
Real estate owned improvements (121) (116)
Net cash used in investing activities (32,315) (20,421)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured financing facilities 56,412 54,304
Repayments under secured financing facilities (72,943) (56,711)
Payments of deferred financing costs (1,492) (133)
Repurchase of common shares (13) (68)
Distributions (12,654) (10,433)
Net cash used in financing activities (30,690) (13,041)
Decrease in cash and cash equivalents (53,496) (24,799)
Cash and cash equivalents at beginning of period 123,471 70,750
Cash and cash equivalents at end of period 69,975 45,951
SUPPLEMENTAL DISCLOSURES:    
Interest paid 13,864 14,244
Income taxes paid (refunded) $ 9 $ (5)