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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 84,300 $ 71,057
Restricted cash 8 10
Loans held for investment 622,070 669,929
Allowance for credit losses (4,135) 0
Loans held for investment, net 617,935 669,929
Accrued interest receivable 3,346 3,354
Prepaid expenses and other assets 1,176 2,497
Total assets 706,765 746,847
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable, accrued liabilities and other liabilities 3,262 1,903
Secured financing facilities, net 433,385 471,521
Due to related persons 2,371 1,844
Total liabilities 439,018 475,268
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value, 25,000,000 shares authorized; 14,706,862 and 14,709,165 shares issued and outstanding, respectively 15 15
Additional paid in capital 238,612 238,505
Cumulative net income 53,498 52,290
Cumulative distributions (24,378) (19,231)
Total shareholders' equity 267,747 271,579
Total liabilities and shareholders' equity $ 706,765 $ 746,847