v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net Income (Loss) $ (620) $ 9,004
Adjustments to reconcile net (loss) income to cash provided by operations:    
Net realized loss (gain) on disposition of commercial loans 7,882 (929)
(Reversal of) provision for credit losses (3,404) 2,905
Depreciation and amortization expense 4,033 656
Amortization of acquired above- and below-market leases, net (56) (19)
Amortization of equity-based compensation 23 23
Amortization of debt finance costs to operating expense 1,001 1,122
Amortization of loan extension fees (671) (375)
Changes in assets and liabilities:    
Accrued interest receivable 842 257
Accrued expenses and other liabilities 866 1,183
Accrued interest payable 213 716
Due to related parties (123) (43)
Prepaid expenses and other assets (1,054) (1,098)
Net cash provided by operating activities 8,932 13,402
Cash flows from investing activities:    
Origination of commercial loans (2,043) (8,006)
Loan extension fees received on commercial loans 404 298
Principal repayments of commercial loans 74,029 49,845
Proceeds from sale of commercial loan 39,063 13,678
Real estate capital expenditures (226) (3)
Net cash provided by investing activities 111,227 55,812
Cash flows from financing activities:    
Payment of offering costs (20) (112)
Proceeds from repurchase agreements 0 8,202
Principal repayments of repurchase agreements (118,407) (46,875)
Proceeds from mortgage loan payable 24,500 0
Principal repayments of credit facility 0 (9,498)
Proceeds from sale of loan participations 66 0
Principal repayments of loan participations (1,498) (1,000)
Debt finance costs (2,011) (1,316)
Distributions paid to common stockholders (9,454) (9,451)
Distributions paid to preferred stockholders (4,486) (4,486)
Net cash used in financing activities (110,842) (64,536)
Net change in cash, cash equivalents and restricted cash 9,317 4,678
Cash, cash equivalents and restricted cash at beginning of period 64,549 54,143
Cash, cash equivalents and restricted cash at end of period 73,866 58,821
Supplemental disclosure of cash flow information:    
Amortization of deferred exit fees due to related party 273 (417)
Interest paid 18,615 28,881
Offering cost reimbursement receivable from related parties (Note 10) 555 0
Net assets acquired upon foreclosure of commercial loans 58,984 24,035
Deferred interest capitalized on real estate loan 631 0
Accrued stockholder servicing fee due to related party (20) (27)
Related Party    
Cash flows from financing activities:    
Reimbursement of offering costs $ 468 $ 0