v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ (6,626) $ 7,021
Adjustments to reconcile net (loss) income to cash provided by operations:    
Net unrealized loss on real estate securities 5 0
Realized gain on disposition of commercial loan 0 (536)
Provision for (reversal of) credit losses 5,728 (2,512)
Impairment loss on real estate owned 2,481 0
Depreciation and amortization expense 2,443 2,209
Amortization of acquired above- and below-market leases, net (35) (37)
Amortization of equity-based compensation 15 15
Amortization of debt finance costs to operating expense 657 672
Amortization of debt finance costs to interest expense 174 0
Amortization of loan extension fees (327) (477)
Changes in assets and liabilities:    
Accrued interest receivable (119) (100)
Accrued expenses and other liabilities (513) 2
Accrued interest payable 625 (84)
Due to related parties 141 (52)
Prepaid expenses and other assets (384) (49)
Net cash provided by operating activities 4,265 6,072
Cash flows from investing activities:    
Origination/funding of commercial loans (47,550) (1,498)
Loan extension fees received on commercial loans 197 404
Principal repayments of commercial loans 84,932 11,835
Real estate capital expenditures (948) (70)
Purchase of real estate securities (9,983) 0
Net cash provided by investing activities 26,648 10,671
Cash flows from financing activities:    
Payment of offering costs (15) (14)
Proceeds from repurchase agreements 21,187 0
Principal repayments of repurchase agreements (65,086) (42,825)
Proceeds from sale of loan participations 787 0
Principal repayments of loan participations (81) (820)
Debt finance costs (1,315) (1,315)
Distributions paid to common stockholders (6,306) (6,302)
Distributions paid to preferred stockholders (2,991) (2,991)
Net cash used in financing activities (53,820) (54,267)
Net change in cash, cash equivalents and restricted cash (22,907) (37,524)
Cash, cash equivalents and restricted cash at beginning of period 79,106 64,549
Cash, cash equivalents and restricted cash at end of period 56,199 27,025
Supplemental disclosure of cash flow information:    
Amortization of deferred exit fees due to related party 399 140
Interest paid 7,180 13,300
Offering cost reimbursement receivable from related parties 0 1,023
Net assets acquired upon foreclosure of commercial loans 0 38,859
Deferred interest capitalized on real estate loan 0 631
Accrued stockholder servicing fee due to related party $ (15) $ (14)