v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 51,468 $ 123,471
Loans held for investment 703,765 685,707
Allowance for credit losses (9,344) (8,799)
Loans held for investment, net 694,421 676,908
Real estate owned, net 10,678 10,986
Acquired real estate leases, net 2,403 2,772
Accrued interest receivable 2,705 3,186
Prepaid expenses and other assets, net 3,447 3,533
Total assets 765,122 820,856
LIABILITIES AND SHAREHOLDERS' EQUITY    
Secured financing facilities, net 437,232 487,657
Accounts payable, accrued liabilities and other liabilities 3,432 3,305
Due to related persons 1,886 1,243
Total liabilities 442,550 492,205
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 22,831,019 and 22,584,285 shares issued and outstanding, respectively 23 23
Additional paid in capital 304,542 303,191
Cumulative net income 116,484 104,914
Cumulative distributions (98,477) (79,477)
Total shareholders' equity 322,572 328,651
Total liabilities and shareholders' equity $ 765,122 $ 820,856