CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,462	$ 12,447
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of purchase discount	(1,927)	(2,232)
Provision for credit losses	2,012	39
Amortization of loan origination and exit fees	(1,283)	(1,767)
Amortization of deferred financing costs	699	643
Straight line rental income	(385)	0
Depreciation and amortization	683	0
Share based compensation	833	699
Changes in operating assets and liabilities:
Accrued interest receivable	395	(283)
Prepaid expenses and other assets	(683)	1,014
Accounts payable, accrued liabilities and other liabilities	(275)	(249)
Due to related persons	(562)	1,295
Net cash provided by operating activities	8,969	11,606
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans held for investment	(35,571)	(37,016)
Additional funding of loans held for investment	(1,697)	(3,790)
Repayment of loans held for investment	57,690	69,469
Cash assumed from transfer of loans held for investment to real estate owned	0	1,742
Real estate owned improvements	(7)	(1,228)
Net cash provided by investing activities	20,415	29,177
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured financing facilities	10,197	28,125
Repayments under secured financing facilities	(47,024)	(47,275)
Payments of deferred financing costs	(355)	(324)
Repurchase of common shares	(88)	(37)
Distributions	(10,366)	(10,295)
Net cash used in financing activities	(47,636)	(29,806)
(Decrease) increase in cash and cash equivalents	(18,252)	10,977
Cash and cash equivalents at beginning of period	87,855	71,067
Cash and cash equivalents at end of period	69,603	82,044
SUPPLEMENTAL DISCLOSURES:
Interest paid	16,537	14,993
Income taxes (refunded) paid	(28)	125
NON-CASH INVESTING ACTIVITIES:
Transfer of loans held for investment to real estate owned	$ 0	$ 14,060