XML 18 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,233 $ 7,803
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of purchase discount (1,145) (1,185)
Provision for (reversal of) credit losses 697 (987)
Amortization of loan origination and exit fees (582) (1,004)
Amortization of deferred financing costs 325 307
Straight line rental income (278) 0
Depreciation and amortization 368 0
Share based compensation 336 120
Changes in operating assets and liabilities:    
Accrued interest receivable 232 8
Prepaid expenses and other assets 336 1,101
Accounts payable, accrued liabilities and other liabilities 2 (113)
Due to related persons (800) 527
Net cash provided by operating activities 4,724 6,577
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additional funding of loans held for investment (886) (1,651)
Repayment of loans held for investment 40,440 51,918
Net cash provided by investing activities 39,554 50,267
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments under secured financing facilities (33,224) (38,125)
Payments of deferred financing costs (352) (318)
Repurchase of common shares (75) (13)
Distributions (5,184) (5,147)
Net cash used in financing activities (38,835) (43,603)
Increase in cash and cash equivalents 5,443 13,241
Cash and cash equivalents at beginning of period 87,855 71,067
Cash and cash equivalents at end of period 93,298 84,308
SUPPLEMENTAL DISCLOSURES:    
Interest paid 8,421 7,408
Income taxes (refunded) paid $ (64) $ 3