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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 70,750 $ 87,855
Loans held for investment 609,916 626,462
Allowance for credit losses (8,074) (4,376)
Loans held for investment, net 601,842 622,086
Real estate owned, net 11,187 11,278
Acquired real estate leases, net 3,366 4,137
Accrued interest receivable 2,954 3,632
Prepaid expenses and other assets, net 2,709 2,537
Total assets 692,808 731,525
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable, accrued liabilities and other liabilities 3,982 3,808
Secured financing facilities, net 417,796 454,422
Due to related persons 1,752 2,047
Total liabilities 423,530 460,277
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,902,773 and 14,811,410 shares issued and outstanding, respectively 15 15
Additional paid in capital 240,425 239,443
Cumulative net income 89,480 71,660
Cumulative distributions (60,642) (39,870)
Total shareholders' equity 269,278 271,248
Total liabilities and shareholders' equity $ 692,808 $ 731,525