v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net Income (Loss) $ (1,574) $ 12,669 $ (4,438)
Adjustments to reconcile net (loss) income to cash provided by operations:      
(Reversal of) provision for credit losses (1,165) 2,288 16,911
Provision for asset impairment 0 0 6,934
Depreciation and amortization expense 5,402 1,527 514
Gain on sale of real estate 0 0 (206)
Reduction in the carrying amount of the right-of-use asset 0 0 30
Net realized loss (gain) on disposition of commercial loans 7,883 (929) 0
Amortization of acquired above- and below-market leases, net (77) (36) 0
Amortization of equity-based compensation 30 30 31
Amortization of debt finance costs to operating expense 1,329 1,467 1,919
Amortization of debt finance costs to interest expense 87 0 3
Amortization of origination fees 0 0 (15)
Amortization of deferred exit fees 0 0 36
Amortization of loan extension fees (881) (529) (652)
Changes in assets and liabilities:      
Accrued interest receivable 891 542 (162)
Accrued expenses and other liabilities 933 1,691 (7,378)
Accrued interest payable 344 735 715
Due to related parties (411) 6 47
Prepaid expenses and other assets (1,403) (1,485) 1,906
Net cash provided by operating activities 11,388 17,976 16,195
Cash flows from investing activities:      
Origination/funding of commercial loans (2,043) (10,217) (23,073)
Loan extension fees received on commercial loans 665 520 637
Principal repayments of commercial loans 99,593 123,606 107,520
Proceeds from sale of commercial loan 39,064 13,678 0
Real estate capital expenditures (931) 0 (496)
Proceeds from sale of real estate 0 0 11,942
Net cash provided by investing activities 136,348 127,587 96,530
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 0 342
Repurchase of preferred stock 0 0 (83)
Payment of offering costs (36) (121) (282)
Reimbursement Of Offering Costs 1,800
Proceeds from repurchase agreements 0 11,830 359,951
Principal repayments of repurchase agreements (137,280) (108,591) (390,602)
Proceeds From Mortgage Loan Payable 24,500
Principal repayments of credit facility 0 (9,498) (8,882)
Proceeds from sale of loan participations 66 0 435
Principal repayments of loan participations (1,630) (8,880) (28,728)
Debt finance costs (2,012) (1,314) (1,651)
Distributions paid to common stockholders (12,606) (12,602) (12,509)
Distributions paid to preferred stockholders (5,981) (5,981) (5,981)
Net cash used in financing activities (133,179) (135,157) (87,990)
Net change in cash, cash equivalents and restricted cash 14,557 10,406 24,735
Cash, cash equivalents and restricted cash at beginning of period 64,549 54,143 29,408
Cash, cash equivalents and restricted cash at end of period 79,106 64,549 54,143
Supplemental disclosure of cash flow information:      
Amortization of deferred exit fees due to related party 661 (593) (176)
Interest paid 23,199 37,045 41,899
Net assets acquired upon foreclosure of commercial loans 58,984 43,627 0
Deferred interest capitalized on real estate loan 631
Accrued stockholder servicing fee due to related party (36) (34) (39)
Accrued capital expenditures 0 (62) 0
Distribution reinvestment $ 0 $ 0 $ 85