v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net Income (Loss) $ (4,143) $ 3,948
Adjustments to reconcile net (loss) income to cash provided by operations:    
(Provision for) reversal of credit losses 4,883 (1,496)
Depreciation and amortization expense 1,193 928
Amortization of acquired above- and below-market leases, net (18) (18)
Amortization of equity-based compensation 8 8
Amortization of debt finance costs to operating expense 329 343
Amortization of debt finance costs to interest expense 87 0
Amortization of loan extension fees (195) (170)
Changes in assets and liabilities:    
Accrued interest receivable (25) (103)
Accrued expenses and other liabilities (82) (648)
Accrued interest payable 306 109
Due to related parties (13) (52)
Prepaid expenses and other assets (359) (21)
Net cash provided by operating activities 1,971 2,828
Cash flows from investing activities:    
Origination/funding of commercial loans (11,400) (1,038)
Loan extension fees received on commercial loans 194 354
Principal repayments of commercial loans 25,916 19
Real estate capital expenditures (887) (58)
Net cash provided by (used in) investing activities 13,823 (723)
Cash flows from financing activities:    
Payment of offering costs (8) (7)
Proceeds from repurchase agreements 8,550 0
Principal repayments of repurchase agreements (16,873) (2,842)
Proceeds from sale of loan participations 787 0
Principal repayments of loan participations (81) (35)
Distributions paid to common stockholders (3,153) (3,152)
Distributions paid to preferred stockholders (1,495) (1,495)
Net cash used in financing activities (12,273) (7,531)
Net change in cash, cash equivalents and restricted cash 3,521 (5,426)
Cash, cash equivalents and restricted cash at beginning of period 79,106 64,549
Cash, cash equivalents and restricted cash at end of period 82,627 59,123
Supplemental disclosure of cash flow information:    
Amortization of deferred exit fees due to related party 314 70
Interest paid 3,741 6,692
Receivable recorded for real estate loan paydown received subsequent to quarter end 0 750
Deferred interest capitalized on real estate loan 0 631
Accrued stockholder servicing fee due to related party $ (8) $ (7)