v3.26.1
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operations          
Net income $ 480 $ 521 $ 967 $ 866  
Adjustments to reconcile net income to net cash provided by operating activities          
Amortization of deferred financing costs     42 115  
Provision for credit losses 744 (13) 994 120  
Depreciation and amortization     15 40  
Loss on foreclosed assets   4 81 19  
Loss on sale of real estate investments     3
Deferred revenue – real estate investments     205  
Unit based compensation expense     1 2  
Net change in operating assets and liabilities:          
Other assets     25 (1,347)  
Accrued interest receivable     (633) 35  
Refundable prepaid interest     21 426  
Accrued interest payable     1,236 618  
Accounts payable and accrued expenses     (88) (229)  
Net cash provided by operating activities     2,664 870  
Cash flows from investing activities          
Loan originations and principal collections, net     (17,852) 178  
Additions for construction in foreclosed assets     (5) (92)  
Additions for construction in real estate investments     (4) (870)  
Proceeds from sale of foreclosed assets     502 824 1,657
Proceeds from the sale of real estate investments     169 2,805  
Investments in real estate assets     (25)
Investments in certificates of deposit     (2,275)  
Purchases of premises and equipment     (10)  
Net cash (used in) provided by investing activities     (17,215) 560  
Cash flows from financing activities          
Distributions to Series C preferred equity holders     (269) (392)  
Distributions to common equity holders     (26) (609)  
Proceeds from secured note payable     27,946 19,859  
Repayments of secured note payable     (18,978) (20,785)  
Proceeds from unsecured notes payable     7,815 3,238  
Redemptions/repayments of unsecured notes payable     (2,546) (4,638)  
Deferred financing costs paid     (90) (68)  
Net cash provided by (used in) financing activities     13,852 (3,395)  
Net change in cash, cash equivalents and restricted cash     (699) (1,965)  
Cash, cash equivalents and restricted cash          
Beginning of period     3,740 3,347 3,347
End of period $ 3,041 $ 1,382 3,041 1,382 $ 3,740
Supplemental disclosure of cash flow information          
Cash paid for interest     1,944 2,320  
Non-cash investing and financing activities          
Foreclosed assets transferred from loans receivable, net     665 909  
Real estate investments transferred from loan receivable, net     1,935  
Secured and unsecured notes payable transfers     592 90  
Accrued interest payable transferred to unsecured notes payable     125 697  
Class A common equity exchanged for Series C preferred equity     2,330  
Discount on Series C preferred equity exchanged for Class A common equity     $ 2,043