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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 93,298 $ 87,855
Loans held for investment 588,635 626,462
Allowance for credit losses (5,149) (4,376)
Loans held for investment, net 583,486 622,086
Real estate owned, net 11,130 11,278
Acquired real estate leases, net 3,937 4,137
Accrued interest receivable 3,400 3,632
Prepaid expenses and other assets, net 2,459 2,537
Total assets 697,710 731,525
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable, accrued liabilities and other liabilities 3,734 3,808
Secured financing facilities, net 421,171 454,422
Due to related persons 1,247 2,047
Total liabilities 426,152 460,277
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,805,494 and 14,811,410 shares issued and outstanding, respectively 15 15
Additional paid in capital 239,704 239,443
Cumulative net income 76,893 71,660
Cumulative distributions (45,054) (39,870)
Total shareholders' equity 271,558 271,248
Total liabilities and shareholders' equity $ 697,710 $ 731,525