XML 30 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 17,820 $ 25,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of purchase discount (2,347) (4,128)
Provision for (reversal of) credit losses 3,080 (799)
Amortization of loan origination and exit fees (2,697) (3,333)
Amortization of deferred financing costs 1,423 1,405
Straight line rental income (447) (647)
Depreciation and amortization 1,291 604
Share based compensation 1,359 1,121
Changes in operating assets and liabilities:    
Accrued interest receivable 678 (498)
Prepaid expenses and other assets 188 630
Accounts payable, accrued liabilities and other liabilities 57 (253)
Due to related persons (295) 203
Net cash provided by operating activities 20,110 20,270
CASH FLOWS FROM INVESTING ACTIVITIES:    
Origination of loans held for investment (132,061) (131,679)
Additional funding of loans held for investment (12,333) (5,416)
Repayment of loans held for investment 165,984 172,283
Cash assumed from transfer of loans held for investment to real estate owned 0 1,742
Real estate owned improvements (329) (1,086)
Net cash provided by investing activities 21,261 35,844
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured financing facilities 101,335 123,208
Repayments under secured financing facilities (137,529) (141,009)
Payments of deferred financing costs (1,133) (703)
Repurchase of common shares (377) (183)
Distributions (20,772) (20,639)
Net cash used in financing activities (58,476) (39,326)
(Decrease) increase in cash and cash equivalents (17,105) 16,788
Cash and cash equivalents at beginning of period 87,855 71,067
Cash and cash equivalents at end of period 70,750 87,855
SUPPLEMENTAL DISCLOSURES:    
Interest paid 30,555 32,079
Income taxes (refunded) paid (35) 135
NON-CASH INVESTING ACTIVITIES    
Transfer of loans held for investment to real estate owned $ 0 $ 14,800