CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
CRE loans	$ 40,340	$ 46,351	$ 82,206	$ 90,821
Other	726	797	1,471	1,656
Total interest income	41,066	47,148	83,677	92,477
Interest expense	30,311	32,442	61,562	63,817
Net interest income	10,755	14,706	22,115	28,660
Real estate income	10,143	8,879	17,514	15,950
Other revenue	38	37	75	70
Total revenues	20,936	23,622	39,704	44,680
OPERATING EXPENSES
General and administrative	2,356	2,348	5,611	5,327
Real estate expenses	9,736	10,492	19,267	19,352
Management fees - related party	1,620	1,890	3,247	3,663
Equity compensation - related party	814	719	1,291	1,613
Corporate depreciation and amortization	16	23	24	46
Provision for credit losses, net	1,337	2,700	6,233	7,796
Total operating expenses	15,879	18,172	35,673	37,797
Net interest and other revenues less operating expenses	5,057	5,450	4,031	6,883
OTHER INCOME (EXPENSE)
Equity in losses of unconsolidated subsidiaries	(41)	0	(41)	0
Gain on conversion of real estate	0	0	5,835	0
Gain on sale of real estate	0	0	0	745
Other income	1,435	242	1,550	352
Total other income	1,394	242	7,344	1,097
INCOME BEFORE TAXES	6,451	5,692	11,375	7,980
Income tax expense	(54)	(134)	(54)	(129)
NET INCOME	6,397	5,558	11,321	7,851
Net income allocated to preferred shares	(4,806)	(4,856)	(9,628)	(9,711)
Carrying value in excess of consideration paid for preferred shares	0	0	242	0
Net loss allocable to non-controlling interest, net of taxes	62	115	274	261
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 1,653	$ 817	$ 2,209	$ (1,599)
NET INCOME (LOSS) PER COMMON SHARE - BASIC	$ 0.22	$ 0.1	$ 0.29	$ (0.19)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED	$ 0.21	$ 0.1	$ 0.28	$ (0.19)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	7,664,077	8,451,973	7,709,104	8,476,059
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	7,841,753	8,534,558	7,937,784	8,476,059