CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 69,603	$ 87,855
Loans held for investment	609,250	626,462
Allowance for credit losses	(5,723)	(4,376)
Loans held for investment, net	603,527	622,086
Real estate owned, net	11,194	11,278
Acquired real estate leases, net	3,737	4,137
Accrued interest receivable	3,237	3,632
Prepaid expenses and other assets, net	3,565	2,537
Total assets	694,863	731,525
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and other liabilities	4,350	3,808
Secured financing facilities, net	417,939	454,422
Due to related persons	1,485	2,047
Total liabilities	423,774	460,277
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,832,982 and 14,811,410 shares issued and outstanding, respectively	15	15
Additional paid in capital	240,188	239,443
Cumulative net income	81,122	71,660
Cumulative distributions	(50,236)	(39,870)
Total shareholders' equity	271,089	271,248
Total liabilities and shareholders' equity	$ 694,863	$ 731,525