CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 11,321	$ 7,851
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses, net	6,233	7,796
Depreciation, amortization and accretion	3,375	2,683
Amortization of stock-based compensation	1,291	1,613
Gain on conversion of real estate	(5,835)	0
Gain on sale of real estate	0	(745)
Equity in losses of unconsolidated subsidiaries	41	0
Changes in operating assets and liabilities	(6,215)	5,270
Net cash provided by operating activities	10,211	24,468
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal fundings of CRE loans	(20,556)	(66,885)
Principal payments received on loans	149,511	141,430
Investments in real estate	(26,418)	(15,352)
Proceeds from sale of real estate	0	14,309
Principal payments received on loan - related party	125	150
Net cash provided by investing activities	102,662	73,652
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	(82)	0
Repurchase of common stock	(3,623)	(1,956)
Repurchase of preferred stock	(2,157)	0
Proceeds from borrowings:
Warehouse financing facilities and repurchase agreements	19,168	11,888
Mortgages payable	21,499	144
Payments on borrowings:
Securitizations	(112,215)	(851)
Senior secured financing facility	(1,397)	(40,554)
Warehouse financing facilities and repurchase agreements	(24,938)	(89,606)
Payment of debt issuance costs	0	(3,787)
Proceeds received from non-controlling interests	241	3,865
Distributions paid on preferred stock	(9,662)	(9,711)
Net cash used in financing activities	(113,166)	(130,568)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(293)	(32,448)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	91,886	104,811
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 91,593	$ 72,363