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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,803 $ 11,126
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of purchase discount (1,185) (5,935)
Reversal of credit losses (987) 0
Amortization of loan origination and exit fees (1,004) (1,298)
Amortization of deferred financing costs 307 209
Share based compensation 120 82
Changes in operating assets and liabilities:    
Accrued interest receivable 8 (133)
Prepaid expenses and other assets 1,101 (387)
Accounts payable, accrued liabilities and other liabilities (113) (594)
Due to related persons 527 15
Net cash provided by operating activities 6,577 3,085
CASH FLOWS FROM INVESTING ACTIVITIES:    
Origination of loans held for investment 0 (90,036)
Additional funding of loans held for investment (1,651) (3,219)
Repayment of loans held for investment 51,918 48,643
Net cash provided by (used in) investing activities 50,267 (44,612)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured financing facilities 0 130,160
Repayments under secured financing facilities (38,125) (101,597)
Payments of deferred financing costs (318) (720)
Repurchase of common shares (13) 0
Distributions (5,147) (3,649)
Net cash (used in) provided by financing activities (43,603) 24,194
Increase (decrease) in cash, cash equivalents and restricted cash 13,241 (17,333)
Cash, cash equivalents and restricted cash at beginning of period 71,067 26,295
Cash, cash equivalents and restricted cash at end of period 84,308 8,962
SUPPLEMENTAL DISCLOSURES:    
Interest paid 7,408 1,584
Income taxes paid 3 47
Cash and cash equivalents 84,300 8,953
Restricted cash 8 9
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 84,308 $ 8,962